Many Managers Use Simplifying Strategies or "Rules of Thumb" as a Means

question 100

Short Answer

Many managers use simplifying strategies or "rules of thumb" as a means of making it easier to deal with uncertainty and limited information in problem situations. These simplifying strategies are called __________.

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Definitions:

Inductive Reasoning

A reasoning method where several assumptions, considered or proven to be true frequently, are merged to reach a particular conclusion.

Deductive Reasoning

A logical process where conclusion is based on the concordance of multiple premises that are generally assumed to be true.

Abductive Reasoning

A form of logical inference that begins with an observation or set of observations then seeks to find the simplest and most likely explanation.

Analogies

Analogies are comparisons made between two things that are otherwise unlike, but have some similarities, often used to explain or clarify complex concepts by relating them to more familiar ones.