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Homework answers / question archive / Name and discuss at least three different heuristics that you employ in dealing with complex issues in and out of business

Name and discuss at least three different heuristics that you employ in dealing with complex issues in and out of business

Economics

Name and discuss at least three different heuristics that you employ in dealing with complex issues in and out of business. Does the use of the identified heuristics elevate or degrade welfare or profit?

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1. A daily walk-through in the actual operations and a trial and error method, we can learn to improve the operation and develop a new way of doing things.

2. By using an experimental group. Two groups using different methods and evaluating the results as a way of measuring productivity.

3. Using a method based on the first-hand experience from different departments to test the applicability to an unrelated department.

At first, it degrades the welfare and profits but the benefits are more in the long-run.

Eventually, it increases profitability and efficient production methods.