Definition: Heuristics is set of experience-based 'rules' or arguments used in problem solving, decision making, learning and discovery.
H are strategies using readily accessible, though loosely applicable, rules to control problem solving in human beings and machines rather than rational reasoning.
Examples of this method include trial and error, using a rule of thumb, an educated guess, an intuitive judgment, or common sense. H are neccesary because of bounded rationality.
These rules work well under most circumstances, but in certain cases lead to systematic errors due to cognitive biases.
MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.
We love to keep things really short, but provide links to learn more about your subject and to similar concepts.
© 2022 MBA Brief - Last updated: 18-1-2022 - Privacy | Terms