The Need That the Organization Strives to Meet Forms the Basis

question 42

Multiple Choice

The need that the organization strives to meet forms the basis of its ______.

• A)aspirations or vision
• B)strategy
• C)profits
• D)mission

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Definitions:

Sunk Cost Fallacy

The misconception of valuing a project or investment based on the amount of resources already invested, rather than the prospective future returns.

Argumentum Ad Hominem

A logical fallacy that occurs when an argument is rebutted by attacking the character, motive, or other attribute of the person making the argument, rather than addressing the substance of the argument itself.

Gambler's Fallacy

The erroneous belief that if an event happens more frequently than normal during a past period, it will happen less frequently in the future, or vice versa.

Sunk Cost Fallacy

The misconception that one should continue an endeavor because of previously invested resources (time, money, effort) even if current costs outweigh the benefits.