According to the Anchoring Effect, People

question 1

Multiple Choice

According to the anchoring effect, people

• A)resist problem solutions developed by others.
• B)depend too much on problem solutions developed by others.
• C)don't adjust successive estimates enough in the face of new information.
• D)rely too much on the most recent information received.
• E)tend to invest additional resources in an apparently failing course of action.

---

Definitions:

Big Data

Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Volume

The amount of data generated.

Point Estimate

A single value estimate or guess of a population parameter based on sample data.

Sampling Error

The difference between the population parameter and the sample statistic due to chance variation in selecting a sample.