Managers Sometimes Make Poor Decisions Because of Cognitive Biases in Their

question 75

Essay

Managers sometimes make poor decisions because of cognitive biases in their decision-making process.Discuss four of the sources of bias that can adversely affect the ability of managers to make a good decision,and illustrate each of them with a realistic business decision-making situation.

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Definitions:

Unenforceable

A term that describes a contract or clause that, due to certain legal deficiencies, cannot be upheld or enforced by a court.

Commercial Relationships

Professional interactions and dealings between businesses or between businesses and customers that involve the exchange of goods, services, or information.

Legally Binding

An agreement or contract that is enforceable by law, meaning parties must fulfill their specified obligations or face legal consequences.

Commission of Crime

The act of carrying out a criminal offense or the process by which a crime is perpetrated.