SCENARIO 5-6 a Certain Type of New Business Succeeds 60% of the of the Time

question 80

Short Answer

SCENARIO 5-6
A certain type of new business succeeds 60% of the time. Suppose that 3 such businesses open
(where they do not compete with each other, so it is reasonable to believe that their relative successes
would be independent).
-Referring to Scenario 5-6, the probability that exactly 1 business succeeds is ________.

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Definitions:

Illusion of Invulnerability

A cognitive bias that leads individuals or groups to underestimate the likelihood of experiencing negative events.

Illusion of Unanimity

A phenomenon occurring in group decision-making processes where a false agreement is perceived, due to members withholding their dissenting views.

Low Cohesiveness

Refers to a situation within a group or team where there is little or no sense of belonging among members, often resulting in a lack of collaboration and unity.

Conformity

Describes the act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.