Rajiv Was Asked to Prepare a Report on the Estimated

question 58

Multiple Choice

Rajiv was asked to prepare a report on the estimated costs of introducing a new product into the market. He estimated the costs by slightly increasing the costs the company had incurred while introducing a product into the market the previous year. This might not be accurate, because a number of other factors should also have been considered while calculating the estimated costs for the current year. This type of decision-making error is known as _____.

• A) availability bias
• B) confirmation error
• C) representativeness bias
• D) anchoring and adjustment bias
• E) lack-of-participation error

---

Definitions:

Ball Corporation

A multinational company known for its production of aluminum packaging for beverages, personal care, and household products, as well as aerospace technology.

Ball Corporation

A corporation known for its production of cans and other containers, and its involvement in aerospace manufacturing and technologies.

Reflective Speech

The process of thinking about and analyzing one's own thoughts and expressions in dialogue, often to understand or convey deeper meanings.

Client-Centered Therapy

Also called Rogerian therapy or nondirective therapy, a form of humanistic therapy, developed by Rogers, in which the therapist provides a warm, supportive atmosphere to improve the client’s self-concept and to encourage the client to gain insight into problems.