A Contingency Is an Uncertain Circumstance Involving a Potential Gain

question 5

Essay

A contingency is an uncertain circumstance involving a potential gain or loss that will not be resolved until some future event occurs. The following table lists the possible outcomes of a contingency. Complete the table by filling in the definition and required accounting for each possible outcome.

---

Definitions:

Innovation

The creation and development of a new product or service.

Participation Error

The bias or error that can occur in research or decision-making processes when not all relevant parties are included or accurately represented.

Framing Error

The tendency to highlight certain aspects of a situation depending on whether they are positive or negative to solve a problem while ignoring other aspects.

Confirmation Bias

The tendency to seek out information that fuels our preexisting views and to discount information that conflicts with our worldview.