Managers Need to Be Cautious About Biases That Can Encroach

question 41

Multiple Choice

Managers need to be cautious about biases that can encroach and therefore impact their decisions. Which of the following biases results from believing certain outcomes because others believe the same?

• A) Confirmation
• B) Loss aversion
• C) Bandwagon
• D) Overconfidence
• E) Unrealistic optimism

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Definitions:

Informed Consent

The process by which a patient voluntarily confirms his or her willingness to participate in a particular medical intervention, after having been informed of all the risks, benefits, alternatives, and consequences associated with that intervention.

Relative Inexperience

Describes a lack of knowledge or skill in a particular area due to not having been exposed to or engaged with it for sufficient time.

Need for Money

The requirement or desire for financial resources to fulfill various needs and wants.

Fertility Drugs

Medications used to stimulate ovulation or increase the number of eggs produced by the ovaries, aimed at improving the chances of pregnancy.