After the SWOT Analysis Is Complete, Managers Are Ready to ________

question 4

Multiple Choice

After the SWOT analysis is complete, managers are ready to ________.

• A) begin production
• B) identify competitors
• C) formulate strategies
• D) review the analysis

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Definitions:

Representativeness Heuristic

A cognitive bias in decision-making where the likelihood of an event is estimated based on how much it resembles existing stereotypes or patterns.

Availability Heuristic

A cognitive bias where people overestimate the importance or frequency of information that is readily available to them.

Anchoring and Adjustment Heuristic

A mental shortcut that influences the way people intuitively assess probabilities and make decisions based on initial information.

Escalation of Commitment

The phenomenon of investing increasingly more resources into a failing course of action due to cognitive biases and sunk costs.