The Tendency to Overestimate One's Ability to Have Predicted an Event

question 256

Multiple Choice

The tendency to overestimate one's ability to have predicted an event once the outcome is known is called:

• A) mindlessness.
• B) hindsight bias.
• C) mental set.
• D) stereotype threat.

---

Definitions:

Purchasing Manager

A professional responsible for sourcing goods and services for a company, negotiating contracts, and managing supply chain relations.

Appropriate Suppliers

Vendors or providers that meet specific criteria for quality, reliability, and ethical standards, suitable for a business's needs.

Transportation Of Goods

The process of moving products from one location to another, often involving various modes of transport such as trucks, ships, or planes.

Inventory Carrying Costs

The total costs associated with holding and storing inventory, including warehousing, insurance, depreciation, and opportunity costs.