A Hindsight Bias Occurs When Decision Makers Increase Their Commitment

question 82

True/False

A hindsight bias occurs when decision makers increase their commitment to a previous decision despite evidence that it may have been wrong.

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Definitions:

Bullwhip Effect

A phenomenon where small fluctuations in demand at the retail level cause increasingly larger fluctuations in demand at the wholesale, distributor, and manufacturer levels.

EDI

Electronic Data Interchange, a computer-to-computer exchange of business documents in a standard electronic format between business partners.

Number Of Standards

The term "Number Of Standards" refers to the count of formal guidelines, criteria, or specifications established by recognized bodies to ensure quality, safety, and efficiency.

Communication Standard

A set of technical rules and guidelines that dictate how data is transmitted and received over a network.