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Escalation of Commitment Bias Occurs When Individuals Continue on a Failing

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Escalation of commitment bias occurs when individuals continue on a failing course of action after information reveals this may be a poor path to follow.


Definitions:

Independent Sample

Samples that are collected in such a way that the selection of one sample does not influence the selection of another, ensuring that observations between samples are not related.

Normally Distributed

Describes a probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Confidence Interval Estimate

A range of values, derived from sample statistics, used to estimate the true value of a population parameter.

Two Normally Distributed Populations

Refers to two groups or populations where the data points follow a normal distribution, with specific means and standard deviations.

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