Which One of the Following Best Illustrates an Error Which

question 28

Multiple Choice

Which one of the following best illustrates an error which you,as a manager,might make due to overconfidence?

• A)overestimating the best outcome expected from a project while underestimating the possibility of a less favorable outcome
• B)assuming that a new project will be profitable since similar projects in the past were successful
• C)assuming that your expectations of the future outcome from a project are more accurate than the expectations of others within your organization
• D)listening to the advice of subordinates with whom you agree while ignoring the advice of subordinates with whom you tend to disagree
• E)downplaying the cost of future failure of an existing project since the project has already paid for itself

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Definitions:

New Public Management

An approach towards public administration that emphasizes efficiency, decentralization, and the adoption of private sector management practices within the public sector.

Free Market Ideas

Economic principles that advocate for minimal government intervention in the marketplace, allowing the forces of supply and demand to determine prices and production.

Private-Sector Management

Management practices and principles used in private businesses, focusing on efficiency, profitability, and market competition.

Mainstream Economics

Refers to the body of knowledge, theories, and models in economics that are widely accepted and taught across prominent universities and colleges.