You Have Bought a $500 Ticket Package to Take All

question 21

Essay

You have bought a $500 ticket package to take all of your family to Sea World on the first weekend in June. Your spouse has free passes to an IMAX viewing of Jaws for the same day. The morning of your outing, you notice storm clouds coming in and the weatherman says that there is a 95% chance of rain and lightning. You think that it might make more sense to go to the IMAX showing, but you paid significantly more for Sea World. Where would you be more likely to go? Name this phenomenon and briefly describe the premise of this type of cognitive error.

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Definitions:

Resources View

A method managers use to evaluate the resources at their disposal and manage or alter them to achieve competitive advantage.

Technological

Pertaining to technology, involving the application of scientific knowledge for practical purposes, especially in industry.

Physical

Pertaining to material things or objects that can be seen, touched, and occupy space.

Environmental Factors

External elements such as economic, legal, socio-cultural, technological, and political conditions that can influence the operations and success of an organization.