Sometimes We Will Do Something We Normally Wouldn't Choose to Do

question 150

Multiple Choice

Sometimes we will do something we normally wouldn't choose to do, but we do so because of the money or effort which we have already spent. This is termed the

• A) sunk cost effect.
• B) availability heuristic.
• C) fundamental attribution error.
• D) actor-observer bias.

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Definitions:

Visionary Organization

An entity that leads with foresight and innovation, anticipating future trends and preparing for changes ahead of its competitors.

Organizational Strategies

Broad-based plans or approaches adopted by a business or organization to achieve its long-term goals and objectives.

Organizational Tactics

Specific actions or strategies that an organization employs to achieve its objectives and navigate its business environment.

Core Values

Fundamental beliefs or principles that guide an organization's internal conduct as well as its relationship with the external world.