Why Does Escalation of Commitment Occur? Decision Makers May Not

question 26

Essay

Why does escalation of commitment occur? Decision makers may not want to admit that they were wrong.Secondly,decision makers may incorrectly believe that spending more time and energy might somehow help them recover their losses.Medium;Knowledge

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Definitions:

Environmental Events

Occurrences or changes in the external environment that can impact an organization, such as natural disasters, regulatory changes, or economic shifts.

Countertrends

Movements or changes that go against the prevailing direction or trends in a particular area or sector.

Professional Associations

Organizations that aim to further a particular profession, protect the interests of its members, and improve professional standards, education, and ethics.

Environmental Scanning

The process of collecting information about external forces that can impact an organization's success, to assist in strategic planning.