The Value of Information Can Best Be Defined as

question 47

Multiple Choice

The value of information can best be defined as

• A) how useful it is to decision makers.
• B) the benefits produced by possessing and using the information minus the cost of producing it.
• C) how relevant it is.
• D) the extent to which it maximizes the value chain.

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Definitions:

Fundamental Attribution Error

The tendency to overestimate the effect of disposition or personality and underestimate the effect of situational factors in explaining other people's behavior.

Actor-Observer Effect

The tendency to attribute one's own actions to external causes while attributing other people's behaviors to internal causes.

Social Psychologist

A professional who studies how individuals think, influence, and relate to one another within a social context.

Behavioral Psychologist

A behavioral psychologist studies and applies principles of behaviorism, focusing on observable behaviors and the ways in which learning occurs through interactions with the environment.