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What Can an Understanding of Life-Cycle Costs Lead To

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What can an understanding of life-cycle costs lead to?


Definitions:

Popularity Contest

A derogatory term for a situation where success is determined more by likability or public opinion than by merit or performance.

Stereotypes

Overgeneralized beliefs about a particular category of people.

Central Tendency Error

A bias in performance appraisals where the evaluator rates most employees as being average, overlooking individual differences in performance.

Leniency Error

A type of bias in performance appraisals where the evaluator tends to rate employees more favorably than their performance justifies.

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