Ahmad Was Upset

question 69

Multiple Choice

Ahmad was upset.The new product line that he introduced last year has been a total failure.At the time that he had made the decision to go ahead with it,the economy was strong.However,shortly after the line was launched,the economy weakened sharply,and this contributed to its failure.He felt that he should have seen the downturn in the economy coming,and,thus,he should not have launched the new product line.Ahmad is experiencing

• A)overconfidence bias.
• B)hindsight bias.
• C)randomness error.
• D)winner's curse.
• E)confirmation bias.

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Definitions:

Control Process

A systematic approach that involves setting standards, measuring actual performance, and taking corrective actions to ensure achievement of an organization’s objectives.

Control Equation

Need for Action = Desired Performance - Actual Performance.

Control Process

A systematic approach to managing and monitoring activities to ensure they meet the goals and standards of the organization.

Market Control

The ability of a single entity or a few entities to significantly influence the conditions or terms in a particular market.