Applying the Best Practices to Operations Management Is Not Enough

question 60

Essay

Applying the best practices to operations management is not enough to give a competitive advantage because:

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Definitions:

Self-Serving Bias

A common tendency for individuals to attribute their successes to internal factors while attributing failures to external factors.

Cognitive Biases

Misperceptions or misunderstandings that cause systematic errors. Most result either from heuristics that are prone to systematic errors or because the brain is attempting to solve a type of problem (such as a calculus problem) for which it was not evolutionarily evolved and for which it has little innate capability.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Behavioral Economists

Researchers focusing on the impact that psychological, cognitive, emotional, cultural, and social elements have on the economic decisions of individuals and organizations.