Refer to the Scenario Below to Answer the Following Questions

question 62

Multiple Choice

Refer to the scenario below to answer the following questions.
Decision-making Biases (Scenario)
Frank is president of Mega Manufacturing, a Canadian company that makes automobile parts. Sales and profits are down sharply this quarter, and Frank needs to analyze the series of events that have led to the poor performance. Frank begins by reviewing his recent interactions with Mike, the vice-president of sales.
-Unfortunately, Frank learned yesterday that the Japanese car maker decided to award the contract to a competing auto parts company. When Frank asked Mike why they lost the sale, Mike blamed it on the high Canadian dollar and the rise in cheap offshore auto parts suppliers. Mike is demonstrating which of the following?

• A) confirmation bias
• B) self-serving bias
• C) overconfidence bias
• D) sunk costs error
• E) framing bias

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Definitions:

Depression

A mental state disorder where an individual experiences consistent dejection or a reduction in finding pleasure in activities, adversely impacting everyday functionality.

Cross-cultural Differences

Variations in how different cultural groups perceive, interpret, or practice certain behaviors or phenomena.

Suicide Rates

Suicide Rates refer to the number of suicide deaths in a given population within a specified time frame, usually per year.

Intervention

In the context of health and psychology, an action or set of actions aimed at improving a particular condition or situation.