Refer to the Scenario Below to Answer the Following Questions

question 1

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.
-Last week when Frank asked Mike how his presentation to a large Japanese car maker went, Mike replied, "My presentation was brilliant! They loved me! I am positive we will get the contract!" Mike's overly positive view of his performance demonstrates which of the following?

• A) confirmation bias
• B) hindsight bias
• C) overconfidence bias
• D) sunk costs error
• E) escalation of commitment

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Definitions:

Federal Agency

Units of the government responsible for the oversight and administration of specific functions, such as the Environmental Protection Agency or the Federal Bureau of Investigation.

Budget

A financial plan outlining expected revenues and expenditures for a specific period, used by individuals, businesses, and governments.

Political Appointee

An individual who has been selected for a governmental position, typically within the executive branch, based on their political affiliation or connections, rather than a career civil servant.

Civil Servant

A person employed in the public sector on behalf of a government department or agency.