Both Egocentrism and Sociocentrism Can Lead to Confirmation Bias and Groupthink

question 115

True/False

Both egocentrism and sociocentrism can lead to confirmation bias and groupthink.

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Definitions:

Avoidable Cost

A cost that can be eliminated by choosing one alternative over another in a decision. This term is synonymous with differential cost and relevant cost.

Sunk Costs

These are costs that have already been incurred and cannot be recovered, thus should not affect future business decisions.

Future Costs

Costs that will be incurred in the future as a result of current decisions or plans.

Alternatives

Different options or strategies available to be chosen in decision-making processes.