A Sunk Cost Is a Cost That Has Already Been

question 7

True/False

A sunk cost is a cost that has already been incurred but that can be avoided at least in part depending on the action a manager takes.

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Definitions:

Collective Wisdom

Collective Wisdom is the comprehensive insight or knowledge derived from the collaborative thinking and experience of a group of individuals, surpassing the understanding of any single member.

Devil's Advocate

A person who expresses a contentious opinion in order to provoke debate or test the strength of opposing arguments.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Brainstorming

A creative group problem-solving and idea-generating technique designed to stimulate lateral thinking and produce a wide range of ideas.