One Criticism of Formal Planning Is That It Focuses on How

question 4

Multiple Choice

One criticism of formal planning is that it focuses on how to beat the competition rather than how to ________.

• A)have cordial relationships with the competition
• B)focus on new opportunities
• C)balance the organization's budget
• D)cooperate with the competition

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Definitions:

Escalating Commitment

The phenomenon of individuals or organizations continuing to invest in a decision, project, or course of action despite evidence of its failure.

Anchoring Bias

A cognitive bias where an individual depends too heavily on an initial piece of information (the "anchor") when making decisions.

Escalating Commitment

A behavioral pattern where an individual or organization continues to follow a failing course of action due to emotional attachment or the desire to justify prior investments.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making by reducing complex problem-solving to simpler judgment processes.