Define Psychological Biases and Explain How They Relate to Managerial

question 58

Essay

Define psychological biases and explain how they relate to managerial decision making.

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Definitions:

External Data Sources

Information gathered from outside the organization, such as market research, government statistics, or industry reports, which supports decision-making processes.

Buying Queries

Questions or considerations potential customers may have before making a purchase decision.

Internal Data Sources

Data collected from within an organization, used for decision-making, including sales records, financial data, and customer interactions.

External Data Sources

Sources of data that come from outside an organization, providing additional insights or information that aids in decision-making.