Explain Any Five Decision Biases or Errors That Managers Make

question 105

Essay

Explain any five decision biases or errors that managers make.

Understand the role and timing of handouts in enhancing the presentation effectiveness.

Understand and employ strategies to recover from presentation mishaps.

Realize the significance of preparing both sides of an issue when presenting to a neutral audience.

Develop strategies to overcome stage fright and enhance presentation delivery.

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Definitions:

Labor Efficiency Variance

A measure of the difference between the actual hours worked and the standard hours expected to produce a certain level of output.

Standard Cost System

An accounting method that uses cost estimates for labor, materials, and overhead to assign costs to products, facilitating variance analysis between expected and actual costs.

Actual Results

The real financial or operational outputs of a business, as opposed to projections or estimates.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected (or standard) variable overhead allocated, based on activity level.