As the Manager in Charge,you Must Make a Decision About

question 58

Multiple Choice

As the manager in charge,you must make a decision about the appropriateness of discontinuing research on a new drug.This new drug would save lives,but it is uncertain whether the company can develop it within a reasonable time frame and at a reasonable cost.Your firm has already spent a small fortune on researching this drug. Early trials of the drug showed good results.Although dosage levels produced spurious effects,you are certain that time and effort will fix this.You decide to commit to the program based on this information.What decision-making bias may be affecting your decision:

• A)overconfidence bias
• B)anchoring bias
• C)availability bias
• D)confirmation bias

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Definitions:

Prejudice

A preconceived opinion or judgement made without adequate knowledge or examination of the facts.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Attitude

A psychological tendency expressed by evaluating a particular entity with some degree of favor or disfavor, which influences individuals' behavior and perceptions.

Cognition

The mental processes that are involved in acquiring, storing, retrieving, and using information and that include sensation, perception, imagery, concept formation, reasoning, decision making, problem solving, and language.