You Are Part of a Group Making a Decision About

question 26

Multiple Choice

You are part of a group making a decision about whether it is appropriate to discontinue research on a new drug. This new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
-The group later learns that the drug will be very expensive to manufacture, but the group decides to continue the project so that all the resources already spent on it will not have been wasted. In this case the group has done which of the following?

• A) used the availability bias
• B) used the anchoring bias
• C) made an escalation of commitment
• D) satisficed
• E) made the ultimate attribution error

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Definitions:

Ethics Theory

A branch of philosophy that deals with what is morally right and wrong, including the conduct and values related to professional practices and personal behaviors.

Burson-Marsteller

A prominent global public relations and communications firm known for its strategic counseling and reputation management services across various industries.

Reputation Management

The practice of monitoring and influencing how a person, organization, or brand is perceived by the public.

Digital Media Management

The practice of overseeing and organizing digital content and assets across various platforms to optimize engagement and reach.