The Tendency for People to Base Their Judgments on Information

question 20

Multiple Choice

The tendency for people to base their judgments on information that is readily available but may NOT be accurate is called

• A)representative bias.
• B)availability bias.
• C)escalation of commitment.
• D)heuristical fallacy.
• E)bounded discretion.

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Definitions:

BCG Growth-Market Share Matrix

A strategic planning tool developed by the Boston Consulting Group, which helps companies analyze their business units or product lines based on relative market share and market growth rate.

Strategic Business Units

Subsidiaries or divisions within a larger corporation, each focusing on a specific market segment or strategic goal.

Market Shares

The percentage of an industry's sales that a particular company controls, indicating the company's strength in the market.

Boston Consulting Group (BCG)

A global management consulting firm known for its business strategy expertise and the BCG Matrix, a tool for portfolio analysis.