Sunk cost fallacy bias - Study guides, Class notes & Summaries

WPC 300 Exam 2 () || With 100% Accurate Solutions WPC 300 Exam 2 () || With 100% Accurate Solutions Which of the following statements is true? a - experimentation is a way of analytical thinking b - analytical thinking is not based on facts c - using intuition is a way of analytical thinking d - heuristic thinking is slow - ANSWER - a - experimentation is a way of analytical thinking __________ refers to a bias that causes an individual to value an owned object higher than its mar...

WPC 300 final Questions and answers 2024/2025 QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - CORRECT ANSWER-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy ______...

WPC 300 Exam 1 || With Questions & 100% Correct Solutions WPC 300 Exam 1 || With Questions & 100% Correct Solutions Anchoring bias - ANSWER - Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. - ANSWER - a clustering illusion Which of the following is an example of secondary data? - ANSWER - Firm's proprietary data In an agile approach of analytics what is the first step of the process? - ANSWER - perform business discovery Predictiv...

OAM 330 Exam Questions With Verified Answers. Goals of OB - answerTo understand and predict human behavior using scientific evidence Importance of OB - answerChanges your implicit ideas about what makes a good leader, why a team functions, why a tactic is motivating/unengaging into a SYSTEMATIC PERSPECTIVE What is OB - answersystematic study of how people act in organizations Decision making (individual level) - answerRefers to selecting choices among alternative courses of action (or in...

Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and forecasts to identify the decisions most likely to result in the best performance. a. Explanatory analytics b. Prescriptive analytics c. Forecast analytics d. Descriptive analytics - Answer-Prescriptive Analytics Which of the following is an example of secondary data? a. Simulated data b. Survey data c. Firm's proprietary data d. Interviews data - Answer-firm's proprieta...

OAM 330 Exam Questions With Verified Answers. Limits of the Rational Analysis Model - answer- Bounded by uncertainty and ambiguity - Bounded by imperfections of the mind One Heuristic: Anchoring & Adjustment - answer- People fixate on an initial anchor and then adjust from it How Anchors Bias Decision Making - answer- Estimates made in the presence of an anchor are too close to that anchor (adjustments are often insufficient - we typically consider reasons why the anchor is reasonable, c...

WPC 300 final Questions and answers 2024/2025 QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - CORRECT ANSWER-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy ______...

WPC Exam 1 Practice Questions & Answers 2023/2024 Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and forecasts to identify the decisions most likely to result in the best performance. a. Explanatory analytics b. Prescriptive analytics c. Forecast analytics d. Descriptive analytics - ANSWER-Prescriptive Analytics Which of the following is an example of secondary data? a. Simulated data b. Survey data c. Firm's proprietary ...

ECON-B 251 Exam 1 Questions And Answers Rated A+. Revenue equation - correct answer. Price x Quantity (P*Q). Rate of change - correct answer. Price/Quantity (P/Q) - For a linear relationship, this is consistent across the equation -For a nonlinear equation, this can be extracted as the tangent of a specific point on the equation. Economics - correct answer. The study of allocation of scarce resources. Microeconomics - correct answer. Study of decision making b...

WPC 300 Quiz 1 Latest Version Graded A+ Which of the following statements is true? a - experimentation is a way of analytical thinking b - analytical thinking is not based on facts c - using intuition is a way of analytical thinking d - heuristic thinking is slow a - experimentation is a way of analytical thinking __________ refers to a bias that causes an individual to value an owned object higher than its market value endowment effect predictive analytics may be applied to _...