HROD 317 Study Guide - Final Guide: Confirmation Bias, Satisficing, Knowledge Management
17 Apr 2017
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Chapter 12 decision making: a choice made between alternatives is defined as, a problem, tom consistently makes chooses the value-maximized alternative within his specified constraints. This has elevated the importance of: knowledge management, you are making a decision whether to discontinue research on a new drug. In making this statement and assuming you have complete information you are committing: confirmation bias, you are making a decision whether to discontinue research on a new drug. You decide to spend more money on the project, even though you believe it to be improbable that you will succeed. You are guilty of: escalation of commitment, you are making a decision whether to discontinue research on a new drug. This new drug would save lives, but it is uncertain whether it can be developed within a reasonable time frame and at a reasonable cost. Your firm has already spent a small fortune on this drug.
