MANAGERIAL ACCOUNTING F/MGRS.
MANAGERIAL ACCOUNTING F/MGRS.
5th Edition
ISBN: 9781259969485
Author: Noreen
Publisher: RENT MCG
Question
Chapter P, Problem P.8E

1.

To determine

Introduction: Strategy is a ‘game plan’ that facilitates a company to attract its customers by showing itself unique from competitors. The main focus of a company’s strategies is “target customers”. A strategy is a long term plan of action that strengthens the performance of the business.

The type of cognitive bias reveals in the mentioned data

2.

To determine

Introduction: Strategy is a ‘game plan’ that facilitates a company to attract its customers by showing itself unique from competitors. The main focus of a company’s strategies is “target customers”. A strategy is a long term plan of action that strengthens the performance of the business.

The reason due to which cognitive bias adversely affect manger’s decision.

3.

To determine

Introduction: Strategy is a ‘game plan’ that facilitates a company to attract its customers by showing itself unique from competitors. The main focus of a company’s strategies is “target customers”. A strategy is a long term plan of action that strengthens the performance of the business.

The procedure manger can use to adverse influence of cognitive bias

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In the 1970s, one million college-bound students were surveyed and asked to compare themselves to their peers. Some of the key findings of the survey were as follows: 70% of the students rated themselves as above average in leadership ability, while only 2% rated themselves as below average in this regard.   With respect to athletic skills, 60% of the students rated their skills as above the median and only 6% of students rated themselves as below the median.   . 60% of the students rated themselves in the top 10% in terms of their ability to get along with others, while 25% of the students felt that they were in the top 1% in terms of this interpersonal skill. Required: What type of cognitive bias reveals itself in the data mentioned above? How might this cognitive bias adversely influence a manager’s planning, controlling, and decision-making activities? What steps could managers do?
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