TEST 1 CHAPTER 5 PART 2

Question 1

A comparison of strengths, weaknesses,

opportunities, and threats that helps executives formulate strategy

Answer 1

SWOT analysis

Question 2

The S in SWOT stands for?

Answer 2

Strengths

Question 3

The W in SWOT stands for?

Answer 3

Weaknesses

Question 4

The O in SWOT stands for?

Answer 4

Opportunities

Question 5

The T in SWOT stands for?

Answer 5

Threats

Question 6

Overestimating the ability to predict future events

82% of drivers surveyed feel they are in the top 30% of safe drivers

Doctors consistently overestimate their ability to detect problems

Answer 6

Overconfidence Bias

Question 7

Looking backward in time where mistakes made seem obvious after they have already occurred

May cause an individual to incorrectly believe in their ability to predict events

Most harmful when judging someone else’s decisions

Answer 7

Hindsight Bias

Question 8

The tendency for individuals to rely
too heavily on a single piece of
information

Answer 8

Anchoring Bias

Question 9

The tendency of decision makers to
be influenced by the way that a
situation or problem is presented

Answer 9

Framing Bias

Question 10

Continuing on a failing course of action after information reveals this may be a poor path to follow

Driven by an individual’s desire for consistency

Intention is to avoid admitting a mistake

Answer 10

Escalation of Commitment