The Escalation Of Commitment On Decision Making Essay
In essence, various perceptions of a variety of elements in life have been described. Admittedly, such articles include the Steinkuhler et. al. (2014) study as well as its findings that explain the concepts of self-justification, selective perception, sunk cost effect, and over-optimism. Indeed, it is within this context that this paper seeks to give a summarized analysis of the phenomena of self-justification, selective perception, sunk cost effect, and over-optimism as depicted in the article by Steinkuhler et. al. (2014). Additionally, it explains the standpoint that these phenomena apply to real management decisions and how such decisions may affect the overall health of the organization, both locally and globally.
Concept of Self-Justification
To begin, generally, in regards to self-justification, the article postulates that the concept is not only the most examined but also the empirically supported explanation of the idea of escalation of commitment. As such, it argues that the need for self-justification impacts escalation of commitment circuitously through other cognitive processes. Additionally, the necessity for self-justification demonstrates a strong impulse for the continuance of a failing project (Steinkuhler et. al., 2014). Therefore, it influences the processes of selective perception, sunk cost effect, and over-optimism, which in turn foster escalation of commitment of a decision maker. Moreover,…