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7 Cards in this Set
- Front
- Back
What is Organizational Behavior?
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The study of the ways that people think, feel & behave in and around organizations
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What is Escalation of Commitment ?
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Tendency to invest additional resources in an apparently losing proposition, influenced by effort, money, and time (capital) already invested
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Escalation of Commitment is most likely when?
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Project (Time etc) Psychological Social & Structural features encourage it
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The six steps to Rational Decision Making are
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1. Clearly define problem
2. Gather all relevant information, including alternatives 3. Identify evaluation criteria 4. Weight criteria given goals 5. Evaluate each alternative on each criterion 6. Select the best alternative |
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What is Sunk Cost?
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Capital already Invested in the project
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Opportunity Cost is
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Remaining Capital that can be invested
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Example of real-life escalation
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1) Merger Acquisition
2) Technological Upgrades 3) Auctions 4) Bad Personal Relationships |