Asked by Audrey Craft on May 05, 2024
Verified
An example of the application of the __________ is the executive who makes salary increase recommendations for key personnel by simply adjusting their current base salaries by a percentage amount.
A) representativeness heuristic
B) anchoring and adjustment heuristic
C) equivalence heuristic
D) incremental change heuristic
E) availability heuristic
Anchoring and Adjustment Heuristic
Bases a decision on incremental adjustments to an initial value determined by historical precedent or some reference point.
Executive
An individual or group of individuals at the highest level of management within an organization, responsible for making major decisions and setting strategic directions.
Base Salaries
The initial rate of compensation an employee receives in return for their services, not including extra benefits, bonuses, or overtime.
- Recognize the role of biases and heuristics in the decision-making process.
Verified Answer
Learning Objectives
- Recognize the role of biases and heuristics in the decision-making process.
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