Question

17........................................occurs when decision makers forget that current choices can’t correct the past(1 Point)

self-serving bias

availability bias

hindsight bias

sunk costs error

18..............................................the degree to which people in a country accept that institutional power is distributed unequally(1 Point)

Long-term orientation

quality of life

Power distance

Uncertainty avoidance

19.Which is not a description of being "global"?(1 Point)

Using financial sources and resources outside home country

Using managerial and employee talent from other countries

Exchanging goods and services with consumers in other countries

using products and sources inside of your home country

20.What is Omnipotent view of management?(1 Point)

the view that much of an organization’s success or failure is due to external forces or factors that are outside managers’ control.

the view that employees are responsible for economic progress

the view that employees are responsible for the success

the view that managers are directly responsible for an organization’s success or failure.

Answer 1

17. Ans: Sunk costs error

Sunk cost error or what is also called as sunk cost bias is the tendency wherein the person at the helm of affairs forget that the current choices and decisions they are exercising cannot control their past. In sunk cost bias, decision-makers heavily invest their time in the past investments without caring about the future consequences of those decisions. They only keep about investing in their past decisions.

18. Ans: Power Distance

Power Distance which was one of the important dimension given by Dutch researcher Geert Hofstede in his cultural framework. Power distance to which those who are the part of society first expect and then accept that the power is unequally distributed in the society. It is the tendency wherein less powerful members of the society feel that the power is equally distributed. It defines a society wherein power is equally distributed.

19. Ans: Using products and sources inside of your home country.

Globalisation is the process wherein there is a free flow of information, people, processes and every other thing between people of different countries. It transcends borders and geographical boundaries. The above option is more driven by the ethnocentricism and not by globalisation as it is only using products and sources inside the geographical defined boundaries. It is not resulting in the free flow of goods and services and therefore is not global but more of protectionism.

20. Ans: the view that managers are directly responsible for an organization’s success or failure.

Omnipotent view of an organisation defines that for the organisations' successes and failures, it is the managers only that are responsible for it. It states that the success factor will depend on how good the managers are. It, therefore, gives managers responsibility and holds them accountable for any eventual failure. It states that managers have unlimited power and authority and therefore should be held responsible for any successes and failures.