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    Question

    Which of the following is a common bias that can affect

    managerial decision-making?
    A Random selection Correct Answer Incorrect Answer
    B Cognitive dissonance Correct Answer Incorrect Answer
    C Anchoring bias Correct Answer Incorrect Answer
    D Group consensus bias Correct Answer Incorrect Answer
    E Market fluctuation bias Correct Answer Incorrect Answer

    Solution

    Anchoring bias occurs when individuals rely too heavily on the first piece of information they encounter (the "anchor") when making decisions. This bias can lead to skewed decision-making, especially if the anchor is irrelevant or misleading.

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