Class, have you seen where two traps or biases are occurring at the same time? O
ID: 461810 • Letter: C
Question
Class, have you seen where two traps or biases are occurring at the same time?
One example is where the sunk-cost trap and status quo trap occur together. For instance, you have a project that is missing deadlines and you are adding more resources to try to get back on schedule, but the project keeps falling further and further behind. The PM tries to look at alternatives, including stopping the project, but management does not want to make that decision, so the status quo continues.
Do you have other examples where multiple traps and biases are occurring? How can we get out of these situations?
Prof H
Explanation / Answer
Answer :
Yes Such type of situation occurs at so many instance.
Eg. Suppose One organization is planning to construct their World Class Manufacturing plant. Now when a company is constructing world class manufacturing plant , the company needs to think of all the production aspects which are related directly or indirectly.The required investment is high. Company starts , but when it comes end , the expenses are increased tremendously Results it creates pressure to the Manager.
Because the capital is shortage , still so much works needs to be completed.
So At one end
1) Manager is facing a problem of dead line that is to complete e the plant within given time
2) Resources demand is increasing which add cost to the project.
So this is dilemma situation.