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Escalation Of Commitment
Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions. Economists and behavioral scientists use a related term, ''sunk-cost fallacy'', to describe the justification of increased investment of money or effort in a decision, based on the cumulative prior investment ("sunk cost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected benefit. In sociology, ''irrational escalation of commitment'' or ''commitment bias'' describe similar behaviors. The phenomenon and the sentiment underlying them are reflected in such proverbial images as "Throwing good money after bad", or "In for a penny, in for a pound", or "It's never the wrong time to make the right decision", or "I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either Rationality, rational or irrational. The decision-making process is a reasoning process based on assumptions of value (ethics and social sciences), values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a Problem solving, problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less Rationality, rational or Irrationality, irrational and can be based on explicit knowledge, explicit or tacit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Groupthink
Groupthink is a psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. Cohesiveness, or the desire for cohesiveness, in a group may produce a tendency among its members to agree at all costs. This causes the group to minimize conflict and reach a consensus decision without critical evaluation. Groupthink is a construct of social psychology, but has an extensive reach and influences literature in the fields of communication studies, political science, management, and organizational theory, as well as important aspects of deviant religious cult behaviour. Overview Groupthink is sometimes stated to occur (more broadly) within natural groups within the community, for example to explain the lifelong different mindsets of those with differing political views (such as "conservatism" and "liberalism" in the U.S. political context or the purported benefits ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baggage Handling System
A baggage handling system (BHS) is a type of conveyor system installed in airports that transports checked luggage from ticket counters to areas where the bags can be loaded onto airplanes. A BHS also transports checked baggage coming from airplanes to baggage claims or to an area where the bag can be loaded onto another airplane. History The first automated baggage handling system was invented by BNP Associates in 1971, and this technology is in use in almost every major airport worldwide today. Process A bag is entered into the baggage handling system when an airline agent, or self check system, assign the luggage a tag with a unique ten digit barcode.Airlines are also incorporating RFID chips into the tags to track bags in real time and to reduce the number of mishandled bags. The BHS will then scan and sort the bags by airline. Then a series of diverters along the conveyor belt will direct the bags into the baggage handling area. Although the primary function of a BHS is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denver International Airport
Denver International Airport , locally known as DIA, is an international airport in the Western United States, primarily serving metropolitan Denver, Colorado, as well as the greater Front Range Urban Corridor. At , it is the largest airport in North America by land area and the second largest in the world, behind King Fahd International Airport. Runway 16R/34L, with a length of , is the longest public use runway in North America and the seventh longest in the world. The airport is driving distance from Downtown Denver, further than the former Stapleton International Airport, the facility DEN replaced: the airport is actually closer to the City of Aurora than central Denver, and many airport-related services, such as hotels, are located in Aurora. Opened in 1995, DEN currently serves 25 different airlines offering non-stop service to over 215 destinations throughout North America, Latin America, Europe, and Asia; it was the fourth airport in the U.S. to exceed 200 destinatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American International Group
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/america-canada/us/documents/investor-relations/2019/aig-2018-annual-report.pdf page 7 The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is a sponsor of the AIG Women's Open golf tournament. AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TAURUS (share Settlement)
TAURUS (Transfer and Automated Registration of Uncertified Stock) was a program that set out to transfer settlements of London Stock Exchange shares from transmission of paper share certificates to an automated system. TAURUS was intended to reduce the time taken and the cost of settlement, increasing convenience and reducing settlement risk. It was started in the 1980s and was intended to replace the TALISMAN system, which was only available for settlement of trades between participating brokerage firms. TAURUS was also meant to change the London Stock Exchange settlement from a two week account period, settling all trades that occurred within each two-week interval in one batch, to a rolling settlement system, settling all trades three business days after the date of the trade. The TAURUS project required software and hardware development but also required legal and other systemic changes, resulting in scope creep and cost overrun. TAURUS eventually cost £75 million and was repla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shoreham Nuclear Power Plant
The Shoreham Nuclear Power Plant was a completed General Electric nuclear boiling water reactor located adjacent to Long Island Sound in East Shoreham, New York. The plant was built between 1973 and 1984 by the Long Island Lighting Company (LILCO). The plant faced considerable public opposition after the 1979 Three Mile Island accident and the 1986 Chernobyl disaster. There were large protests and two dozen local groups opposed the plant. In 1983, Suffolk County determined that the county could not be safely evacuated in the event of a serious nuclear accident at the plant. Governor Mario Cuomo ordered state officials not to approve any LILCO-sponsored evacuation plan—effectively preventing the plant from operating at full capacity. The plant was completed in 1984 and in 1985 LILCO received federal permission for low-power (5 percent power) tests. By 1989, it became apparent that not enough local communities would sign on to the evacuation plan for the plant ever to be ab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Dig
The Central Artery/Tunnel Project (CA/T Project), commonly known as the Big Dig, was a megaproject in Boston that rerouted the Central Artery of Interstate 93 (I-93), the chief highway through the heart of the city, into the 1.5-mile (2.4 km) tunnel named the Thomas P. O'Neill Jr. Tunnel. The project also included the construction of the Ted Williams Tunnel (extending I-90 to Logan International Airport), the Leonard P. Zakim Bunker Hill Memorial Bridge over the Charles River, and the Rose Kennedy Greenway in the space vacated by the previous I-93 elevated roadway. Initially, the plan was also to include a rail connection between Boston's two major train terminals. Planning began in 1982; the construction work was carried out between 1991 and 2006; and the project concluded on December 31, 2007, when the partnership between the program manager and the Massachusetts Turnpike Authority ended. The Big Dig was the most expensive highway project in the United States, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
419 Scams
An advance-fee scam is a form of fraud and is one of the most common types of confidence tricks. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum. If a victim makes the payment, the fraudster either invents a series of further fees for the victim to pay or simply disappears. FBI. The Federal Bureau of Investigation (FBI) states that "An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value - such as a loan, contract, investment, or gift - and then receives little or nothing in return." There are many variations of this type of scam, including the Nigerian prince scam, also known as a 419 scam. The number "419" refers to the section of the Nigerian Criminal Code dealing with fraud and the charges and penalties for such offenders. The scam has been used with fax and tradit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The ''Journal'' has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The ''Journal'' is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019. ''The Wall Street Journal'' is one of the largest newspapers in the United States by circulation, with a circulation of about 2.834million copies (including nearly 1,829,000 digital sales) compared with ''USA Today''s 1.7million. The ''Journal'' publishes the luxury news and lifestyle magazine ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomingdale's
Bloomingdale's Inc. is an American luxury department store chain; it was founded in New York City by Joseph B. Bloomingdale, Joseph B. and Lyman G. Bloomingdale in 1861. A third brother, Emanuel Watson Bloomingdale, was also involved in the business. It became a division of the Cincinnati-based Federated Department Stores in 1930 under then-president Samuel Bloomingdale. In 1994, the Macy's department store chain joined the Federated Department Stores holding company. In 2007, Federated Department Stores was renamed Macy's, Inc. As of October 29, 2022, there are 54 stores (56 boxes) including 32 department stores (34 boxes, all full line), 1 Bloomies, 1 furniture/other store and 20 outlet stores (There are a total of 35 stores) with the Bloomingdale's nameplate in operation throughout the United States. Its headquarters and Flagship#Retailing, flagship store are located at 59th Street (Manhattan), 59th Street and Lexington Avenue in the New York City borough of Manhattan. Hist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Campeau
Robert Joseph Antoine Campeau (August 3, 1923 June 12, 2017) was a Canadian financier and real estate developer. Starting from a single house constructed in 1940 in the Alta Vista neighbourhood of Ottawa, Ontario, Campeau built a large land development corporation around the development of the suburb of Kanata. Expansion in the U.S. led Campeau to diversify into the ownership of retail department stores to anchor commercial development projects. The Campeau Corporation used leveraged buyouts to buy the department stores and went bankrupt when it could not maintain the debt payments, in the largest retailing bankruptcy at the time in U.S. history. Early years Born in Chelmsford, Ontario, Campeau's formal education ended in Grade 8, at the age of 14. He worked in jobs at Inco as a general labourer, carpenter and machinist. In 1949, he entered the residential end of the construction business. His first project was a single home constructed in partnership with his cousin in Ottawa, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
