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Sunk-cost Fallacy
In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with '' prospective costs'', which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties. Bygones principle According to classical economics and standard microeconomic theory, only prospective (future) costs are relevant to a rational decision. At any moment in time, the best thing to do depends only on ''current'' alternatives. The only things that matter are the ''future'' consequences. Past mistakes are irrelevant. Any cost ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concorde 216 (G-BOAF) Last Flight
The Aérospatiale/BAC Concorde () is a retired Franco-British supersonic airliner jointly developed and manufactured by Sud Aviation (later Aérospatiale) and the British Aircraft Corporation (BAC). Studies started in 1954, and France and the UK signed a treaty establishing the development project on 29 November 1962, as the programme cost was estimated at £70 million (£ in ). Construction of the six prototypes began in February 1965, and the first flight took off from Toulouse on 2 March 1969. The market was predicted for 350 aircraft, and the manufacturers received up to 100 option orders from many major airlines. On 9 October 1975, it received its French Certificate of Airworthiness, and from the UK CAA on 5 December. Concorde is a tailless aircraft design with a narrow fuselage permitting a 4-abreast seating for 92 to 128 passengers, an ogival delta wing and a droop nose for landing visibility. It is powered by four Rolls-Royce/Snecma Olympus 593 turbojets wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promotion (marketing)
In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature. It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route. The aim of promotion is to increase brand awareness, create interest, generate sales or create brand loyalty. It is one of the basic elements of the market mix, which includes the four Ps, i.e., product, price, place, and promotion. Promotion is also one of the elements in the promotional mix or promotional plan. These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element. Promotio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unwillingness To Admit Failure
Face is a class of behaviors and customs practiced mainly in Asian cultures, associated with the morality, honor, and authority of an individual (or group of individuals), and its image in social groups. Face refers to a sociological concept in general linked to the dignity and prestige that a person has in terms of their social relationships. This idea with different nuances is observed in many societies and cultures such as Chinese, Arabic, Indonesian, Korean, Malaysian, Laotian, Indian, Japanese, Vietnamese, Filipino, Thai, Russian and other Slavic cultures. Face has more meanings within the context of Chinese culture. Definitions Although Chinese writer Lin Yutang claimed "face cannot be translated or defined", these definitions have been created: * Face is an image of self delineated in terms of approved social attributes. * Face is the respectability and/or deference which a person can claim for themself or from others. * Face is a quality that can be lost, maintained, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planning Fallacy
The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The bias affects predictions only about one's own tasks; when outside observers predict task completion times, they tend to exhibit a pessimistic bias, overestimating the time needed. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past. The planning fallacy was first proposed by Daniel Kahneman and Amos Tversky in 1979. In 2003, Lovallo and Kahneman proposed an expanded definition as the tendency to underestimate the time, costs, and risks of future actions and at the same time overestimate the benefits of the same actions. According to this definition, the plann ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Dissonance
In the field of psychology, cognitive dissonance is the perception of contradictory information, and the mental toll of it. Relevant items of information include a person's actions, feelings, ideas, beliefs, values, and things in the environment. Cognitive dissonance is typically experienced as psychological stress when persons participate in an action that goes against one or more of those things. According to this theory, when two actions or ideas are not psychologically consistent with each other, people do all in their power to change them until they become consistent. The discomfort is triggered by the person's belief clashing with new information perceived, wherein the individual tries to find a way to resolve the contradiction to reduce their discomfort.Festinger, L. (1957). ''A Theory of Cognitive Dissonance''. California: Stanford University Press. In '' When Prophecy Fails: A Social and Psychological Study of a Modern Group That Predicted the Destruction of the World'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optimism
Optimism is an attitude reflecting a belief or hope that the outcome of some specific endeavor, or outcomes in general, will be positive, favorable, and desirable. A common idiom used to illustrate optimism versus pessimism is a glass filled with water to the halfway point: an optimist is said to see the glass as half full, while a pessimist sees the glass as half empty. The term derives from the Latin ''optimum'', meaning "best". Being optimistic, in the typical sense of the word, is defined as expecting the best possible outcome from any given situation. This is usually referred to in psychology as dispositional optimism. It thus reflects a belief that future conditions will work out for the best. For this reason, it is seen as a trait that fosters resilience in the face of stress. Theories of optimism include dispositional models and models of explanatory style. Methods to measure optimism have been developed within both of these theoretical approaches, such as various fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SS Torrey Canyon
SS ''Torrey Canyon'' was an LR2 Suezmax class oil tanker with a cargo capacity of of crude oil. She ran aground off the western coast of Cornwall, United Kingdom, on 18 March 1967, causing an environmental disaster. At that time she was the largest vessel ever to be wrecked. Design and history When built by the Newport News Shipbuilding in the United States in 1959, she had a deadweight tonnage capacity of . However, the ship was later enlarged by Sasebo Heavy Industries in Japan to capacity. At the time of the shipwreck she was owned by Barracuda Tanker Corporation, a subsidiary of the Union Oil Company of California, and registered in Liberia but chartered to BP. She was long, beam and had of draught.. Accident and oil spill On 19 February 1967, ''Torrey Canyon'' left the Kuwait National Petroleum Company refinery, at Mina, Kuwait (later Al Ahmadi) on her final voyage with a full cargo of crude oil. The ship reached the Canary Islands on 14 March. From there the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Torrey Canyon Oil Spill
The ''Torrey Canyon'' oil spill was one of the world's most serious oil spills. The supertanker ran aground on rocks off the south-west coast of the United Kingdom in 1967, spilling an estimated 25–36 million gallons (94–164 million litres) of crude oil. Attempts to mitigate the damage included the bombing of the wreck by aircraft from the Royal Navy and Royal Air Force. Hundreds of miles of coastline in Britain, France, Guernsey, and Spain were affected by the oil and other substances used in an effort to mitigate damage. At the time, the ''Torrey Canyon'' was world's worst oil spill; it remains the worst spill in UK history. It led to significant changes in maritime law and oil spill responses. Background When laid down in the United States in 1959, ''Torrey Canyon'' had a capacity of 60,000 tons; the ship was later enlarged to 120,000 tons in Japan. She was named for a geographical feature in California. At the time of the accident, ''Torrey Canyon'' was regis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aircraft Pilot
An aircraft pilot or aviator is a person who controls the flight of an aircraft by operating its directional flight controls. Some other aircrew members, such as navigators or flight engineers, are also considered aviators, because they are involved in operating the aircraft's navigation and engine systems. Other aircrew members, such as drone operators, flight attendants, mechanics and ground crew, are not classified as aviators. In recognition of the pilots' qualifications and responsibilities, most militaries and many airlines worldwide award aviator badges to their pilots. History The first recorded use of the term ''aviator'' (''aviateur'' in French) was in 1887, as a variation of ''aviation'', from the Latin ''avis'' (meaning ''bird''), coined in 1863 by in ''Aviation Ou Navigation Aérienne'' ("Aviation or Air Navigation"). The term ''aviatrix'' (''aviatrice'' in French), now archaic, was formerly used for a female aviator. These terms were used more in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sea Captain
A sea captain, ship's captain, captain, master, or shipmaster, is a high-grade licensed mariner who holds ultimate command and responsibility of a merchant vessel.Aragon and Messner, 2001, p.3. The captain is responsible for the safe and efficient operation of the ship, including its seaworthiness, safety and security, cargo operations, navigation, crew management, and legal compliance, and for the persons and cargo on board. Duties and functions The captain ensures that the ship complies with local and international laws and complies also with company and flag state policies. The captain is ultimately responsible, under the law, for aspects of operation such as the safe navigation of the ship,Aragon and Messner, 2001, p.4. its cleanliness and seaworthiness,Aragon and Messner, 2001, p.5. safe handling of all cargo,Aragon and Messner, 2001, p.7. management of all personnel,Aragon and Messner, 2001, p.7-11. inventory of ship's cash and stores,Aragon and Messner, 2001, p.11-12. an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. Although it may seem like such misperceptions would be aberrations, biases can help humans find commonalities and shortcuts to assist in the navigation of common situations in life. Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, result ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs. Transaction costs are the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. Therefore, the transaction cost is one of the most significant factors in business operation and management. Oliver E. Williamson's ''Transaction Cost Economics'' popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.North, Douglass C. 1992. “Tran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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