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Author Question: A synonym for the word satisfice is maximize. Indicate whether the statement is true or ... (Read 85 times)

DelorasTo

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on: Jul 6, 2018
A synonym for the word satisfice is maximize.
 
  Indicate whether the statement is true or false.

Question 2

The expression throwing good money after bad is an example of an escalation of commitment.
 
  Indicate whether the statement is true or false.
Fundamentals of Management: Essential Concepts and Applications ¦ Robbins, Coulter, De Cenzo ¦ 10th Edition
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kiamars2010

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Reply #1 on: Jul 6, 2018
Answer to Question 1

Answer: FALSE
Explanation: The words satisfice and maximize are opposites rather than synonyms. When a manager does not have enough information to maximize, or find the best possible solution to a problem, he or she must compromise, or satisfice. When you satisfice, you accept not the best solution, but a solution that is good enough.

Answer to Question 2

Answer: TRUE
Explanation: Throwing good money after bad typically denotes a situation in which money has already been wasted on an unsuccessful venturebad money. Throwing more good money into the situation simply because of the bad money already committed is a clear example of escalation of commitment.


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