In the 1970s, one million college-bound students were surveyed and asked to compare themselves to their peers. Some of the key findings of the survey were as follows:70% of the students rated themselves as above average in leadership ability, while only 2% rated themselves as below average in this regard. With respect to athletic skills, 60% of the students rated their skills as above the median and only 6% of students rated themselves as below the median. . 60% of the students rated themselves in the top 10% in terms of their ability to get along with others, while 25% of the students felt that they were in the top 1% in terms of this interpersonal skill.Required:What type of cognitive bias reveals itself in the data mentioned above? How might this cognitivebias adversely influence a manager’s planning, controlling, and decision-making activities? What steps could managers do?

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Answered: In the 1970s, one million college-bound…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In the 1970s, one million college-bound students were surveyed and asked to compare themselves to their peers. Some of the key findings of the survey were as follows:

70% of the students rated themselves as above average in leadership ability, while only 2% rated themselves as below average in this regard.

With respect to athletic skills, 60% of the students rated their skills as above the median and only 6% of students rated themselves as below the median.

. 60% of the students rated themselves in the top 10% in terms of their ability to get along with others, while 25% of the students felt that they were in the top 1% in terms of this interpersonal skill.

Required:

What type of cognitive bias reveals itself in the data mentioned above? How might this cognitive

bias adversely influence a manager’s planning, controlling, and decision-making activities? What steps could managers do?

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