Question

You are part of a group, making a decision about whether it is appropriate to discontinue research on a new drug. This new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. You just feel that this project has merit. What form of decision making are you using if you decide to continue the project because you feel that the project has merit

Answer 1

Answer: An escalation of commitment

Explanation:

Carrying out projects can be capital, time and energy intensive. Most times they could result to a positive progress or result and other times they may not but the area of changing minds on a project that has had a great ton of investment is usually hard except there is nothing that would be gotten from it. When so much time and resources has been put into a project and there is no plan for a change such commitment is called an escalation of commitment