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Topic Review
Anchoring
Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") when making decisions. Anchoring occurs when, during decision making, an individual depends on an initial piece of information to make subsequent judgments. Those objects near the anchor tend to be assimilated toward it and those further away tend to be displaced in the other direction. Once the value of this anchor is set, all future negotiations, arguments, estimates, etc. are discussed in relation to the anchor. This bias occurs when interpreting future information using this anchor. For example, the initial price offered for a used car, set either before or at the start of negotiations, sets an arbitrary focal point for all following discussions. Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car. The original description of the anchoring effect came from psychophysics. When judging stimuli along a continuum, it was noticed that the first and last stimuli were used to compare the other stimuli (this is also referred to as "end anchoring". This was applied to attitudes by Sherif et al. in 1958 in their article "Assimilation and contrast effects of anchoring stimuli on judgments".
  • 966
  • 18 Oct 2022
Topic Review
Artificial Intelligence and Firm Performance
Developments in computer science, robotics, machine learning, and data accumulation have facilitated the application of advanced technologies in businesses. Among the cutting-edge technologies, Artificial Intelligence (AI) has gained growing attention in different sectors of society, industry, and business. The unprecedented novel coronavirus (COVID-19) pandemic has brought massive uncertainty and has negatively impacted health care, economy, population mobility, and numerous industries, including tourism, aviation, manufacturing, education, and other business sectors. The halted production, supply chain disruption, and shrinking customer activity led to a decline in company revenues and negatively affected corporate performance and the world economy.
  • 965
  • 02 Aug 2022
Topic Review
Corporate Governance and Performance of Pension Funds
Corporate governance has been explained as a mechanism by which operational managers of entities are made to act in the interest of the owners of the entities and other stakeholders. Good stewardship and sustained accountability are expected from firms by society. In pension fund management settings, two sets of factors affect corporate entity’s effectiveness. The first is the internal corporate governance factors relating to pension fund management. This involves effective interactions between internal systems relating to pension funds. The second factor is the external corporate governance factors concerning the regulatory and legal framework under which the pension funds operate.
  • 962
  • 01 Aug 2022
Topic Review
Digital Transformation
The conceptual definition of digital transformation (DT) is composed of five corporate activities (AT Kearney) that increase a business’s competitiveness in response to changes in the business environment, which are triggered by new digital technologies, such as big data (BD), artificial intelligence (AI), the Internet of things (IoT), smart factories (SF), cyber-physical systems (CPS), and interoperability (IOP). DT claims to maintain a sustainable business and positively impact overall business performance.
  • 962
  • 28 Jun 2021
Topic Review
Flat Rate
Flat interest rate mortgages and loans calculate interest based on the amount of money a borrower receives at the beginning of a loan. However, if repayment is scheduled to occur at regular intervals throughout the term, the average amount to which the borrower has access is lower and so the effective or true rate of interest is higher. Only if the principal is available in full throughout the loan term does the flat rate equate to the true rate. This is the case in the example to the right, where the loan contract is for 400,000 Cambodian riels over 4 months. Interest is set at 16,000 riels (4%) a month while principal is due in a single payment at the end.
  • 959
  • 11 Oct 2022
Topic Review
Retail Loss Prevention
Retail loss prevention is a set of practices employed by retail companies to preserve profit. Profit preservation is any business activity specifically designed to reduce preventable losses. A preventable loss is any business cost caused by deliberate or inadvertent human actions, colloquially known as "shrinkage". Deliberate human actions that cause loss to a retail company can be theft, fraud, vandalism, waste, abuse, or misconduct. Inadvertent human actions attributable to loss are poorly executed business processes, where employees fail to follow existing policies or procedures – or cases in which business policies and procedures are lacking. Loss prevention is mainly found within the retail sector but also can be found within other business environments. Since retail loss prevention is geared towards the elimination of preventable loss and the bulk of preventable loss in retail is caused by deliberate human activity, traditional approaches to retail loss prevention have been through visible security measures matched with technology such as CCTV and electronic sensor barriers. Most companies take this traditional approach by either having their own in-house loss prevention team or using external security agencies. Charles A. Sennewald and John H. Christman state, "Four elements are necessary for a successful loss prevention plan: 1) Total support from top management, 2) A positive employee attitude, 3) Maximum use of all available resources, 4) A system which establishes both responsibility and accountability for loss prevention through evaluations that are consistent and progressive."
  • 959
  • 31 Oct 2022
Topic Review
Use of Food Delivery Apps
The pandemic forced both organizations and consumers to make many adjustments to their daily lives. However, due the technological advances that have been seen in recent years, some tools have become much more widely used. Among them are the food delivery applications (FDAs) that experienced an exponential growth during the pandemic. During the COVID-19 pandemic, the use of food delivery applications (FDAs) has not only met the requirements of businesses but also the demands of customers for convenient food supplies and personal safety concerns since these applications allow customers to effectively and easily order and access their food from several restaurants at convenient times and locations
  • 957
  • 19 Jul 2022
Topic Review
O2O Commerce and Consumer Behavior
Online-to-offline (O2O) commerce is a popular business model which links offline business activities with online channels. Consumer behavior in O2O commerce is more complex than in other traditional business models as both online and offline channels are involved.
  • 957
  • 07 Jul 2022
Topic Review
MnPASS
MnPASS (Pronounced "Minnpass") is the brand name associated with a series of high occupancy toll lanes (HO/T lanes) in the Minneapolis-St. Paul Metropolitan Area of Minnesota and is also associated with the electronic toll collection (ETC) system used for those HO/T lanes. The lanes and the ETC system are owned by the Minnesota Department of Transportation. Solo drivers who are registered under the MnPASS program and have a toll transponder are allowed to pay a toll to use the lanes during operating hours. Vehicles with two or more occupants, buses, and motorcycles may use the lanes for free without requiring a toll transponder.
  • 955
  • 31 Oct 2022
Topic Review
Blockchain Technology in Aviation
The aircraft maintenance sector has high complexity with many intermediaries, multiple actors sharing data and needs to ensure high data security. The implementation of Blockchain technology can significantly contribute to the aforementioned characteristics. 
  • 949
  • 09 Mar 2022
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