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strategic misrepresentation

In planning and budgeting, the tendency for those presenting projects for approval knowingly to understate costs and overstate benefits. This is a matter of deliberate policy and thus ...

strategic misrepresentation

strategic misrepresentation   Quick reference

A Dictionary of Accounting (5 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
75 words

... misrepresentation In planning and budgeting, the tendency for those presenting projects for approval knowingly to understate costs and overstate benefits. This is a matter of deliberate policy and thus distinct from optimism bias or simple miscalculation. Those who adopt such a policy would probably justify it as an expected part of the negotiation ‘game’ and argue that many worthwhile projects would never get approval if the true costs were revealed at the...

strategic misrepresentation

strategic misrepresentation   Quick reference

A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
78 words

... misrepresentation In planning and budgeting, the tendency for those presenting projects for approval knowingly to understate costs and overstate benefits. This is a matter of deliberate policy and thus distinct from optimism bias , planning fallacy , or simple miscalculation. Those who adopt such a policy would probably justify it as an expected part of the negotiation ‘game’ and argue that many worthwhile projects would never get approval if the true costs were revealed at the...

strategic misrepresentation

strategic misrepresentation  

In planning and budgeting, the tendency for those presenting projects for approval knowingly to understate costs and overstate benefits. This is a matter of deliberate policy and thus distinct from ...
planning fallacy

planning fallacy  

The demonstrated tendency for people to underestimate the length of time it will take them to complete a task. Various explanations have been offered, including optimism bias, failure to allow for ...
optimism bias

optimism bias  

The tendency for people to be optimistic about future events, especially those seen as following from their own plans and actions. Although optimism is no doubt a stimulus to enterprise, it has ...
optimism bias

optimism bias   Quick reference

A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
125 words

...for managers to underestimate costs and duration and to overestimate benefits ( see planning fallacy ). This being so, there is now an explicit requirement for those managing government projects in the UK to include an adjustment for optimism bias. See also strategic misrepresentation...

planning fallacy

planning fallacy   Quick reference

A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
159 words

...unexpected events of all kinds). The best antidote to planning fallacy is to research how long comparable projects have taken in the past (which can be accurately known), rather than making assumptions about the future (which cannot). See also Hofstadter’s law ; strategic misrepresentation...

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