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Choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected and/or to demote the forgone options. [1] It is part of cognitive science, and is a distinct cognitive bias that occurs once a decision is made. For example, if a person chooses option A instead of ...
Examples of savings as a beneficial outcome include: agreeing a reduction in price, obtaining the same item for less cost; sourcing, or developing a supply of, a lower quality item at a reduced cost, where the item is still fit for purpose; obtaining added value for the same cost, e.g. negotiating extended warranties, additional spare parts etc ...
This phenomenon is a result of the brain's instinctive (and rational) treatment of the transaction costs involved in acquiring a product as part of the purchase price of that product: The more involvement that a purchase requires or the purchaser puts in, the more dissonance or psychological discomfort the buyer will experience if dissatisfied ...
SAP allows informal quoting and competition procedures for simple, small-dollar-value purchases. For example, quotes may be submitted in oral rather than written form, and quoted prices may be directly compared by contracting officers rather than by conducting negotiations.
Purchasing is the formal process of buying goods and services.The purchasing process can vary from one organization to another, but there are some common key elements.. The process usually starts with a demand or requirements – this could be for a physical part or a service. [1]
Justification (also called epistemic justification) is a property of beliefs that fulfill certain norms about what a person should believe. [ 1 ] [ 2 ] Epistemologists often identify justification as a component of knowledge distinguishing it from mere true opinion. [ 3 ]
A simple example is given by Amos Tversky: when someone wants to purchase a new car, the first aspect they will take into account might be the automatic transmission, this will eliminate all alternatives that do not contain such an aspect. Then, when all the alternatives that do not have this feature are eliminated, another aspect will be given ...
For example, operations and maintenance funds generally cannot be used to purchase supplies after 30 September of the year they are appropriated within with several exceptions – 1) the severable services exemption under 10 USC 2410 and Office of Management and Budget (OMB) Circular A-34, Instructions on Budget Execution, 2) Authorized ...