A manager who sets a new salary level for a current employee by simply raising the prior year's salary by a percentage increment, even though the current salary is much lower than the employee's market value, is a victim of which decision$-$making error?

anchoring and adjustment heuristic

escalation of commitment

confirmation error

availability heuristic

representativeness heuristic

Question $29$

$3$ pts

Northwest Missouri State University closely monitors other four$-$year higher education institutions and compares what they are doing with what Northwest is doing to determine best practices that could improve their performance. This is a good example of $q,$

contingency planning

benchmarking

strategic planning