b). Using the Scenario given and the Eight Essential Elements of Communication below, describe how you would suggest avoiding falling into this hindsight bias trap in the future. Be sure to describe and apply each of the eight elements so that you have thoroughly identified and applied each within the context of the scenario and how an understanding of these elements can be useful.

Scenario:

I own a sunglass company and have fallen into hindsight bias. I spent a substantial amount of funds on adding a product line to the company. At the suggestion of a few close friends I added this product. Unfortunately, the new product was unsuccessful, and a lot of money was wasted. After the failure of the product launch, I expressed that I was not aware of what products were popular at the time, and that I would not have added the product line had I known.

Eight Essential Elements of Communication

Element of Communication	Definition	Oral Application	Written Application
1. Source	A source creates and communicates a message.	Jay makes a telephone call to Heather.	Jay writes an e-mail to Heather.
2. Receiver	A receiver receives the message from the source.	Heather listens to Jay.	Heather reads Jays e-mail.
3. Message	The message is the stimulus or meaning produced by the source for the receiver.	Jay asks Heather to participate in a conference call at 3:15.	Jays e-mail asks Heather to participate in a conference call at 3:15.
4. Channel	A channel is the way a message travels between source and receiver.	The channel is the telephone.	The channel is e-mail.
5. Feedback	Feedback is the message the receiver sends in response to the source.	Heather says yes.	Heather replies with an e-mail saying yes.
6. Environment	The environment is the physical atmosphere where the communication occurs.	Heather is traveling by train on a business trip when she receives Jays phone call.	Heather is at her desk when she receives Jays e-mail.
7. Context	The context involves the psychological expectations of the source and receiver.	Heather expects Jay to send an e-mail with the call-in information for the call. Jay expects to do so, and does.	Heather expects Jay to dial and connect the call. Jay expects Heather to check her e-mail for the call-in information so that she can join the call.
8. Interference	Also known as noise, interference is anything that blocks or distorts the communication process.	Heather calls in at 3:15, but she has missed the call because she forgot that she is in a different time zone from Jay.	Heather waits for a phone call from Jay at 3:15, but he doesnt call.