The cognitive bias where managers over-rely on initial information (such as a baseline quote) when making subsequent estimates is known as:

Explanation

• Anchoring Bias is the cognitive tendency to disproportionately weight the first piece of information received when making decisions or negotiations.
• Subsequent judgments and estimates are biased relative to that initial ‘anchor’ value, regardless of its objective accuracy.
• Confirmation bias, by contrast, involves seeking information that only validates pre-existing beliefs.