Planning Fallacy

What Is the Planning Fallacy: Why We Overestimate and Underdeliver? The planning fallacy is a cognitive bias that affects how individuals estimate the time, costs, and risks associated with future tasks and projects. It describes our tendency to be overly optimistic when making predictions about the time and resources needed for a particular endeavor. In this article, we will explore the planning fallacy, its underlying causes, and how it impacts various aspects of our lives. The Planning Fallacy in Everyday Life The planning fallacy manifests itself in various spheres of life, from personal projects to large-scale infrastructure [...]