Leaders need to avoid falling victim to the sunk-cost fallacy. Measure your organization’s perceptions about its emotional investment as well as whatever reputation, political capital, money, time, or any other resource it has committed to the project thus far. The most important step to freeing yourself from making poor decisions based on sunk costs is to recognize the logical fallacy. Even simply being aware of it will help you make more rational decisions in the future.
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The Psychology Behind the Sunk-Cost Fallacy in Project Management
Posted March 24, 2022 | Leadership |
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