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Is our tendency to underestimate the amount of time it will take to complete a task. Estimation mistakes can usually be attributed to 2 key factors:
Start by asking: How long do such projects usually last?
If you’re coding a new feature for your company’s app, look at how long it took your team to build and release a similar feature in the past. If you’re writing a 4,000-word blog-post, review your data showing how many hours/days it took you to write a similar piece previously. Then, base your estimates off of that data.
It forces you to confront your possible optimism by asking you to identify 3 different pieces of data:
Once you have your 3 numbers, calculate the average of the 3 points of data.
SIMILAR ARTICLES & IDEAS:
We all have busy schedules, but we are incorrectly planning our day around the time we have, not around priorities.
Our estimates on how long certain tasks will take are almost always ...
The Decision Matrix on how to approach tasks has 4 quadrants:
Prioritize the important (Quadrant 2) to attain maximum benefit from your work.
The Planning Fallacy is a prediction error that one repeatedly makes, misestimating the time it takes to complete a certain task.
This usually happens when trying to comple...
We assume we have more time than we really do, and we will get the job done quickly. Tasks like filing one’s tax return, catching a plane, investing in one’s health and other life demands become difficult with this basic assumption.
The planning fallacy affects our work satisfaction and health, leading to stress and burnout.
Things usually do not happen as we expect them to be. Our inner view of things (our cognitive bias) is shattered with unexpected obstacles, delays and interruptions.
Instead of relying on your own subjectivity and frame of reference, check out your previous experiences and take an external view of things, which may be more realistic.
Economists used to believe that people will always choose the option that maximizes their well-being. But people act against their rational self-interest all the time.
This bias addresses why we do unimportant tasks we think are time-sensitive over tasks that are not time-sensitive, even if the non-time-sensitive tasks provide greater rewards.
How to overcome this bias:
This effect describes our tendency to remember incomplete or interrupted tasks better than completed tasks. Each unfinished task takes up some of your attention, splitting your focus. It also interferes with your sleep.
What you can do about it: