Planning Fallacy - Deepstash

Planning Fallacy

The farther away a deadline, the more unrealistic and abstracted our planning becomes. The closer a deadline, the more focussed and productive we become.

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The more time we are given to complete a task, the longer we will take to do it. 

This is similar to Parkinson’s Law, which states that “work expands so as to fill the time available for its completion.” 

We often procrastinate if we do not set deadlines, especially if the expectations of difficulty and importance are unclear.

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 ... based on importance, not time. 

Prioritize your projects based on importance first, and your employees will use Parkinson’s Law and urgency bias to their best advantage. 

If a project has low importance, set it a bit farther out.

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Self-Imposed Vs External
study on procrastination and deadlines found that some people may be able to set their own deadlines and stick to them, but when deadlines are set externally, we are often better at keeping them.

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Urgency Bias

When we are facing multiple deadlines, we often tend to focus on the tasks in front of us rather than the ones that seem far off, regardless of how important they might be. 

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Mention the impact and positive results of completing the assignment. Employees will have more meaning and purpose to overcome procrastination.

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Employees will be more motivated into staying on top of deadlines if managers set a good example by being consistent, supportive and trustworthy.  

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Start right away

We get so caught up in researching and thinking about a project that the anxiety to create something great can build up. 

Start immediately. You can even make small amounts of progress every day. Eventually you’ll get there.

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Set multiple deadlines

A way to create less stressful deadlines is to break large projects into smaller tasks. Set a deadline for each task instead of just one final deadline. 

Regularly spacing the deadlines out will give a sense of moving forward, which can motivate you to complete the task.

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We All Tend To Make The Same Mental Mistakes

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.

We procrastinate and eat junk food and say yes to the things we don't have time for. Two Israeli psychologists found that we predictably make the same mental mistakes that can be avoided if we are aware of them.

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