Planning fallacy
Definition: When we underestimate the time and obstacles in completing a task, even when it contradicts our past experience.
The planning fallacy starts with wishful thinking. Minor (or even major) delays aren’t factored in, and we unwittingly place ourselves in last-minute or worse, past-deadline scenarios.
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The planning fallacy
The planning fallacy is the likelihood to underestimate the time it will take to finish a future task despite knowing that similar projects have taken longer in the past. For example, writers underestimate how long it will take to complete a novel; product managers miscalcula...
The planning fallacy
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:
- Failing to consider how long it’s taken us to complete similar tasks in the past.
- Assuming that we won’t run int...
Human Behaviour: The Planning Fallacy
We are bad at estimating the time it will take to accomplish a task, as we don’t take into account our distractions, procrastination, emergencies or delays.
To counter the planning fallacy, we need to assign blocks of time which are called ‘slacks’ by behavioural scientis...
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