The Planning Fallacy - Deepstash

The Planning Fallacy

We tend to underestimate the time it will take to complete a future task despite knowing that previous tasks have taken longer.

What you can do about it:

  • Break projects down into smaller parts and estimate how long each will take.
  • Add 20% to your project timeline. Finishing earlier than expected is better than being surprised by it.
  • Use historical data to make better predictions.
  • Limit the scope of the work. It means leaving off some things for a later stage.
  • When you're going to miss a deadline, communicate that early and often.

1.21K

2.93K reads

CURATED FROM

IDEAS CURATED BY

ethho

I wish I knew about the 80/20 rule much earlier.

The idea is part of this collection:

How To Become a Better Decision-Maker

Learn more about timemanagement with this collection

Understanding the importance of decision-making

Identifying biases that affect decision-making

Analyzing the potential outcomes of a decision

Related collections

Similar ideas to The Planning Fallacy

The planning fallacy

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

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 itโ€™s taken us to complete similar tasks in the past.
  • Assuming that we wonโ€™t run int...

The planning fallacy

The planning fallacy

The term 'planning fallacy' was coined in 1977 and deals with how most of us are terrible at estimating how long a project will take. We are overly optimistic but terrible at predicting the future. If the project has a budget, we may underestimate that expense to...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

โ€”

100+ Learning Journeys

โ€”

Access to 200,000+ ideas

โ€”

Access to the mobile app

โ€”

Unlimited idea saving

โ€”

โ€”

Unlimited history

โ€”

โ€”

Unlimited listening to ideas

โ€”

โ€”

Downloading & offline access

โ€”

โ€”

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates