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 complete an unpleasant or stressful task, leading to postponement, procrastination and eventually missed deadlines.
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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...
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...
We often underestimate time and effort required to complete a task. That’s why we miss deadlines, exceed our budget, or run out of energy before we finish.
To overcome this, we need to come up with specific and detailed plan. We need to divide the task into smaller ones that we can estimate...
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