Planning Fallacy - Deepstash
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Planning Fallacy

The tendency to underestimate how long tasks will take to complete. 

On top of it, instead of accepting your own fault, you place the blame on outside factors such as delayed start dates or sick days.

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Biases...

Biases...

... specifically cognitive biases, are your unchecked tendencies to make decisions or take actions in an irrational way. 

Instead of making decisions based on facts and data, you are more prone to base your decisions on unconscious errors that lead to a distorted judgment of the worl...

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618 reads

Biases = shortcuts for processing information

The brain creates shortcuts in order to make fast decisions when it hits information or inspiration overload

These shortcuts form unconscious biases so it’s easier for your brain to categorize information and make quick judgments over and over again.

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Self-serving Bias

It causes you to claim your successes and ignore your failures. 

This means that when something good happens, you take the credit, but when something bad happens, you blame it on external factors.

Self-serving bias may manifest at work when you receive critical feedback....

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Survivorship Bias

It's our tendency to concentrate on the people who end up winning  —the survivors—and mistakenly assume that ambitious goals led to their success while removing from pur view all of the people who had the same objective but didn’t succeed.

When you solely focus on success, survivorsh...

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389 reads

Confirmation Bias

Is the tendency to trust information that confirms your preconceptions. At the same time, you ignore or dismiss opinions that disagree with your own, even if they are factual and valid.

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Anchoring Bias

The tendency to rely heavily on one piece of information (often the first thing you hear) when making decisions.

This is why it pays off to be the first one to offer a bolstering range instead of a firm number when negotiating your salary. The first offer will establish the possibilities i...

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362 reads

Bandwagon Bias

It occurs when you adopt a belief just because more people hold that belief. This bias can lead to groupthink, which is the tendency for group members to over-conform to a leader.

Many work meetings become unproductive due to bandwagon bias and groupthink because team members don’t f...

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313 reads

The Bias Blind Spot

This is the failure to recognize the impact of bias on your own judgment.

Despite the extensive research and data supporting the existence of our cognitive biases, many of us disagree and even ignore the effects of bias in our lives even when we’re fully aware of it.

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lizamm

It is better to be hated for what you are than to be

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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 it’s taken us to complete similar tasks in the past.
  • Assuming that we won’t run int...

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

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 estimat...

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