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... > social science subjects > business and management > entrepreneurship > new venture management > entrepreneurial decision making > planning fallacy
social science subjects > psychology > social psychology > judgment and decision making > planning fallacy

Preferred term

planning fallacy  

Definition

  • Definition The planning fallacy refers to a specific form of optimistic bias wherein people underestimate the time that it will take to complete an upcoming task even though they are fully aware that similar tasks have taken longer in the past. An intriguing aspect of this phenomenon is that people simultaneously hold both optimistic beliefs (concerning the specific future task) as well as more realistic beliefs (concerning relevant past experiences). [Source: Encyclopedia of Social Psychology; Planning Fallacy]

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https://concepts.sagepub.com/social-science/concept/planning_fallacy

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