The Planning Fallacy
Definition and cause
What is the Planning Fallacy?
The tendency to underestimate the amount of time it will take to complete a task.
Why does the Planning Fallacy occur?
We tend to be over optimistic and think that things will go exactly to plan.
Inside and outside views
What is the “inside view” for the Planning Fallacy?
Visualising a task by thinking of the steps from the beginning to a successful conclusion.
What is the “outside view” for the Planning Fallacy?
Comparing a task to broadly similar tasks in the past.