Project Management Central

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Do you recognize the planning fallacy in your work? Eduard Hernandez Community Champion Senior Project Manager| Prothya Biosolutions Amsterdam, Netherlands The concept of the planning fallacy, first introduced by Daniel Kahneman and Amos Tversky, refers to the tendency of people to underestimate the time, costs, and risks of future tasks, while overestimating the benefits. This cognitive bias often leads to projects taking longer and costing more than originally anticipated. Saving Changes... Posted: Oct 10, 2024 5:37 AM

Sort By: Newest First Chronological Votes < 1 2 > Mike Frenette Community Champion Manager, IT PMO| Halifax Water Halifax, Nova Scotia, Canada Oct 11, 2024 6:34 AM Replying to Eduard Hernandez ... Thanks for sharing your thoughts and the joke. I had to think of the building of the Scottish Parliament project, that went from a budgeted £40M to a staggering £400M actual cost. It has been said, and I believe it to be true, that a project will cost what it must cost, regardless of the budgets that surround it. Sometimes we are near the mark, sometimes we are not. And that is how a €40 budget becomes a €400m actual spend. A 10% down payment is really quite reasonable, isn't it? 😉 Saving Changes... Posted: Oct 11, 2024 8:33 AM (Updated by author: Oct 11, 2024 8:34 AM) < 1 2 >

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