Asked by Jordan Nolte on Jul 23, 2024
Verified
The tendency of people to underestimate the time required to complete a task is called the
A) planning fallacy.
B) framing effect.
C) hindsight bias.
D) availability heuristic.
Planning Fallacy
is the tendency to underestimate the time, costs, and risks of future actions while overestimating the benefits, leading to time and budget overruns.
Underestimate
To judge something below its actual value, size, or importance.
Complete A Task
This means to finish or accomplish a given work or activity usually with a specific goal in mind.
- Recognize the impact of the planning fallacy in the context of project management and individual planning.
Verified Answer
CC
Carla CuellarJul 25, 2024
Final Answer :
A
Explanation :
The planning fallacy refers to the tendency of individuals to underestimate the time, costs, and risks of future actions and at the same time overestimate the benefits of the same actions. This leads to time management and planning issues, as tasks often take longer to complete than initially expected.
Learning Objectives
- Recognize the impact of the planning fallacy in the context of project management and individual planning.