The planning fallacy causes individuals to systematically underestimate the time, costs, and risks involved in tasks while overestimating their benefits. This phenomenon leads to recurring issues such as missed deadlines and over-budget projects. To improve accuracy in time estimation, employing an "outside view" provides a broader context by considering similar past experiences. In project planning, using percentage buffers instead of fixed time additions, and breaking larger tasks into smaller steps, can significantly reduce estimation errors and lead to more successful outcomes.
People frequently underestimate task durations due to the planning fallacy, causing projects to run over budget and behind schedule,
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