For today’s post – I’m going to direct you to read this amazing post from my husband Ryan, on his blog Digital BBQ:
This discusses the concept of the planning fallacy, a cognitive bias where individuals underestimate the time, costs, and risks associated with completing a task while overestimating positive outcomes.
It highlights psychological mechanisms like overconfidence, anchoring, and confirmation bias that contribute to this bias. The article he links to by Dave Stewart emphasises the complexities of project estimation and the importance of considering “invisible” tasks and challenges that can extend project timelines.
Strategies like using historical data, assessing challenges, considering multiple scenarios, and conducting post-project reviews are suggested to combat the planning fallacy. However, one strategy that often goes overlooked is self-reflection on work processes. This personalised approach encourages personal growth and can lead to significant improvements in project management. Embracing strategies such as reference class forecasting, risk assessment, and continuous learning can help mitigate the impact of the planning fallacy and improve project outcomes across various industries.
Tell him I said Hi 👋
What did you learn? 