Sunk cost fallacy (Non-recoverable costs)
Sunk cost fallacy is an interesting phenomenon in which a person does not want to give up a strategy or course of action because they have invested heavily in them, even if it is obvious that rejection will be more profitable. Funny that there are also related effects: The Ikea effect is a cognitive bias that occurs when customers disproportionately value significance. (value) products that they create in part by themselves. (For example, assembled from parts)
- NIH syndrome. (not invented here) A position in social, corporate or organizational cultures that avoids the use or purchase of existing developments, research, standards or knowledge because of their external origin and costs.
These errors of thought permeate many important decisions, even if we know about them:) In order to fight it, you can ask yourself explicit questions of the type: If I hadn’t put so much effort into the project, would I have insisted on continuing it? If X hadn't been done, would we have done it again? What are our alternatives? "" And it includes both active options to change the current state and maintain the status quo.
In general, it’s helpful to be aware of your own biases and try to make decisions while avoiding them:) And in order to know about them, you can watch the performance.Keynote: Debug your thinking - Laila Bougria - NDC London 2024"that I mean." wrote Before, and also read books from collections.
Plus, you can see. Seventh Edition of Code of Leadership about the brain.Your brain at Work", who was with Ernesto Inarkiev, European chess champion, grandmaster, who is in the TOP-100 the best chess players in the world and in the top30 fast chess.
#Thinking #CriticalThinking #Reasoning #SelfDevelopment #Brain #Management #Leadership