planning fallacy

The planning fallacy is a common cognitive bias where people underestimate the time, effort, or resources needed to complete a task, often despite past experiences suggesting otherwise. This optimism leads individuals to believe they will finish projects more quickly or easily than reality suggests. It occurs because we tend to focus on the best-case scenarios and overlook potential obstacles or delays. Recognizing this bias can help improve planning by considering past experiences and potential setbacks, resulting in more realistic estimates and better project management.