Random (but not really)

Thursday, June 4, 2020

Some Concepts to Keep in Mind

sunk cost fallacy:
the idea that a company or organization is more likely to continue with a project if they have already invested a lot of money, time, or effort in it, even when continuing is not the best thing to do

Escalation of commitment:
Tendency to invest additional resources in an apparently losing proposition, influenced by effort, money, and time already invested.

self-justification:
The act of making excuses to justify one’s actions or behavior.

cognitive dissonance:
psychological conflict resulting from incongruous beliefs and attitudes held simultaneously

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