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.

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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