The planning fallacy is a cognitive bias that refers to the tendency for individuals and groups to underestimate the time, costs, and risks of future actions while overestimating the benefits. This phenomenon often leads to overly optimistic predictions about how long tasks will take and how much they will cost, resulting in delays and budget overruns. The concept was first proposed by psychologists Daniel Kahneman and Amos Tversky in 1979.
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