How many times have you promised someone, “You’ll have the report by Saturday.” And when Friday comes, you’re sitting on your work desk with a pile of papers all around you, not knowing where it all went wrong.
Welcome to the world of the planning fallacy where architects underestimate how long a renovation will take to complete, writers underestimate the time they’ll take to complete a novel and you underestimate the time you’ll need to complete that report.
But what exactly is this fallacy about?
It’s a tendency where we underestimate the time that is required to complete a task even when we know that similar tasks have taken longer in the past.
Wait! It gets worse. Even when we know we’re likely to underestimate deadlines, we still go ahead and do just that.
Ughh!! I know.