Asked by Cyndie LeRoy on Mar 10, 2024
Verified
Lenore's kitchen remodeling project ended up costing nearly twice as much as she had anticipated.This best illustrates
A) confirmation bias.
B) the planning fallacy.
C) belief perseverance.
D) the framing effect.
Planning Fallacy
The tendency to underestimate the amount of time, costs, and risks involved in a project and overestimate the benefits.
Kitchen Remodeling
Kitchen remodeling involves the process of making improvements or alterations to a kitchen's design, structure, or appliances.
Costing
The process of determining the costs associated with the production of a product or the provision of a service.
- Understand the planning fallacy and its effects on project planning and estimation.
Verified Answer
Mar 10, 2024
Learning Objectives
- Understand the planning fallacy and its effects on project planning and estimation.
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