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Asked by Cyndie LeRoy on Mar 10, 2024

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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.
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Megan Mcgee

Mar 10, 2024

Final Answer :
B
Explanation :
The planning fallacy refers to the tendency for individuals and groups to underestimate the amount of time, resources, and costs required to complete a project. In this case, Lenore's kitchen remodeling project ended up costing much more than she had anticipated, indicating that she may have fallen prey to the planning fallacy.

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