Cofounder and Chief Operations Officer at SetSchedule. Resident tech guru.
The decision-making process is a delicate balance of information gathering, evaluation and analysis. The goal is to make decisions based on your leadership style and experience. But what could limit someone from making the right decision?
One common block is the “sunk cost fallacy,” an economic principle that refers to the idea that people have a hard time letting go when they’ve invested time or money into something—even if it’s not working out. For example, say you’re working on a project that’s going badly. Instead of stopping and rethinking your approach, you might keep going because reconfiguring would feel like a “waste” of all that time, money and effort, even though continuing forward will only waste more time, money and effort.
Thankfully, it’s possible to overcome barriers like these. Here are a few steps based