Planning Fallacy

The planning fallacy requires in which predictions of existing tasks’ completion times are definitely more optimistic than this beliefs about prior completion times for similar projects which predictions of the actual tasks’ completion times are definitely more optimistic than the particular time needed to perform the tasks. In 2003, Lovallo and Kahneman recommended an expanded definition because the tendency to underestimate some time, costs, and risks involving future actions and concurrently overestimate the benefits of the same actions.