Jessica believes she can complete a term paper, start to finish, in 2 days and begins the paper 2 days before its due date. Unfortunately, once she begins, she realizes it will more likely take 4 or 5 days to complete. Her failure to accurately determine how long the assignment would take BEST illustrates:
Question
Jessica believes she can complete a term paper, start to finish, in 2 days and begins the paper 2 days before its due date. Unfortunately, once she begins, she realizes it will more likely take 4 or 5 days to complete. Her failure to accurately determine how long the assignment would take BEST illustrates:
Solution
Jessica's situation best illustrates the concept of the "Planning Fallacy". The Planning Fallacy is a cognitive bias that causes people to underestimate the time it will take to complete a task, despite knowing that similar tasks have typically taken longer in the past. In this case, Jessica believed she could complete her term paper in 2 days, but once she started, she realized it would likely take 4 or 5 days. This underestimation of time required is a classic example of the Planning Fallacy.
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