Feb. 29, 2016 -
PRLog -- Last month I wrote about my compulsion to complete tasks even when I don’t want to—
A Completionist’s Guide to Not Completing (http://www.leadersayswhat.com/
2016/01/a-completionists-
guide-to-not-
completing). I linked this to my inability to say no when I was in the midst of an activity I didn't want to perform, like watching every episode of a television series regardless of whether its any longer enjoyable. Upon further reflection (and a less-than-fortunate blackjack incident), I’m feeling less like someone who can’t say no, and more like a victim of sunk cost fallacy.
Sunk cost fallacy is the idea that you should continue to spend money on an initiative, project, product, etc. so as to not waste the money or effort you have already put into it. It’s like sitting at a blackjack table after losing too much money because that next hand will be the one that makes it all worthwhile… hypothetically speaking, of course.
This happens in the workplace all the time. We stress and strain to roll out a new marketing campaign/recruitment tool/equity source only to find it did not have the impact we were anticipating. It’s not necessarily damaging anything...
To read more, go to www.leadersayswhat.com/
2016/02/my-sunk-
cost-fallacy
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