A sunk cost is a cost that has already been incurred and cannot be recovered.
A reward system is essentially the method by which an organization or institution provides a specific incentive for a desired behavior.
Improvisation: The art of spontaneously creating novel solutions or adapting to change without prior planning in dynamic environments.
Lean deals with reducing waste and focusing on delivering value to the customers.
The Sunk Cost Fallacy is a toxic mindset that keeps people and companies investing in failed projects even when they should be stopped.
Sunk-cost bias affects decision-making in innovation projects, leading to zombie projects. Daily reflection and mindfulness meditation can help reduce sunk-cost bias and the anticipation of regret in the future if a project is abandoned.
