A sunk cost is a cost that has already been incurred and cannot be recovered.
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Rapid Prototyping is the process of quickly fabricating a scale model of a physical part by means of computer-aided design (CAD).
Fuzzy Front-End refers to the early, ambiguous phase of innovation where opportunities are identified and concepts are developed.
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.
