A sunk cost is a cost that has already been incurred and cannot be recovered.
A strategic planning tool used to give depth and coherent understanding of different aspects of a system or plan. They are usually presented as grid or table-based. Visual tools for strategic planning include menus, value chain, PESTLE analysis, SWOT analysis, the Business Model Canvas, and the Balanced Scorecard.
Function within an organization or team that is responsible for delivering supplier performance improvements and value.
A process for developing something (an innovation) whereby the item is developed in small pieces, one small improvement at a time.
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.
