A sunk cost is a cost that has already been incurred and cannot be recovered.
External stakeholders are individuals or groups outside a company that are impacted by its activities and decision-making processes.
A set of techniques and tools for process improvement.
Urgency in innovation refers to a pressing matter or need for a change to avoid a negative outcome or capitalize on a positive result.
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.