A sunk cost is a cost that has already been incurred and cannot be recovered.
Service innovation creates customer value by enhancing customer experience via new services, and/or service delivery channels and processes.
The product lifecycle is the entire journey a product takes from production to sale, continuing to after-sales and end-of-life.
Metrics that provide insights into past events without indicating future trends. These measurements are often input-oriented.
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.
