A sunk cost is a cost that has already been incurred and cannot be recovered.
Creative Process: A sequence of thought and action to generate novel and valuable ideas or solutions.
Evidence-Based Innovation refers to using empirical data to guide and validate the innovation process.
Facilitation: Guiding groups in processes and discussions to achieve defined objectives and enhance collaboration and outcomes.
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.
