Answer:
The planning fallacy
Explanation:
The planning fallacy concept was first given by Denial Kahneman in 1977.it is the most universal and consistent demonstrated cognitive bias that most people do have. There is common misconception related to the planning fallacy is that people underestimate the time, cost and risk that it will take to do something, If they have already experience about the task entails. It is an overly optimistic plan.
<u>For example:</u> A house can be built on time, if there is no payment delay, no employee absences, no hazardous weather conditions. But there is most probably chances of one condition that can occur.
Underestimate the fallacy will lead a project in delaying. Optimism is a great quality but sometimes it creates hazardous when you underestimate time and cost and will leads to the in-completion of the projects.
These limitations are based on the fact that a hypothesis must be testable and falsifiable and that experiments and observations be repeatable. This places certain topics beyond the reach of the scientific method. Science cannot prove or refute the existence of God or any other supernatural entity.
Answer: True
Explanation: The best test of managerial excellence and the best recipe for making a company a standout performer.
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