United Kingdom of Britain and Northern Ireland
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.
Pairs of scores from a correlational study are usually represented as points on a:<u> histogram</u>.
A histogram is a graphical representation of information points prepared into user-detailed stages. similar in appearance to a bar graph, the histogram condenses a statistics collection without difficulty interpreted visually by taking many statistics points and grouping them into logical stages or boxes.
The purpose of a histogram (Chambers) is to graphically summarize the distribution of univariate facts set. A histogram is a chart that indicates frequencies. intervals of values of a metric variable.
the main benefits of a histogram are its simplicity and versatility. it can be used in lots of exceptional situations to offer an insightful look at frequency distribution. as an example, it can be used in income and advertising to increase the most effective pricing plans and advertising and marketing campaigns.
Learn more about histograms here
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