A sunk cost is a cost that has already been incurred and cannot be recovered.
Goal setting is the process of identifying desired outcomes and establishing measurable objectives to guide progress.
Five Whys is a root cause analysis method that asks 'Why?' five times to explore the underlying problem behind a failure or issue.
Forecasting is the process of predicting future trends, demand, or events using historical data and analysis.
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.
