A sunk cost is a cost that has already been incurred and cannot be recovered.
Capital Projects & Infrastructure refers to large-scale investments in physical assets like buildings, networks, and facilities.
Excellence: Persistent pursuit of high-quality outcomes in all actions and creations.
Corporate Immune System: Organizational resistance to changes and innovative ideas, often preserving the status quo.
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.
