A sunk cost is a cost that has already been incurred and cannot be recovered.
The Fourth Industrial Revolution merges physical, digital, and biological spheres, led by AI, IoT, and biotechnology advancements.
A company's Business Model incorporates everything that the business does to capture value such as its products or services, customers, revenue streams and cost structures.
Customization: Tailoring products or services to meet individual customer preferences or requirements.
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.
