A sunk cost is a cost that has already been incurred and cannot be recovered.
Different Perspectives: Diverse angles and viewpoints that individuals bring to understand and solve problems creatively.
Innovative Solutions: Novel and effective methods or products that address existing challenges in unique ways, enhancing value and efficiency.
Mind mapping is an approach to visually outline information.-written in one sentence.
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.