Sydney Opera House, Roger Bueller, Wilfrid Loria University discussed on TIME's Top Stories

TIME's Top Stories
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Automatic TRANSCRIPT

Lousy at predicting the future. We underestimate the amount of time. A project will require if it's a project that has a budget. We underestimate the expenses. Well the most famous example of this failing probably the sydney opera house which was commissioned in nineteen fifty seven with an expected completion date of nineteen sixty three and a budget of seven million australian dollars. The building wasn't finished until nineteen seventy three and only after the most ambitious versions of the plan had been scaled back for a final cost of one hundred two million dollars. The planning fallacy is the tendency to seize upon the most optimistic timetable for completing a project and ignore inconvenient information. That might make you revise that prediction. According to roger bueller a professor of psychology at wilfrid loria university. People are pretty stubborn about these conclusions..

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