![]() They also estimated how long it would take "if everything went as well as it possibly could" (averaging 27.4 days) and "if everything went as poorly as it possibly could" (averaging 48.6 days). In a 1994 study, 37 psychology students were asked to estimate how long it would take to finish their senior theses. According to this definition, the planning fallacy results in not only time overruns, but also cost overruns and benefit shortfalls. In 2003, Lovallo and Kahneman proposed an expanded definition as the tendency to underestimate the time, costs, and risks of future actions and at the same time overestimate the benefits of the same actions. The planning fallacy was first proposed by Daniel Kahneman and Amos Tversky in 1979. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past. On the other hand, when outside observers predict task completion times, they tend to exhibit a pessimistic bias, overestimating the time needed. The bias affects predictions only about one's own tasks. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. Daniel Kahneman who, along with Amos Tversky, proposed the fallacy
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