Kahneman: Budget and timeline overruns scale with project unfamiliarity
Daniel Kahneman · Raise more money than you need, with Minted’s Mariam Naficy · Nov 21, 2019 · at 24:16
Daniel Kahneman was not on this episode. A recording of them was played into it, so these are their words but not an appearance on Masters of Scale. It still counts as said, and it is kept out of every score on their page.
Nobel laureate Daniel Kahneman discusses the psychological mechanisms behind the planning fallacy and how unfamiliarity exacerbates project overruns.
0:00 / 0:12exact quote · 12.2s
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“So, familiar projects, like building another house, or things like that, the overruns are small, by and large. But the more unfamiliar the project is, the bigger the overruns, on average.”
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