WHITE PAPER: HOW THE SUNK COST FALLACY APPLIES TO PROJECT MANAGEMENT INVESTMENTS
This white paper explores the Sunk Cost Fallacy and how it not only applies to projects but also to project management investments. Do we ignore a better situation simply because we fear wasting the time or money we have already spent? Do we sink more cost into a failing project because otherwise, it would mean admitting failure? Some companies have made significant investments into their project controls processes and tools only to realize that they are at a crossroads. While it may be tempting to include sunk costs in the decision-making process, it is important to recognize the associated repercussions.
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PRISM is an enterprise project lifecycle management solution that supports the planning, execution, and completion of capital projects for dependable forecasts, cost control, and performance measurement. PRISM aligns the project budget and schedule, provides change management with workflow, and delivers predictive analytics with enterprise reports and dashboards so that you can make better informed decisions.