![]() On the other hand, as we continue to experience the. Where strategic misrepresentation is deliberate, optimism bias is nondeliberate. ![]() xv) calls it one of the greatest deceptions of which the human mind is capable. However, there is evidence that when combined with incentives built formally into government procurement processes that reward strong past performance, benchmarking can support improvements in the quality of project outputs. (2020), for example, find that perceived risks were higher after the WHO declared COVID-19 a pandemic. Optimism bias is a cognitive bias, and it is the tendency for individuals to be overly bullish about the outcomes of planned actions (Kahneman, 2011, p. Drawing on international examples from North America, Europe and Asia, it is found that the production and dissemination of greater information through benchmarking does not on its own lead to reductions in the prevalence of optimism biases. This paper explores whether innovative mechanisms of collecting and publicly disseminating information about the performance of government contractors on past projects can contribute to improving the success rate of future initiatives. This has resulted in consistently underestimated costs and overestimated benefits, as well as delivery delays. Optimism bias has been a considerable challenge in the planning and delivery of public services, particularly infrastructure mega projects. Cognitive neuroscientist Tali Sharot proposes that one of the core causes of the financial downfall in 2008 was the. ![]() Optimism bias makes people carelessthey stop taking precautions. Managing Optimism Biases in the Delivery of Large-Infrastructure Projects: A Corporate Performance Benchmarking Approach Let us understand the practical implication of optimism bias by looking at some examples: Example 1.
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