Beware of the sunk cost fallacy when planning your IT investments

Avoid the Sunk Cost Fallacy when investing in IT

One of our customers described how they went about purchasing a mobile CRM application: they first opted for custom development. The project then took longer than expected, costed more than estimated and the result was poorer that desired. What did they do? They scrapped the whole project after just 6 months in the making and went ahead and bought another solution, which now works as they want it to work.

What surprised me about this is that Continue reading