The Planning Fallacy: Why Your Project Plan Is Wrong

Ever planned a project… and then watched it take twice as long? You’re not alone. That’s the planning fallacy at work — a common bias that leads us to underestimate time, cost, and complexity. In this video, I’ll explain what the planning fallacy really is, why it happens (there are some surprisingly human reasons), and the most common traps project managers fall into. More importantly, I’ll give you practical strategies you can use straight away to make better estimates, plan more realistically, and avoid those painful overruns. If you want your plans to be taken seriously — and actually stand up to reality — this is essential viewing. 🎓 Learn Project Management with Mike: The Project Manager's Skills Mastery Program - https://school.onlinepmcourses.com/p/... Join this channel to get access to perks:    / @onlinepmcourses   Recommended Videos Carefully curated video recommendations for you: 🎬 What is Sunk Cost? ...and the Sunk Cost Fallacy?    • What is Sunk Cost? ...and the Sunk Cost Fa...   🎬 Avoid Sunflower Bias - It's Dangerous    • Avoid Sunflower Bias - It's Dangerous   🎬 It'll Never Fly: Beat Confirmation Bias    • It'll Never Fly: Beat Confirmation Bias   🎬 Scenario Planning: 5-Step Process to See the Future    • Scenario Planning: 5-Step Process to See t...   🎬 Project Planning Briefing [Major Compilation]    • Project Planning Briefing [Major Compilation]   🎬 Project Planning 101 - How to Build Effective Project Plans    • Project Planning 101 - How to Build Effect...   🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-pro... Note that the links are affiliated. 🎬 For more great Project Management videos, please subscribe to this channel:    / @onlinepmcourses   🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ 🏛 For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses:    / managementcourses   🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-acad... ⏱ Chapter Markers... 00:00 - What is the Planning Fallacy? 00:16 - What Planning Fallacy is 01:27 - Why the Planning Fallacy arises 01:53 - Planning Fallacy: Reason #1 02:40 - Planning Fallacy: Reason #2 03:14 - Planning Fallacy: Reason #3 03:54 - Planning Fallacy: Reason #4 04:44 - Planning Fallacy: Reason #5 05:17 - Strategies to minimise the Planning Fallacy 05:33 - Planning Fallacy: Strategy #1 06:15 - Planning Fallacy: Strategy #2 06:51 - Planning Fallacy: Strategy #3 07:29 - Planning Fallacy: Strategy #4 08:11 - Planning Fallacy: Strategy #5 08:57 - Planning Fallacy: Strategy #6 09:59 - Planning Fallacy: Strategy #7 10:36 - Summing up Planning Fallacy: A simple rule for Project Managers #PlanningFallacy #ProjectPlanning #ProjectManagement