Lenore's kitchen remodeling project ended up costing nearly twice as much as she had anticipated.This best illustrates
A) confirmation bias.
B) the planning fallacy.
C) belief perseverance.
D) the framing effect.

Question

Quizplus · Accepted Answer

The planning fallacy refers to the tendency for individuals and groups to underestimate the amount of time, resources, and costs required to complete a project. In this case, Lenore's kitchen remodeling project ended up costing much more than she had anticipated, indicating that she may have fallen prey to the planning fallacy.

Lenore's Kitchen Remodeling Project Ended Up Costing Nearly Twice as Much