noun
a word that represents a person, place, thing, or idea
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The planning fallacy refers to the tendency for individuals to underestimate the time, costs, and risks involved in completing a project.
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We fell victim to the planning fallacy and ended up way behind schedule on the construction project.
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Don't let the planning fallacy get you - always add extra time and resources to your estimates.
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The planning fallacy is like wearing rose-colored glasses when it comes to project timelines.