Also known as: Escalation of Commitment, Commitment Bias
Continuing a course of action solely due to prior investments, rather than current benefits or future potential, often leads to poor decisions.
When evaluating options, disregard past investments and focus on the present value and future gains to make clearer, more rational choices.
Never let past investments dictate future decisions.
Don’t allow past costs (monetary, time, effort) to influence the decision to continue or abandon a project; always assess based on future benefits and costs.