Question

Occurs when there are strong tendencies to underestimate the amount of time needed to complete a given project, the amount of resources needed, or the amount of work that can be achieved in a given time
Operates strongly in situations that are unique, filled with doubts, and where there is a necessity for a focus on the future
Entrepreneurs need to forecast future prices of goods and resources and use intuitive judgement to gauge market potential
These forecasts of future outcomes are often anchored on plans and scenarios of success rather than on past results, and may be overly optimistic
summarise in point form bulletin

Answer 1

- Strong tendency to **underestimate** time, resources, and work needed for project completion.
- Particularly prevalent in **unique situations** with uncertainty and a future focus.
- Entrepreneurs must **forecast future prices** of goods and resources and rely on **intuitive judgement** for market potential assessment.
- Forecasts are often based on **success scenarios** rather than past results, leading to potentially **overly optimistic outlooks**.