The theory was first proposed in the late 1970s to explain our human tendency to overestimate our abilities in completing a task. We tend to estimate less time than is actually needed for us to complete tasks.
It’s our optimistic bias toward our own effort and skill.
Why is the planning fallacy counterproductive?
The planning fallacy create a sense of losing control over our time. When we take longer to finish a single task, it puts us behind on our schedules. We complete fewer tasks than we predict, and we begin to feel less successful and less confident in our abilities.
It’s a major reason behind our struggle with time management. It’s also the reason behind our incessant complaint that there simply isn’t enough time in the day.