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THE SUNK-COST DILEMMA Toget the past. The decision to all el should be based on the RCN You might think that "sunk-cost dilemma' is a term that I dreamt up to draw you in. In fact, it is an actual term and concept that has mige implications to the business of projects. The sunk-cost dilemma means choosing between continuing a project that already has considerable sunk costs, or discontinuing the project altogether. Sunk costs are monies that have alceady been spent or are irrevoca- bly committed to be spent. Gone. Unrecov erable. Can't get those costs back I purposely overemphasize the term be- Course in order to make appropriate decisions when sunk costs are involved, you must fully appreciate that nothing can be done to change the past. WRONGFUL TERMINATION Sunk costs lie at the heart of one of the biggest issues in today's project busi- ness environment the improper termination of projects overrun its original When deciding whet Cote in order to make approprie when wenkcons are involved, you must fully appreciate that nothing can be done to change the WRONGFUL TERMINATION Sunk l e at the heart of one of the biggest issues in today's project bus De environment the improper termination of projects In the current business an d has become somewhat fashionable ne t o te certain projects. This is particularly true of projects that are performing well from scos perspective. The phrase lohen hear is, We don't want to theow good money er bad No one wants his or her project to the cost overruns, but the notion of hrowing good money after bed allwed thinking-ometimes to the point of being fully responsible. That when sunk costs don't come into play For sample. Imagine that you are the sponsor for a project that has verrun its original budget for whatever reason. When deciding whether to terminate project des maly doesn't matter that's the beauty of sun costs As a project sponsor making the decision, remember what I said Nothing can be done to change the past. That simple fact can help you void some of the reasons projects may be term Dated-like anger. dissatisfaction, perhaps even embarrassment Shutting down a project those www. VOU NANYANG TECHNOLOGICAL UNIVERSITY reasons, rather than through the application of a proper financial analysis, is b ly to be School of Mechanical & Aerospace Engineering Lecturer / Senior Lectureship Appointments in Systems Engineering Project Management Nanyang Technological University (NTU) MacBook Pro LTHC JUR Tools The Sunk Cost Di... * Q @ E 2.12. A why o 772% NANYANG OG TECHNOLOGICAL Y UNIVERSITY et rather than through the aplication of a proper financial analysis, is likely to be w many cases Prom a l ocal perspective-which should be a por primary the--the proper way to treat ukoser Ignore them Focus all of your on the future School of Mechanical & Aerospace Engineering Lecturer / Senior Lectureship Appointments in Systems Engineering / Project Management Nanyang Technologii University (NTU) research anvenverty with globaby an were in and ang Kanked 4th globally the 2012 OS World Unw i ngs of the world that placed the young von de 50 years . N a voli e che of the works best Technoleglen over The School of Mechanical and Aarsapare Engineering (MA) MTU anate and we are on the wrotechni c green hoog in the world The x 150 reach work e d the attentions. A growing se dert popron lower 4000 gegen handw e rk The schoo l ed Bytems Engineering Project Management of our 0 FORWARD THINKING Annyi a poc pofitabinet pevoke effective of north w est of financial en be performed during the projecte de Now when the analysis adow.thepeal proach is the its owing the future nicipated benefits Ghen that this is the propertre t o r rule of thumb www.tokopechte wethan 60 percent so there cycle an un bel cances care foto pogod periode da and www board game and und d er ww. obat Reader File me Tools Edit View Window Help The Sunk Cost Dilemma.pdf The Sunk Cost Dil... * Q 212 cm @ 72% Poste rs The Bhool of Mechandran ngering och worth DF tot sucos seus greetheme We one the pachandran all of your own on the future T eden Ergen 2002 wordenly an n o 200 wa uderts with over 130 10 w wong iwapped at lobortis A growth FORWARD THINKING polver 400 gedwing wh ere Analysis spects profitant The M e d andre oftene lingering Proje peenvoud) effectiveyddi o l Management and beyo nd or other merito financia on other mergo financial Apliest Profile r strength can be performed at any time during for en poly p rod u kord h anderi the projects lede. No matter when the the projects de ce. No matter when p en wel as vice c o I und er donethere approach is the candi bo ume. It is of the h ell ouders en r ce een cog n icipated future benefits. Given that this is the proper tre of sur costs, an important of thumb wees. For most projects that were more than 1. Ay o n kad e r 60 percent of the Wecycle, w e do better www. hly bad wereldresses T arptat adden and per the poopet entweded to make Welcome tation de propre choice When the boods in the described above, do te what we estimate of the rect. The estedinical benefits that a poject Cond heidynamic and its who bend se spot.co Ado p ory der the purposes tangth the www.scho b en . Tiswil W hy to the TAKE ADVANTAGE OF PM NETWORK'S PASS-ALONG VALUE! Have you found an article in New you to use a presentation to would you like to be presect management and as part of Better Contact the Project Management for information ong es (pebeple and person testribute them permissions per MacBook Pro Please read the attached article: The Sunk Cost Dilemma @. Also, please watch the following LinkedInLearning e video. (Please make sure you are logged into your Pipeline account while trying to access it.) Share with the class the major insights/lessons you learned from reading this article and watching the video. Also, try to remember a case or situation in your professional or business life, where you have experienced such a "sunk cost dilemma". Share with the class the situation and the outcome. Discuss if you feel this situation was handled appropriately at that time or what you would have done differently. If you cannot think of an actual case/situation, please make one up. Discussion posts should be at least 150 words long. Also, please make sure to respond or comment on at least two other students' original posts. The Sunk Cost Dilemma.pdf Schrchentries or author Unread Reply Replies are only visible to those who have nostedate THE SUNK-COST DILEMMA Toget the past. The decision to all el should be based on the RCN You might think that "sunk-cost dilemma' is a term that I dreamt up to draw you in. In fact, it is an actual term and concept that has mige implications to the business of projects. The sunk-cost dilemma means choosing between continuing a project that already has considerable sunk costs, or discontinuing the project altogether. Sunk costs are monies that have alceady been spent or are irrevoca- bly committed to be spent. Gone. Unrecov erable. Can't get those costs back I purposely overemphasize the term be- Course in order to make appropriate decisions when sunk costs are involved, you must fully appreciate that nothing can be done to change the past. WRONGFUL TERMINATION Sunk costs lie at the heart of one of the biggest issues in today's project busi- ness environment the improper termination of projects overrun its original When deciding whet Cote in order to make approprie when wenkcons are involved, you must fully appreciate that nothing can be done to change the WRONGFUL TERMINATION Sunk l e at the heart of one of the biggest issues in today's project bus De environment the improper termination of projects In the current business an d has become somewhat fashionable ne t o te certain projects. This is particularly true of projects that are performing well from scos perspective. The phrase lohen hear is, We don't want to theow good money er bad No one wants his or her project to the cost overruns, but the notion of hrowing good money after bed allwed thinking-ometimes to the point of being fully responsible. That when sunk costs don't come into play For sample. Imagine that you are the sponsor for a project that has verrun its original budget for whatever reason. When deciding whether to terminate project des maly doesn't matter that's the beauty of sun costs As a project sponsor making the decision, remember what I said Nothing can be done to change the past. That simple fact can help you void some of the reasons projects may be term Dated-like anger. dissatisfaction, perhaps even embarrassment Shutting down a project those www. VOU NANYANG TECHNOLOGICAL UNIVERSITY reasons, rather than through the application of a proper financial analysis, is b ly to be School of Mechanical & Aerospace Engineering Lecturer / Senior Lectureship Appointments in Systems Engineering Project Management Nanyang Technological University (NTU) MacBook Pro LTHC JUR Tools The Sunk Cost Di... * Q @ E 2.12. A why o 772% NANYANG OG TECHNOLOGICAL Y UNIVERSITY et rather than through the aplication of a proper financial analysis, is likely to be w many cases Prom a l ocal perspective-which should be a por primary the--the proper way to treat ukoser Ignore them Focus all of your on the future School of Mechanical & Aerospace Engineering Lecturer / Senior Lectureship Appointments in Systems Engineering / Project Management Nanyang Technologii University (NTU) research anvenverty with globaby an were in and ang Kanked 4th globally the 2012 OS World Unw i ngs of the world that placed the young von de 50 years . N a voli e che of the works best Technoleglen over The School of Mechanical and Aarsapare Engineering (MA) MTU anate and we are on the wrotechni c green hoog in the world The x 150 reach work e d the attentions. A growing se dert popron lower 4000 gegen handw e rk The schoo l ed Bytems Engineering Project Management of our 0 FORWARD THINKING Annyi a poc pofitabinet pevoke effective of north w est of financial en be performed during the projecte de Now when the analysis adow.thepeal proach is the its owing the future nicipated benefits Ghen that this is the propertre t o r rule of thumb www.tokopechte wethan 60 percent so there cycle an un bel cances care foto pogod periode da and www board game and und d er ww. obat Reader File me Tools Edit View Window Help The Sunk Cost Dilemma.pdf The Sunk Cost Dil... * Q 212 cm @ 72% Poste rs The Bhool of Mechandran ngering och worth DF tot sucos seus greetheme We one the pachandran all of your own on the future T eden Ergen 2002 wordenly an n o 200 wa uderts with over 130 10 w wong iwapped at lobortis A growth FORWARD THINKING polver 400 gedwing wh ere Analysis spects profitant The M e d andre oftene lingering Proje peenvoud) effectiveyddi o l Management and beyo nd or other merito financia on other mergo financial Apliest Profile r strength can be performed at any time during for en poly p rod u kord h anderi the projects lede. No matter when the the projects de ce. No matter when p en wel as vice c o I und er donethere approach is the candi bo ume. It is of the h ell ouders en r ce een cog n icipated future benefits. Given that this is the proper tre of sur costs, an important of thumb wees. For most projects that were more than 1. Ay o n kad e r 60 percent of the Wecycle, w e do better www. hly bad wereldresses T arptat adden and per the poopet entweded to make Welcome tation de propre choice When the boods in the described above, do te what we estimate of the rect. The estedinical benefits that a poject Cond heidynamic and its who bend se spot.co Ado p ory der the purposes tangth the www.scho b en . Tiswil W hy to the TAKE ADVANTAGE OF PM NETWORK'S PASS-ALONG VALUE! Have you found an article in New you to use a presentation to would you like to be presect management and as part of Better Contact the Project Management for information ong es (pebeple and person testribute them permissions per MacBook Pro Please read the attached article: The Sunk Cost Dilemma @. Also, please watch the following LinkedInLearning e video. (Please make sure you are logged into your Pipeline account while trying to access it.) Share with the class the major insights/lessons you learned from reading this article and watching the video. Also, try to remember a case or situation in your professional or business life, where you have experienced such a "sunk cost dilemma". Share with the class the situation and the outcome. Discuss if you feel this situation was handled appropriately at that time or what you would have done differently. If you cannot think of an actual case/situation, please make one up. Discussion posts should be at least 150 words long. Also, please make sure to respond or comment on at least two other students' original posts. The Sunk Cost Dilemma.pdf Schrchentries or author Unread Reply Replies are only visible to those who have nostedate
