Is the planning fallacy the same as procrastination?
The planning fallacy and procrastination are not the same thing. Although they both relate to time and task management, they describe different challenges:
- The planning fallacy describes our inability to correctly estimate how long a future task will take, mainly due to optimism bias and a strong focus on the best-case scenario.
- Procrastination refers to postponing a task, usually by focusing on less urgent or more enjoyable activities. This is due to psychological reasons, like fear of failure.
In other words, the planning fallacy refers to inaccurate predictions about the time we need to finish a task, while procrastination is a deliberate delay due to psychological factors.