Discussion
An overoptimistic view and underestimation of time needed to complete a task is called ............ .
Answer: B
It is called the planning fallacy.
The planning fallacy, described by Kahneman and Tversky, is the tendency to underestimate the time (and cost) needed to complete a task, even when one knows that similar tasks have taken longer before. People focus on the best-case plan for the task in hand and neglect the delays that usually occur.
Procrastination is putting a task off, not misjudging how long it will take. Optimism bias is the broader tendency to expect good outcomes for oneself; the planning fallacy is the specific form about time estimates. 'Over aspiration' is not the technical term.
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