Question: EPAM, which is one of the Belarusian software development companies, was scoping a project for a new large client in the US. The project requirements involved some areas that were new to EPAM, but the sales team insisted that the project could be successfully undertaken. The project involved multiple teams, and the project manager started collecting the time estimates from each of the teams. In order to ensure that the delivery would be on time, each team added extra time into their schedules, so when the project manager combined all estimates, it turned out that the project would take significantly more time than the US client was expecting. As a result, the project did not move forward. (K. Sverchkov, personal communication, May 29, 2015).
a. Anchoring
b. Status-quo
c. Framing
d. Overconfidence
e. Recallability
f. Sunk Cost
g. Confirming Evidence
h. Prudence