Economic theory explains that when making decisions, historical costs should be irrelevant. When people are influenced by sunk costs in their decision-making, they are said to be committing the “sunk cost fallacy”, summarized by Kelly (2004) as the conjunction of two claims: (1) Individuals...

The Phenomenon of VUCA and Complexity -- Perspectives on a VUCA World -- Simple More Complex: A System Approach to VUCA -- Leadership, Strategy and Planning -- Program Management in VUCA Environments: Theoretical and Pragmatical Thoughts on a Systemic Management of Projects and Programs --...