Many organizations have a strong oversight mantra. But sadly, oversight can often lead to bad decisions – especially when it comes to large, complex and high-risk projects. Why? Psychological studies show that people fall victim to what is known as “status quo bias” and the sunk cost fallacy.
Simply put, we tend to get sucked into continuing to do the same thing, especially when we have already spent a lot of time and resources on that something.
If you follow our work on the Vested business model, this is one reason we promote the use of insight versus oversight. You need to dig down and use facts and often a fresh outside perspective to see the forest for the trees.
Insight gives you the power to walk away.