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Innovative Product Launch

Innovative Product Launch

Your company is working on an innovative product, which is expected to be ready for launch in next three months. You have already spent $10mn so far and another $2mn is required to complete this project.
A new development has taken place. Only yesterday, you have come to know that your competitor is ready to launch a similar innovative product by next month. This product is better, packed with good features and is also less expensive than your product.
You need to decide whether to continue with the project and release $2mn budget for this project. What will you do as CEO?
Photo Adaptation : pixabay / illustrations / tag-label-new-red-shop-sticker /1703954
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The mistakes we make in our everyday life

We human beings engage in thinking and decision making in our daily life. It is our ability to solve problems and choose the best course of action, which leads to better outcomes. But we also make systematic errors when we think and at times we don’t even realize. We fail to think clearly because of our emotions such as anger or fear and this leads to wrong decision making as well as avoidable harm.

These systematic errors are known as biases. We can learn, understand to notice these biases within us and around us. Once we know, then we can also take action to avoid these biases, prejudices and beliefs and act to avoid the harm. Biases are systematic and predictable errors we make.