Ignore sunk costs
(Via Seth’s Blog.)
This is one of the hardest concepts to understand and put into practice – I remember many great discussions in my MBA classes where people were reminded not to consider those sunk costs when making decisions, or analyzing a company’s decision.
Think about your personal life. How often have you said “well, we better do this because we’ve already paid for it”. Perhaps that isn’t the wisest course of action.
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