“There is no reason to have a plan B because it distracts from plan A” ~Will Smith
Such a profound and thought-provoking statement. But is it accurate?
Professor Jihae Shin, Assistant Professor of Management and Human Resources at the Wisconsin School of Business (University of Wisconsin-Madison) and Katherine L. Milkman from the Wharton School (University of Pennsylvania) conducted an experiment to study this topic and have concluded that it is–indeed–a very accurate statement. Their research proves that merely thinking through a backup plan, in most cases, reduces overall goal performance and hurts the chances of successfully achieving the primary goal. It’s called the “backup plan effect.” Read more.