Cure to project amnesia
In the dynamic world of business, organizations often find themselves repeating the same mistakes, unaware of the lessons learned from their past experiences. Schindler and Eppler introduced the term “project amnesia” to describe this phenomenon. (1) Project amnesia occurs when companies, in their transition from one project to another, forget about the valuable insights gained from both their successes and failures. This leads to a repetitive cycle of making similar mistakes and missing out on opportunities for improvement.
In our recent Benelux benchmark research study, we discovered that consistent reflection on past performance led to a remarkable 50% outperformance in strategy realization compared to organizations that neglected this crucial practice. (2) This highlights the significance of curing project amnesia by leveraging the power of lessons learned.