Escalation of commitment is best described as:

Escalation of commitment refers to the phenomenon where individuals or groups continue to invest time, money, or resources into a failing project or decision despite evidence suggesting that it is not achieving the desired outcomes. This behavior often stems from a desire to justify previous investments or decisions, which can lead to a rationalization of ongoing commitment in the face of poor performance or negative results. It highlights how psychological factors can affect decision-making, leading to increased support for an initiative that should be abandoned.

This concept is particularly important in understanding organizational behavior and decision-making processes. In practical terms, escalation of commitment can manifest in various ways, such as managers refusing to halt a failing project because they have already spent a significant amount of resources on it, hoping that further investment will eventually turn things around. Recognizing this tendency is crucial for effective decision-making and can help individuals and organizations avoid the pitfalls of persistent commitment to failing initiatives.