Describe the phenomenon called "escalation of commitment" and where it fits in the lore of organizational culture

Question

What will be an ideal response?

Answer 1

Escalation of commitment occurs when, in spite of evidence identifying a project as failing, no longer necessary, beset by huge technical or other difficulties, and just an all around bad idea, organizations continue to support it past the point where an objective viewpoint would suggest that it should be terminated. Escalation of commitment that is well known to an entire organization might fit most neatly alongside such culture affecting factors as key organizational members and critical incidents. Although there are a number of reasons for escalation of commitment to a failed decision, one important reason is the unwillingness of the organization to acknowledge failure or its culture working toward blinding key decision makers to the need to take corrective action.
I had a car like this once.