Sunk Costs

I was looking for the best definition I could to properly explain a sunk cost and then I came across a Seth Godin blog post from 3 years ago which explains it perfectly.  Click on this and then come back to me.  Good reading, right?!  Especially in a down economy, we have to beware of the sunk cost.  Not all decisions are going to pan out, but we have to be willing to keep trying to make the right one.  My Dad said to me that "if you aren't making any mistakes, it means you aren't making enough decisions."  Too many organizations  aren't willing to make the right decision after a wrong one because it costs more.  I assert the costs will be much higher if you don't make the best decision in the moment.