It's important to be able to reconsider a bad decision. Interesting episode with Adam Grant. So many applications for work and life in general. I've heard of the pre-mortem to try and identify landmines for a venture. Similarly here the recommendation is to look for "kill signals" so you know when to hold or fold.
From a corporate culture standpoint, disconnecting people from projects helps them call a project a failure and move on. Too often project owners feel their careers are tied to a successful outcome, but the ability to stop throwing good money after bad is very useful
Charlie Munger didn't strive for brilliance but to simply avoid making mistakes.
https://www.ted.com/podcasts/worklife
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