Heuristics are simply rules of thumb for dealing with a given situation. They are beneficial when time and money are not available for conducting an in-depth analysis. They are based on the concept of generalizations; when action needs to be taken, generalizations are made about a given item and situation.
Heuristics are quick, inexpensive, and effective. The downside is that applying the wrong heuristic can have negative and unforeseen consequences.
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