Heuristics & Biases

Heuristics:
Usually give reasonably good results quickly & easily
Can fail unpredictably
Can also fail in predictable ways; these are the biases "hidden traps."
Most of these heuristics can work well or can turn into harmful biases in any of the stages of problem solving, but the details differ depending on what stage of problem solving you are in.
Similarly, most of the heuristics are used (and abused) by people of all cognitive styles, but again the details differ depending on what cognitive style you are using.
Click here for some ideas about taming heuristics and biases
Name
Heuristic
Bias
FRAMING
Viewing a need in the real world as a "problem" you can work on solving
Mistaking your view of the problem for the real need.
"Framing Bias"
ANCHORING & ADJUSTMENT Assuming a starting point and thinking about adjustments from there Being overly dominated by the assumed starting point
STATUS QUO
"Business as Usual"
"If it ain't broke, don't fix it"
Bias against anything new
SUNK COST
Treating the resources already spent on one alternative as an estimate of the resources you'll have to spend all over again to start a new one.
Treating the resources already spent on one alternative as a real cost of abandoning it for something better
CONFIRMATION
If you're leaning towards an action, see if you can prove it's a good one.  If you only look for supporting evidence, you could miss a fatal flaw
COGNITIVE
OVERCONFIDENCE

Decisiveness
Refuseal to be haunted by doubt
Self delusion
PRUDENT ESTIMATION
"Conservative Estimates" Missed opportunities
Especially dangerous in group problem solving
RISK AVERSION
"A bird in the hand is worth two in the bush"
Avoid probability of ruin
Missed opportunities
Risk aversion is attractive for individual but bad for the economy as a whole
"Certainty Effect"
SELECTIVE
PERCEPTION
Knowing what you're looking for None so blind as those who will not see
RECALLABILITY 
("AVAILABILITY ")

If an idea doesn't fit in with the obvious data, it's surely suspect
Non-obvious things can be  most important, or even most common.
GUESSING
AT PATTERNS
Quickly spotting the trend or the big picture
"Outguessing randomness" -- seeing patterns that don't exist
REPRESENT-
ATIVENESS 
"If it looks like a duck and walks like a duck and quacks like a duck"
Ignoring the base rate can lead to serious preventable errors
MOST LIKELY SCENARIO
Avoids wasting time on possibilities that probably won't happen
Rare events can be the most important
OPTIMISM
Go for the gold!
Chasing after dreams, ignoring risks
PESSIMISM
Avoid unpleasant surprises
missed opportunities