Final answer:
The planning fallacy is the tendency to underestimate the time needed to complete tasks. It is distinct from anchoring bias and confirmation bias. Recognizing this fallacy improves time management.
Step-by-step explanation:
The correct answer to fill in the blank is: planning fallacy. The planning fallacy is a phenomenon where people tend to underestimate the time it will take to complete a task, despite knowing that past tasks have typically taken longer than planned. This cognitive bias differs from anchoring bias, which is related to relying on initial information when making decisions, and from confirmation bias, which involves focusing on information that confirms one's preexisting beliefs. Understanding the planning fallacy can help individuals better estimate task completion times and avoid potential setbacks due to time mismanagement.