Final answer:
A heuristic is a rule of thumb used as a mental shortcut for making decisions, whereas an algorithm is a precise, step-by-step problem-solving method. Heuristics allow for quicker decision-making but are not guaranteed to be optimal.
Step-by-step explanation:
The correct answer to the question is a) Heuristic. A heuristic is a general problem-solving framework or a mental shortcut that helps in making decisions quickly. Heuristics can be beneficial when speed is more valuable than accuracy, because they don't guarantee the most optimal or error-free outcome. On the other hand, an algorithm is a step-by-step procedure that leads to a definite solution. Unlike heuristics, if an algorithm is followed correctly, it will always produce the correct result.
Examples of heuristics in decision-making include the availability heuristic, where decisions are made based on information that comes to mind easily, and the anchoring bias, where an initial piece of information is used as a reference point for making judgments.