Asked by
Kaliyah Aranante
on Oct 22, 2024
Verified
When a manager chooses the first satisfactory alternative that comes to his or her attention during the decision-making process, satisficing occurs.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution.
Satisfactory Alternative
An option that fulfills the requirements or needs to an acceptable degree, though it may not be the best possible choice.
- Recognize the procedures required in the process of making decisions.
- Identify the differences between classical decision theories and behavioral decision theories.
Verified Answer
MK
Learning Objectives
- Recognize the procedures required in the process of making decisions.
- Identify the differences between classical decision theories and behavioral decision theories.
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