Asked by
Kye'aira Rogers
on Oct 22, 2024
Verified
Which of the following describes making decisions within the constraints of limited information and alternatives?
A) decision optimization
B) management analytics
C) bounded rationality
D) classical decision model
E) business intelligence
Bounded Rationality
A concept suggesting that the cognitive limitations of the mind, and the finite amount of time available, limit human decision-making capabilities.
Limited Information
A situation where decision-makers do not have access to all the data or facts needed to make an informed decision.
- Comprehend the principle of bounded rationality and its impact on the process of making decisions.
Verified Answer
MB
Learning Objectives
- Comprehend the principle of bounded rationality and its impact on the process of making decisions.
Related questions
Bounded Rationality Describes the Limitations of Rationality and Emphasizes the ...
Decision Makers Who Establish an Adequate Level of Acceptability for ...
Framing and Cognitive Biases Both Illustrate the Operation of Bounded ...
Making Decisions Within the Constraints of Limited Information and Alternatives ...
A Classical Decision Model Describes Decision Making Within the Constraints ...