Asked by Rachel Lopke on Jul 12, 2024
Verified
A decision strategy that relies on limited information and that reflects time constraints and political considerations is known as
A) bundled rationality.
B) limited rationality.
C) bounded rationality.
D) biased rationality.
E) bewildered rationality.
Decision Strategy
An approach individuals or organizations adopt to make choices among various alternatives, often involving tools and processes to improve outcomes.
Time Constraints
Limitations or restrictions on the duration available to complete a task, project, or objective.
Political Considerations
Factors related to the dynamics, power, and relationships within an organization or between entities that influence decisions and actions.
- Understand the concept and implications of bounded rationality in decision-making.
Verified Answer
SS
Sharon ShresthaJul 13, 2024
Final Answer :
C
Explanation :
Bounded rationality is the concept that in decision-making, individuals are limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
Learning Objectives
- Understand the concept and implications of bounded rationality in decision-making.