Asked by Kayla Cohen on Jul 04, 2024
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According to Herbert Simon, most human decision making, whether individual or organizational, is concerned with the discovery and selection of satisfactory alternatives; only in exceptional cases is it concerned with the discovery and selection of optimal decisions.
Herbert Simon
An American economist, political scientist, and cognitive psychologist known for his contributions to decision-making processes and artificial intelligence.
Satisfactory Alternatives
Acceptable options or solutions that are considered adequate for meeting a particular need or solving a problem, albeit not necessarily the best possible ones.
Optimal Decisions
The process of choosing the best possible solution or course of action from among various alternatives based on specific criteria and objectives.
- Fathom the importance of incorporating behavioral and classical decision theories in organizational decision-making strategies.
- Understand the barriers and hurdles in attaining perfect solutions and the dominant role of satisficing within the decision-making process.
Verified Answer
Learning Objectives
- Fathom the importance of incorporating behavioral and classical decision theories in organizational decision-making strategies.
- Understand the barriers and hurdles in attaining perfect solutions and the dominant role of satisficing within the decision-making process.
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