It is appropriate to make a decision using bounded rationality when
A) it is not possible to be decisive.
B) a group has to arrive at the decision.
C) the decision needs to be made quickly in a crisis.
D) it is not possible to use stereotypes.

Question

Quizplus · Accepted Answer

Bounded rationality is a decision-making process in which rationality is limited by the available information, the cognitive limitations of the decision-maker, and the time available to make the decision. It is used when a decision needs to be made quickly in a crisis, and the decision-maker does not have the time or resources to gather all the information needed for a fully rational decision. In this scenario, it is appropriate to use bounded rationality to make the best decision possible with the information available in a limited amount of time.

It Is Appropriate to Make a Decision Using Bounded Rationality