Decision makers must operate within the confines of ,which means they construct simplified models that extract the essential features from problems without capturing all their complexity.
A)optimal decision making
B)intuitive decision making
C)synectics
D)bounded rationality

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that decision makers have limitations in their ability to process information and make decisions, leading them to construct simplified models of problems in order to make decisions within the constraints of time, information, and cognitive ability. Optimal decision making refers to the idea of making the best choice based on all available information, while intuitive decision making is based on instinct and gut feelings. Synectics is a creative problem-solving approach emphasizing the use of metaphors and making connections between seemingly unrelated things. None of these choices fully capture the concept of constructing simplified models within the confines of limitations.

Decision Makers Must Operate Within the Confines of ,Which Means