When managers circumvent the rational decision- making model and find ways to satisfice, they are following the concept of ____________.
A) jurisprudence
B) bounded rationality
C) self- motivated decisions
D) least- squared exemptions

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that while managers may strive for a rational decision-making process, they are often limited by constraints such as time, information, and cognitive abilities. Therefore, they may resort to satisficing which involves finding a satisfactory solution that may not necessarily be the best or most optimal option. Choices A, C, and D are all unrelated to this concept.

When Managers Circumvent the Rational Decision- Making Model and Find