Rules of thumb that managers use to simplify decision making are called ________.
A)intuition
B)heuristics
C)satisficing
D)bounded rationality

Question

Quizplus · Accepted Answer

Heuristics are rules of thumb that managers use to simplify decision making. Intuition is a gut feeling or an innate ability to know something without reasoning. Satisficing is making a decision that is satisfactory or 'good enough' rather than optimal. Bounded rationality is the idea that managers have limitations in processing information and making decisions due to time, cognitive limitations and incomplete information.

Rules of Thumb That Managers Use to Simplify Decision Making