The notion that decision makers simply do not have the ability or resources to process all available information and alternatives to make an optimal decision refers to:
A)management by exception.
B)communities of practice.
C)bounded rationality.
D)projection bias.
E)structure bias.

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that decision makers are limited in their ability to process all available information and alternative options. This is due to constraints such as time, resources, and cognitive limitations. Therefore, decision makers must often rely on shortcuts or heuristics to make decisions that are "good enough" rather than optimal.

The Notion That Decision Makers Simply Do Not Have the Ability