____ describes the limitations of rationality and emphasizes the decision-making processes often used by individuals or teams.
A) Satisficing
B) Temporal immediacy
C) Bounded rationality
D) Concentration of effort

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that decision-making is limited by cognitive abilities, time constraints, and the complexity of the situation. This means that individuals or teams often use heuristics or simplified decision-making processes instead of fully rational analysis. Satisficing (A) is a specific type of decision-making under bounded rationality where individuals aim for satisfactory solutions instead of optimal ones. Temporal immediacy (B) refers to the tendency to prioritize immediate outcomes over delayed ones, which is a separate concept from rationality. Concentration of effort (D) refers to the allocation of resources towards a single goal, which also does not directly relate to rationality.

____ Describes the Limitations of Rationality and Emphasizes the Decision-Making