Herbert Simon noted that managers generally fail to make rational decisions because they are limited by their own values,skills,habits,and unconscious reflexes as well as by incomplete information.What name did Simon give this phenomenon?
A)Satisficing
B)Bounded rationality
C)Brainstorming
D)Rational decision making
E)Decision framing

Question

Quizplus · Accepted Answer

Herbert Simon named this phenomenon bounded rationality, which refers to the idea that decision makers are limited in their ability to make rational decisions due to their own cognitive limitations and the available information. They often settle for a "good enough" option instead of spending an unreasonable amount of time and resources to find the best possible alternative.

Herbert Simon Noted That Managers Generally Fail to Make Rational