Which of the following describes making decisions within the constraints of limited information and alternatives?
A) Decision optimization
B) Management analytics
C) Bounded rationality
D) Classical decision model
E) Business intelligence

Question

Quizplus · Accepted Answer

Bounded rationality refers to making decisions within the constraints of limited information and alternatives. It acknowledges that decision-making is often impeded by constraints such as time, attention, and resources. In contrast, decision optimization involves identifying the best possible decision given all available information and alternatives, and the classical decision model assumes a rational decision-maker with complete information and unlimited options. Management analytics and business intelligence refer to the use of data and technology to inform decision-making but do not specifically address the issue of limited information and alternatives.

Which of the Following Describes Making Decisions Within the Constraints