The bounded rationality model prescribes a set of phases that individuals or teams should follow to increase likelihood that their decisions will be logical and optimal.

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The bounded rationality model suggests that individuals and teams are limited in their decision-making capabilities by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. It does not prescribe a set of phases for making decisions but rather explains why decisions are often satisficing—meeting criteria for adequacy—rather than optimal.

The Bounded Rationality Model Prescribes a Set of Phases That