The bounded rationality decision-making model
A)describes a series of steps that decision makers should consider if their goal is to maximize their outcome and make the best choice.
B)recognizes the limitations of decision making processes by having individuals knowingly limit their options to a manageable set and choose the best alternative without conducting an exhaustive search of alternatives.
C)refers to arriving at decisions without conscious reasoning,arguing that experts make decisions by scanning the environment for cues to recognize patterns.
D)refers to arriving at decisions after first gathering information about the problem and then setting the problem consciously aside until an insightful solution to the problem arises.

Question

Quizplus · Accepted Answer

The bounded rationality decision-making model recognizes that decision makers face constraints that limit their ability to gather and process all available information. As a result, decision makers must often limit their options to a manageable set and choose the best alternative without conducting an exhaustive search of alternatives. This approach allows decision makers to cope with the complexity and uncertainty of many real-world decision problems. Options A, C, and D do not accurately describe the bounded rationality decision-making model.

The Bounded Rationality Decision-Making Model