Asked by Sarah Peebles on Jun 16, 2024
Verified
In evaluating alternative solutions, decision makers with bounded rationality
A) know the ultimate value of each alternative.
B) often consider the political acceptability of the solution to other organizational members.
C) know the probability that each alternative will work.
D) tend to exhibit maximization.
E) rarely engage in satisficing.
Bounded Rationality
The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
Political Acceptability
The degree to which a policy, action, or decision is considered acceptable by political entities and the general public.
Organizational Members
Individuals who are part of a company or institution and contribute to its goals and culture.
- Comprehend the principle and consequences of limited rationality in making decisions.
- Determine the elements that impact the process of making decisions within limitations such as time, information availability, and political factors.
Verified Answer
MJ
Mariahbay JonesJun 22, 2024
Final Answer :
B
Explanation :
Bounded rationality suggests that decision-makers are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision. Therefore, they often consider factors such as the political acceptability of a solution to other organizational members, as it is a pragmatic approach to decision-making within these constraints.
Learning Objectives
- Comprehend the principle and consequences of limited rationality in making decisions.
- Determine the elements that impact the process of making decisions within limitations such as time, information availability, and political factors.