The Notion That Decision Makers Simply Do Not Have the Ability

question 92

Multiple Choice

The notion that decision makers simply do not have the ability or resources to process all available information and alternatives to make an optimal decision refers to:

• A)heuristics
• B)communities of practice
• C)bounded rationality
• D)projection bias
• E)performance-prove orientation

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Definitions:

Strategic Choice

The decision-making process in the context of strategic management, where leaders select the best course of action to achieve organizational goals.

Payoff

In game theory, the reward received by a player (for example, the profit earned by an oligopolist).

Dominant Strategy

A dominant strategy is the best course of action for a player in a game, regardless of what the other players do, always resulting in a better outcome for the player.

Game Theory

The study of strategic interactions among rational decision-makers.