Examlex
What are the disadvantages of group decision making?
Bounded Rationality
The concept that decision-making is limited by the information available, the cognitive limitations of individuals, and the finite amount of time available to make a decision.
Budget Increase
An upward adjustment in the amount of money allocated for specific purposes, often reflecting growth or expansion in operations or projects.
Behavioural Decision Model
suggests that decision-making processes are influenced by cognitive biases, emotions, and social influences rather than being purely rational or logical.
Risk And Uncertainty
The exposure to the possibility of loss or damage and the lack of predictability in events or outcomes, respectively.
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