Examlex
What is it called when huge amounts of customer information are entered into a database to be used for data mining?
Bounded Rationality
Refers to the concept that in decision-making, an individual's 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.
Complete Information
A situation in which all participants have access to all relevant information needed to make informed decisions.
Course Of Action
A plan or methodology intended to achieve a specific goal or resolve a problem.
Bounded Rationality Model
A concept suggesting that individuals make decisions based on the limited information available to them and their own mental processing limitations.
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