Bounded Rationality Refers to the Limits Imposed on Decision Making

question 159

True/False

Bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.

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Definitions:

Implementing

Refers to the process of putting plans or decisions into action in a systematic way.

Intensive Technology

A type of technology that requires a high degree of skill, knowledge, or input to produce outputs.

Uncertainty

The state of having limited knowledge or understanding, making it difficult to accurately predict outcomes or make decisions.

Group Of Specialists

A team composed of individuals with advanced knowledge and skills in specific fields or areas of expertise.