Examlex
Define and explain the four basic functions that constitute the management process.
Risk
Risk involves exposure to the chance of injury or loss, a measure often assessed in decision-making processes.
Bounded Rationality
The concept that decision-making is limited by the information available, cognitive limitations of the mind, and the finite amount of time available to make a decision.
Mathematical Abilities
The capacity to perform and understand various mathematical operations and concepts.
Optimal Decision
The best choice available from a set of alternatives, given a specific set of criteria or constraints.
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