________ Is the Act of Monitoring a Process for Its

question 38

Short Answer

________ is the act of monitoring a process for its efficacy,a process that includes dimensions such as cost,timeliness,or quality.

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Definitions:

Bounded Rationality

Bounded rationality refers to the limitations on human decision-making caused by available information, cognitive limitations, and finite time.

Classical Decision Model

Describes decision‐making with complete information.

Optimising Decisions

Making choices that lead to the best possible outcome, considering all available information and constraints.

Satisficing Decisions

Choose the first satisfactory alternative that comes to your attention.