Bounded Rationality

question 7

Multiple Choice

Bounded rationality:

• A) should be avoided.
• B) involves an 8-step decision making process, including both problem identification and problem solution.
• C) proves to us that even when time and resources are limited, we should quantify as much as possible to weigh all alternatives correctly.
• D) describes how decisions actually have to be made under severe time and resource constraints.

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Definitions:

Corporate Social Performance

A company's effectiveness in meeting its societal obligations, contributing positively to its stakeholders and the environment.

Downsizing

The reduction of an organization's workforce to improve its efficiency, cut costs, or realign its structure, often resulting in layoffs or elimination of positions.

Long-Term Profitability

The sustained ability of a company to generate earnings over an extended period, ensuring its viability and growth.

Displaced Workers

Individuals who have lost their jobs due to economic changes, technological advancements, or organizational restructuring, often requiring retraining or career change.