Which of the Following Is the Best Description of Bounded

question 20

Multiple Choice

Which of the following is the best description of bounded rationality?

• A) It is a rational decision-making framework for managers.
• B) It is an eight-step decision-making process, including both problem identification and problem solution.
• C) It is a way to quantify data enabling decision-makers to gain the time to weigh all alternatives correctly.
• D) It is how decisions have to be made under severe time and resource constraints.

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Definitions:

Valid

The quality of being logically or factually sound; applicable more commonly in contexts of arguments or test results.

Standardized

Refers to the process of making something conform to a standard, often used in the context of tests and measures that have uniform procedures and scoring.

Mental Age

A measure of an individual's cognitive ability compared to the average cognitive ability for their actual age.

Binet And Simon

Alfred Binet and Theodore Simon, French psychologists who developed the first practical IQ test, the Binet-Simon test, to assess intellectual development in children.