Define 'Bounded Rationality' and 'Satisficing

question 72

Essay

Define 'bounded rationality' and 'satisficing'.Using an example,discuss how the two concepts are related,and the implications for effective and efficient management.

Identify the influences of group behaviors on self-perception and self-evaluation.

Understand the processes and effects of attributions and person perception.

Analyze theories related to prejudice, discrimination, and their origins.

Understand the impact of first impressions and primacy effect in person perception.

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Definitions:

Opportunity Costs

The cost of an alternative that is foregone to pursue a certain action, representing the benefits that could have been received from the chosen alternative.

Accelerated Depreciation

Any method that shifts depreciation forward in an asset’s life. Accelerated methods increase early charges and reduce those that come later, keeping total depreciation constant.

Tax Accounting

A method of accounting that focuses on taxes rather than the appearance of public financial statements.

Deferred Tax Liability

Deferred Tax Liability is a tax that is assessed or is due for the current period but has not yet been paid, often resulting from timing differences between book and tax deductions.