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.

Comprehend the significance of authority, responsibility, and span of control in organizational hierarchies.

Recognize Mintzberg's organizational structures and their characteristics.

Understand the impact of organizational size and complexity on structure and design.

Distinguish between vertical and horizontal organizational structures and their implications.

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Definitions:

Understanding

The ability to comprehend or grasp the nature, significance, or explanation of something.

Self-Esteem

Self-esteem refers to an individual's overall subjective sense of personal worth or value.

Scold

To reprimand or criticize someone harshly for a wrongdoing.

Humiliate

To cause a person a painful loss of pride, self-respect, or dignity; to embarrass or shame someone severely.