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A(n)______ Approach to Pay Determination Involves Finding Out What Other

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A(n) ______ approach to pay determination involves finding out what other organizations pay for the same or similar jobs through available pay surveys,and it sets pay levels based on market pricing.


Definitions:

Bounded Rationality

A concept suggesting that decision-making is limited by the information available, cognitive limitations of the mind, and time constraints.

Representative

An individual who acts on behalf of another person or group, often in a decision-making or advocacy role.

Complete Rationality

The theoretical concept of making decisions based on all available information and in a fully logical manner, often contrasted with real-world limitations.

Instrumental Rationality

Decision-making based on strategic calculation of the most efficient means to achieve a specific goal, without considering ethical implications.

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