What Is Bounded Rationality? How Is It Related to Decision

question 41

Essay

What is bounded rationality? How is it related to decision making?

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Definitions:

Mechanistic Organization

A mechanistic organization is a highly structured, rigid, and bureaucratic type of organization which operates under a strict hierarchy and tight control.

High Turnover

The rapid rate at which an organization loses and must replace its employees, often indicating issues with employee satisfaction or engagement.

Delegating Decision Making

The process by which authority to make certain decisions is transferred from one individual, often a manager, to another person or group.

Integration

The process of combining separate parts or elements into a whole, often used in the context of systems, businesses, and technologies to improve efficiency or coherence.