What Concept, Developed by Herbert Simon, Was Considered to Be

question 42

Multiple Choice

What concept, developed by Herbert Simon, was considered to be pioneering research into the decision-making process within economic organizations and led to Simon's winning of the 1978 Nobel Prize in economics?

• A) evidence-based management
• B) political decision making
• C) bounded rationality
• D) three-phase process of creativity

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Definitions:

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may not align with the calendar year.

Sales Call Objective

The specific goal or aim that a salesperson intends to achieve during a sales call, which could range from simply gathering information to closing a sale.

FAB Formula

A sales strategy that focuses on the Features, Advantages, and Benefits of a product to highlight its value to the customer.