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Kevin Garcia
on Nov 24, 2024

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Which one of the following statements regarding decision making models is CORRECT?

A) The behavioural decision model describes how managers act in situations of limited information and bounded rationality.
B) The classical decision model predicts that managers will make optimising decisions.
C) The classical decision model views managers as acting in a certain world.
D) The behavioural decision model predicts that managers will make satisficing decisions.
E) All of the options listed

Behavioural Decision Model

Describes decision‐making with limited information and bounded rationality.

Bounded Rationality

Bounded rationality refers to the limitations on human decision-making caused by available information, cognitive limitations, and finite time.

Classical Decision Model

Describes decision‐making with complete information.

  • Differentiate between various decision-making models.
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Randy PaytonNov 25, 2024
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