12.4.2 - Bounded Rationality Model (Herbert Simon)
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Practice Questions
Test your understanding with targeted questions
What does 'bounded' in 'Bounded Rationality' refer to?
💡 Hint: Think about limitations and constraints.
What does satisficing mean?
💡 Hint: It's about settling for something rather than seeking perfection.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does Bounded Rationality mean?
💡 Hint: Consider what 'bounded' implies.
True or False: Satisficing means selecting the best possible solution.
💡 Hint: Think about the meaning of the term 'satisfice'.
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Challenge Problems
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Analyze a case where Bounded Rationality might hinder innovation within a company. Propose methodical steps to counteract these limitations.
💡 Hint: Reflect on how time and resource constraints could limit creative solutions.
Discuss how a leader can create an environment that reduces the impacts of Bounded Rationality for their team, specifically in decision-making.
💡 Hint: Think about the balance of teamwork and information flow.
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