According to Herbert Simon, business organizations cannot make “optimal” decisions based on rational decision processes. Organizations settle for “satisficing” decisions because Emotional decision making cannot be eliminated Humans are fundamentally irrational Of resource constrains - time and budget Companies do not mandate rational decision making

According to Herbert Simon, business organizations cannot make “optimal” decisions based on rational decision processes. Organizations settle for “satisficing” decisions because Emotional decision making cannot be eliminated Humans are fundamentally irrational Of resource constrains - time and budget Companies do not mandate rational decision making

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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