As the Assistant in the Human Resource Department, you were asked to attend a meeting at the Jamaica Conference Centre to help in training some managers who needed clarity on the eight steps used in an organisation to make outstanding decisions. A. Explain the eight steps in the decision-making process to them without leaving out any of the steps using a business problem.  During the question-and-answer session of the training one of the managers asked you, what is meant by bounded rationality and satisficing? B. Explain in your own words the question asked above.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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As the Assistant in the Human Resource Department, you were asked to attend a meeting at the Jamaica Conference Centre to help in training some managers who needed clarity on the eight steps used in an organisation to make outstanding decisions.

A. Explain the eight steps in the decision-making process to them without leaving out any of the steps using a business problem. 

During the question-and-answer session of the training one of the managers asked you, what is meant by bounded rationality and satisficing?

B. Explain in your own words the question asked above.

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