Which of the following decision making model helps the managers to understand their limitations?Choices:- Administrative Decision Making model Classical Decision Making model Garbage Can Decision Making model Incremental Decision Making model
Question
Which of the following decision making model helps the managers to understand their limitations?Choices:- Administrative Decision Making model Classical Decision Making model Garbage Can Decision Making model Incremental Decision Making model
Solution
The Administrative Decision Making model helps managers understand their limitations. This model, proposed by Herbert Simon, takes into account the fact that managers may lack all the information they need to make the best decision, and that their rationality is bounded by certain constraints such as time and cognitive capacity. Therefore, instead of making the optimal decision, they often make a satisficing decision, which is simply good enough given these constraints.
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