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Moreover, in most instances, not au alternatives can be analyzed, even with the newest analytical techniques and computers available.

Limited, or “Bounded,” Rationality

A manager must settle for limited or bounded rationality In other words, limitations of information, time, and certainty limit rationally even it a manager tries earnestly to be completely rational Since managers cannot be completely rational In practice, they sometimes allow their dislike of risk—their desire to “play It safe”—to Interfere with the desire to reach the best solution under the circumstances...

Herbert & Simon called this satisfying, that is picking a course of action that is satisfactory or good enough under the circumstances Although many managerial decisions are made with a desire to “get by” as safely as possible most managers do attempt to make the best decisions they can within the limits of rationality and in light of the degree and nature of the risks involved...

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