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Proposed by Herbert A. Simon, __________ means that managers are limited in the extent to which they can use the classical model of decision making, because they only have so much time and ability to process information.

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Answer: bounded rationality

Explanation: Proposed by Herbert A. Simon, _____bounded rationality_____ means that managers are limited in the extent to which they can use the classical model of decision making, because they only have so much time and ability to process information.

In order words, Simon maintained that individuals do not seek to maximise their benefit from a particular course of action. This is because one cannot take in and process all the information that would be needed to maximize personal benefits, and that even if this was tenable, our minds would not be capable of processing it properly. In summary, the human mind necessarily restricts itself—bounded rationality.

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