Discuss bounded rationality. In your discussion, explain the term as well as its importance in rational managerial decision-making.
Discuss how bias has blocked your ability to make a rational decision. In your answer, discuss the heuristic that you may have used and the bias associated with that heuristic. What could you have done to overcome the bias generated by the heuristic?
Discuss the concept of satisficing. In your answer, discuss the positive and negative aspects of applying satisficing in decision-making.
Explain the availability, representativeness, and affect heuristics. In your answer, compare the three and discuss the positive and negative aspects of each.