Discuss bounded rationality. In your discussion, explain the term as well as its importance

Course Textbook
Bazerman, M. H., & Moore, D. A. (2009). Judgment in managerial decision making (7th ed.). Hoboken, NJ: Wiley.

1. Discuss bounded rationality. In your discussion, explain the term as well as its importance in rational managerial decision-making.
2. Think about an organization for which you currently work or one that you previously worked for. Do you believe that groupthink affects or has ever affected the organization’s decision-making process? Why or why not? Your response should consist of no less than 200 words.
3. Explain the availability, representativeness, and affect heuristics. In your answer, compare the three and discuss the positive and negative aspects of each.
4. Describe the concepts of groupthink and focalism and the similarities and differences that exist between the two. Your response should consist of no less than 200 words.
5. 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?
6. Explain how the concept of bounded awareness can affect decision making. Your response should consist of no less than 200 words.
7. Consider the last decision that you have made (purchase of an automobile, purchase of a home, seeking a new job, etc.). Then, discuss that decision in terms of the rational decision making model. How could you have improved your decision?
8. Compare and contrast individual and group decision-making. What are the advantages and disadvantages of each? Are there certain decisions that are better suited to individual decision-making? What bounded awareness issues are found in individual versus group decision-making? Your response should consist of no less than 200 words.
9. Discuss your attitude about certainty, uncertainty, and risk when making decisions. How has your attitude helped or hindered your ability to make rational decisions?
10. Describe the concepts of joint and separate preference reversals. Also, discuss the similarities and differences that exist between the two. Your response should consist of no less than 200 words.
11. Discuss your most recent decision to purchase a major item (entertainment center, automobile, home, etc.). In what way did the acquisition utility or the transactional utility come into play for you?
12. Describe the concepts of joint and separate preference reversals. Also, discuss the similarities and differences that exist between the two. Your response should consist of no less than 200 words.