California Mountains Our minds may be boundless but our rationality has limitations. The ability to make accurate and beneficial decisions is one of those core abilities that separates the successful from the unsuccessful. Our rationality is bounded by constraints of ability, time and information which forces us to follow a proper decision-making process to improve outcomes. In organizations, constraints in decision-making ability impacts executive effectiveness as well as employee performance. Bounded Rationality, developed by Nobel Prize winning economist Herbert Simon, states that human beings have limitations on their abilities to make decisions within given circumstances. We are limited by our cognitive abilities, the information they have and the amount of time we need to make a decision. When under pressure to act people inaccurately make decisions that lead to poor outcomes. The study of bounded rationality is important for anyone who needs to make important decisions. Wh
The blog discusses current affairs and development of national economic and social health through unique idea generation. Consider the blog a type of thought experiment where ideas are generated to be pondered but should never be considered definitive as a final conclusion. It is just a pathway to understanding and one may equally reject as accept ideas as theoretical dribble. New perspectives, new opportunities, for a new generation. “The price of freedom is eternal vigilance.”—Thomas Jefferson