Satisficing

Bounded Rationality
Bounded rationality describes the type of rationality that individuals and organizations utilize when confronted with complex decisions in real-life, fast-moving situations where perfect information is unavailable. Instead of aiming to maximize profits, decision-makers seek acceptable solutions that yield satisfactory results.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.