related to satisficing is Simon’s idea of bounded rationality. Humans have a limited capacity for situation by considering fewer alternative, criteria, and/or constraints than actually exist. Their behavior with respect to the simplified model may be rational.
However, the rational solution for the simplified model may not be rational for the real-world problem. Rationality is bounded not only by limitations on human processing capacities, but also by individual differences, such as age, education, knowledge, and attitudes.
Bounded rationality is also why many models are descriptive rather than normative.
This may also explain why so many good managers rely on intuition, an important aspect of good decision making (see Stewart, 2002;and Pauly , 2004).