March–Simon model

The March-Simon model is a theory in organizational behavior that explains how individuals make decisions when choosing from various alternatives. It suggests that people tend to simplify complex choices by focusing on a few key options rather than evaluating all possibilities. This model emphasizes the concepts of bounded rationality, where decision-makers are limited by their information, cognitive abilities, and time constraints. Instead of seeking the optimal decision, individuals often settle for a satisfactory choice that meets their needs, leading to practical and timely decisions in uncertain environments.