Management Glossary

  Search Results: procedural rationality
procedural rationality

The philosophy that, rather than trying to make optimal decisions, managers should attempt to design procedures that are most likely to generate the best possible decision within the limits of human abilities and financial realities. The reasoning behind the procedural rationality management philosophy is that, due to the infinite number of possible options, it is impossible to be certain of what is the optimal course of action, let alone follow it, therefore instituting rational procedures that will be likely to produce decisions that will lead to the best possible outcomes under real-world conditions and constraints is, in fact, the optimal way to make decisions and solve problems.

Contributed by: Managerwise Staff
See: satisficing, bounded rationality

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