The decision-making process discussed above is also known as the rational model of decision making, but this classical model is not the only model put forward to explain managerial decision making. There is the bounded rationality model which challenges the rational model for not being realistic enough and a third model, namely, intuitive decision making, which will be discussed under the title of decision models. The rational model or approach to decision making27 takes its name from its major premise that the decision makers, typically managers, are fully rational. Also known as the classical model of decision making, this model is built on a number of assumptions that constitute rationality. The bounded rationality model is built on the fact that managers, as human beings, are limited by their ability to process information, therefore, they tend to satisfice rather than optimize. Satisficing means, the decision maker settles for the first satisfactory alternative that comes to his or her attention. Bounded rationality is the idea that in decision making, rationality is limited by (a) the information at hand, (b) the cognitive limitations of the human mind, and (c) the finite amount of time to make a decision. When compared with the rational model, another realistic model or approach would be intuitive decision making. Intuition is knowing or understanding something instinctively or subconsciously without reasoning or proof. In this model, decisions are taken through five different aspects of intuition. Starting with experience-based decisions, managers use their past experiences. The second aspect of intuition in decisions are feelings and emotions (affect-initiated decisions). In the third, managers make decisions based on skills, knowledge, and training (cognitive-based decisions). The fourth facet of intuitive decision-making utilizes values or ethics as guides. Lastly, the subconscious mental processing comes into play in executive decision-making. The main reason for managers’ using intuition is to make decisions fast and this is very important for the business organizations that function in more and more innovative and competitive environments. The correct answer is Choice E.