Eliot and Zara are under time pressure to make a decision because they are trying to leverage a first-to-market competitive advantage. They quickly created an exhaustive list of possible alternatives, and since they were running short on time, hastily selected two options they thought might be the best without spending any time considering the other options. They spent some time evaluating the two options they thought were best, and selected the better of the two options. After they implemented their selected option, their product hit the market fourth among their closest competitors who had taken more time to investigate alternatives. Elliot and Zara’s less than ideal solution based upon a decision making process that was neither exhaustive nor rational is an example of:
Group of answer choices
Escalation of Commitment
Suboptimizing
Bounded Rationality
Satisficing