What is meant by bounded rationality and satisficing?

What will be an ideal response?

Answer: Despite the unrealistic assumptions of perfect rationality, managers are expected to be rational when making decisions. It is understood that "good" decision makers are supposed to do certain things and exhibit good decision-making behaviors as they identify problems, consider alternatives, gather information, and act decisively but prudently. When they do so, they show others that they are competent and that their decisions are the result of intelligent deliberation. However, a more realistic approach to describing how managers make decisions is the concept of "bounded rationality." According to this concept, managers make decisions rationally, but are limited by their ability to process information.
Because they cannot possibly analyze all information on all alternatives, managers "satisfice," rather than maximize. That is, they accept solutions that are "good enough." Thus, they become rational within the limits of their ability to process information.