6-9 Incomplete Information Factors tIme constraints and information costs: Managers do not have the time or money to search for all alternatives This leads the manager to again decide based on incomplete information sAtisficing: Managers explore a limited number of options and choose an acceptable decision rather than the optimum decision This is the response of managers when dealing with incomplete information Managers assume that the limited options they examine represent all options " win/MeGraw-HHill CThe McGraw-Hill Companies, Inc, 2000Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc., 2000 6-9 Incomplete Information Factors ⚫Time constraints and Information costs: Managers do not have the time or money to search for all alternatives. ◼ This leads the manager to again decide based on incomplete information. ⚫Satisficing: Managers explore a limited number of options and choose an acceptable decision rather than the optimum decision. ◼ This is the response of managers when dealing with incomplete information. ◼ Managers assume that the limited options they examine represent all options