What and where are the Elements?

Well, this is just one of types of making an effective decision making in the organization.

The bounded rationality model assumes numerous organizational and individual factors restrict rational decision making. This is the version of decision making that occurs most often in organizations, because the assumptions of this model are much closer to the truth

Explanation:

Because a human being is limited in the amount of information he or she can process, when a complex decision needs to be made, he or she will reduce the problem to a manageable size. By limiting the number of choices and the amount of necessary information, the product is a decision that’s acceptable and satisfactory

hope it helps ^__^