Satisficing and bounded rationality are associated with the administrative model of decision-making, which looks for decisions that are good enough.
<h3>The administrative model</h3>
According to the administrative model of decision-making, when making a decision, people do not possess all the time and motivation in the world. Because of that, they will end up making decisions that are good enough rather than decisions that are completely rational and optimal.
The characteristics above are known as satisficing and bounded rationality. Therefore, we can conclude that they are associated with the administrative model of decision-making.
The answer provided above in, thus, correct.
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