Final answer:
The bounded rationality model explains how managers make nonprogrammed, uncertain, and ambiguous decisions with limited information and cognitive resources, as opposed to the fully rational and optimal decision-making suggested by the economic model.
Step-by-step explanation:
The model of decision making that describes how managers actually make decisions in situations characterized by nonprogrammed decisions, uncertainty, and ambiguity is the bounded rationality model. This model acknowledges that while managers may strive for a rational decision-making process, their ability to be perfectly rational is limited by a variety of factors, including the complexity of the situation, the cognitive limitations of the human mind, and the finite amount of time they have to make a decision.
Unlike the economic model of decision-making, which assumes actors have complete information and can make the optimal decision to maximize utility, the bounded rationality model accepts that individuals make decisions using the limited information that is available to them in a reasonable time frame, and as such, those decisions are 'satisficing' rather than optimal. In this context, political events also influence decision-making and rational actors make strategic decisions based on the rules and reality, aiming to maximize their chances of obtaining their goals, as pointed out in the referenced political science perspective.