Bounded rationality revises notions of perfect rationality to account for the fact that perfectly rational decisions are often not feasible in practice because of the intractability of natural decision problems and the finite computational resources available for making them.

To act according to perfect rationality would require us not to be influenced by any cognitive biases, to be able to access all possible information about potential alternatives, and to have enough time to calculate the pros and cons of each.
Bounded rationality is a human decision-making process in which we attempt to satisfice, rather than optimize. In other words, we seek a decision that will be good enough, rather than the best possible decision.