While Round Robin provides fairness and prevents starvation by giving each process a chance to execute, it does not guarantee bounded waiting time for each process. Bounded waiting means that every process will eventually get its turn to execute within a certain amount of time.
Round Robin provides fairness but does not guarantee bounded waiting time for each process. Processes may experience varying waiting times, and the waiting time can be influenced by factors such as the number of processes in the system and their burst times.