Satisficing
The concept presents a conceptual model of the process of satisficing decision-making, where people settle with a solution to a problem that is 'good enough' but may not be the optimal one. The concept describes a few business tools that allow business professionals to better understand this behavioural concept and its application in organisations.
Technique Overview
Satisficing Definition
Satisficing means choosing an alternative which is not the optimal solution but is a solution which is good enough. It means choosing a satisfactory solution which is acceptable or reasonable over the optimal (best) solution because reaching the optimal solution would cost much more time, effort or resources, while the satisfactory solution suffices because it achieves an acceptable level of performance (Bazerman and Moore, 2009).
Satisficing Description *
* The full technique overview will be available soon. Contact us to register your interest in our business management platform, and learn all about Satisficing.
Business Evidence
Strengths, weaknesses and examples of Satisficing *
* The business evidence section is for premium members only. Please contact us about accessing the Business Evidence.
Business Application
Implementation, success factors and measures of Satisficing *
* The business application section is for premium members only. Please contact us about accessing the Business application.
Professional Tools
Satisficing videos and downloads *
* The professional tools section is for premium members only. Please contact us about accessing the professional tools.
Further Reading
Satisficing web and print resources *
Satisficing references (4 of up to 20) *
- Bazerman, M.H. and Moore, D. (2009) Judgment in Managerial Decision Making. (7th Ed.) John Wiley and Sons, USA.
- Bazerman, M.H. and Tenbrunsel, A. (1998) The Role of Social Context on Decisions: Integrating Social Cognition and Behavioral Decision Research. Basic and Applied Social Psychology, Vol. 20(1), pp. 87-91.
- Brown, R., (2004) UK Consideration of the Origin of Herbert Simon’s Theory of Satisficing: 1933-1947. Management Decision, Vol. 42(10), pp. 1240-1256.
- Daft, R.L. and Marcic, D. (2006), Understanding Management. (5th Ed.) Thomson, Mason, OH.
* The further reading section is for premium members only. Please contact us about accessing the further reading.
Learn more about KnowledgeBrief Manage and how you can equip yourself with the knowledge to succeed on Satisficing and hundreds of other essential business management techniques