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.
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 *
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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.
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