satisfice

(redirected from satisfices)
Also found in: Dictionary, Thesaurus.
Related to satisfices: satisfied, satisficed

satisfice

an approach to decision-making which aspires to achieve satisfactory but not optimum results. It can be a rational approach because it accepts that the perfect knowledge necessary to make the best decision is usually unattainable. Instead decision-makers will act in accordance with RULES OF THUMB which they know will at least achieve acceptable results. See ORGANIZATIONAL ANALYSIS, BUSINESS OBJECTIVES.
References in periodicals archive ?
Our explanation of the home bias puzzle is based on using the info-gap robustness function to satisfice the profit and to maximize the immunity to uncertainty.
5), evaluates the immunity, of investment w, to the Knightian uncertainty of an info-gap model, while attempting to satisfice the profit at the level [[pi].
Romo and Schwartz's (1995) and Dore's (1983) findings concerning the embeddedness of firms in regional production networks suggest that embedded actors satisfice rather than maximize on price and shift their focus from the narrow economically rational goal of winning immediate gain and exploiting dependency to cultivating long-term, cooperative ties.
In the ideal organization, your high standards and achievements would be exalted, but in the organization that satisfices, your exemplary work is a bright and irritating reminder of the lowest acceptable accomplishments of your colleagues and superiors.
Beyond timing, meeting users' needs and expectations is of critical concern when the organization manages crises and satisfices.