satisfice


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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 ?
Even if institutional leaders can see the entire landscape of environmental change and unit planning efforts, institutional entrepreneurs and cultural norms perpetuate internal counterforces, driving unit leaders to satisfice.
Studies of Google-type searches, for example, show that researchers decide whether to satisfice, and read the first document that seems to be helpful, or to review search results before making a choice.
Consequently the investor chooses the portfolio weights w so as to satisfice the return, [mu]'w.
one playing a Cournot strategy while the other satisfices, something that cannot be done in the laboratory at all).
Merely a decline of organizational performance from the maximum level will not cause adaptive organizational change because organizations satisfice rather than maximize (Simon, 1976).
In these situations, individuals will seek to satisfice rather than to optimize.
Aqui satisfice mi gusto por el verde asociandolo al tema del pasado que tiene una gran importancia en el filme.
Managerial decision makers should seek to satisfice rather than maximize the outcomes of their strategic decisions.
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.
The more measures that are made the more an organization has to select which to attend to in the knowledge that, when improvement cannot be shown on all measures, it can satisfice by holding most measures constant and concentrating upon improving performance on the measures of greatest interest to elements on which the organization is most dependent (Thompson 1967: 90).
Thus, while project managers may seek perfection because they anticipate additional rewards from producing a volume of uniformly high quality, contributors are likely to satisfice on quality so that they can move on to their next project, which may offer greater potential career rewards.