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.
While the economic man maximizes, the administrative man satisfices, i.e.
But within groups that are generally not innovative (like seniors) and who face barriers to adoption, there are nevertheless motivated consumers who desire to adopt and use new technologies, even if they struggle, satisfice and get help from others.
It tells readers to set standards and look for "good enough," rather than holding out for the very best conceivable choice: to "satisfice," in the jargon of social scientists, rather than "maximize."
He concluded that organizational decision makers operated within "bounded rationality" and tended to "satisfice because they have not the wits to maximinze" (1976, xxviii, italics in original).
"Satisfice" more and maximize less: "Maximizing" means making a perfect choice among all the options; "satisficing" means making one that's adequate.
Our experience is that too many marketers satisfice (that's a combination of satisfy and sacrifice), by not trying to maximize each part of the marketing mix.
Or do managers satisfice? That is, do they aim for quality, customer satisfaction, or similar measures subject to the attainment of a budgeted profit?
What can be attempted is to satisfice the profit--guarantee adequate reward--and maximize the robustness to the information-gaps which surround [mu].
Often they "satisfice," that is, search for proximate, locally optimal, or even tolerably satisfactory solutions near the current alternatives.