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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The decision concept which is used here is that profit is satisficed and robustness-to-uncertainty is maximized, rather than expected profit being maximized.
To the CAPM investor, the info-gap robust-satisficer looks risk-loving because the profit is being satisficed rather than maximized.
The final step of this analysis is to pick particular leaf nodes of each softgoal tree structure so that all root softgoals are satisficed. For instance, in Figure 2, checked leaf softgoals are all picked to be accommodated by the new system.