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 ?
In contrast, satisficers may be in search of jobs that meet only some basic requirements.
Using the nonlinear regression function of GraphPad Prism[R] 5.03 for Windows (GraphPad Software, San Diego, CA, www.graphpad.com), we derived the k values from the one-phase exponential decay equation across the maximizer and satisficer groups.
Some satisficers, however, dig in their heels at this point.
In particular, the analysis yields a whole of satisficer conducts--varying with the number of given product options--that are better off than the corresponding maximizer.
Instead, he suggests modeling him or her as a satisficer. He or she probably decides what to like when he or she meets the supplier.
Indeed, according to Preston, it was the problem solver who was seen as a rational maximizer or satisficer, and whose role was stressed, not the problem owner.
890) cites Herbert Simon's (1957) model of the decision maker as a "satisficer" and argues that state officials "constantly look to each other for guides to action in many areas of policy" to try to simplify their decision-making process.
Simon went a step further by introducing the concept of "satisficing" (as part of the features of bounded rationality) to replace "optimization." A satisficer is a person who accepts "good enough" alternatives which meet his or her aspiration because the "best" are not knowable (e.g., Simon, 1981, p.
Managers of such charities are said to be satisficers rather than maximizers.
Most library users are "satisficers" who do not need much data to make a decision, whereas librarians tend to be "maximizers"; users might want only a few articles to get started instead of hundreds of references.
Schwartz has suggested that some individuals tend to be "maximizers" when faced with choice situations, whereas others tend to be "satisficers." Maximizers are people who want to make the optimal decision.
The time-harried shopper: Exploring the differences between maximizers and satisficers. Marketing Letters, 20, 155-167.