satisfice(redirected from satisfices)
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satisficean 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