satisfice

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Related to satisfices: satisfied, satisficed

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 ?
Our explanation of the home bias puzzle is based on using the info-gap robustness function to satisfice the profit and to maximize the immunity to uncertainty.
The info-gap robustness function, [??](w, [[pi].sub.c]) in eq.(5), evaluates the immunity, of investment w, to the Knightian uncertainty of an info-gap model, while attempting to satisfice the profit at the level [[pi].sub.c].
Due to the uncertainty of keeping a mutual understanding intact while moving through the more dangerous larger risks, the players satisfice on a less than optimal outcome.
In the ideal organization, your high standards and achievements would be exalted, but in the organization that satisfices, your exemplary work is a bright and irritating reminder of the lowest acceptable accomplishments of your colleagues and superiors.
Beyond timing, meeting users' needs and expectations is of critical concern when the organization manages crises and satisfices. It is very important that technical communicators put themselves in the place of the users.