Management Glossary

  Search Results: satisficing

Informally or formally setting objectives and then only examining options until one is found that will fulfill those objectives. Traditionally, economists often adopted the simplifying assumption that organizations and individuals follow a profit maximizing behavior. Many believe that the concept of satisficing is a more realistic description of human and organizational behavior because profit maximizing requires detailed analysis of every possible option, which would be a self-defeating behavior because of the cost and effort involved in doing so.

Contributed by: Managerwise Staff
See: procedural rationality, bounded rationality

Click on a letter to find terms starting with that letter:

You can also click here to see a list of all of the words in the glossary with links to the definitions.

Or, search the glossary:

Match: any word     all words

Help the Glossary Grow!

Click here
to add a definition. We credit contributors of accepted definitions with, at your option, an e-mail and/or Web link.