Management Glossary

  Search Results: satisficing
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

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