satisficing

  

Definitions (3)

1.General: Aiming to achieve only satisfactory results because the satisfactory position is familiar, hassle-free, and secure, whereas aiming for the best-achievable result would call for costs, effort, and incurring of risks.
2.Decision making: Examining alternatives until a practical (most obvious, attainable, and reasonable) solution with adequate level of acceptability is found, and stopping the search there instead of looking for the best-possible (optimum) solution.
3.Marketing: Concept that consumers are inclined more toward satisfactory decisions instead of the 'best' decisions due to lack of (1) information, (2) information processing ability, and (3) time to do all that for every purchase decision. The term was coined by the US Nobel-laureate economist Herbert Simon (1916-2001) in his 1982 book 'Models Of Bounded Rationality And Other Topics In Economics.' See also bounded rationality and optimization.

Use satisficing in a sentence

  • Some people in your office may be content to just get the job done and are complacent with satisficing while others want to do the best.

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  • I was not a fan of satisficing because I wanted to aim for the stars and become something to remember for everyone.

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  • If you have people in your office who are just satisficing it is best to replace them with new blood that is more motivated.

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