Satisficing: a decision-making strategy - Revision history

S193967 at 21:37, 19 February 2023

2023-02-19T21:37:04Z

S193967 at 21:36, 19 February 2023

2023-02-19T21:36:37Z

← Older revision		Revision as of 21:36, 19 February 2023
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	Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.		Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.
	It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).		It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).
	• Examples of how is occurs in a management context. ;
			• Examples of how is occurs in a management context.

	• Further explain when it is a tool, and when it is a tendency.		• Further explain when it is a tool, and when it is a tendency.

	o Research more on concrete examples.		o Research more on concrete examples.

			• Use figures like this to explain examples.

	~~• Use figures like this to explain examples.~~
	• History of the concept by Simon Harbart.		• History of the concept by Simon Harbart.

S193967 at 21:35, 19 February 2023

2023-02-19T21:35:28Z

← Older revision		Revision as of 21:35, 19 February 2023
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			• Use figures like this to explain examples.
			• History of the concept by Simon Harbart.



	'''~~References:~~'''		'''Guidance on how to use Satisficing and when is it applicable?'''
			• Self-made guide illustrated with a self-made figure on when to use satisfying and
			o And when not to use it.


			'''Limitations'''
			• Discuss the limitations the tool has when decision makers are using it as a tool
			• Discuss the limitations which occur then decision-makers have the tendency to use them.
			• Make a figure to better illustrate this.


			'''Discuss satisficing to the context of key readings'''
			• Discuss the tool against a the project management process.



			'''Bibliography'''
	[https://www.investopedia.com/terms/s/satisficing.asp]		[https://www.investopedia.com/terms/s/satisficing.asp]
	[https://thedecisionlab.com/reference-guide/psychology/satisficing]		[https://thedecisionlab.com/reference-guide/psychology/satisficing]
	[https://en.wikipedia.org/wiki/Herbert_A._Simon]		[https://en.wikipedia.org/wiki/Herbert_A._Simon]
	[https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/satisficing-definition]		[https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/satisficing-definition]

S193967 at 21:32, 19 February 2023

2023-02-19T21:32:57Z

← Older revision		Revision as of 21:32, 19 February 2023
Line 7:		Line 7:
	Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.		Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.
	It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).		It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).
	• Examples of how is occurs in a management context.		• Examples of how is occurs in a management context. ;
	• Further explain when it is a tool, and when it is a tendency.		• Further explain when it is a tool, and when it is a tendency.
	o Research more on concrete examples.		o Research more on concrete examples.

S193967 at 21:32, 19 February 2023

2023-02-19T21:32:31Z

← Older revision	Revision as of 21:32, 19 February 2023
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		'''Satisficing and how does it occur in a management context?'''
		Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.
		It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).
		• Examples of how is occurs in a management context.
		• Further explain when it is a tool, and when it is a tendency.
		o Research more on concrete examples.

S193967: Created page with "'''Abstract:''' Satisficing is a decision-making strategy where an individual makes the satisfactory and adequate choice instead the most optimal and it sets aside all the opt..."

2023-02-12T15:16:15Z

Created page with "'''Abstract:''' Satisficing is a decision-making strategy where an individual makes the satisfactory and adequate choice instead the most optimal and it sets aside all the opt..."

New page

'''Abstract:'''
Satisficing is a decision-making strategy where an individual makes the satisfactory and adequate choice instead the most optimal and it sets aside all the options which will require intensive effort to receive the results. Written in another way: It is all about making decisions that are "good enough" and not "perfect". It is an oftentimes more realistic and particle strategy which often also saves cost and time. The term 'Satisficing' is created by Nobel-laureate Herbert A. Simon in 1956 by coining the two words ''satisficing'' and ''suffice''.
This article will cover the history and background of the strategy by Herbert A. Simon, explain the role of Satisfying in industry, and how it has been interpreted since its development in the 50s, its advantages, and disadvantages will also be included in the article. Concrete examples of following and not following the strategy will also be covered.

'''References:'''
[https://www.investopedia.com/terms/s/satisficing.asp]
[https://thedecisionlab.com/reference-guide/psychology/satisficing]
[https://en.wikipedia.org/wiki/Herbert_A._Simon]
[https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/satisficing-definition]

← Older revision		Revision as of 21:37, 19 February 2023
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	'''Abstract:'''		'''Abstract:'''

	Satisficing is a decision-making strategy where an individual makes the satisfactory and adequate choice instead the most optimal and it sets aside all the options which will require intensive effort to receive the results. Written in another way: It is all about making decisions that are "good enough" and not "perfect". It is an oftentimes more realistic and particle strategy which often also saves cost and time. The term 'Satisficing' is created by Nobel-laureate Herbert A. Simon in 1956 by coining the two words ''satisficing'' and ''suffice''.		Satisficing is a decision-making strategy where an individual makes the satisfactory and adequate choice instead the most optimal and it sets aside all the options which will require intensive effort to receive the results. Written in another way: It is all about making decisions that are "good enough" and not "perfect". It is an oftentimes more realistic and particle strategy which often also saves cost and time. The term 'Satisficing' is created by Nobel-laureate Herbert A. Simon in 1956 by coining the two words ''satisficing'' and ''suffice''.
	This article will cover the history and background of the strategy by Herbert A. Simon, explain the role of Satisfying in industry, and how it has been interpreted since its development in the 50s, its advantages, and disadvantages will also be included in the article. Concrete examples of following and not following the strategy will also be covered.		This article will cover the history and background of the strategy by Herbert A. Simon, explain the role of Satisfying in industry, and how it has been interpreted since its development in the 50s, its advantages, and disadvantages will also be included in the article. Concrete examples of following and not following the strategy will also be covered.
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	'''Satisficing and how does it occur in a management context?'''		'''Satisficing and how does it occur in a management context?'''

	Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.		Satisficing is a decision-making tool but also a behavioral tendency of decision makers to arrive at a decision that is “good enough” based on the available information and goals instead of thriving for the optimal decision.
	It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).		It is used in several disciplines– from smaller everyday options to the largest choices in projects and politics. Finding and creating the best choice every time can be very time, costly, and scope-consuming (ref). Finding the best solution is simply a luxury that few can afford (1).
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	'''Guidance on how to use Satisficing and when is it applicable?'''		'''Guidance on how to use Satisficing and when is it applicable?'''

	• Self-made guide illustrated with a self-made figure on when to use satisfying and		• Self-made guide illustrated with a self-made figure on when to use satisfying and

	o And when not to use it.		o And when not to use it.


	'''Limitations'''		'''Limitations'''

	• Discuss the limitations the tool has when decision makers are using it as a tool		• Discuss the limitations the tool has when decision makers are using it as a tool

	• Discuss the limitations which occur then decision-makers have the tendency to use them.		• Discuss the limitations which occur then decision-makers have the tendency to use them.

	• Make a figure to better illustrate this.		• Make a figure to better illustrate this.


	'''Discuss satisficing to the context of key readings'''		'''Discuss satisficing to the context of key readings'''

	• Discuss the tool against a the project management process.		• Discuss the tool against a the project management process.

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	'''Bibliography'''		'''Bibliography'''

	[https://www.investopedia.com/terms/s/satisficing.asp]		[https://www.investopedia.com/terms/s/satisficing.asp]

	[https://thedecisionlab.com/reference-guide/psychology/satisficing]		[https://thedecisionlab.com/reference-guide/psychology/satisficing]

	[https://en.wikipedia.org/wiki/Herbert_A._Simon]		[https://en.wikipedia.org/wiki/Herbert_A._Simon]

	[https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/satisficing-definition]		[https://thebusinessprofessor.com/en_US/management-leadership-organizational-behavior/satisficing-definition]