Satisficing: a decision-making strategy
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.
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.
• Use figures like this to explain examples.
• History of the concept by Simon Harbart.
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.
