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.
