(27.) To satisfice
is to adopt a behavior, accept a result, or choose a product that is "satisfactory or 'good enough'" in a particular situation "without first examining all possible alternatives." Herbert A.
(198) This point could plausibly extend to managers who satisfice
When you satisfice
, you don't let an impossible quest for the perfect destroy your enjoyment of the good.
Consequently the investor chooses the portfolio weights w so as to satisfice
the return, [mu]'w.
Due to the uncertainty of keeping a mutual understanding intact while moving through the more dangerous larger risks, the players satisfice
on a less than optimal outcome.
Knowledge workers--whether managers or administrators or researchers--need substantial information input to perform satisfactorily, but when the amount of time devoted to that function approaches 20%, knowledge workers appear to begin to satisfice
. They begin to conclude that they have to get on with the rest of their job; that if they have not already done so, they will soon run into diminishing returns in their information seeking; and that it is time to proceed based on the information they have.
Herbert Simon (1957), in noting that decision makers satisfice
or act on incomplete information, believed that better information would result in optimal decisions.
Merely a decline of organizational performance from the maximum level will not cause adaptive organizational change because organizations satisfice
rather than maximize (Simon, 1976).
Krosnick and others (1996) concluded that three factors increase the likelihood that a person responding to questions may begin to satisfice
In these situations, individuals will seek to satisfice
rather than to optimize.
And if they get any results at all from the part, they will then "satisfice
" with the results.