What is Satisficing?
‘Satisficing’ is a neologism of ‘satisfy’ and ‘suffice’, which refers to a decision making process that aims to satisfy all parties involved by making sure that the decision taken suffices their needs.
It is in direct contrast to the more resource intensive kind of decision making, which involves finding the best available solution known as ‘optimal decision making’. Satisficing was developed as a theory in 1956 by American political scientist, Herbert Simon.
Satisficing tends to appease everyone involved in the decision making process. However, the decision taken might not be the best one since it is simply trying to please everyone by just making sure that the bare minimum is achieved.