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Definition of Satisficing

Satisficing Definition from Arts & Humanities Dictionaries & Glossaries
Dictionary of Philosophy of Mind
A concept due to Herbert Simon which identifies the decision making process whereby one chooses an option that is, while perhaps not the best, good enough.
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Satisficing Definition from Business & Finance Dictionaries & Glossaries
MONASH Marketing Dictionary
a planning philosophy implying a firm's intention to continue to carry on its present operations in much the same way as it has always done . See Adaptivising, Optimising.
2004 (c) Copyright & Reprint Courtesy of the Dept. of Marketing, Faculty of Business and Economics, Monash University; edited by Mr. Don Bradmore.
Satisficing Definition from Science & Technology Dictionaries & Glossaries
Web Dictionary of Cybernetics and Systems
Satisficing is an alternative to optimization for cases where there are MULTIPLE and COMPETITIVE objective S in which one gives up the idea of obtaining a "best" solution. In this approach one sets lower bounds for the various objectives that, if attained, will be "good enough" and then seeks a solution that will exceed these bounds. The satisficer's philosophy is that in real-world problems there are too many uncertainties and conflicts in values for there to be any hope of obtaining a true optimization and that it is far more sensible to set out to do "well enough" (but better than has been done previously). (IIASA)
By evaluating all possible alternatives, the computation of an optimum strategy (see optimization theory ) may not be feasible when the number of alternatives is very large (see combinatorial explosion ). E.g., in chess, the number of available plays exceeds computational limits not just for humans (see bremermann's limit ). A decision maker who settles for a less ambitious result and obtains the optimum he can compute under given time or resource constraints is said to satisfice. (Krippendorff )
Satisficing Definition from Encyclopedia Dictionaries & Glossaries
Wikipedia English - The Free Encyclopedia
Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met. This is contrasted with optimal decision making, an approach that specifically attempts to find the best alternative available. The term satisficing, a portmanteau of satisfy and suffice, was introduced by Herbert A. Simon in 1956, although the concept "was first posited in Administrative Behavior, published in 1947." Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined. He pointed out that human beings lack the cognitive resources to optimize: We can rarely evaluate all outcomes with sufficient precision, usually do not know the relevant probabilities of outcomes, and possess only limited memory. Simon formulated the concept within a novel approach to rationality, which takes into account these limitations. He referred to this approach as bounded rationality. Notice furthermore that some consequentialist theories in moral philosophy use the concept of satisficing in the same sense, though most call for optimization instead.

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Satisficing Definition from Language, Idioms & Slang Dictionaries & Glossaries
WordNet 2.0

1. decide on and pursue a course of action satisfying the minimum requirements to achieve a goal; "optimization requires processes that are more complex than those needed to merely satisfice"
(synonym) staisfise
(hypernym) act, move