The concept of "satisficing" refers to ____.
A) engaging in an extensive search for alternative solutions
B) selecting less than the best goal or alternative solution
C) having inadequate control of forces influences the outcomes of decisions
D) having inadequate information available to make a decision

Question

Quizplus · Accepted Answer

"Satisficing" is the act of choosing a solution that is good enough or satisfactory, rather than the optimal or best solution. It involves selecting a goal or alternative solution that meets a set of minimal criteria rather than engaging in an extensive search for the best possible option. This concept was introduced by Herbert Simon, a Nobel laureate in economics and social sciences, who argued that people do not always seek to maximize their outcomes, but rather make decisions based on satisficing criteria. Therefore, the best choice is B, as it accurately describes the concept of satisficing. The other options describe different factors that may influence the decision-making process but are not specific to satisficing.

The Concept of "Satisficing" Refers to ____