Satisficing
What is Satisficing?
Satisficing is a decision-making strategy in negotiations where an individual accepts an available option as satisfactory rather than pursuing the optimal solution, especially when the optimal solution is unknown, the costs of searching are high, or timely decisions are critical.
Satisficing Example
A procurement manager is tasked with sourcing a new supplier for raw materials. Instead of spending weeks to find the optimal supplier with the absolute best price and quality (which might delay production), the manager selects a supplier that meets the company's minimum quality standards and cost savings expectations. This decision allows production to continue without significant delays, exemplifying a satisficing approach to balance between the ideal choice and practical constraints.
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