Satisficing

Satisficing is a term of decision theory and describes the strategy not to look in a decision situation for the optimal solution, but to be content with the first available opportunity that meets the intended purpose. Satisficing, a word created by Herbert Simon, is a portmanteau of the words satisfying (satisfactory =) and suffice ( = satisfy ).

Example: Someone wants to cram his socks and examined this in a messy sewing box sewing needle. That someone hears immediately with searching when he has some needle found in the thread it can be sewing thread, and starts with the stopper.

Unlike the satisficing is searched during the optimization so long for alternatives until the best possible solution is found. In the above example, someone would search until he has found the perfect needle for darning socks.

When satisficing the effort to search for a solution in terms of cost -benefit analysis is considered.

Satisficing is a variant of bounded rationality.