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What is Satisficing?
Satisficing is a strategy used in decision making that seeks a result that is good enough to tackle a situation but is understood to not be the optimal solution.
The strategy narrows down the scope of available options that have the possibility of achieving the desired outcomes. It then sets aside those options that will require intensive efforts to achieve the results.
Satisficing helps management to make the best decision that will save on the resources, time, and energy.