Tag: strategy tactics

Satisfice: Satisfying & Sufficient

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Satisfice (a portmanteau of satisfy and suffice) is a decision-making strategy that attempts to meet criteria for adequacy and not to find an ideal solution. The word satisfice was created by Herbert Simon in 1947. He pointed out that human beings lack the cognitive resources to maximize: we usually do not know the relevant probabilities of outcomes, we can rarely test all outcomes with sufficient precision, and our memories are weak and unreliable. A more… Read More . . . “Satisfice: Satisfying & Sufficient”