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Decision Making: Satisficing

Discuss the concept of satisficing. In your answer, discuss the positive and negative aspects of applying satisficing in decision making.

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Satisficing means the person accepts an available option as satisfactory. It means searching through available options till an acceptable threshold is met. This term is used to describe the behavior of decision makers under circumstances in which an ...

Solution Summary

This solution explains the concept of satisficing. The sources used are also included in the solution.