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Decision Making: Satisficing

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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 ...

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

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Business Ethics: Satisficing

1. Which of the following explains the term "satisficing?"
Answer
Striving to select only the best alternative
Following simplified decision rules
Selecting the alternative simply because it is the easy way out
Selecting the alternative that meets minimum decision criteria

2. Which of the following is a criticism of the Sarbanes-Oxley Act?
Answer
It excludes requirements for certification of documents by officers.
It imposes extraordinary financial costs on the firms.
It does not require lawyers to report concerns of wrongdoing if not addressed.
It does not require codes of ethics for senior financial officers.

The next two questions response should be at least 200 words in length. All sources used must be referenced; paraphrased and quoted material must have accompanying citations.

3. In the 1960s, Britain and France decided to jointly fund and build a supersonic transport that became known as the Concorde. Research the decision to build and fly the supersonic transport Concorde. Then, discuss how the sunk costs and an escalation of commitment affected their decisions.

4. Throughout its existence, Saturn has never turned a profit for General Motors. Research the history of Saturn and GM's decision to continue funding it (although GM has now decided to close down the auto maker). Why hadn't Saturn made a profit? Was escalation of commitment in play in GM's decision? If so, how?

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