Satisficing is a decision-making strategy that aims for a satisfactory or adequate result rather than the optimal result, because aiming for the optimal solution may necessitate needless expenditure of time, energy and resources.1
A combination of satisfy and suffice, the term satisficing is used to explain the behavior of decision makers under circumstances for which an optimal solution cannot be determined. Herbert Simon formulated the concept of satisficing within a novel approach to rationality (“bounded rationality”), which posits that rational choice theory is an unrealistic description of human decision processes.2
Satisficing refers to the use of aspiration levels when choosing from different paths of action; decision-makers select the first option that meets a given need, or they select the option that seems to address most needs rather than the optimal solution.3
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1 https://www.investopedia.com/terms/s/satisficing.asp.
2 Simon, H. A. (1956). "Rational Choice and the Structure of the Environment" (PDF). Psychological Review. 63 (2): 129–138.
3 https://en.wikipedia.org/wiki/Satisficing.
