Herbert A Simon, a Nobel prize-winning economist, in 1957 introduced the notion of satisficing. By this he meant making a choice that is both satisfactory and sufficient to meet the needs of the situation without necessarily being the best of all possible options.
He linked this term to two others: optimising and maximising, the first concerned with achieving the best outcome from a given situation and the second achieving the most, be it the highest quality or the top price. You choose which of these three strategies best fits the circumstances.
FIRST-CLASS COACH
Miranda Kennett. Management Today London:Sep 2004. p. 86 (1 pp.)
Miranda Kennett. Management Today London:Sep 2004. p. 86 (1 pp.)
