Can You Explain The Difference Between Optimizing And Satisficing Decision?


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Satisficing is a type of decision making strategy, the purpose of which is to not look for the best solution instead such a solution is selected that meets the criteria for adequacy. As human beings have limited knowledge and even if they had all the information necessary even then they would not be able to process it. So satisficing says that the decision maker should select the very first alternative that meets the set standards or criteria. Thus it is selecting the alternative that meets minimum requirements. On the other hand and optimal solution optimal solution involves selecting the solution that provides the maximum possible benefit. It therefore involves going through all the alternatives and after that making the decision.

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