Satisficing

Satisficing is a decision-making approach where a satisfactory solution is chosen rather than the optimal one. Organizations often use this method to save time and resources by eliminating options that require significant effort. However, satisficing can become a cognitive bias if done unintentionally, leading to suboptimal decisions. Awareness of this tendency is crucial to avoid jumping on the first workable solution without considering better alternatives.

What new insight or understanding did you gain from this video?