Case Interview Prep

Answer: D - The term “satisficing” means to search for a minimally acceptable solution instead of the optimal solution.

Key Takeaway: In the administrative model of decision making, Simon theorized that managers will search for the minimally optimal solution to a decision making problem instead of waiting to develop the optimal solution. He coined the term “satisficing” to describe this decision making process. This decision making process was an evolution on the classical approach to decision making, which did not account for satisficing.