The term "satisfice" describes solutions that managers choose that may only adequately solve a problem.

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The term "satisfice" was coined by Herbert Simon in 1956 and refers to the concept of choosing a solution that is satisfactory or adequate, rather than optimal, when faced with limited time, resources or information. This decision-making approach is commonly used by managers in order to quickly resolve problems and make efficient use of available resources.

The Term "Satisfice" Describes Solutions That Managers Choose That May