Because managers can't possibly analyze all information about all alternatives,they accept solutions that ________ rather than ________ payoff.
A)maximize; satisfice
B)maximize; minimize
C)satisfice; minimize
D)satisfice; maximize

Question

Quizplus · Accepted Answer

Satisficing is the process of selecting the first solution that meets the minimum criteria, rather than trying to maximize the payoff. This is a more realistic approach because analyzing all alternatives and trying to maximize payoff is often not feasible for managers. Therefore, they tend to satisfice and select the first solution that is good enough to solve the problem.

Because Managers Can't Possibly Analyze All Information About All Alternatives,they