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

Question

Quizplus · Accepted Answer

Satisficing refers to choosing a satisfactory or "good enough" solution rather than trying to maximize the payoff. As managers cannot analyze all information on all alternatives, they often settle for a solution that is acceptable rather than perfect. Therefore, managers accept solutions that satisfice rather than maximize payoff.

Because Managers Can't Possibly Analyze All Information on All Alternatives