What is the satisficing method in decision-making?

The satisficing method in decision-making refers to the strategy of selecting the first option that meets the minimum criteria for acceptance, rather than searching for the best possible outcome. This approach is particularly useful when the decision-maker faces constraints such as time pressure, limited resources, or incomplete information. Satisficing helps to simplify the decision-making process by allowing individuals to settle for a solution that is "good enough," rather than expending excessive effort in pursuit of an optimal solution.

Utilizing this method can lead to more efficient decision-making, especially in complex situations where evaluating all possible options may be overwhelming or impractical. It recognizes the limitations of human cognition and the realities of decision environments, where perfect information and outcomes are often unattainable.