Which concept is described as aiming for a satisfactory result rather than the best possible outcome?

• A. Maximising profits
• B. Providing a quality service
• C. Satisficing
• D. Survival

Answer: (C)

Satisficing is the idea of aiming for a satisfactory result rather than the best possible outcome. This recognizes that decision-makers often face limits in information, time, and cognitive capacity, so they settle for an option that meets acceptable criteria instead of conducting an endless search for the absolute optimum. In practice, a manager might choose a supplier that delivers adequate quality at a reasonable price to avoid delays and over-analysis, even if there is a theoretically better option. This concept contrasts with maximizing profits—which aims for the highest financial return—and with simply providing a quality service or ensuring survival, which focus on specific goals rather than the mindset of stopping once a satisfactory threshold is reached.