Looking for the answer to the question below related to Satisficing?
Satisficing is the tendency of ____.
Options:
A. people to view events as being more predictable than they really are
B. decision makers to be influenced by the way a situation or problem is presented to them
C. a group to settle on a decision that is “good enough”
D. people to see events based on what has happened in the past
E. group members to agree for the sake of unanimity and thus avoid accurately assessing the decision situation
The Correct Answer Is:
- C. a group to settle on a decision that is “good enough”
Answer Explanation
Satisficing refers to aiming for a satisfactory or adequate result rather than the ideal one. When facing a task, satisficing focuses on pragmatic effort rather than putting maximum effort into achieving the ideal result. Time, energy, and resources may be wasted if an optimal solution is sought.
In order to achieve your basic acceptable outcomes, you can adopt a minimalist approach to satisfy your needs. In order to achieve optimal results, satisfaction narrows the variety of options, excluding those that would require more intensive, complex, or unfeasible efforts.
Maximizing tendency means choosing the best option, while satisficing tendency means accepting a satisfactory or “fairly good” option. The subjective experience of satisficers is superior to that of maximizers, despite maximizers making objectively better decisions.
Related Questions
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With reference to decision making, which of the following does satisficing involve?
Options:
a. Selecting the best option with the highest utility
b. Seeking solutions that are satisfactory and sufficient
c. Weighing each criteria before making a decision
d. Finding optimal solutions to problems
e. Scrutinizing and evaluating each alternative in detail
The Correct Answer Is:
- b. Seeking solutions that are satisfactory and sufficient
Which statement is true regarding the satisficing decision model?
Options:
A) It involves shared decision-making.
B) A decision is made by analyzing pros and cons associated with each option.
C) It allows for a quick decision, which is important when lack of time is an issue.
D) It is more appropriate when conflict is likely to occur or when the problem is unstructured.
The Correct Answer Is:
- C) It allows for a quick decision, which is important when lack of time is an issue.
Which of the following is not a reason people engage in satisficing rather than maximization?
Options:
A. They lack the capacity and motivation to process a huge volume of information.
B. They rely on sequential evaluation of new alternatives.
C. Decisions with many alternatives can be cognitively and emotionally draining.
D. Alternatives present themselves over time, not all at once.
E. It allows them to choose the alternative with the highest payoff.
The Correct Answer Is:
- E. It allows them to choose the alternative with the highest payoff.
Which of the following explains the term”satisficing?”
Options:
A. Considering limited alternatives while making decisions.
B. Following simplified decision rules.
C. Selecting the alternative simply because it is the easy way out.
D. Selecting the alternative that meets minimum decision criteria.
The Correct Answer Is:
- D. Selecting the alternative that meets minimum decision criteria.
Which of the following is an accurate description of satisficing?
Options:
A) Viewing problems from a fresh perspective to come up with creative alternative solutions to specific problems.
B) Generating creative alternatives to solve problems and taking advantage of opportunities by abandoning existing mind-sets.
C) Conducting a retrospective analysis to see what can be learned from past successes or failures.
D) Searching for and choosing acceptable or satisfactory ways to respond to problems and opportunities rather than trying to make the optimal decision.
The Correct Answer Is:
- D) Searching for and choosing acceptable or satisfactory ways to respond to problems and opportunities rather than trying to make the optimal decision.
Which of the following is probably an expression of the influence of the satisficing heuristic?
Options:
A) “Brandon is a huge fan of the San Francisco Giants. If he sees anything at all with the SF Giant’s logo on it, a shirt, a coffee cup, a banner, you know Brandon is going to want to buy it.”
B) “There is always another way to tweak the artwork this way or that. But we have to get the marketing materials to the conference soon. So I say that the design is good to go.”
C) “I never get a flu shot. When I was a kid I had a terrible infection and the doctor gave me a hypo of penicillin right in the butt. Wow did that hurt!”
D) “This year two of the people in our office died. One was hit by a drunk driver last summer when he was out biking, and the other had a fatal heart attack while shoveling snow. We all worked in the same office, reported to the same boss, and both of them were about my age. Makes me not want to do anything that is physically exerting.”
E) “The prosecuting attorney pointed at the accused and said, ‘For a man like him, raised in his religious culture, it is a huge dishonor if a wife is not totally subservient to her husband. That is how we know that the defendant is guilty of murder. I say that he is the one who beat his wife to death. His motive was that he thought she had somehow dishonored him.”
The Correct Answer Is:
- B) “There is always another way to tweak the artwork this way or that. But we have to get the marketing materials to the conference soon. So I say that the design is good to go.”
Managers should avoid satisficing in the ____ stage of the managerial decision-making process.
Options:
A) selecting an alternative
B) identifying the problem or opportunity
C) implementing and evaluating the solution
D) satisfying the customer
E) generating alternatives
The Correct Answer Is:
- A) selecting an alternative
A satisficing model is one that finds a good, but not necessarily the best, solution to a problem.
Options:
A.True
B. False
The Correct Answer Is:
- A. True
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MBA,BBA.
I am Smirti Bam, an enthusiastic edu blogger with a passion for sharing insights into the dynamic world of business and management through this website.
I hold a MBA degree from Presidential Business School, Kathmandu, and a BBA degree with a specialization in Finance from Apex College,
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