Final answer:
Compromising to make a "good enough decision" is known as satisficing. This is a common strategy in collective decision-making where a solution that is 'good enough' is chosen over an optimal solution due to various biases or constraints. Satisficing can help groups reach a timely consensus.
Step-by-step explanation:
Compromising to make a "good enough decision" is known as satisficing. This concept applies to situations where a decision-maker settles for a solution that is deemed acceptable and sufficient, rather than expending additional time and resources to find the optimal solution, which is referred to as optimizing. In the context of collective decision-making, people may lean towards satisficing to reach a consensus when there are competing interests or a timely decision is necessary.
In collective decision-making, there is often a bias toward the status quo, majority rules, supermajority rules, or compromise. Each of these biases affects the collective decision-making process in different ways, impacting how satisficing might occur within a group setting.