Final answer:
The term 'satisficing' describes a strategy in decision-making that seeks a satisfactory solution rather than the optimal one, recognizing the limitations such as time and information. It differs from rationalization and heuristics but shares the practical approach of seeking a 'good enough' answer.
Step-by-step explanation:
Finding a solution that is satisfactory but not necessarily the best possible is referred to as satisficing. This term was coined by Herbert Simon to describe a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution, especially when the full range of every possible alternative is unknown or not practical to evaluate. Satisficing is a practical approach in situations where an exhaustive search for the best solution is not feasible due to time constraints, limited information, or other practical considerations.
In contrast to rationalization, which involves justifying behaviors by substituting acceptable reasons for true, but perhaps less desirable ones, satisficing acknowledges limited resources such as time and information when making a decision. It is different from a heuristic, which is a cognitive shortcut that simplifies decision making, although both can play a role in decisions where a fast and 'good enough' answer is preferred over a perfect one that might require more effort to determine.
In collective decision-making processes, biases can influence the outcome towards options like status quo, majority rule, or compromise. However, satisficing focuses on meeting basic requirements, not necessarily on what the majority decides or on maintaining current situations. When considering the greater good, as in utilitarian principles, the focus is not on satisficing but on maximizing happiness or utility for the greatest number of people.