The word satisfice was created by Herbert Simon in 1947. He pointed out that human beings lack the cognitive resources to maximize: we usually do not know the relevant probabilities of outcomes, we can rarely test all outcomes with sufficient precision, and our memories are weak and unreliable. A more realistic approach to rationality takes into account these limitations but attempts to find a solution that is satisfying and suffices in addressing the issue and moving forward.
The Costs of the Optimal Solution
The alternative is to continue to search for a probably elusive perfect solution. A satisficing strategy may often be near optimal if the costs of the decision-making process itself, such as the cost of obtaining complete information, are considered in the decision.
The Principle of Good Enough
Sociocratic literature and trainers often use the Principle of Good Enough to mean satisfying. In software development and systems design, good enough means that a solution meets the clients needs even though a more capable solution is available. But often good enough is perceived negatively as adequate, acceptable, tolerable, rather than the more positive terms satisfactory, respectable, reasonable, and all right.
In situations where a group is striving for optimal solutions and achievements, good enough may be met with disdain. The standard of satisfying might be more acceptable since it also sets a clear standard. The solution must not only suffice; it must be satisfying.
Often the characteristic that produces satisfaction is the ability of the solution to help a group more forward.