What does satisficing mean in the context of decision making?

Satisficing is a term in decision-making that refers to the process of selecting the first option that meets a set of minimal criteria, rather than searching for the best possible solution. This concept stems from the idea that individuals often face limitations in time, information, and cognitive resources, which can make exhaustive optimization impractical. Therefore, rather than evaluating all possibilities to find the absolute best choice, a person will settle for a solution that is "good enough" to meet their needs.

In many real-life scenarios, this approach helps to reduce the time and energy spent on decision-making, allowing individuals to move forward more quickly with acceptable options. It acknowledges the reality that while some choices may be more favorable than others, perfection is rarely attainable or necessary for most decisions.