Multiple choice

Which business guru defined the term 'satisficing'?

  1. Henri Fayol

  2. Herbert Simon

  3. Alan Sugar

  4. Peter Drucker
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The term 'satisficing' was coined by Nobel laureate Herbert Simon in 1956. It describes a decision-making strategy where an individual chooses an option that is 'good enough' to meet their criteria, rather than searching indefinitely for the absolute optimal solution. Other figures like Fayol and Drucker are known for administrative and management theory, while Alan Sugar is a British businessman.

Keep practicing — related questions