Satisficing and its Role in Risk Decision-Making

Satisficing and its Role in Risk Decision-Making
Decision-making is a complicated process that involves much more than the knowledge of the aspects that we may be intending to decide. In a decision making platform, an individual always has to weigh between the various options that are presented to them and to choose one that befits their personality or their ideology. In each of these instances, the aspect of satisficing comes up in variety of ways. The most notable being an individual has to weigh all decisions that are available and choose one that is most appealing to their presumptions (Mazar 5). Every time an individual chooses specific actions, in their personality they are usually satisficing one action in place of all other options that are available to them. As Sheena Iyengar notes in her presentation on decision-making and choice, an average person makes about seventy decisions in a day. In all of these instances, an individual is using the satisficing aspect to authenticate or authorize a decision. Thus, satisficing may be defined as the act of sifting through all the available options with their aspects and choosing an option that best befits ones ideology.
In risk decision making, satisficing arises as an important aspect probably because the consequences of choosing one action are huge and they may have an overall effect on future events and activities that will ensue. Satisficing in such a case arises as the next best way of chastitizing these options as one can evaluate both the consequences and the outcomes. As Mishra (14) notes, normally, most people often lean towards being maximizers. However, in instances when they fail to maximize on the available options such as in the risk decision-making since they are not aware of the outcome, they may opt for satisficing in order to find that decision that is most appealing to their standards.