Satisficing is about acheiving good enough solutions, rtaher than necessarily striving for the very best. The term was coined by Herbert A. Simon, the poliical economist and AI pioneer, as a blend between he satisfy and suffice. Human reasoning is often driven by satisficing and bounded rationality as real world decisions often have the made in the absnce of complete information and without time or mental capacity to fully reason through all scenarios. Although the memory cacpity of machines can allow greater amonts of lookahead, AI systems are ultimately faced with similar situations and this is one of the reasons for the use of heuristics.
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Also known as satisficing