Satisficing – (verb) Pursuing the minimum acceptable results or outcome because that decision is familiar, hassle-free, and requires the least investigation.
Herbert Simon first coined the term in 1956.
The difference between satisficing and iterating is the idea of permanence.
When you satisfice, you’ve accepted an end-state that is far less than ideal.
When iterating, you accept a beginning state that is less than ideal but with plans to improve continually beyond the beginning state.
Iterating implies growth. Satisficing implies an endpoint that is good enough.
References and Resources
Steve Portigal – Interviewing Users: I first ran across the term “satisfice” in this book.
More details here.