Herbert Simon coined the term “satisficing” – a combination of satisfy and suffice. It’s easy to think that the best way to make decisions is to search for the very best option. If we look carefully and take plenty of time, we will find it. This approach is called maximizing. Simon believed this was the wrong approach. Not necessarily obvious on the face of it. But he understood that the searching itself had a cost, a cost that’s easy to overlook. In contrast to maximizing, satisficing calls on us to consider a few alternatives, evaluate them, perhaps get some advice, and reach a decision. A decision that will satisfy and suffice.
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Jane BettleHost