Satisficing & Maximizing

Perfect example of the Satisfice decision-making process

1. First Identify your options
2. Then select the first suitable option
3. Are you satisfied? 
4. If not, start the process from the beginning
5. If so, choose that option and go with it

Guess what you get when you combine satisfy and suffice together? You get the word called Satisfice. The definition of "Satisficing" is a decision-making strategy that achieves satisfactory results. You search for a solution that is 'good enough' in that certain situation. Why do we use this method? Many people use this strategy because it's hassle-free, little effort, and the decision is made quickly. Often times this strategy is the only appropriate decision-making process available. This method does not look for the best decision, it looks for a suitable solution.

For example, as a full-time college student, I have to make suitable decisions that fit my schedule and the deadlines of homework. While buying presents for friends/family, I buy what I think that they'll like. In reality they'll probably like it but it's not the best decision. These decisions fall under the category of Satisficing. People who are satisficers do not get outcomes as good as maximizers, but they have less stress and make quicker decisions that meet their own criteria at that time. Times that you would want to use satisficing are decisions that aren't detrimental to you or others around you. There are different satisficing options that include; satisfice quantity, satisfice quality, and satisfice time. I decide to get 8 perfect donuts for breakfast but instead I can satisfice by recognizing that one person does not need 8 perfect donuts just for breakfast. I can buy 6, instead. That would be an example of satisficing quantity. I can satisfice quality by identifying the minimum quality standard. If I wanted to buy a ten dollar poster online but wanted it to be delivered the next day, I would have to pay another fifteen dollars. Second-day delivery is much cheaper but I would take the chance of getting into a car accident on that day, and dying without receiving my poster. Before paying for overnight delivery, be honest about when you need the item. Satisfice your delivery time requirements.

Maximizing 

Maximizing takes the complete opposite approach to decision-making. Maximizing takes more time, high costs, and high risk. While deciding my neurosurgeon, I'll probably maximize my options and do a lot of researching instead of settling (satisfice) for a brain surgeon. You wouldn't want to settle for a brain surgeon because that could potentially cost you your life. You would want to maximize your options if your decision will be very detrimental to yourself or others around you. The figure to the right is an example of maximizing your options. If the decision has an impact on your life, you should probably use the maximize strategy in these occasions. Maximizing is the better strategy in important decisions. Maximizers often experience some negative post-decision consequences. Maximizers look back at their decision and see that there was a better option than the one they chose. While satisficers are content with their decision and do not beat themselves up for choosing their option.

Now that you have an understanding of the two decision-making processes, which one fits your characteristic more?



Below I attached a website that allows you to decide whether you tend to maximize or satisfice decisions on a daily basis. (http://www.setsailcoaching.com/maximizing-vs-satisficing-how-happy-are-you-with-your-decisions)