Satisficing As A Decision-making Strategy

“Satisficing is one of the foundations of productive human behavior; it prevails when we don’t waste time on decisions that don’t matter, or more accurately, when we don’t waste time trying to find improvements that are not going to make a significant difference in our happiness or satisfaction.” ― Daniel J. Levitin, The Organized Mind: Thinking Straight in the Age of Information Overload

A Decision-making Strategy

Satisficing is a decision-making strategy proposed by Herbert Simon as a part of his bounded rationality theory. This strategy aims to find a satisfactory solution rather than the optimal one by setting a minimum acceptable threshold and selecting the first option that meets this threshold. This approach is helpful for everyday decisions and complex problems where time, information, or other resources are limited, making it impractical to seek the perfect solution, thus promoting quicker and more efficient decision-making.

Minimizing Stress & Indecision

This strategy involves setting predetermined criteria for acceptable solutions, which helps to save time and reduce effort, particularly in fast-paced environments or when information is incomplete. This strategic approach adapts mental limits and promotes well-being by minimizing stress and indecision, making it suitable for non-engineering situations that do not require exact calculations. 

Reduces Over-analysis & Perfectionism

Satisficing reduces stress and decision fatigue, limits over-analysis and perfectionism, and improves efficiency and quick decision-making. It also promotes happiness by setting achievable expectations and preventing regret. It balances the desire for excellence with practical requirements and provides a sense of equilibrium.

Time, Resources, or Information are Limited

Satisficing is a helpful approach for making decisions quickly when time, resources, or information are limited. It enables reasonable choices without thorough consideration, enhancing efficiency and reducing stress. When making decisions, it's important to have a strategy that helps you quickly eliminate bad options and make informed choices based on your knowledge. 

Conclusion

This approach can help you streamline your personal and professional decision-making, leading to greater satisfaction and better mental health.