Satisficing
Find good enough
Satisficing is a decision-making strategy that involves searching through available alternatives until an acceptability threshold is met. It's about finding a good enough solution rather than the perfect one. This approach can help individuals make efficient decisions and avoid getting stuck on unattainable solutions.
- Good enough is, well, good enough.
- Perfect is the enemy of good.
- Efficient decisions are better than perfect ones.
- Define the problemClearly define the problem you're trying to solve. Avoid embedding solutions or biases into the problem statement.Pro tipUse radical honesty to examine your own biases.WarningBe careful not to get stuck on unattainable solutions.
- Brainstorm alternativesGenerate a list of possible solutions to the problem. Consider multiple perspectives and alternatives.Pro tipUse a friend or colleague to help you brainstorm.WarningAvoid getting stuck on a single solution.
- Evaluate optionsEvaluate the options you've generated and sort them into 'best theoretical option' (BTO) and 'best doable option' (BDO) categories.Pro tipFocus on the BDOs and eliminate the BTOs.WarningDon't get too attached to a single solution.
- Pick a BDOChoose a BDO and execute it. Remember that the goal is to find a good enough solution, not a perfect one.Pro tipHave a bias to action and take the first step.WarningDon't overthink it – just take action.
Bill Burnett uses the example of ordering kung pao chicken to illustrate the concept of satisficing. He notes that while there may be a perfect kung pao chicken out there, it's not necessary to find it in order to enjoy a good meal.
Nathaniel wants to go sailing every weekend, but can't afford a boat. Instead of getting stuck on the solution of buying a boat, he reframes the problem as 'how can I go sailing regularly on my limited budget?' and finds alternative solutions.
The concept of satisficing was introduced by Herbert Simon, a Nobel laureate in economics. It's a combination of the words'satisfy' and'suffice', and it's been widely used in economics and decision-making theory.