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Modern Mentor

200 GID Make Life Easier by Satisficing

Modern Mentor

Macmillan Holdings, LLC

Careers, Business, Management

4.3726 Ratings

🗓️ 28 November 2011

⏱️ 6 minutes

🧾️ Download transcript

Summary

Speed your decisions by understanding the concepts of maximizing and satisficing, and using each when needed.

Modern Mentor is hosted by Rachel Cooke. A transcript is available at Simplecast.

Have a question for Modern Mentor? Email us at modernmentor@quickanddirtytips.com.

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Modern Mentor is a part of Quick and Dirty Tips.

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Transcript

Click on a timestamp to play from that location

0:00.0

Stevea Robbins here. Welcome to the Get It Done Guys quick and dirty tips to work less and do more.

0:09.1

My palmerniece wants only the best for her wedding. Oh, she wants the best music, the best cake,

0:13.8

the best location, and the best weather. It needs to be the most romantic wedding ever and have the

0:19.1

best food, wine, and cheese at the reception. Oh,

0:22.4

did I mention the guest list? Every important person in her life just has to be there.

0:27.5

She's going over every detail with a fine-tooth comb, finding and evaluating every possible option.

0:33.3

Bernice, in other words, is a maximizer. When faced with a choice, a maximizer will try to make the best choice possible.

0:41.3

They want to make every possible aspect of the end result perfect.

0:45.1

They're often disappointed.

0:46.6

Sometimes getting the lowest cost, for example, won't also get the highest quality.

0:51.1

Life has tradeoffs, and maximizers hate that. What's worse, after decision is

0:56.6

made, maximizers obsess over whether they missed out on a better option than the one they chose.

1:01.7

Oh, and if anything goes wrong later, say, it turns out that Bernice's cake has 40 more calories

1:06.7

per slice than anticipated, they always remember the one option they didn't choose that wouldn't

1:11.9

have had that problem. Never mind that even though it would have been perfect in its calorie

1:16.4

count, a cucumber and hummus sweating cake would have been unfortunate. Maximizing gets better outcomes,

1:23.1

but decisions can take longer and they're often accompanied by regret. Melvin, Bernice's boyfriend,

1:29.6

is a satisfacer. He yearned for years for a white Toyota Corolla, and he wanted to pay under

1:35.8

$7,000 for it. When it was time to buy a car, the first showroom he walked into had a used

1:41.9

white Toyota Corolla in the lot with a sticker price of

1:44.8

$6,500. He bought it. On the spot. Bernice was horrified that Melvin didn't shop around.

1:51.4

Well, he said, it met my criteria. So why look any further? Satisfisers combine the ideas of

...

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