On Sunday, while chatting with our younger daughter I mentioned satisficing as an interesting idea. I sent her an Investopedia article about it. Satisficing. She replied that she enjoyed the article, and while she had heard of the word before, she had underestimated its usefulness.
She also noted the similarity to the Minimum Viable Product design technique. MVP
I think in costly and complex situations trying to understand how the inputs connect to minimum necessary outcomes is sound decision-making practice. Once you get good at it, you recognize Pareto as a power law and notice the distribution of the remaining problem will be 80-20 as well. Suppose you could have 64% for 4% of the effort. or better yet 51.8% for 0.8% of the trouble.
Products and processes that are too ambitious are extremely costly and error-prone.
If there are just a few exceptional circumstances and many normal transactions, isolate the exceptions. You could deal with those with a pencil.
If you pay careful attention, you can isolate what must happen and what the minimum resource set to satisfy those may be.
No perfect system or product is possible in the beginning because we know too little. All good products and services evolve.
Why spend 100% to get an imperfect overambitious system that will require further investment to work. Often work just marginally.
I build strategic, fact-based estate and income plans. The plans identify alternate ways to achieve spending and estate distribution goals. In the past, I have been a planner with a large insurance, employee benefits, and investment agency, a partner in a large international public accounting firm, CEO of a software startup, a partner in an energy management system importer, and briefly in the restaurant business. I have appeared on more than 100 television shows on financial planning and business matters. I have presented to organizations as varied as the Canadian Bar Association, The Ontario Institute of Chartered Accountants, The Ontario Ministry of Agriculture and Food, and Banks – from CIBC to the Federal Business Development Bank.
Be in touch at 705-927-4770 or by email at email@example.com.