EP1 Decision Making: Know Who Shouldn’t Hold the Remote Control With Spencer Fraseur

Are you the kind of person who tries to optimize your decisions, but then often ends up regretting your choice because you might have missed something better? This means you are probably a maximizer. Or are you the kind of person who decides quickly and confidently, and then seldom looks back on decisions with regret? You are probably a satisficer. In this episode of Management Muse, we're joined by Spencer Fraseur, Cindi and Geoff’s nephew, and a doctoral candidate in management at the University of Texas at Arlington. In this episode, the Muse dives into the difference between maximizers and satisficers, and explores the work implications of each decision-making style. Episode Highlights:

• In organizations, maximizers may be most beneficial in the early stages of decision-making because they are thorough researchers.
• In organizations, satisficers may be most beneficial in the later stages of decision-making because they are excellent at putting the research down and selecting an option.
• While maximizers and satisficers can drive each other nuts, understanding the styles can help coworkers work more effectively together and better appreciate what each brings to the table.
• When selecting decision-makers on a particular topic, weigh the importance of the decision because the time spent researcher may be overkill for most decisions, where good enough would have, in fact, been good enough.

Timestamps: [5:13] The three main factors that distinguish Maximizers and Satisficers.
[8:36] An example of how a Satisficer and how a Maximizer view opportunities.

[12:46] How a Maximizer’s extensive research and negotiation ability helps them optimize their decisions.

[14:42] A Satisficer’s ability to speed up the decision-making process and stick with a choice.

[22:44] How to speed up your decision-making process as a Maximizer.

[23:26] How to make better decisions as a Satisficer.

[26:19] How Maximizers and Satisficers can collectively make better decisions at work.

[36:25] How a Maximizer might accidentally send a Satisficer the message that they don’t trust them.

About Spencer Fraseur: Spencer James Fraseur is a doctoral candidate in management at the University of Texas at Arlington. His first book, The Irrational Mind, won the Royal Dragonfly Book Award in 2020. Episode Resources: Maximizing Versus Satisficing: Happiness Is a Matter of Choice
The Irrational Mind – Book by Spencer Fraseur available on Goodreads and Amazon
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https://managementmuse.com/ Reference: Schwartz, B., Ward, A., Monterosso, J., Lyubomirsky, S., White, K., & Lehman, D. R. (2002). Maximizing versus satisficing: happiness is a matter of choice. Journal of personality and social psychology, 83(5), 1178.