ECONOMICS

Detailed explanation-1: -Intuition differs from rational decision making in that it is faster and does not follow a linear, logical reasoning process that can be thoroughly recon-structed and explained ex post (Barnard, 1938; Simon, 1987).

Detailed explanation-2: -Compared to the rational model, intuitive decision-making allows for quick decisions to be reached, while a degree of gut feeling means managers can eliminate counter-intuitive ideas when drawing conclusions.

Detailed explanation-3: -Advantages of intuitive decision making Based on intuition, a manager is able to make decisions quick and effectively in complex and new situations. Intuition helps to identify a goal in life. It is a part of the subconscious and therefore can help identify dreams which match personal values and goals.

Detailed explanation-4: -Rational Decision Making: The logical way to solving decision problems. Intuitive Decision Making: The decision making done mentally, without calculations, systems and methods supported.

Detailed explanation-5: -Intuition offers a reduction in overall cognitive load and the ability to respond instantly while providing confidence in our knowledge and decision making – even though it may defy analysis (Hogarth, 2010). Such automatic thinking may benefit from, or be hampered by, experience.