ECONOMICS

Detailed explanation-1: -Intuitive decision making is the way people make decisions naturally, without the use of formal tools and procedures. Some talk about intuition as happening without any thought at all. Like “trusting your gut” or “using the force” in a sixth sense kind of manner.

Detailed explanation-2: -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.

Detailed explanation-3: -The responsibility of decision-making is ultimately on the managers. However, in every organization there has to be a well-defined structure that determines who will manage the decisions pertaining to each department or function.

Detailed explanation-4: -Iconic 20th-century management guru Peter F. Drucker said once, “Whatever a manager does, he does through making decisions.” That is exactly what we are talking about here.