ECONOMICS

Detailed explanation-1: -Intuitive decision-making can be described as the process by which information acquired through associated learning and stored in long-term memory is accessed unconsciously to form the basis of a judgment or decision.

Detailed explanation-2: -Intuitive decision-making is more hidden and therefore any methodological input can potentially extend the view of managerial decision-making. Managers make decisions in organisations that have been undergoing significant change in relation to societal changes.

Detailed explanation-3: -The steps involved in the rational decision-making model are: defining the problem, identifying the decision criteria, allocating weight to criteria, developing alternative solutions, evaluating alternatives, choosing a solution, and implementing it.

Detailed explanation-4: -Intuitive decision-making ability is also known as ‘sixth sense’ and involves being able to gather information that other individuals may miss. It is the opposite of rational decision making, which is when individuals use analytics, facts, and a step-by-step process to come to a decision.