ECONOMICS

Detailed explanation-1: -Intuition is effective when you don’t have data or the time to think logically before making a decision. And even though you can develop intuition based on knowledge and experience (a type of data), it’s still risky to use it in business decision making.

Detailed explanation-2: -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-3: -One benefit big data and business analytics can help improve decision making is by identifying patterns. Identifying problems and providing data to back up the solution is beneficial as you can track whether the solution is solving the problem, improving the situation or has an insignificant effect.

Detailed explanation-4: -Typical examples where intuition can play an important role in making decisions are: Choosing your life partner, selecting the right car to buy, evaluation of a job, decision about an education, selecting a meal when eating out, selecting the next book to read, decide how to dress for today, and so on.