ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Rather than logical reasoning, the intuitive decision model uses feelings and instinct to make decisions. Often, team leaders or managers use this model to make quick decisions when they don’t have a lot of time for research or planning.

Detailed explanation-2: -The intuitive decision-making model has emerged as an important decision-making model. It refers to arriving at decisions without conscious reasoning. Eighty-nine percent of managers surveyed admitted to using intuition to make decisions at least sometimes, and 59% said they used intuition often (Burke & Miller, 1999).

Detailed explanation-3: -The correct answer is (B) it is devoid of emotions.

Detailed explanation-4: -An intuitive approach is normally fast and efficient. It relies on the mental and experiential capacity to read meanings into observed patterns and derive solutions very quickly. Of course there are flip sides to these advantages, and the downsides to each approach are often easy to observe.

Detailed explanation-5: -Rational decision-making model. Bounded rationality decision-making model. And that sets us up to talk about the bounded rationality model. Vroom-Yetton Decision-Making Model. There’s no one ideal process for making decisions. Intuitive decision-making model.