ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Intuition
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Reasoning
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Both intuition and reasoning
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None of the above
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Detailed explanation-1: -Intuition has its place in decision making. But detached from rigorous analysis, it’s fickle-leading to disaster as often as success. The more options you’re evaluating, and the more complex and unfamiliar your challenges, the less you should emphasize instinct over reason.
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: -Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done.
Detailed explanation-4: -Decision-making isn’t an either/or situation; you can-and should-use both logic and intuition when making choices. These things aren’t opposites, they’re simply two sides of the same coin. Recognizing the value of both allows you access to the broadest spectrum of information and helps you make the best decision.