ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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making decision on the basis of experience only
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making decision on the basis of feelings only
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making decision on the basis of experience and feelings
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making decision on the basis of experience, feelings and accumulated judgement
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Detailed explanation-1: -Intuitive decision-making is making decisions based on experience, feelings, and accumulated judgments. It means that coming at decisions without conscious reasoning. Such decisions are based on one’s gut feeling about the person’s behaviour or communication.
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: -Intuition – making decisions on the basis of experience, feelings, and accumulated judgement.
Detailed explanation-4: -a decision reached on the basis of subjective feelings that cannot easily be articulated and may not be fully conscious.
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.