12.2.3.2. Intuitive Decisions

Try these first

1. 1.

   Define intuitive decision-making.

   Hint

   Think of a decision you made without data.

2. 2.

   What is satisficing in decision-making?

   Hint

   Consider a time you made a choice that was good enough.

3. 3.

   What is intuitive decision-making?

   • A decision-making process based solely on logical analysis.
   • A decision-making that relies on personal instincts and experiences.
   • A decision-making approach that avoids all data.

   Hint

   Remember the role of instincts.

4. 4.

   True or False: Intuition should replace analytical approaches in decision-making.

   • True
   • False

   Hint

   Think about how best practices advise mixing intuition with data.

5. 5.

   Provide a detailed analysis of how a company can balance intuitive and data-driven decision-making in a crisis. Illustrate with relevant examples.

   Hint

   Consider instances where quick responses are key.

6. 6.

   Explore a historical case study highlighting the impact of cognitive biases on a major business decision.

   Hint

   Research past corporate misjudgments caused by biases.