intuition decision making

Question 1

what is isntuitive decision making

Answer 1

managers do not use data to inform their decisions but instead use their gut instinct, or perhaps a hunch.

Question 2

advantages of intuition decision making

Answer 2

some managers intuition and gut feelins ma be accurate after years of experience
decisins can be made quicker as there is no need to gather and analyse data

Question 3

disadvantages of intuition decision making

Answer 3

in new situations or experience lacking staff theres not enough prior experience to provide accurate intuition
decisions can be made for illogical reasons as data isnt considered

Question 4

factors influencing iintuitive decision making

Answer 4

-if data is unavailable or lacks reliability, intuition based is more appropriate
-experienced managers are more likely to use intuition
-intuition carries greater risk, may only be appropriate for businesses willing to accpet higher levels of risk

Question 5

when should you use inhtuiton

Answer 5

when the situation is regular, constant and repeatable
lots of practice
immediate feedback