Decision - Making: from Intuition to Data
Decision - Making: Why is it important?
Companies, agencies and wide spread businesses often grow on the foundation of quick and proper decision- making at the right moment. They cannot quite survive without this prowess and people ‘who get the work done’ are quite often the reason for the exponential increase in business. But finding people who can exhibit such prowess is quite the daunting task. In this scenario one is often at a loss to understand what type of decision- making to depend upon. That is, whether to rely on those who are inclined towards the intuitive side of decision- making or the ones who rely on hard calculated facts.
Thus, it is not hard to understand that a combination of both these skills is an asset beyond anything else. Even as we progressively move into an age that depends more and more on factual analysis and data interpretations, it is clear that data is indispensable to the process and cannot be done without. But data can often pose as a staggering hurdle that consumes time and energy, which can be harmful if fast decisions are required in moments of intensity or emergency. In these scenarios, the intuitive characteristic comes in handy along with the experience that acts as its catalyst. If both these characteristics can be put together, the decision or outcome is both quantitatively and qualitatively sound. Hence, one cannot completely rely on a mere hunch that is established in a vacuum or depend on just cold facts for all analysis in the hope that since its tangible data, it will necessarily be right.
Intuition: Advantages
Intuition is the primary asset of experience; it belongs to the ‘wiser’ lot. It is instrumental when a number of quick decisions are to be made in a veritable shortage of time or access to records and data. This occurs when there is a need for a rapid response instead of rational analysis. Intuitive decisions are also helpful in cases where the problem is badly structured and offers no respite: it can either lack comprehensive data or have data that is dynamic or continually changing, in which case it is risky to rely on the latter. The information could be contradictory or conflicting. In some cases, one might face a completely new situation, which is unforeseen. Then one can rely heavily on intuition. It works on a pattern recognition method that comes from deep knowledge, experience and sub conscious logic that might not make sense to most but can later prove to have been an insightful decision.
Data: Advantages
On the other hand, data is one incorrigible, fundamental facet and partner to decision- making. One cannot quite do without it, especially in the present scenario in which one needs constant global access to accomplish tasks and measure other businesses as competitive ones. Data often factor in a number of secondary changes in the facets surrounding an issue; intuition in such cases cannot be relied upon because it work on the experiential knowledge of scenarios with contradistinctive affecting factors. This leads to a certain human bias, which can easily be avoided using evaluative strategies that make use of data for analysis. See more at: https://www.skylinecollege.com/business-analytics-big-data-course
Companies, agencies and wide spread businesses often grow on the foundation of quick and proper decision- making at the right moment. They cannot quite survive without this prowess and people ‘who get the work done’ are quite often the reason for the exponential increase in business. But finding people who can exhibit such prowess is quite the daunting task. In this scenario one is often at a loss to understand what type of decision- making to depend upon. That is, whether to rely on those who are inclined towards the intuitive side of decision- making or the ones who rely on hard calculated facts.
Thus, it is not hard to understand that a combination of both these skills is an asset beyond anything else. Even as we progressively move into an age that depends more and more on factual analysis and data interpretations, it is clear that data is indispensable to the process and cannot be done without. But data can often pose as a staggering hurdle that consumes time and energy, which can be harmful if fast decisions are required in moments of intensity or emergency. In these scenarios, the intuitive characteristic comes in handy along with the experience that acts as its catalyst. If both these characteristics can be put together, the decision or outcome is both quantitatively and qualitatively sound. Hence, one cannot completely rely on a mere hunch that is established in a vacuum or depend on just cold facts for all analysis in the hope that since its tangible data, it will necessarily be right.
Intuition: Advantages
Intuition is the primary asset of experience; it belongs to the ‘wiser’ lot. It is instrumental when a number of quick decisions are to be made in a veritable shortage of time or access to records and data. This occurs when there is a need for a rapid response instead of rational analysis. Intuitive decisions are also helpful in cases where the problem is badly structured and offers no respite: it can either lack comprehensive data or have data that is dynamic or continually changing, in which case it is risky to rely on the latter. The information could be contradictory or conflicting. In some cases, one might face a completely new situation, which is unforeseen. Then one can rely heavily on intuition. It works on a pattern recognition method that comes from deep knowledge, experience and sub conscious logic that might not make sense to most but can later prove to have been an insightful decision.
Data: Advantages
On the other hand, data is one incorrigible, fundamental facet and partner to decision- making. One cannot quite do without it, especially in the present scenario in which one needs constant global access to accomplish tasks and measure other businesses as competitive ones. Data often factor in a number of secondary changes in the facets surrounding an issue; intuition in such cases cannot be relied upon because it work on the experiential knowledge of scenarios with contradistinctive affecting factors. This leads to a certain human bias, which can easily be avoided using evaluative strategies that make use of data for analysis. See more at: https://www.skylinecollege.com/business-analytics-big-data-course
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