Learning objective
Compare the value of decision making based on data with decision making based on intuition.
Read the explanation, check the common trap, then practise with flashcards and questions.
At a glance
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Questions
Topic
Understanding management decision making
Subtopic
Data and intuition in decisions
Study support
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Quick explanation
Compare the value of decision making based on data with decision making based on intuition
- This point belongs to Understanding management decision making, especially Data and intuition in decisions.
- You need to be able to compare the value of decision making based on data with decision making based on intuition.
- The key ideas to know are intuition.
- Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.
Key concepts
Why it matters
This objective helps connect Data and intuition in decisions to exam-style questions, flashcards, and revision notes for Understanding management decision making.
Quick student answer
How do you compare value of decision making based on data with decision making based on intuition in business?
Direct answer
For Business, this page helps you revise value of decision making based on data with decision making based on intuition in Understanding management decision making. Focus on the key terms, the exam command, and a clear answer that matches the question. Key terms to check are Data and intuition in decisions and intuition.
Key terms
- Data and intuition in decisions: Data and intuition in decisions is a Business concept used to analyse Compare the value of decision making based on data with decision making based on intuition.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.
- intuition: intuition should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.
- Data and intuition in decisions decision: Data and intuition in decisions decision affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.
Common trap
Data and intuition in decisions common mistake 1: Show the method first, then give the final answer in the required form. Apply this directly to Data and intuition in decisions.
Related questions
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Flashcard prompts
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Revision notestopic notes
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Open revision notesRelated learning objectives
- Interpret decision trees and calculate expected value and net gains.
Data and intuition in decisions
- Explain risk, reward, uncertainty and opportunity cost in management decision making.
Decision influences
- Analyse how mission, objectives, ethics, competition and resource constraints influence business decisions.
Decision influences