The art of intuitive decision-making helps businessmen make quick and effective decisions in complex situations and on the go. It is a process that doesn’t require tools, statistics, or data but is made quickly by your subconscious mind based on compiled knowledge, experiences, facts, patterns, concepts and procedures.
If honed well over a specific period, it can prove to be a great asset for an entrepreneur when thinking on your feet is imperative.
Here are the most prominent models of intuitive decision making:
- The Recognition-Primed Decision (RPD) model:
Gary Klein developed this model of thinking, which proposed that intuition is a quick and unconscious process of spotting patterns and evaluating alternatives based on prior experiences. According to this model, individuals initially recognise their predicament before intuitively generating a collection of possible solutions based on previous experiences. The most promising solution is then used to make the final selection.
- The Deliberation-Without-Attention (DWA) model:
Gerd Gigerenzer created this framework, which provides a cognitive explanation for intuitive decision-making. In this framework, intuition is the outcome of unconscious and parallel information processing in addition to cognitive analysis. According to this idea, people have the potential to unconsciously weigh choices and make decisions without paying attention to them.
- The adaptive unconscious model:
Timothy Wilson proposed that intuition results from unconscious mental processes perfected through experience. Individuals can intuitively notice patterns, absorb information, and make decisions based on previous events, according to this idea, even in complex situations.
- The dual process model:
According to this theory, decision-making is the outcome of two concurrent processes: conscious and unconscious. Under this approach, the unconscious process, known as intuition, works fast and spontaneously, whereas the conscious process, known as reasoning, works carefully and methodically. The interaction of these two processes results in the ultimate conclusion.
Though these models offer insights into the nature of intuition and its effective use in decision-making, each has limitations, and no single model provides a complete explanation for intuition. Therefore, the most effective decision-making technique will likely require a combination of several models and approaches adapted to the individual and the context.
3 examples of using intuitive decision making in the workplace.
- Hiring Decisions
Businessmen sometimes rely on their intuition when making recruiting decisions, assessing the match between a candidate and the organisation. Examples of such elements include body language, interpersonal skills, and excitement for the role.
- Problem solving
Businessmen may rely on their intuition to generate creative and effective solutions when confronted with a complex or difficult challenge. This could entail brainstorming a variety of alternative ideas and then relying on instinct to determine the best course of action.
- Evaluating Risks
Businessmen are frequently expected to make risky decisions and may rely on intuition to gauge the likelihood of success or failure. This could include weighing the risks and rewards of a new project or investment and making a choice based on their knowledge and experience.
Businessmen should always seek to increase their knowledge and experience, reflect on past decisions, request feedback, cultivate self-awareness, use data and analytics, and stay informed to make the most of their intuition. By adopting a diverse decision-making approach involving intuition, rational reasoning, and heuristics, businessmen may efficiently negotiate the complexities of their work and make the best decisions for their organisation.