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Data-Driven Decision Making

And the role of intuition

Akhilesh Gulati
Thu, 10/08/2015 - 11:14
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The big data revolution is requiring a seismic shift inside organizations, both in the way we build relationships and the way we make decisions. Each is now driven by data rather than intuition.

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In general, decision making is accomplished via a thought process of selecting a logical choice from the available options. In a technical sense, when one makes a decision, all of the positives and negatives of each option are weighed against each other and/or a set of criteria, as well as all other considered alternatives. This process can be rational or irrational, and is often influenced by the decision maker’s utility and attitude toward risk.

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Comments

Submitted by NT3327 on Thu, 10/08/2015 - 09:05

Intuition and recognition

In Thinking, Fast and Slow, Daniel Kahneman quotes Herbert Simon: "Intuition is nothing more and nothing less than recognition." Kahneman goes on to say, "Valid intuitions develop when experts have learned to recognize familiar elements in a new situation and to act in a manner that is approrpriate to it... Unfortunately, professionals' intuitions do not all arive from true expertise."

Thanks,

NT3327

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Submitted by ANCutler on Tue, 02/09/2016 - 14:03

Data driven

"The goal is not to be driven by data but to be led by the insights it yields."

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