Hunch and Scientific Decision Making

Hunch and Scientific Decision Making

1. Scientific Decision Making

   • Involves the use of data and logic as opposed to hunch and intuition
   • Scientific decision making involves...
     • Data mining and big data to source relevant data to inform decisions
     • Application of software logic and predictive models to analyse scenarios
     • Forecasts to consider the possible implications of the business

2. Intuition

   • Intuition refers to the use of "gut feeling" to make decisions rather than rely on a more scientific approach using data and other quantitative evidence
   • Advantages of intuition
     • Decision making can be instant
     • Data isn't reliable