Summary of Findings:  Intuition ( 4 out of 5 Stars)

Note: This post represents the synthesis of the thoughts, procedures, and experiences of others as represented in the articles read in advance (see previous posts) and the discussion among the students and instructor during the Advanced Analytic Techniques class at Mercyhurst University, in November 2017 regarding Intuition as an Analytic Method, specifically. This technique was evaluated based on its overall validity, simplicity, flexibility and its ability to effectively use unstructured data.

Description:

Intuition is an analytic method that relies on a) quick and ready insight, b) immediate apprehension or cognition, c) knowledge or conviction gained by intuition, d) the power or faculty of attaining to direct knowledge or cognition without evident rational thought and inference.

Strengths:

• Processes information extremely quickly
• Free (Built-in function of human brain)  
• Focuses on well-defined patterns, relationships, and possibilities
• Intuition involves factors such as expertise, processing styles, task structure, feedback, and time pressure in making decisions

Weaknesses:

• Heavily influenced by individual biases
• Subjective is a matter of opinion
• Current research suggests that intuition works best only in certain situations
• Hard to articulate decision-making process
• Flawed information's can lead to wrong intuition
• Short-term emotional bias can lead to bad intuition
• Unstructured questions damage the effectiveness of intuition
• Insufficient consideration of alternative
• Lack of openness; every person has a different experience base

How-To: Holistic Hunch

1. Be presented a problem that you have never seen before
2. Internalization of associated mental frames and value judgements, into habitualized and internalized patterns of thinking and understanding
3. Make a decision based on system two thinking based on past experiences combined with novel information in new ways

How-To: Automated Expertise

1. Be presented a problem that is well within your subject matter expertise
2. Internalization of associated mental frames and value judgements, into habitualized and internalized patterns of thinking and understanding
3. Make a decision based on past situation-specific experiences and a replay of those experiences.

For Further Information:

1. Intuition Definitions
2. Intuition Vs. Structured Analytic Methods
3. Pros and Cons of Business Intuition