https://books.google.com/books?hl=en&lr=&id=FNig6of6_MIC&oi=fnd&pg=PP2&dq=dixit+and+nalebuff&ots=DOpR0FLXlN&sig=q6-PECGtw_2OC4KDvJ-FeFkDoII#v=onepage&q=dixit%20and%20nalebuff&f=false

You may consider starting with this light hearted (and serious) treatment of applying real options and games theory reasoning to structure intuition in decision-making. I found this quite useful in framing some of my thoughts that are incorporated in a number of my published papers.

I think that the following paper is a basic one!

https://www.researchgate.net/profile/Michael_Pratt3/publication/254412101_EXPLORING_INTUITION_AND_ITS_ROLE_IN_MANAGERIAL_DECISION_MAKING/links/5463757a0cf2837efdb30bef.pdf

Article Exploring Intuition and its Role in Managerial Decision Making

Here are some key papers and a book:

Clarke, I., & Mackaness, W. (2001). Management ‘intuition’: An interpretative account of structure and content of decision schemas using cognitive maps. Journal of Management Studies, 38(2), 147-172.

Simon, H. A. (1987). Making management decisions: The role of intuition and emotion. The Academy of Management Executive (1987-1989), 57-64.

Note: Simon is a Nobel prize winner for work in economics, management, and psychology.

Agor, W. H. (1989). Intuition in organizations: Leading and managing productively. Sage Publications, Inc.

Management is for timely decision making at the right time for their successive progressive development of the organisation . With this this does not necessary mean that intuition is a requisite process for only Management area.

This is applicable to every areas where individual works with his intellectual process for which he has to use his mind & brain under the inner urge with the grace ,confidence,& will power , Intuition is to take the process in every areas of professional activities which include even medical professional .

In the line with the question i also take  a liberty to attach my publication under the captioned '' Management Compass '' .

This is my personal opinion 

Thanks a lot Prof. Ricardo Barcelona sir, Prof. Costas Drossos sir, Prof. David Dunaetz sir, and Prof. Rohit M Parikh sir. I appreciate your contribution. Thanks a lot indeed.

Ahran, you cannot get anywhere with intuition unless you make contact with the work on naturalistic decisions, sometimes referred to as recognition primed decisions.  Gary Klein is the leading figure in this area. That paper suggested by Costas cites two of his books.  They are a good place to start. The naturalistic decision work has revealed rather conclusively that no one, not even in the most well-ordered and formal disciplines, can function without relying heavily on intuition (although intuition is a fuzzy and poorly understood term with all sorts of mystical connotations - I much prefer to refer to naturalistic or recognition primed decisions).

Thank you, Gavan Lintern

Yes. Especially in hiring decisions. Clients usually place scientific test results secondary to their intuition.

Thanks Andew Tsui sir

Intuitive decision making is practiced by organizational managers sometimes, when mental process dictates the likely outcome. There is no plausible explanation for the same. That is why, some people refer intuition as sixth sense.

In fact, of the "Six Thinking Hats" that Managers use, the red one refers to intuition:

http://www.debonogroup.com/six_thinking_hats.php

Dear Arhan,

In management theory we meet the definitions that management is both science and art. In the sphere of art managers may try to make decisions and solve problems on the basis of intuition, experience, instinct, and personal insights. Relying heavily on emotional, conceptual, communication, interpersonal, and time-management skills, for example, a manager may have to decide between multiple courses of action that look equally attractive. And even the facts that look objective may prove to be wrong.

Jack Welch talked about "gut feeling", e.g. the intuition of experienced managers, but it is based also on the previous experience, knowledge, etc.

Best regards!

Managers' decision-making on organisational issues are mostly guided by organisational policy, experience and knowledge. However, recently participatory decision making is being considered as one of the effective decision making methods.

This is an interesting question. I have spent hundreds of hours observing senior managers in decision-making situations and come to the conclusion that intuition is not simply a quality that is acquired at birth but is, subconsciously, trained. Senior managers take many decisions, sometimes several hundred a day. They, hopefully, can draw upon accumulated experience that has built what some may describe as 'wisdom'. This provides a subconscious framing mechanism that shapes rapid decision-making. Interestingly, many managers have reported that they "feel" the rightness of some courses of action, so much so that if a decision is taken (perhaps by someone else) that they consider to be wrong then, as one said to me, "it is like a kick to the stomach". Some may describe this as 'emotional intelligence' but I think that managerial wisdom is more complez and specific to the tasks being undertaken.

Thank you, Prof. David Louis Francis sir. I appreciate your contribution. Thank you, indeed.

Thank you, Jaharkanti sir. I appreciate your contribution. Thank you, indeed.

Thank you, Prof. John Aderibigbe sir

Thank you, Yanica Dimitrova mam.

Thank you, Mita Brahma mam.

I appreciate contribution of you all. Thank you all, indeed.

Have a look at Gerd Gigerenzer's book "Risk savvy: How to make good decisions". First he reports that 50% of managers he asked answered that they use intuition, but try to find rational arguments afterwards. Second he thinks that - as Prof. Francis stated - intuition is subconscious knowledge that is not accessible voluntarily.

Arhan:

If your student is looking for a philosophical basis for the study, David Hume gave one in his writing titled A Treatise of Human Nature. In Section III (Of the Influencing Motives of the Will) Hume makes his famous statement "Reason is, and ought only to be the slave of the passions, and can never pretend to any other office than to serve and obey them." The entire section (III) provides his rationale for his assertion.

 Enjoy the journey.

Thank you Prof Jay Klagge Sir

Thank you Dieter Bickenbach Sir

I appreciate your contribution

I do not know how many managers use intuition as an important parameter in decision making,  but I strongly believe that they should because every thing in management can not always have rational answers. In my experience I have come across managers who do listen to their heart & use their gut in decision making. In this context one of the statements of Baldwin makes lot of sense where he once stated that economic development is too serious a topic to be left to economists alone,which in a way states that economic development models do not always depend on rational logical thinking. Same way good management decisions should have a balanced blend of intuition and logic. As a researcher in the domain of research many a times I have come across  researches which present statistically highly significant results,but at a gut level do not make much sense as the findings do not seem to match with one's gut level real experience in day to day life. One must understand that in the domain of management ,all problems may not always have logical answers & in such situations one's intuitive answers may be the most correct and best answers . Satish Kalra

because of our life which is and ever becoming dynamic, even less structure, the use of intuition in decision making is also becoming a norm for most organisations. Really each situation has its day for  a rapid response to the situation influence the leader or individual to use intuition rather than periodically referring to the book nor sick for advise. 

Thank you Prof. Notion Mabwe sir for your opinion.

Thank you Prof. Satish Kalra sir for your contribution

Regards

Dear Arhan,

Tha best paper on the topic is Graham, J.R., Harvey, C., Puri, M. Capital Allocation and Delegation of Decision-Making Authority within Firms. // Journal of Financial Economics, 2015. Vol. 115. P. 449-470. It contains the data from 1,000 CEOs and 1,000 CFOs  on the use of  "gut feel" in capital allocation decision which are by far the most important ones for the firm.

Bests,

Igor

Thank you Prof Igor Gurkov. I appreciate it

Dear Arhan,

It looks that you have got already many useful contributions. I would like to add the fact that according to cognitive scientists intuition is nothing more and nothing less than experience. That means that all managers may use intuition in their decision making. However, experience means tacit knowledge which is processed unconsciously and in order to make consciously use of it and to convert it into explicit knowledge it takes intelligence and long practice. That means that not all managers are able to make use efficiently of their experience, unless they strive to analyse consciously each new experience and to learn something out of it. Intuition means also non-rational decision making and transformation of emotional knowledge into rational knowledge. It would be useful to read my paper about The triple helix of knowledge, posted on ResearchGate.

Being interested myself of knowledge dynamics I read many papers and books about the power of intuition. I would suggest to your student the following useful books:

Malcolm Gladwell (2005). Blink. The power of thinking without thinking. Little, Brown and Company, New York. (It is a best-seller full of interesting ideas).

Gary Klein (2003). The power of intuition. How to use your gut feelings to make better decisions at work. Doubleday, London.

Chris Blake (2008). The art of decisions. Prentice Hall/Financial Times, London.

William Duggan (2007). Strategic intuition. The creative spark in human achievement. Columbia Business School Publishing, New York.

Also I suggest books about psychology of thinking and decision making.

Good luck!

Constantin

Constantin Sir, I appreciate your support. Thank you so much. All the best

Dear Arhan,

you have probably gotten more responses and highly helpful ones too, than you needed. All I can tell you is that I happened to read recently, for the second time a book that I believe you will find very useful, in addition to Constantin's rather complete suggestions. I am referring to, Judgement : How winning leaders make great calls, by Noel Tichy and Warren Bennis (2007), published by Penguin.

regards

Alex Sahinidis

Prof. Alexandros G Sahinidis sir, Thanks for your invaluable answer. I appreciate it. I agree with you regarding the book you've referred here. Thanks a lot.

Dear Arhan,

I think that one further way of searching knowledge on the understanding of intuition related to management and leadership in society is to take a look at Lacan´s psychoanalytic theory and useful terminology. See for example Zisek: How to read Lacan, 2006 and Paxson: Art and Intuition, 2011.  

From my own, earlier, experience as a manager in healthcare and as a management Consultant I have met the use of intuition in many situations in different organizations.

Best wishes

Lars

Arhan,

You obviously have received a lot of great feedback already. My work on decision making from within the process of strategy formulation suggests that managers/strategists have been taught scientific ways of thinking, i.e. we have been taught to exclude emotion and intuition (reflexion) in favor of rationality and reflection. However, including emotion and intuition reduces various cognitive biases, provides us the capabilities to better understand complex processes, and enhances relationships, and therefore produces better strategies (due in part to better decision-making). Of course, my work is focused on the strategy formulation process, so perhaps your student should use this information with caution.

You may see my dissertation study, which I am in the process of publishing. Hope my feedback is not redundant and helps in some way. Good luck.

Sincerely,

Steven

Dear Steven, I appreciate your ideas. Thank you so much. Eagerly looking forward to your dissertation. Pls kindly make it available to me so that my student and me can benefit from it. Thank you so much.

Arhan, here is my study, which should now be available on my page as well.

Sincerely,

Steven

Dear Steven, I appreciate your cooperation. Your dissertation will be of great help to my student in her MBA research work. Thank you so much. 

Here are a few to consider:

Allinson, C. W., & Hayes, J. 1996. The cognitive style index: A measure of intuition-analysis for organizational research. Journal of Management Studies, 33(1): 119-135.

Blume, B. D., & Covin, J. G. 2011. Attributions to intuition in the venture founding process: Do entrepreneurs actually use intuition or just say that they do? Journal of Business Venturing, 26(1): 137-151.

Dane, E., & Pratt, M. G. 2007. Exploring intuition and its role in managerial decision making. Academy of Management Review, 32(1): 33-54.

Eisenhardt, K. M. 1999. Strategy as strategic decision making. Sloan Management Review, 40(3): 65-72.

Prof Tim R. Holcomb sir. I appreciate your support. Are these resources freely accessible ? Thank you so much.

Dear Arhan Sthapit,

On my perspective, managers use their experience and it seems like an intuition, but it is related with all their life experience. My perspective is based on The Social Construction of the Reality written by Berger and Luckmann. If you explore the social construction of the individual reality you can see the intuition as an amount of experiences and beliefs that each person accumulate lifelong. Because of this, in my opinion, they don't use the intuition, they use their experience added with the specific tools for the making decision.

Berger, P. & Luckmann, T. The social construction of the reality. Penguim Book, 1966.

http://perflensburg.se/Berger%20social-construction-of-reality.pdf

Dear Lívia Almada, thank you very much. I appreciate your opinion. Thanks

Really managers believed to have used his intuition if there would be no referral base of the notion,but on usual circumstances decision making emanates from the application of theoretical principles. For example initiating on the job training to very senior employee whose performance on the similar job deteriorated, can we say the manager used his intuition-debatable opinions are welcome please.

Thank you Prof. Notion Mabwe. Thanks a lot.

Dear Arhan,

I am working on the same topic for my thesis at the moment, some of the key literature:

Marta Sinclair - Handbooks on Intuition 1 +2 https://www.amazon.com/Marta-Sinclair/e/B0070H18OI?ref=sr_ntt_srch_lnk_1&qid=1572058863&sr=8-1

Anything from https://www.strath.ac.uk/staff/dorflerviktordr/

And look at this Historic review of research on intuition

Article Intuition in Management Research: A Historical Review

This should get you started,

Peter

Thank you, Peter Klugsberger

Intuition is referred as sixth sense, as it perceives some likely outcome of a situation through a mental process in sub- conscious mind that churns out a feeling, which is the consequence of knowledge gained through education as well as experience. Managers do sometimes use intuitive judgements.

A well written contribution is Malcolm Gladwell's Blink: The Power of Thinking Without Thinking.

Gladwell gives examples of some people seeing more deeply with their intuition than with their mind.

The best paper on the topic with empirical results saying that 60% of CEOs use 'gut feel' in making important investment decisions is Graham J.R., Harvey C.R., Puri M. Capital Allocation and Delegation of Decision-Making Authority within Firms. Journal of Financial Economics, 2015, vol. 115, issue 3, pp. 449–470. DOI: 10.1016/j.jfineco.2014.10.011. Look at page 446.

The preprint of that paper is available at ssrn.com

Bests,

Igor Gurkov

Impactful topic

Of course, managers use their sixth sense, inner feeling, intense thoughts, deep-rooted past experiences, plans, and visions for making decisions.

I agree with you Harsha. It is really important to use the inner thoughts, what you feel in your stomach and your own experiences from similar situations. The history as well is useful for managers.

Regards

Lars

Dear Colleagues and Friends from RG, The above discussion inspired me to formulate the following question: Does intuition play an important role in making decisions?

On the basis of the above considerations and conclusions from the discussion on the discussed issues of interest, I formulated the following thesis that when all the components of necessary information resources are known and all available management tools are used, if making decisions is still not easy, then intuition in choosing can help one of two or more options to choose from when making decisions.

To the above discussion I would like to add the following conclusion formulated as a summary of my previous considerations on this topic: The role of intuition in making decisions in various areas of human activity, including in making business decisions by managers. Intuition is an important issue that can be studied in the context of management psychology and analysis of immeasurable factors shaping the issue of decision making.

Do you agree with me on the above matter?

In view of the above, I am asking you the following questions:

Does intuition play an important role in making decisions?

What do you think about this topic?

What is your opinion on this topic?

Please reply

I invite you to discussion

thank you very much

Best wishes

Dariusz Prokopowicz

Being a kind of “non-sequential information-processing mode, intuitive oriented decisions are not always dependable because Intuition based decision making may provide managers with a quick response to inaccurate, insufficient, unreliable, or flawed information based on the patterns derived from previous experiences.