About this Presentation
This presentation treats intuition as mainly ambiguous information, which is nonetheless absolutely necessary for any management, and personal decision-making. The approach to legitimizing intuition is blending it with hard-data in order to consider more complete and relevant information. Please don't confuse what we are suggesting with intuitive decisions that rely only on intuition, or worse, solely on emotions. Decision-makers are often cast as either intuitive or hard-data types of decision makers. We want both! In our book Throughput Economics we offer the observation that management intuition, directed at critical issues, together with available hard-data, should be translated into a high-confidence range of values thus enhancing the overall information available, allowing for superior decision-making. The presentation will demonstrate the process of translating intuitive information to numbers, sometimes multiple intuitive observations of reality, and how these can be combined with the other sources of information, leading to solid scenarios that provide the most relevant information for the decision-maker. . Video length: 56:58. PDF: 27 slides.
What Will You Learn
To help you get the most value from this session, we’ve highlighted a few key points. These takeaways capture the main ideas and practical insights from the presentation, making it easier for you to review, reflect, and apply what you’ve learned.
Intuition often plays a significant role in decision-making processes, sometimes without the decision makers even realizing it.
Intuition can be particularly valuable in times of uncertainty or when there is a lack of complete information.
Despite its limitations, intuition should be viewed as a source of information that can complement hard data in the decision-making process.
Instructor(s)
Eli Schragenheim
Eli Schragenheim is a well-known international management educator, author and consultant active in various fields of management. He worked with a huge variety of organizations all over the world, including public-sector organizations, industrial, high-tech and start-ups. Since he had joined Dr. Eliyahu M. Goldratt, the famous creator of the Theory of Constraints (TOC) in 1985, Eli Schragenheim had taught, spoke at conferences, and consulted all over the globe. Eli Schragenheim is the author of several books on various aspects of management. His last book, Throughput Economics – Making Good Management Decisions, together with Henry Camp and Rocco Surace, was published in July 2019. Eli Schragenheim first book Management Dilemmas (1998) showed a variety of problematic situations in management and the rigorous analysis leading to the right solution. Next he collaborated with William H. Dettmer in writing Manufacturing at Warp Speed. In this book the new concept of Simplified-DBR, now a key concept in production planning according to TOC, was introduced. He collaborated with Carol A. Ptak on ERP, Tools, Techniques, and Applications for Integrating the Supply Chain, and with Dr. Goldratt and Carol Ptak on Necessary but Not Sufficient. In 2009 his book Supply Chain Management at Warp Speed, with William H. Dettmer and Wayne Patterson was published. In March 2015, Eli has opened a blog, now containing more than 140 articles on various topics in TOC that everybody can access.