Question

Which type of decision making involves using one’s professional judgment based on past experiences rather than sequential logic or explicit reasoning?[1] Bounded rationality
[2] Intuitive

[3] Heuristics[4] Biases

Answer 1

Answer:

Option 3,  Heuristics

Explanation:

Heuristics thinking implies usage of past experiences or judgments or the memory of most relevant and similar incidents to quickly formulate judgments and solutions and make decisions. Such judgments are biased most of the time as they are based on the perseverance of an individual instead of logic and conceptualization of any scenario or incident

Hence, option 3 is correct