Bursting the big data bubble

By Jay Liebowitz

Subjects: COMPUTERS / Database Management / General, Experiential learning, Intuition, Decision making, BUSINESS & ECONOMICS / Management Science, Insight, Management, COMPUTERS / Information Technology

Description: "With the onslaught of the Big Data revolution, data-based decision making and analytics are now the rage. However, many key decision makers often make complementary judgments based on intuition. This intuition is often insight-based due to their experiential learning, ephemeral factors like spirituality, and other related factors. This book focuses on this intuition-based decision making. It presents stories and vignettes from leaders and senior executives in industry, academe, government, and not-for-profits"-- "Preface Why a book on intuition-based decision making? Is it because a November, 2012 research study at Tel Aviv University found that executives were 90% accurate in their decisions when relying on just their intuition? Is it because, according to Akinci and Sadler-Smith's 2011 historical review of "Intuition in Management Research," intuition research in management has been conducted since the 1950s and there continues to be a need for greater cross-disciplinary collaboration and integration? Or perhaps do we want to challenge the "Big Data" community to show, as evidenced by Woiceshyn's 2009 research on how CEOs use intuition, that intuition should also be applied to complement rational analysis? Daniel Kahneman talked about the two systems (System 1 as intuition and System 2 as deliberative thinking) and their interaction. In Moxley et al.'s 2012 research on these two systems, their finding was that both experts and less skilled individuals benefit significantly from extra deliberation no matter how easy or difficult the problem. This book does not assume that "rational thought," or data-based decision making, should not be used when making decisions, especially those that are important and complex. However, the book wants to emphasize further the importance of applying intuition, gut feel, spirituality, experiential learning, and insight as key factors in an executive's decision-making process"--