Reasoning in Decision Making

Decision-making and Valuation

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K.Narayana Moorthy
HR Consultant, India

Reasoning in Decision Making

In a business decision making process, an aspect of 'Reasoning' is involved. Reasoning is the process of using existing knowledge to draw conclusions, make predictions, or construct explanations. There are 3 main types:
  1. Abductive ReasoningDeductive Reasoning: Conclusion guaranteed: This process starts with the assertion of a general rule and proceeds from there to a guaranteed specific conclusion.
  2. Abductive ReasoningInductive Reasoning: This process begins with observations that are specific and limited in scope, and proceed to a generalized conclusion that is likely, but not certain, in the light of accumulated evidence.
  3. Abductive Reasoning: Taking your best shot: It typically begins with an incomplete set of observations and proceeds to the likelihood possible explanation for the set. It can be creative, intuitive, and even revolutionary.

  Jaap de Jonge
Editor, Netherlands
 

More Forms of Reasoning in Decision Making

Thanks for contributing… There are some more ways of thinking or reasoning besides the 3 main ones you mentioned. See fo...

  K.Narayana Moorthy
HR Consultant, India
 

Reasoning Processes in Decision Making

Thank you very much for educating me on the topic. Analytical reasoning is a method of processing information that comp...

 

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Decision-making and Valuation



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