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Reasoning in Decision Making
K.Narayana Moorthy, Member
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:
- Deductive Reasoning: Conclusion guaranteed: This process starts with the assertion of a general rule and proceeds from there to a guaranteed specific conclusion.
- Inductive 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.
- 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.
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