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
Ms Alka Wadhwa
Alka Wadhwa is an experienced consultant and process improvement expert with over 24 years of expertise in the Theory of Constraints (TOC), Lean Six Sigma, and organizational performance optimization. She has successfully led projects in healthcare, financial services, and manufacturing, driving significant improvements such as a 67% boost in hospital operations and a 140% increase in outpatient visits.
Previously, Alka Wadhwa spent 17+ years at GE Global Research Center, where she led initiatives to enhance various GE businesses through advanced technologies, process redesign, and system optimization. Founder of Better Solutions Consulting, LLC, she specializes in using TOC, Six Sigma, and data analytics to streamline operations and build high-performance teams.
Her work has earned her multiple accolades, including the Empire State Award of Excellence in healthcare.
Dr Gary Wadhwa
Dr. Gary Wadhwa is a Board Certified Oral & Maxillofacial Surgeon with extensive experience in the field. He completed his Oral & Maxillofacial Surgery training at Montefiore Hospital, Albert Einstein College of Medicine in Bronx, NY, and has served as an Attending at prestigious institutions like St. Peters Hospitals, Ellis Hospital, and Beth Israel Hospital in NY. With a career spanning over two decades, he was the former CEO and President of a group specialty practice in NY from 1994 to 2015. Dr. Wadhwa holds an MBA from UT at Knoxville, TN, and has undergone additional training in System Dynamics at MIT, Health System Management at Harvard Business School, and Entrepreneurship and healthcare innovations at Columbia Business School. Committed to expanding access to Oral & Maxillofacial Surgery care, he is currently engaged in a meaningful project to provide healthcare services to underserved populations in inner city and rural areas through non-profit Community Health Centers.