Analogical Reasoning In Personal

Managerial Decision Making Essay 8 Name Institution Managerial Decision Making Question 1 Describe the concept of analogical reasoning. Then, considering your last purchase decision, discuss how analogical reasoning could have helped you to improve your decision and increase your satisfaction with the product or service that you purchased. In the concept of analogical reasoning, an analogy indicates a comparison between to objects or concepts that highlights the ways which the two are similar. Analogical reasoning consequently refers to any kind of reasoning and decision making that relies on an analogy. Analogical reasoning is widely used in human thoughts, where analogies are used to infer and influence decisions on two or more issues in problem solving and decision making. The concept is highly used as a justificatory factor in support of a conclusion in decision-making. While in some cases analogical reasoning can provide a strong support for a conclusion, in other cases the analogical reasoning provides very weak support for its responding conclusions by providing what is no more than minimal plausibility (Frame, 2012). For instance, in a decision making involving a purchase, individuals may decide to buy a product from a given outlet based on the fact the previous purchases