Knowledge-based decision making

Knowledge-based decision making refers to a process in which decisions are made based on knowledge, information, and data rather than intuition or guesswork. This approach utilizes existing knowledge, expertise, and analytics to assess situations, weigh options, and predict outcomes, ultimately leading to more informed and effective decisions. Key components of knowledge-based decision making include: 1. **Data Collection**: Gathering relevant data and information from various sources, including internal databases, external research, and expert opinions.