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Definition: Analogy is a form of logic by comparing the similarity of two ideas or objects.
Example: Premise 1: Socrates is human and he died. Premise 2. Plato is human. Conclusion: Plato will die.
Similar to inductive reasoning, in AR the truth of the premises does not guarantee the truth of the conclusion.
Also called: analogical reasoning.
Faced with an unfamiliar, novel, problem or opportunity, senior managers often think back to some similar situation they have seen or heard about, draw lessons from it, and then apply, transfer, those lessons to the current situation. Strategic reasoning by analogy can be very powerful if used correctly, but unfortunately also has major pitfalls.