Sometimes managers take decisions upon intuition. Is that acceptable in a professional business?

YES: like you said, sometimes it is necessary to make a quick decision, no decision is sometimes worse then a bad decision. And a decision based on intuition is always based on experience, that's why you are hired for the job!

In a professionally managed company this situation does not normally arise because everything thing is done by proper planning and then execution takes place. sometimes the managers take decision upon intuition for petty matters and not on major ones.  

Absolutely.

Sometimes you have to make decisions upon intuition, quick, immediate and ready for that kind of situations.

Managers do not always have the necessary ingredients that they need to take a decision. Managers should have enough skills (understand, analyze, logics....) and sharp acumen that allow them take quick decisions without having enough details. That lead them to use their intuition and take the risk (indeed, their high salaries are also due to the risks they take)

Sometimes necessary adventure

And guessing and prediction

And risk

Trade in itself a kind of adventure

I converge with the Padma's opinion  !

You would'nt say to me that strategic decisions are the intuiton's fruits !

Why not? Managers are not experienced enough to address all the situations, so they need to take decisions upon intuitions. Later it develops a specific skills or solution in them.

I think Wolf Klass has summed it up perfectly.

Yea, it might help some times.

Yes. & Yes.

Never underestimate the power of your inner intuition. It'll never fail you. Consider yourself lucky if your intuition speaks to you louder than words.