Cognitive theories suggest that visualization enhances decision-making by creating cognitive shortcuts that facilitate effective thinking and reduce biases. Data visualization is widely used across various projects to improve decision-making, with numerous studies exploring its role in shaping analytical processes. The objective of this research is to investigate the impact of portfolio managers’ familiarity with data visualization on the development of heuristic methods based on expert knowledge and successful decision-making. The study introduces an innovative approach by investigating the relationship between expertise in mental analysis and decision-making, particularly in the context of visualization. To achieve these objectives, relevant literature and questionnaires were utilized. Companies in Iran’s oil and gas sector and high-level infrastructure industries were selected in 2023 using random sampling to ensure diversity in size and type. Hypothesis testing was conducted using SPSS version 27 and Smart PLS 3 software to assess the current and optimal states of the research variables, followed by structural equation modeling for further evaluation. The findings highlight that the association between portfolio managers’ familiarity with data visualization and heuristics methods based on expert knowledge positively influences successful decision-making by portfolio managers and the success of the portfolio.
