Wisdom is one of your three mental ability scores, measuring your common sense and situational awareness. Those with high Wisdom are more in tune with their surroundings and more likely to spot danger before it arrives.
You try to get a "gut feeling" about a situation, in order to decide how best to proceed. You may use this action during any game phase, and it may be called for to contest certain social checks such as persuasion.
The GM decides the difficulty of this check if not used to contest, as well as what information you obtain.