Evidence-Based Management (EBM) is a strategic approach in Business Studies that emphasizes empirical evidence in decision-making. It draws from Evidence-Based Medicine to inform management choices with robust data, aiming to improve decision quality and minimize errors. EBM integrates best evidence, expert judgment, stakeholder considerations, and ethical practices to guide business operations and strategic planning.
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EBM is a systematic approach that prioritizes the use of empirical evidence in managerial decision-making
Utilization of the best available evidence
EBM involves using the most reliable and current evidence from multiple sources to inform management decisions
Application of managerial expertise and judgment
EBM combines evidence with managerial expertise and judgment to make informed decisions
Consideration of stakeholders' values and expectations
EBM takes into account the values and expectations of stakeholders in decision-making
EBM enhances decision-making quality, promotes transparency and accountability, and prepares students for leadership roles in various industries
Intuition is based on instinctive feelings and past experiences, often used in situations with limited data or time constraints
Decision-making process
Intuition is quick and instinctual, while EBM involves careful analysis and deliberation
Reliability and effectiveness
EBM is more systematic and reliable compared to intuition, which is prone to cognitive biases and may not consistently lead to the best outcomes
Understanding the distinction
Managers must understand the differences between intuition and EBM to make informed and effective decisions
Evidence in EBM includes data, facts, information, and research findings from credible sources
Evidence reduces uncertainty and promotes transparency and trustworthiness in decision-making
Analytical industry reports
Analytical industry reports are used to inform decisions and evaluate their effectiveness in EBM
Customer feedback
Customer feedback is utilized in EBM to gather insights and improve decision-making
Asset management involves the strategic management of tangible and intangible assets to optimize usage, conserve resources, and enhance quality and efficiency
Evidence, such as operational statistics, financial records, and risk assessments, is crucial in making informed decisions and achieving the best outcomes in asset management
Companies like Google and Microsoft utilize evidence-based practices in human resource decisions and product development, respectively, to enhance organizational performance
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The approach of ______-Based Management is derived from ______-Based Medicine, applying its strict methods to business.
Evidence
Evidence
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Best available evidence in EBM
Use of most credible, relevant data to inform decisions.
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Managerial expertise in EBM
Application of knowledge, experience for critical assessment, decision-making.
