Question

Define evidence-based management. How do decision makers use it to make better decisions?

Answer 1

Evidence based management focuses on making decisions through the explicit and judicious use of best available evidence from multiple sources through asking, acquiring, appraising, aggregating to increase the likelihood of a favourable outcome

these are a modern and sophisticated way of making managerial decisions through use of scientific evidence and organisational evidence. It also focuses on use of stakeholder evidence and the professional experience and judgement of practitioners so that decision making could be flawless and evidence-based.

It helps management in various kind of managerial decisions such as-

A it helps in making professional judgements which are based on hard data or statistical models

B. It also helps in forecasting risks for managing risks eelxposures.

C .it helps in making decisions which are backed by evidences so that there could be better assessment.