Welcome to our Blog!
What is evidence-based management? Why is it important?
Evidence-based management (EBM) is a commitment to improve outcomes by using the current, best data to make management decisions. Management educators typically make limited use of the vast behavioral science evidence applicable to effective management practice. Often, business schools know what the best practices are, or have a very strong belief about what is needed to make their institution as effective as possible, but they do not have effective tools test their assumptions in order to effectively turn that knowledge into action.
In many cases, common management "wisdom" is not wise at all but, instead, flawed knowledge based on biases and ideologies that are actually poor, incomplete, or obsolete. More seriously, managers may use this unreliable knowledge to make decisions that are hazardous to organizational health. Business schools can bolster performance and trump the competition through evidence-based management, an approach to decision-making and action that is driven by hard facts rather than half-truths or assumptions.
What is considered evidence?
Evidence is information we use to make up our minds… things that help us draw a conclusion, or help prove or disprove something. This includes data, statistics, research findings, expert knowledge, observations, facts, and anecdotes. Evidence-based organizations employ systematic accumulation and analysis of data gathered throughout the customer lifecycle. MBA programs need better tools to access evidence, and better guidance on how to interpret it.
How does Percept Research fit in the EBM model?
Our MBA market research is designed to transform data into accessible, actionable insights for business school leaders. Percept Research's reports are trusted by senior administrations to reveal and communicate strategic opportunities and to lead cross-functional teams in making game-changing shifts in organizational practices. Our MBA Lifecycle studies are designed to optimize business school ROI by improving MBA student return-on-investment.
Our approach is to embrace the graduate management education industry in a collaborative partnership. We innovate our services and deliverables by practicing the EBM philosophy. Our hope is this blog will be one of many tools we utilize to generate discussion on the needs and upcoming trends of the industry. We hope you will join us in this endeavor to embrace data-driven decision-making, capitalize on insights, push the status quo, and thrive on collaboration.
Brian Mahoney, author for this article, is a marketing research consultant and Managing Partner of Percept Research. Brian welcomes your questions and comments.
Our hope is this will be an interactive discussion with our clients and other leaders in graduate management education. Specifically, we will focus on how to utilize evidence-based management to drive improvement and innovation within MBA programs.