Chapter 1 (1-2) Flashcards
(19 cards)
What is systematic study?
Systematic study involves looking at relationships, attempting to attribute causes and effects, and basing conclusions on scientific evidence.
What does evidence-based management (EBM) refer to?
EBM refers to basing managerial decisions on the best available scientific evidence.
Why is systematic study important?
It allows for reasonably accurate predictions of behavior by identifying consistencies and modifying them to reflect individual differences.
How does a systematic approach improve predictions?
A systematic approach improves predictions by using data gathered under controlled conditions, measured and interpreted rigorously.
What is the belief underlying systematic study?
The belief is that behavior is not random and can be predicted based on identifiable consistencies.
What is the goal of systematic study?
The goal is to make reasonably accurate predictions about behavior.
How does EBM complement systematic study?
EBM complements systematic study by ensuring that decisions are made based on the latest scientific evidence.
What does Evidence-Based Management (EBM) advocate for managers?
EBM argues that managers should pose a question, search for the best available evidence, and apply the relevant information to the question or case at hand.
How do most management decisions get made?
The vast majority of management decisions are still made ‘on the fly,’ with little to no systematic study of available evidence.
What is a concern regarding public perception of scientists and researchers?
There is mounting public distrust of scientists and researchers, which often leads managers to ignore evidence.
What is the relationship between gut feelings and systematic study?
Systematic study and EBM add to intuition, or those ‘gut feelings’ about what makes others (and ourselves) ‘tick.’
Are data-driven judgments always more accurate than intuitive judgments?
No, a review of hundreds of studies suggests that data-driven judgments are not necessarily more accurate than human intuitive judgments.
What did Jack Welch note about intuition in decision-making?
Jack Welch noted, ‘The trick, of course, is to know when to go with your gut.’
What is a risk of relying solely on intuition for decisions?
If we make all decisions with intuition, we are likely working with incomplete information.
What sources should be considered in Evidence-Based Management?
EBM involves critically weighing evidence from multiple sources, including expert opinions, evidence from one’s own business, and scientific evidence.
What issue do managers face regarding commonsense opinions?
Many managers hold commonsense opinions about effective management that have been refuted by empirical evidence.
What is a common reaction of managers to contradictory evidence?
Managers often negatively react to information that counteracts their beliefs or self-image.
How does popular media influence management wisdom?
The business press is dominated by popular media that can proliferate management fads, often lacking underlying truths.
What is a potential pitfall of not using a systematic approach in business?
Without a systematic approach, it is difficult to accurately conclude what makes prospering companies successful.
