Question: Defining in your own words 4 concepts, two from each of the Chapters in the below table; Explaining the context in which each concept applies;
- Defining in your own words 4 concepts, two from each of the Chapters in the below table;
- Explaining the context in which each concept applies;
- Applying it to a specific business or personal example.
- Heres an illustration of the above three steps using: Evidence-based management
- Definition A decision making approach in which data or facts pertaining to the issue are analyzed before making a final decision.
- Context This can be applied by any company small or big. For example, before launching a new product or service, the company will use a sample to test the market, collect evidence of how the product is performing and analyze it before deciding to go into full scale manufacture or abandon the product or service.
- Personal/Application On a personal level I can use evidence-based management when I am about to make a major or even minor decision about my career or purchase of a product or service. To do that I would gather as much information as possible about the alternatives I have before me and use those facts to inform my decision. For a career choice, for example, I would create a LinkedIn profile and use it to track companies I am interested in by reading reviews about the company and even interviewing employees at the company. For personal purchase, I would track the product reviews on the product website and use it to decide whether or not I should purchase it.
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