MAR 1, 2011 9:21am ET

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Science of Business vs. Evidence-Based Management


I've written a lot over the past couple of years on the science of business and evidence-based management. In my "Science of Business Manifesto" blogs a few months back, I used EBM as a synonym for the SOB, drawing on the connotations of both to the conduct of business by the rigorous formulation, measurement, testing and evaluation of alternative courses of action. But a recent interview/article in the MIT Sloan Management Review, “Matchmaking With Math: How Analytics Beats Intuition to Win Customers,” is making me question whether there might be a nuanced difference between the two that's important for BI.

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Comments (12)
As the nation's healthcare debate continues a paralell is drawn to the science and practice of medicine. Random controlled trials continue to confirm or dispute hypothesis and knowledge is gained. Today, the availability of healthcare data offers a breadth and depth of information far beyond the limits of RCTs. Comparative effectiveness research makes use of patient and transactional data to synthesize what works and what doesn't in real world care delivery settings. This bottoms up evidence of effectiveness approach has the potential to accelerate knowledge gain and transform healthcare practices faster than traditional methods.
Posted by BOB H | Wednesday, March 02 2011 at 2:35PM ET
Regardless of the merits of evidence based management, I can't get past the example in the Hurst article. If I find a $10.95 charge on my credit card for a service I did not request, i would be livid and no amount of smooth talk from a CSR would get me to change my mind. This example of using Science of Business (SOB sounds right in this context) techniques for unethical ends explains a lot about what happened to our economy in 2008.
Posted by Clay G | Wednesday, March 02 2011 at 4:48PM ET
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