(Editor's note - This is the first of a two-part series on evidence-based management by guest columnist Steve Miller of Open BI. Part 1 discusses the medical roots of an evidence-based approach. Part 2 addresses the important application of evidence-based concepts to business management.)
Evidence-based management (EBM) is a self-descriptive term for the application of scientific and statistical principles to decision-making. While this sounds like another spin on a business intelligence or clean-data exercise, the roots of the practice come from another EBM - evidence-based medicine. While little exists today in terms of a formal practice in the management sense, a case example from the medical field can demonstrate the analogous business value through judicious use of evidence in weighing cost/benefit, risk management and other measurements of success or failure.
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