When considering internal data or the results of a study, often business leaders either take the evidence presented as gospel or dismiss it altogether. Both approaches are misguided. What leaders need to do instead is conduct rigorous discussions that assess any findings and whether they apply to the situation in question.
When considering internal data or the results of a study, often business leaders either take the evidence presented as gospel or dismiss it altogether. Both approaches are misguided. What leaders need to do instead is conduct rigorous discussions that assess any findings and whether they apply to the situation in question.
. To avoid missteps, you need to separate causation from correlation and control for confounding factors. You should examine the sample size and setting of the research and the period over which it was conducted. You must ensure that you’re measuring an outcome that really matters instead of one that is simply easy to measure. And you need to look for—or undertake—other research that might confirm or contradict the evidence. By employing a systematic approach to the collection and interpretation of information, you can more effectively reap the benefits of the ever-increasing mountain of external and internal data and make better decisions.When managers are presented with internal data or an external study, all too often they either automatically accept its accuracy and relevance to their business or dismiss it out of hand.Leaders mistakenly conflate causation with correlation, underestimate the importance of sample size, focus on the wrong outcomes, misjudge generalizability, or overweight a specific result.Leaders should ask probing questions about the evidence in a rigorous discussion about its usefulness. They should create a psychologically safe environment so that participants will feel comfortable offering diverse points of view.the hourly pay of your company’s warehouse employees. For several years it has automatically been increased by small amounts to keep up with inflation. Citing a study of a large company that found that higher pay improved productivity so much that it boosted profits, someone on your team advocates for a different approach: a substantial raise of $2 an hour for all workers in the warehouse. What would you do?is a professor of business administration and the director of the Technology and Society Initiative at Johns Hopkins University, Carey Business School.Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Decision Making. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New data-driven map reveals extensive peatlands in Amazon BasinA consortium of researchers led by the University of St Andrews, Scotland, and Charles University, Prague have developed a new data-driven map which predicts substantially more peatland area in the Amazon basin than previously estimated.
Read more »
De-Risking Your Data And Cloud Migrations In A Data-Driven WorldAs the CEO and President of Scalar Labs, Joe McCunney leads software solutions that simplify complex data challenges across the enterprise. Read Joe McCunney's full executive profile here.
Read more »
Maximize Business Growth With Data-Driven Decision-MakingMarco Costa is the CEO at Exclaimer, an email signature management platform. Read Marco Costa's full executive profile here.
Read more »
Gov. Walz tells Redlands-based Esri he’s driven by dataMinnesota’s governor and Kamala Harris’s running mate gave a keynote address at Esri’s summer conference in San Diego.
Read more »
Here’s How AI Can Turn Every Decision Into A Data-Driven OneEilon Reshef, cofounder and CPO of Gong, is a seasoned entrepreneur, executive and investor in the internet and software spaces. Read Eilon Reshef's full executive profile here.
Read more »
Data quality the next big opportunity in the AI-driven worldIn the modern landscape, where data has become the new currency, the mantra 'if you are looking for the next opportunity, don’t look far' holds profound relevance.
Read more »