Fact Based Decision Making. The art of factbased decision making is crucial in today’s world Whether it is in business or your personal life data and facts are necessary to support quality decisions The issue is that most people have a skewed outdated worldview Hans Rosling ’s book Factfulness outlines how the world is actually a much better place than it was in the past.
Fact Based Decision Making One of the best known iconic lines in entertainment history apparently was never actually spoken At least not by the character to whom credit was assigned Many Baby Boomers remember the original.
What Is EvidenceBased Decision Making?
The optimum approach for making decisions based on facts vs fiction is to have a process Observe the Situation and Identify the Problem Determine what is driving the need for action and write a factual statement of the business problem or opportunity Observe the situation firsthand with as much objectivity as possible.
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Factual decision making has a number of benefits within the quality management process which include the following The ability to make decisions based on circumstances requiring action Enhanced ability to prove the efficiency of previous decisions through reference to factual records.
FactBased DecisionMaking and Value Creation at NIKE
As a result their organizations were making decisions based on intuition and not fact Retailers today are collecting more data than they ever before thought possible Realtime retailer.
Systematic Fact Based Decision Making Is A Proven Formula For Success
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ExperienceBased vs. FactBased Decisions: How AI/ML …
What is fact based decision making?
The Virtues of FactBased Decision Making Corporate executives sometimes describe decisions by saying “it’s not financial it’s strategic” This reflects a misunderstanding of both finance and strategy since a corporate decision will only turn out to be strategic if in fact it is financially beneficial.