In the latest HBR On Strategy episode, experts Professor Michael Luca and Professor Amy Edmondson discuss the importance of effective data interpretation in decision-making. They highlight the dangers of over-reliance on data or its outright dismissal, addressing common pitfalls leaders face when analyzing their information. The professors present a framework designed to improve the way organizations discuss and process data to avoid faulty conclusions, ensuring that the data aligns with business goals. Tools for identifying relevant data and synthesizing internal and external insights are also covered, making it easier to develop successful strategies.
Many leaders don't understand that their decisions are only as good as how they interpret the data.
They see major ways in which over reliance or under reliance on studies and statistics steer organizations wrong.
They've developed a framework for a better way to discuss and process data in making business decisions.
Leaders often go to one of two extremes, believing that the data at hand is infallible or dismissing it outright.
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