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Business News Thu, 9 Nov 2017

Lack of evidence-based information bane of business growth - Prof. Atuahene-Gima

The President and Executive Dean of Nobel International Business School (NiBS), Professor Kwaku Atuahene-Gima, has stated that one factor that is hampering the gains being made by today’s managers is the lack of evidence-based information for proper decision making.

He said managers were now making decisions based on assumptions without any research; a practice which, he said, was slowing down the growth of businesses in the country.

Prof. Atuahene-Gima said this at the 2017 Executive Doctoral Research conference in Accra.

“The starting point for evidence-based management is that management decisions should be based on a combination of critical thinking and the best available evidence,” he noted.

“And by ‘evidence’, we mean information, facts or data supporting (or contradicting) a claim, assumption or hypothesis. Evidence may come from scientific research, but internal business information and even professional experience can count as ‘evidence’,” he added.

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He said the conference was, therefore, hinged on advancing the practice and sharing of ideas, as well as solutions based on evidence.

“This is a doctoral meeting place that brings together not only Executive Doctoral students and business executives, but also other key stakeholders who are interested in evidence-based business and management research,” he said.

“The conference is the most pre-eminent venue for sharing and gaining in-depth knowledge into practical business and management research conducted by executives with issues tailored for practitioners and researchers alike,” he added.

Govt collaborating with academia

The Minister of Business Development, Mr Ibrahim Awal Mohammed, in his keynote address, pointed out that the government was collaborating with academia to improve the business environment in the country.

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He said the government would continue to engage academia to conduct researches that would help support businesses.

He added that it was committed to developing businesses and making the business environment competitive by making sure there was evidence-based information on the various businesses.

“The Government cannot take decisions on whims. Any decision must be based on evidence; therefore, we think academia collaborating with industry and businesses will give them the facts and figures,” he stated.

He said the many problems that small and medium enterprises faced were as a result of lack of credible information that would help them grow.

About conference

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The purpose of the conference was to deliberate on evidence-based research that contributes to business growth and competitiveness.

It was aimed at bringing together leading academic scientists, researchers and doctoral students to exchange and share their experiences and research results on all aspects of business and management.

It also provided a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the most recent innovations, trends and concerns, as well as practical challenges encountered and solutions adopted in the field.

The theme for this year’s event was: ‘Applying Evidence-based Research to effective management.’

Source: Graphic.com.gh