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There Is No Truth in Business, Only Knowledge - Commoncog

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Join 8,000+ sharp investors and operators like yourself, and we'll send you a collection of Commoncog's best articles right away: Note: this is Part 4 in a series of blog posts about becoming data driven in business. You may want to read the prior three parts (one, two, three) before reading this essay. In our previous essay we talked about the peculiar idea — taken from the field of Statistical Process Control (SPC) — that “there is no truth in business, only ‘knowledge’”. ‘Knowledge’ is defined as “theories or models that lead to better predictions”. I argued that when you combined this unusual idea with the related notion that ‘management is prediction’, you get the type of thinking that underpins operational excellence. To put it simply: “if you want to get good at running businesses, you need to pursue knowledge — that is, theories or models that allow you to better predict the business outcomes of your actions. Such a pursuit more often than not leads you towards the use of data.

There Is No Truth in Business, Only Knowledge - Commoncog --> This is part of the Operations topic cluster, which belongs to the Business Expertise Triad . This is part of the Market topic cluster, which belongs to the Business Expertise Triad . Business Thinking There Is No Truth in Business, Only Knowledge By Cedric Chin Table of Contents The thought of business school make you go ‘eww’? You’re in good company. 9,000+ investors and operators read Commoncog to sharpen their business acumen ... WITHOUT going back to school. Sign up for our newsletter and get a weekly dose of good business thin

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