As a business practitioner, you understand the importance of data-driven decision-making. In this case, one of the most effective ways businesses can gather and analyze data is through PICOT Analysis. In this comprehensive guide, we’ll explain what PICOT Analysis is, its importance in business, how to conduct it step-by-step, its applications, advantages, limitations, tools and resources, best practices, challenges and solutions, and more. Definition PICOT stands for Population, Intervention, Comparison, Outcome, and Time. Specifically, it is a systematic approach to formulating a research question and identifying relevant information to answer it. Moreover, PICOT Analysis helps researchers develop a clear understanding