Evidence Based Medicine (or EBM) is "the integration of best research evidence with clinical expertise and patient values." (Sackett, David L., et al., Evidence-based medicine: how to practice and teach EBM. New York: Churchill Livingstone, 2000. p. 1)
Image courtesy of the Texas Medical Center Library EBM Guide. Earliest citation information: http://aejmc.us/spig/2013/beyond-simple-service-learning-reengineering-the-public-relations-capstone-to-more-effectively-address-a-fast-changing-industry/
PICO is used as a guide to ask questions that can be answered with evidence.
P = Patient or Population
I = Intervention or Indicator
C = Comparison or Control
O = Outcome
Take a look at a great guide from Columbia University.
Source: Sackett DL, Straus SE, Richardson WS, et al. Evidence-based medicine: how to practice and teach EBM.