Analyzing business problems is something I am trying to grapple with. What I find particularly challenging is how to treat each case with the uniqueness it presents. The part I hate the most is the arithmetic calculation. Once I see the excel sheet filled with figures, I instantly develop a migraine. I love figures only when it is in naira figures in my bank account. There is a note on decision making on the portal that tries to simplify how to analyze business problems. The excerpt below aims to assist me to get a hang of it.
The Decision-Making process is much more than simply following a list of steps; it is in reality an iterative process/step. The manager must be as rational as possible, drawing upon all available/relevant techniques, tools and metrics in analyzing data and information relevant to the problem and in choosing among the various alternatives solutions.
The Decision-making process is notable for the great variety of decision-making aids, tools and metrics that can be deployed, some quantitative and others qualitative. In all cases, Rigor (rigorous analysis) is demanded. Characteristics of rigour include relevance, illuminating, creative, consistency, congruence, confirmatory, complementary, comparative, cause and effect established, logical, sequential, etc.
Nevertheless, a great deal of subjective as well as objective evaluation must take place. For example, the personal values of the top manager or decision-maker will play a significant role in the assignment and acceptance of risk levels and uncertainty probabilities, as well as the Decision, finally made. In some cases, managerial Decision Making may well be 70% Subjective and 30% Objective and not vice versa, as thought.
We will experience the Case studies used in class and the process used or followed in arriving at decisions. In the Case Method, the Process is more important and emphasized than the correctness or not of your own decision with your groups’ or the class’s final decisions, but unanimity is not mandatory. Rigour is the key issue. But Paralysis by Over-Analysis is a weakness you must overcome too.
Some students that are retaking the course have created a scare around the course, leaving me overwhelmed. I have soon discovered that fear-mongering retaker is no good in the first place. Some of the advice or tips that were given to us was quite misleading. To be fair to them, some of their advice has been helpful. I don’t think Anibaba is the monster they have made her be. Although I agree that the course can be better sequenced. After reading the excerpt above, it seems easy-peasy to crack the next case.
What I love most about the course is that it eliminates assumptions for the most part. It encourages us to work with facts, data and figures available to us. Even though in my private life, I have been logical before ABP, I work with little or no assumption. Because I know that assumption is the lowest form of knowledge. I think ABP has reinforced that philosophy in a way that is indelibly ingrained in my mind now. I will work on the next case ahead of time to see if my learning produces a brilliant outcome. Wish me luck because I need to pass this ABP course.