ANALYSIS OF BUSINESS PROBLEM. WHAT, WHO AND WHY.

ANALYSIS OF BUSINESS PROBLEM. WHAT, WHO AND WHY.

What is analysis?

Analysis can be referred to as the decomposition into components to study a concept, theory, or a detailed examination of anything complex, in order to understand its nature, or to determine its essential features. In analyzing business problem, we tend to look at what, who, when, where and how in a case study or in real life situations. This is to ascertain a cognitive process of decision-making.

Analyzing business problems entails critical thinking, free from all forms of biases. It is about how you think not what you think. It is the ability to make an argument, criticize and analyze an argument objectively.

 WHO?

The analyzers of business problem rests solely on the manager, the shareholders and team members of that business. This is because it does not take one person to take a decision or make a  conclusion on what happens in the business. It requires team work to get high quality decisions that advances company’s objectives. This is achievable because of the cognitive diversity amongst team members.

WHY business analysis?

A business analysis ensures that a company is equipped to reach optimal potential. It is used to identify and articulate the need for change in how organizations work and to facilitate that change. It helps those in charge find problems and then put in place strategies or processes to solve the issues.

Decision making approach in analyzing business problems

Identifying the problem is the first step to be taken, because if you do not identify a problem, then there is nothing to be analyzed. There are two approaches to decision making during business analysis which are.

• Advocacy
• Contrast advocacy with inquiry

The latter is a more productive decision-making approach being that it considers various options, it allows for team work to discover best solutions it also stimulates critical thinking. The advantage of this approach is that it produces high quality decisions that advances company’s objectives reached in a timely manner and implemented effectively.

This approach is carried out in three different ways or stages which I would describe as the three Cs: conflict, consideration, and closure.

Conflict requires vigorous debate, prohibits language that triggers defensiveness, break up natural coalitions and shift individuals out of well-worn gloves. On the other hand, consideration allows one to convey openness to all and new ideas, listen attentively and explain the rationale behind the decision. Closure comes in two ways either deciding too early (decision dissenters may readily accept the first plausible option rather than thoughtfully analyzing options also, unstated objectives may surface later) or deciding too late (repeated suggestions, back and forth resolutions, striving for fairness). Amid this dilemma the manager is meant to “Do”. Announce a decision, accept that the decision-making process is ambiguous and will never have a complete, unequivocal data.

In decision making, one ought to break cognitive bias and embrace openness of mind, question assumptions and reason through logic and diversity in thoughts in order to make an accurate decision.

MMBA3