Analysis of business problems

Introduction

Analysis of business problems is a core course of the Executive-MBA Programe at the Lagos Business School. It is a first semester course . When taken literally, the aim of the course is to analyse business problems with the view of providing workable solutions. However, before providing solutions to a business problem it is crucial to first identify what the problem is.

What is a problem

A problem is a gap between where we are and where we want to be. It is the gap between what is and what should be. At the root of every problem is change. In order to find out the root cause of a problem, we need to clearly identify what changed. Failure to this will result in ineffective solutions and wasting of scarce resources.

To define a problem clearly, we need to identify the who, what, why, when, how and where of the problem. Answering these questions gives a clear picture of what the problem is. It helps us uncover the contributing factors and the consequences of the issues at hands. The Analysis of Business Problems Course aims to build our competency in identifying business problems and proposing relevant solutions.

The link between problems and decision-making

Every day we face many problems in our personal lives. We face similar situations at work and within the family. There are so many problems to address and so many decisions to make. How do we take decision? What guides our decision-making process? This leads us to the concept of critical thinking which is an important part of the Analysis of Business Problems course.

Critical thinking

Critical thinking is the process of evaluating our thoughts, emotions and opinions using the facts available to us at any point in time. It is the process of objectively making decisions after a careful consideration of the issues at hand. Critical thinking involves contemplating different perspectives of the problem. It also involves examining the views of different stakeholders. It is a slow, painstaking process. Hopefully, it is a process that will lead to better decision-making.

Problem-solving

Another important part of the ABP course is developing problem-solving skills. Having defined the problem clearly, the next step is to find a workable solution that will address the issues at hand. When the problem is solved, what will success look like? What is the objective of this problem-solving scenario? What exactly do we want to achieve at the end of the day?  Answering this questions honestly and truthfully will guide us in identifying possible solutions to the defined problems.

Decision-options

Decision options are alternate courses of actions that can be used to address a particular challenge at home, work or business. When considering the available decision options we need to keep sight of the objective of the entire problem-solving process. Which decision-option will be most effective in helping us achieve our objectives? Which option will best solve the problems at hand? Answering this questions will help us choose suitable decision options. Brainstorming for ideas and researching solutions to ongoing challenges will enable us generate several decision-options for consideration.

Criteria for decision-making:

Criteria will help us to evaluate each decision option available to us. It will help us to choose the most suitable decision to achieve our objective. Using our criteria, we can compare each decision and choose that which is most appropriate for our situation.

Performing SWOT analysis:

SWOT analysis involves doing an analysis of the strength, weaknesses, opportunity or threats associated with each decision-option. Conducting a SWOT analysis will enable us prepare for the possible consequences of each decision option. It will also enable us handle unintended consequences that may arise as a result of our chosen option.

Making the decision:

Having considered all options, it is important to take a decision to address the problem at hand. After taking a decision, we make plans to implement the decision over time. We develop an action plan and set timelines for implementing these decisions.

Conclusion

The process of critical thinking does not end after a decision has been taken or implemented. It requires evaluation of the results of the decision made. How close are we to achieving our desired objectives? Do we need to modify our strategies or change the implementation process? The answers to these questions improve our decision-making process as a whole.

Unravelling the ABP course is an on-going process. We will keep on trying to master the course. I hope we get there soon enough. #EMBA27

Having considered all options, it is important to take a decision to address the problem at hand. After taking a decision, we make plans to implement the decision over time. We develop an action plan and set timelines for implementing these decisions.

Conclusion

The process of critical thinking does not end after a decision has been taken or implemented. It requires evaluation of the results of the decision made. How close are we to achieving our desired objectives? Do we need to modify our strategies or change the implementation process? The answers to these questions improve our decision-making process as a whole.

Unravelling the ABP course is an on-going process. We will keep on trying to master the course. I hope we get there soon enough. #EMBA27