Analysis of a business problem is one course every university should introduce to their school of business student. This is one course I have come to appreciate and love since my journey in LBS started. Though its my first time of doing a course in business analysis, my knowledge as widen and problem solving seems easier than before.
At first, I thought that analysing a case was just to read and give your own view, but this course as made me realised that there are steps in which you need to consider when analysing a problem. You need to carefully read the case and understand if its PROBLEM SOLVING OR A DECISION MAKING CASE.
WHAT IS BUSINESS ANALYSIS:
Business analysis is a way of identifying business needs and determining solutions to solve the problem. It helps you to evaluate alternatives which organisations can use to achieve their aims.
APPLYING IT AT WORKPLACE
There was a problem in my workplace which was earlier shared with us through our emails. I read it but did not analyse it properly. After my lectures on Wednesday, I went back and read the mail and started working on possible ways of arriving at a suitable solutions.
On Friday, we were invited to our boardroom where we were presented with the case and asked to give our opinions on what we thought was the best approach. People gave their opinions, laying emphasis on what the felt was the best approach. I presented my analysis, giving both negative and positive impact of the case, how long its impact was going to last depending on the final decision and the impact it will have on the company’s finance. At the end of the meeting, I was happy that my approach was considered while taking a decision
Analysing a problem can be tougher than you think. If the person analysing does not read the case with understanding, He or She may end up creating issues instead of solving the problem.