SOLUTION PROBLEMS

Analysing of business problems is one course I met in Lagos business school that made me realise that when faced with an issue, it literarily is deeper than it looks on face value.

Your intuitions and ability to reason objectively and practical are highly needed.

The course avails you the opportunity to think critically at the same time also think within the context given.

This looks a bit contradicting, but it ultimately just challenges your reasoning instincts and your thought processes of perusing through case studies with utmost attention to details and salient points.

This Course is primarily focused on making the students very versatile in their thinking and reasoning as it pertains to solving problems and challenges of buisness and work related issues.

Decision-making models

There are two ways our minds work.

System 1; this is our subconscious mind that contains a pattern that determines how one responds to new information.

System 2; this is the part of the brain that ensures that you don’t act on system 1. It is an intentional and deliberate thought.

All of us have system 1 thinking but if we continue in system 1 as a habit, it will likely cause trouble because patterns change and we should have the ability to adjust our brain and thoughts to align with relevant changes when necessary.

When one is faced with a case study to read through and analyse and give recommendations, the details of the case should be looked at and analysed thoroughly because that is the way to extract the necessary details that would guide you in giving the right and well-informed recommendations. However, if you do not intentionally and carefully go through the case study, you will find yourself jumping to conclusions without having a proper background and relevant details from the case.

Cognitive miserliness

The brain does not want to do work except you compel yourself to do it or challenge it.

Classic cognitive miserliness

This is when one writes what you think you know without properly reading the question. This is actually an impulsive behaviour of the brain through impulsive signals without gradually analysing and reaching a decision on the proper thing to do at that moment.

In analysing of business problems, you cannot afford to depend or solve complex problems by only depending on system 1.

Decision-making funnel

The ability to balance effectively will affect the quality of your decision, the quality of your decision is a function of how well you balance your biases, the data or information or assumptions.

In conclusion, take enough time to properly evaluate a problem before taking any action. Careful consideration is the key to avoiding unnecessary mistakes and ensuring better results. Also, we were warned severally by our faculty on the need not to deviate entirely from the relevant facts of the case in a bid to recommend or suggest ways to alleviate the problems or perceived issues in the case study.