Kene Egbue 2023-MMBA-4
Do you sometimes wonder how big business CEOs come up with the best decisions for their companies- the decisions that create financial behemoths out of hitherto start-ups; decisions that create brands out of products with market-saturated competition? Have you ever considered how these decision makers are able to weather the storm or even post profits in an inclement economy?
The Analysis of Business Problems, a 3-unit course, which offers partial fulfilment of the Master of Business Administration programme at the Lagos Business School, gives a really clear insight on the nature of business problems and a hands-on approach to proferring credible solutions within the context of reasonableness.
One may ask, “Why an entire blog post about this course?” Well, while you may not perceive its import at ‘first sight’, you are certain to discover its value as you yourself, together with your cohorts and the faculty, begin to unravel the course, one case after another.
As a business administrator, more so, a master of business administration, one is expected to possess and readily deploy critically constructed solutions to the snags that stifle business growth and viability. The business cases reviewed through this course, therefore serve as ‘sparring sessions’ which help budding business administrators to understand the depth and process of thought(s) that inform remarkable as well as regrettable business decisions.
It is noteworthy that this course requires an MBA candidate to be open minded and dynamic in thinking, as it provides him/her with a foundation for learning any other subject. More often than not, MBA candidates will be confronted with cases that challenge them to look beyond the surface and seek real meanings.
Given all that has been stated, is it not therefore quite a herculean task to analyse business problems? Not quite. To more effectively analyse business problems, one needs to understand the steps that lead to game-changing decisions. These are steps that are not alien to us; processes that we undertake subconsciously and most likely in a much less organised manner.
These steps are simply outlined below as:
1. Understand the situation
2. Identify and define the problem
3. Define your objective
4. Generate alternatives
5. Identify criteria
6. Analyse the alternatives
7. Make a decision
8. Develop an action plan
Like I stated earlier, these are not complex processes and each of them will be dissected in my subsequent blogs (so watch this space). Nevertheless, these steps demand that you must question assumptions, reason through logic, and embrace diversity of thoughts in your approach.
Many professionals summarise the course as the art of critical thinking and as you continue to engage my blogs on the Analysis of Business Problems and its applications, you will yourself, opine similarly.
Let’s catch up here again, soon.
THINKING ABOUT MY THOUGHTS