At the very core of businesses, small, prominent, startups, or multinationals life generally involves problem solving. Most companies are birthed with the sole purpose of solving problems or at least that is what we are trained to look out for, if you have ever tried to start a business the phrase “what problem is your business trying to solve?” must ring a bell. The answer to this question ultimately defines the vision and guides the entire strategy, operation and ethos behind the business. Asides from these very defined questions of who, what, where also arises daily problems with processes and various aspects of the business. To solve problems is to make decisions. The Decisions we make ultimately shapes our lives. The win therefore is in making the best decision. Problem solving is tilted to “how” you make the decision.
The analysis of business problem course has been a very insightful series of brain storming sessions. The course is designed to address the issues that stand in the way of our making optimal decisions consistently. We are being thought to become better thinkers, achieve a higher level of quality and function better in the world, one major thing to note, the quality of the decision you make is highly dependent on the information available to you. I love the fact that so many views are welcome and all that is needed to make the kill is the viewpoint that has proven every point, crossed every dot and ticked every box. This is very tasking but interesting.
We are taught in the analytics of business problems class to use the prOACT model when approaching a problem, this is an acronym for problem, objective, alternatives, consequences, trades -offs. It is very important that you have a very clear goal and vision of what you intend to achieve. a clear goal helps you to stay on path and is a good reference point. A good understanding of your competencies as well is also key, knowing there is no right or wrong answer, but there is right or wrong thinking. The wrong thinking leads you to wrong conclusion, which ultimately sets you up for failure.
To make the best decisions we need to think critically, and to develop this ability we need to become curious. question assumptions, reason through logic, embrace diversity of thought.
Critical thinking using a systematic process.
1. Define the problem
2.Define the objective
3.Develop alternatives to achieving the objectives: consider all the alternatives? allow for brainstorming be open to exploring other options.
4.Develop evaluation criteria
5.Analyze each alternative using the developed criteria
6.Make a decision
7.Develop an action plan
A conclusion is only defendable as the premise that leads to that conclusion, you can have a true conclusion based on a false premise. The major task is asking the right questions which ultimately is the basis. Effectively performing a business analysis can help businesses yield high positive results.
