During my two-week intensive MBA course at Lagos Business School (MEMBA 12), I learned how to analyze business problems objectively. Business problems are often complicated by emotions, assumptions, personal expectations, and facts which can make the analysis process challenging.
To analyze business problems efficiently, we use both qualitative and quantitative tools. Qualitative tools include Company SWOT analysis, Problem Statement, Objective, Options, Criteria, Risk Assessment, and Recommendation. Quantitative tools include Net Profits, Return on Investment (ROI), Market Ratio, Liquidity Ratio, etc.
The analysis involves critical thinking, identifying business problems and opportunities, and providing solution recommendations. In the Mountain Man Lager case study, quantitative analysis helped justify the launch of Mountain Man Light by projecting the company’s net income over five years. In the CleanSpritz case study, qualitative analysis was used to select the status quo option despite a marginal increase in the value of other non-biodegradable options.
The use of business problem analysis techniques is not only required in the business world but also in our personal lives, where the best decisions matter most. Humans are often driven by emotions and personal feelings that can distort our decision-making process. Therefore, applying these techniques can help us make better decisions in all aspects of life.
