Being a graduate in accounting and a vast experience in this regard, I am proficient in financial statement analysis and financial advisory activities. However, the course- Analysis of business problems (ABP)was first introduced to me during a session with the faculty titled “A Day in the life of an LBS student”. This session was aimed at simulation how the LBS experience would be for the then prospective student. Consequently, we had an in-class simulation of a case on Analysis of Business Problems. The case was aimed at making a crucial financial decision about a product. This was akin to my experience and I ecstatic that the course would fit into my financial background perfectly. However, my myopic thought on this course has been changed in the following ways:
- The financial effect might not be the most important in all cases;
As I complete the fourth week of taking on this course, I have had to adjust my horizon severally because my myopic mindset has been stung over and over again. I have had to learn that in dealing with any case, answering the question “what does success look like?” will not always cumulate to financial success. There is moral success, and in recent continuity success. This has rattled my believe as I am constantly in battle with my default ideology that financial success is the greatest kind of success. But it has also given me an appreciation to other occupation. This is because the type of business in the case might view social success more important than see their financial success. Through diverse cases examined within this short frame of one month, I have been able to understand the working of pharmaceutical firms, biotech firms, manufacturing firms and others. In essence, I have learned and I continue to be conscious that financial success is not the only yardstick for measuring success and for that I have made a constant effort to adjust.
- The importance of identifying a problem.
Also, as a professional consultant, identifying problems of several clients in my firm has never been a plight. This is because we have an engagement letter that spells out what we were going to carry out. However, as I engage in this course ABP, I have been perplexed as to how I have been grossly inadequate in identifying my client’s problems. This course has highlighted my deficiencies. I have learned that the human brain has at least two different methods for tackling problems, and which method dominates depends on both the individual’s current situation and the surrounding context. Furthermore, these two methods are called automatic processing and conscious processing (also sometimes known as system 1 and system 2). These two modes tackle problems differently. The automatic processing refers to a problem processing that we don’t have control over it or even feel it happening. Instead, we are only aware of the results, such as a thought that simply pops into your head or a physical response like hitting the brakes when the car Infront of you stops abruptly. In comparison, conscious thought process represents the part of your brain that you control. When you are aware that you are thinking about something, you use the conscious processing. The conscious processing can be both powerful and precise. However, the knowledge of this made me realize that I often use the automatic process while attending to client’s engagements this is because the engagement letters are often not read in-depth due to the constant years of experience. The distinction between these two processes has made me conscious to ask myself what exactly does the client wand and not generalize the needs of the client based on my own thoughts.
In conclusion I have learned so far just how important identifying problem can be in a business and I have made a conscious effort to be an effective problem solver by first formulating the client’s problem intelligently and then putting strategies in place to solve them. Although ABP is becoming a problem but it is mostly because I am a problem too, Lol! I have decided not to have a close mind in any case and follow the prescribe guidelines for analyzing a case