A paradigm shift is a significant change that occurs when a new and different way replaces the usual way of thinking about or doing something. A paradigm shift is also defined as a standard, perspective, or set of ideas. It is a way of looking at something. The word paradigm often appears in the academic, scientific, and business worlds. A new paradigm in business could mean a new way of reaching customers and making money.
Analysis of business problems has introduced me to a whole new way of thinking. Prior to this time, I was sure I had developed excellent critical thinking ability until the first case of analysis of business problems. I went into the class so confident of what my team members and I had concluded on the case, only to realise we needed to do more. After analysing several cases, I now realise that certain things need a deeper look to understand the problems and provide lasting solutions to these problems. My professor emphasises ‘learn to distinguish between the problem and the symptom’. This was the beginning of the paradigm shift experience. I learnt to approach the cases by looking deeper to identify the problems and understand the root cause.
Developing critical thinking skills to provide solutions to our cases was made possible by these steps.
- Understand the case.
- Problem statement.
- Objectives
- Alternatives
- Criteria, considerations and limitations
- Analysis of Alternatives
- Make a choice
- Develop an action plan
First, in every case, it is crucial to understand the case. In this step, it is required to understand and get the facts of the case. Most cases have so much information in them that may be relevant to the case and sometimes irrelevant information. The idea is to understand the case and to identify the relevant facts of the case.
The Problem statement. The problem statement is a statement that provides an understanding of what the challenge in the case is. It answers the case’s who, what, when, how and why questions, gives a brief knowledge and ends with the problem question. In this stage, the problem statement must be so concise that it should be at most two paragraphs.
Objectives. The objective is the goal of the business. The reason why the business exists and what it exists for. Identifying the business’s objectives guides the other stages of critical thinking for analysing business problems.
The alternatives. Alternatives are available options that can ensure the business objectives are satisfied. Most cases give alternatives to possibilities that are within reach to solve businesses’ unique problems; in other cases, the alternatives are not explicit. The rule here is to work with available alternatives when given.
Criteria, considerations and limitations. These are standards by which some things may be thought about carefully, judged and constraints identified.
Analysis of the alternatives. In this stage, the alternatives have to be critically looked at. The analysis of the numbers in the case is computed and calculated here. This is a significant stage, as the facts and direction the case leads to are seen here. After the analysis, we are expected to make a choice and develop an action plan.
After following these steps in the cases, I have learnt to look beyond the surface in any situation I find myself in.
#MMBA5
