Brain-frying

Energy was exhausted, mind was overwhelmed leading to mental fatigue, stress, and reduction of productivity.

During the intensive week (EMBA 28) at Lagos Business school we were constantly bombarded with fraying-brain activities in all the sessions. Intensive week is a period of just one week, Monday to Friday, but it appears to be lengthier than whole month.

People have different talents, some are very good with theories, some are good with presentation skills, some are conversant with figures whereas some are blessed with both. I then come to think of Analysis of Business Problem (ABP) where cases of different nature are being analyzed and recommendations together with future plans are made. 

The most challenging session for me is “Analysis of Business Problem” (ABP). Although, the entire ABP sessions were group work. Our group are full of experience and hardworking people who put a lot of energy into ensuring everyone is carried along and indeed together we shall succeed. We met almost every day, with a team spirit and oneness to task ourselves, to think critically at the spot in searching for the right decision. Of course, we agreed and disagreed, sometimes we adjoin the meeting where solutions seem not to be found.

Decision making involves thinking critically and critical thinking is an essential skill that everyone should have. It’s the ability to analyze information, identify biases, avoid noises, and make informed decisions based on evidence and logic. With critical thinking, one can solve complex problems, avoid being misled by false information, and make better decisions in our personal and professional life.

From inception of ABP classes we began with case study, cases that were quite demanding. Although, the course is designed to equip and develop our critical and analytical thinking. For one to make decision on the case, you have to do thorough analysis in both ways; qualitative and quantitative.

Qualitative Analysis: It has to do with collecting and analyzing non-numerical data, such as text within the context to identify patterns, themes, and insights. We were informed that by qualitative analysis, understanding the data is more important than statistical accuracy.

Quantitative Analysis: on the other hand, is a method that involves collecting and analysis of numerical data. It can be use to test hypotheses, measure variables and make predictions based on statistical analysis.

Some of the data does not require statistical methods to analyze, especially where the data has to do with accounting information like financial statements. In this case, you will see that the problem in the context has to do with financial challenges. For example, where the business reported a loss in its statement of financial performance (Profit or loss). So, the objective will be eliminating the loss so as to be profitable in order to remain in the business. Therefore, the strategies needed here is to look into the component of “profit or loss”. In other words, revenue minus expenses. Where revenue exceeds expense, then profit is made and where expense (Costs) is higher than the revenue, then the business is at loss.

However, to solve the problem of loss made by the business, you have to increase your sales volume which is usually not easy because of other factors like competition, or you lower the price in other to attract more volume of sales/more customers.

Another option is to investigate costs. This is where most managers focus on. In some organization today, cost minimization is added to managers Key Performance Indicator (KPI).

These technics help to increase business performance in terms of reducing waste, tackling unnecessary spending, and putting control measures in place among others.

To be continue…