Analysis of business problems hmm. my first impression of this course was confusing, challenging and anxious as I was not familiar with this concept, nor was I aware that we ought to analyze business problems, also had not made a conscious effort to analyze problems or aware of how to go about it.
What is it about analysis that’s important in making business decisions was my thought, while attending these class sessions, I realized during each session taken by Dr. Yetunde Anibaba that in order to effectively solve a problem you must be able to identify what exactly is the problem. Sounds easy right until you are given a case study to analyze.
Here are a few information’s that I have been able to understand during my class sessions:
Analyzing business problems involves identifying and understanding the root causes of issues that affect the success of a business. Effective problem analysis requires a systematic approach, involving the following steps:
- Define the problem: Start by clearly defining the problem and its impact on the business. Identify the symptoms of the problem and gather data to support your analysis.
- Identify the root cause: Analyze the data and identify the underlying cause of the problem. Determine if there are any contributing factors or related issues that need to be addressed.
- Develop possible solutions: Brainstorm potential solutions to the problem. Consider the feasibility, cost, and impact of each solution.
- Evaluate solutions: Analyze each potential solution in terms of its effectiveness, practicality, and impact on the business. Consider the short-term and long-term consequences of each solution.
- Select the best solution: Based on your analysis, select the solution that is most likely to address the root cause of the problem and have a positive impact on the business.
- Implement the solution: Develop an action plan and implement the solution. Assign responsibility for carrying out the plan and establish a timeline for completion.
- Monitor the results: Monitor the results of the solution over time to ensure that it is effective and that any unintended consequences are addressed. If necessary, make adjustments to the solution to optimize its effectiveness.
By following these steps, businesses can effectively analyze and address problems that are impacting their operations and bottom line.
Well, I hope you have also been able to grasp an idea of the essence of this course as I am still in the process of clearly identifying my problems and relating that to my business objectives. It is a process and am willing and open to experience everything aspect that this course has to offer.
Is it challenging? Yes, it is mainly because you have to listen to how your thinking wasn’t thinking enough lol. And today was one of those days. You know the feeling we get when you think you have done justice to an assignment and “it is the bomb” and get into class only to realize that if you had not allowed our brain to frame our problems intuitively just because we feel that should be the problem.
See you on the next one as we set out on the journey to being a good business analyst..
ADAMS HALIMATU 2023-MMBA-4-001
