What you Need To Know About Analysis of Business Problems.

The Dictionary meaning of Criteria, is a principle or standard by which something may be judged or decided or standard or principle for judging, evaluating or selecting something.

When you are presented with a business case, take a critical look at the case study, bearing in mind that the end goal of the analysis is to reach an unbiased decision, you will definitely be presented with Alternatives, sometimes these alternatives are more than two. But the criteria is somewhat generic for all the alternatives. The alternatives that tick the boxes correctly the most for the criteria you have chosen to arrive at a solution, is usually the alternative route to follow.

It is very easy to look at a case and jump to conclusion based on our emotions or prejudices.

Most of the business cases when analyzed, you would find out there they are usually caused by market forces, machineries. At this point you have to be objective in your reasoning.

Now to the mathematical aspect of ABP, most times, cost of production must be factored in, profit, income given different conditions, risk factors, customers rating, current estimates and future projections. By the time this is tabulated, everything becomes clearer and easy to analyze. You can even take it a step further, to show the result on pictograms or other type of graph, depending on the stake holders involved.

Based on all the aforementioned, you can now draw up an action plan. If you are a consultant and you are asked to analyze business cases. You must follow it, step by step.

Your logic and sequence of reasoning when re-examined should not show any form of biasness or lack of attention to detail. If you have to read the case thirty times to understand perfectly, by all means, please do so.

Analysis of business problems tests your critical thinking skills. The truth is, not many of us task our brains to think about what we are thinking. Sometimes we are quick to take decision because we don’t want to think it through. This can make you take a decision too quickly or too late. You might think you have the resources to cushion the effect of a negative outcome but why do you want to waste human and monetary resources when you can cleverly take your time and solve a business problem through a step-by-step process?. Ask the question of why, Who, where, when and what. You will discover that the more questions you ask, the more answers you will get and the closer to the solution you are.

You will agree with me that there is this sense of fulfilment knowing that you have taken the right decision through the logical route to arrive at a decision.

In Summary, the steps involved in Analysis of business problem as a course and as a real life application to solving problems is the best approach to use for all business Executives globally. Yes! the world would be a better place if we all thought critically. Critical thinking is not the birthright of some certain class or race.

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