ANALYSIS OF BUSINESS PROBLEMS

One of the most valuable skills that an MBA student can acquire is the ability to analyse a business problem and propose a feasible and effective solution. This skill is not only useful for academic assignments, but also for real-world scenarios that managers and entrepreneurs face every day.

Welcome to the Analysis of Business Problem Course (ABP) in Lagos Business School. ABP is a core course that every MBA student must take in the first year of the program. The course is designed to provide students with the necessary tools and frameworks to identify, analyse, and solve complex business problems that arise in the corporate world.

In this blog post, I will share my experience of taking the course Analysis of Business problem (ABP) at the Lagos business School, and how it has helped.

Firstly, ABP rests on critical thinking and the goal is to make informed judgement. Three principles help us to critically think.

Question Assumptions; to question an assumption means to examine and challenge a belief or idea that is taken for granted or considered to be true without sufficient evidence or reasoning. It involves evaluating the validity of the assumption by critically analysing the evidence and logic that supports it.

Questioning assumptions is an important process for critical thinking and problem-solving, as it helps to uncover underlying biases, uncover hidden assumptions, and consider alternative perspectives that may lead to more effective and innovative solutions. By questioning assumptions, we can gain a deeper understanding of the problem or situation at hand, and make more informed decisions based on evidence rather than unsupported beliefs.

Reason through Logic; to reason through logic means to use systematic and rational thinking to arrive at a conclusion or solution to a problem. Logic is a branch of philosophy that deals with the principles of correct reasoning, and it involves using evidence, facts, and valid arguments to support a conclusion.

When reasoning through logic, one starts by identifying the premises or assumptions that are being made, and then evaluates their logical relationships to one another. The goal is to identify a valid argument, where the conclusion logically follows from the premises.

Overall, reasoning through logic is an important skill for critical thinking, problem-solving, and decision-making, as it helps us to evaluate information and arguments in a systematic and rational way.

Embrace diversity of thought; To embrace diversity of thought means to recognize and value the different perspectives, ideas, and opinions that people bring to a group or organization. It involves creating an environment that welcomes and encourages people to express their unique perspectives and promotes an open-minded approach to different ideas and ways of thinking.

Embracing diversity of thought can bring many benefits to an organization or community. It can lead to increased creativity and innovation, as people with different backgrounds and experiences can bring new and unique ideas to the table. It can also foster a greater sense of inclusivity and belonging, as people feel valued for who they are and what they bring to the group.

To embrace diversity of thought, it’s important to create a culture of respect, where people feel comfortable expressing their views without fear of judgment or discrimination. This can involve actively seeking out diverse perspectives and opinions and encouraging open and respectful communication and debate. It can also involve challenging our own assumptions and biases and being willing to consider and learn from different viewpoints.

Overall, embracing diversity of thought is essential for creating a positive and inclusive environment that values and respects the contributions of all its members.

Thus far, Analysis of Business Problem has been a challenging but rewarding experience for me.