Dear friends, recently I have gone through some documents about business problem solving approaches or methodologies. So thought to share with you.
In any project , we will come across different situations like proposing to new clients, new sales and marketing strategy , handling company internal problems etc. In such situations, we will be asked to provide decisions and helped to mitigate these problems. Most of the time it will test our capabilities.
During project life cycle we can face business problem at any point in time. To approach such problem , we can follow some steps.
Here is some important points which are need to be remembered about above steps.
|Understand Problem||1. To understand the problem need to prepare for interviewing the stake holders, clients, respective departments etc.|
2. Make a checklist for do’s and don’ts
3. Create and use multiple frameworks or structured approaches for interviewing purpose
. 5 WHYs
. 5 HOWs
. 5 Ws (Who ,What, Where, When, How)
. So What
. SPIN (Situation, Problem, Implication, Need-Payoff) framework
|Formulate Hypothesis||1. Select a set of frameworks|
2. Explore all the domains of business and analysis all features of Business Model Canvas
3. Explore with Issue Tree framework
. 4Ps framework
. 5C framework
4. After analysis the business problem using above frameworks, formulate the final hypotheses
|Collect Data||1. Collect required datasets|
2. Data in proper format
3. Validate data quality
|Analyses Data||1. Use Five patterns of business insight (Unknown Result, Surprising Extreme, Surprising Comparison, Significant Outliers, Abnormal Distribution)|
2. Select analytical approach
3. Ready with Hypothesis
4. Validate insight relevance
|Present Findings||1. Apply Pyramid principle (answer-first philosophy)|
2. Use Logical flows (TIME,PLACE,THREE ASPECTS OF THE SAME THING,BENEFITS,SCALE,COUNTER-ARGUMENTS) to structure analysis message
3. Communicate insights using words wisely
. Storytelling is part of communicating insights.
. Main elements of storytelling- message, visuals, structured flow, narrative
Issue Tree Framework: