Unit 8 Forum

Solving Business Problems

with Mike Figliuolo

Exercise Handout

Solving Business Problems with Mike Figliuolo

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The Problem Solving Process

Output Clearly defined problem statement with success criteria

Output Factors and issues affecting answer defined and categorized

Output Possible solutions scoped as hypotheses and most likely answers chosen for analysis

Output Deep analysis of hypothesized answers. Paths either confirmed or eliminated with data

Output Synthesis of data into a clear, structured and compelling recommendation

Pin th e Prob

lem Identi

fy All Issues

Best Guess Analyze the Paths

Conceptual Thinking Cri tical T

hinkin g

Pitch a Recommendation

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Pin the Problem - Pinning Questions What is the high level problem?

Answer focusing questions

What is the objective?

Who are the stakeholders/influencers?

How will you measure success?

What will be the specific scope?

What constraints exist?

Evaluate prior efforts

Has this problem been considered in the past? What’s different now?

Were there any challenges last time this was addressed?

What ingoing assumptions limit our thinking?

Who was involved in the problem solving?

Derive insights from new lenses

What are the perspectives of the CEO, front line staff, customers?

What is the 10,000 ft. view vs. the 50 ft. view?

Can you reimagine the problem in new ways?

What happens if you remove built-in constraints?

Understand relevant causalities

Are elements of the problem derived from other elements?

What are the root causes of this problem?

Is there actually a deeper or preceding problem?

Are there repercussions to anticipate?

Are there chronology/sequence issues relating to the problem?

Solving Business Problems with Mike Figliuolo

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The Problem Solving Process

Sort aspects of the problem into distinct/complete categories by function or theme

Some will be related. Others will be different enough to merit a separate category

Limit number of primary categories for easy map-making Solving Business Problems with Mike Figliuolo

Product A

Sales Product B

Product C

Region 1

Sales force Region 2

Region 3

Short term

Strategy Mid-term

Long term

Revenues

Profits

Costs

Segments

Current customers

Prospect customers

Financial

Challenges Marketing

Strategy

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As You Analyze, Pick the Best Paths in the Least Time

“High Road” – Look from Above

Always revisit your Best Guess and the “pinned” problem

Estimate expected rewards before you start detailed analysis

Use 80/20 and back-of-envelope thinking

Use experts as data sources

Share good ideas

Test your thinking

“Low Road” – Evaluate the Ground

Only run the numbers you need to run

Don’t wander into the weeds for too long

Beware of “polishing dirt”

Focus your attention on only the best paths

Get back on the high road regularly to regain perspective and get out of the details

Trust your gut! Take risks!

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Guiding Principles on Assertions

Assertions are truths stated for persuasion

Assertions are clear, explicit and direct – the audience knows where you stand

The difference between a strong assertion and a weak opinion is the facts

In a conflict of assertions, the best evidence wins

Once an audience agrees with your assertion’s proofs, controversy disappears