View the Lynda.com video Solving Business Problems with Mike Figliuolo. Identify a problem you would like to address (ideally a real-world problem in your workplace) and participate in the exercise h
Solving Business Problems with Mike Figliuolo Exercise Handout 2 of 6 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 the Problem Identify All Issues Best Guess Analyze the Paths Conceptual Thinking Critical Thinking Pitch a Recommendation Solving Business Problems with Mike Figliuolo 3 of 6 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 4 of 6 The Problem Solving Process Sort aspects of the problem into distinct/complete categories by functio\ n or themeSome 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 Solving Business Problems with Mike Figliuolo 5 of 6 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!
Solving Business Problems with Mike Figliuolo 6 of 6 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 fact\ s In a conflict of assertions, the best evidence wins Once an audience agrees with your assertion’s proofs, controversy disappears Solving Business Problems with Mike Figliuolo
