Consulting Approach to Problem Solving

A brief introduction to the way in which the course is structured and other administrative matters. 

Learn what problem structuring is, why top consulting firms do it, and why structuring some kinds of problems (especially business related) will help you solve them in a consistent and effective way.

Understand the difference between expert knowledge in a particular topic, and expert knowledge in business problem solving. The latter is what characterizes top consultants from firms like McKinsey, BCG and Bain (MBB). 

The pros of using hypothesis based problem solving. Learn what its advantages are over deductive and solution oriented problem solving techniques. 

Understand what steps an HBPS cycle consists of: 

1. Problem formulation

2. Problem structuring

3. Workplan design

4. Solution communication

The following questions will test your understanding of this section of the course. Don't hesitate to replay the indicated lessons if you get something wrong (beginnings can be tough so don't worry)!

Study the most important aspects of the business context of a problem including the stakeholders, business environment (market, trends), success criteria and information sources. 

Learn the SMART approach to formulation of ideas (here particularly problem statements) used extensively in the consulting business. SMART is and acronym that stands for: Specific, Measurable, Action-oriented, Relevant and Time-bound. 

Learn the basics of problem breakdown and structuring which is the basis for all business frameworks (Porter's 5 forces, BCG Matrix, 4Ps etc.). See the big picture of cracking business cases.  

Learn a very useful method of exploring issues related to a given concept which you can use both alone and in the form of a group exercise. 

Understand what many regard as the core of HBPS: issue trees (that provide a graphical representation of the whole HBPS process) and the MECE approach (being Mutually Exclusive and Cumulatively Exhaustive). See how hypotheses, the most probable solutions to problems, emerge from proper problem structuring.

See how to use mindmaps and issue trees in practice! In this lecture I walk you through the process of creating both. 

Get acquainted with what is required to test hypotheses: data and analyses. 

Understand the reasons for prioritizing, which is a driver behind the success of consulting firms. It allows them to quickly generate value for their clients in a relatively short time. 

Learn to use practical tools of top managers and consultants that they use to prioritize their work. Such tools allow them to invest their time only in the most promising ideas. 

Learn to generate meaningful conclusions that are not mere summaries but synthesize information to generate true insights for clients regarding their businesses. 

Get acquainted with a very powerful consulting technique borrowed from filmmaking. It is used to generate slide decks with impeccable flow of logically connected ideas: from the main synthesized message/solution to supporting arguments and results of analyses.