Final Flashcards
(36 cards)
Decision-Making Fallacies:
- confirmation bias
- jumping to conclusions
- analysis paralysis
confirmation bias
the tendency to seek, interpret, and remember information that confirms your existing beliefs or expectations
jumping to conclusions
a psychological term referring to a communication obstacle where one “judge[s] or decide[s] something without having all the facts; to reach unwarranted conclusions
analysis paralysis
the feeling of being unable to make a decision due to overthinking a problem. This often happens when you’re dealing with too many variables and continually researching solutions, instead of taking action and making a decision.
constraints of expertise
survivor bias
pitfalls of problem solving:
- flawed problem definition
- solution confirmation
- wrong framework
- narrow problem definition
flawed problem definition
often happens when you think you recognize a situation from past experience, puts you on a glide path to irrelevant solutions.
solution confirmation
wrong framework
by suggesting what we should attend to, they also tell us what to ignore. Our choice of frameworks can blind us to important aspects of a problem, leading us to develop ineffective solutions.
narrow problem definition
When we tackle a complex problem that we superficially understand, it’s tempting to frame it narrowly to make it look like one we’ve worked on before.
Internal analysis tools/frameworks:
- balanced scorecard
- triple bottom line
- value chain analysis
External analysis tools/frameworks
- Porter’s Five Forces
- mapping strategic groups
- PESTEL
balanced scorecard
involves measuring four main aspects of a business: Learning and growth, business processes, customers, and finance.to monitor and evaluate the performance of the various aspects of a business, such as quality, service, customer satisfaction and cost.
triple bottom line
The triple bottom line is a business concept that states firms should commit to measuring their social and environmental impact—in addition to their financial performance—rather than solely focusing on generating profit, or the standard “bottom line. profit, people, and the plane
value chain analysis
means of evaluating each of the activities in a company’s value chain to understand where opportunities for improvement lie.By understanding the value that your company brings to your audience, you can craft a more strategic sales plan and alter your chain activities to produce additional revenue.
Porter’s Five Forces
Analyzes competitive forces within an industry.When evaluating industry attractiveness and potential profitability.Might oversimplify competition and does not consider collaboration or Utilized due to its strategic focus on the forces shaping industry competition that we face.networks.
mapping strategic groups
Identifies market positions of competitors.When assessing the competitive landscape and strategic opportunities.May ignore dynamic market entrants and focus too much on current competitors.Employed to visualize our position relative to competitors and identify strategic moves.
PESTEL
Assesses macro-environmental factors affecting the business.When analyzing the broad market context and external environment.May not reflect real-time market changes and tends to be theoretical.Chosen for its comprehensive view on external factors that our company must adapt to.
Organizing Frameworks
- SWOT
- hypothesis pyramids
- issue trees
hypothesis pyramids
could be used to organize potential solutions or causes from the most general at the base to the most specific at the top. This method helps you systematically explore and address every level of the problem:
Base Layer: General ideas or broad causes of the problem.
Middle Layer: More specific hypotheses derived from the broad base.
Top Layer: Highly specific and directly testable hypotheses that can confirm or deny elements of the problem.
issue trees
Define the Main Problem: Start by clearly stating the central issue at the top or trunk of the tree.
Break Down the Problem: From the main problem, branch out into major categories or causes related to the issue. These become the large branches of your tree.
Subdivide Further: Each major branch can be broken down into smaller, more specific parts. These sub-branches help you identify specific factors or sub-problems.
Analyze Connections: Look at how the branches and sub-branches are connected. Understanding these relationships helps in identifying root causes and potential impacts.
Develop Solutions: For each sub-problem, think of potential solutions. These solutions can be thought of as leaves growing on the branches, directly addressing each part of the problem.
Using an issue tree helps ensure a thorough examination of the problem from multiple angles, promotes organized thinking, and facilitates a systematic approach to problem-solving.
DISC assessments
DiSC® is a personal assessment tool .used for team building,workplace culture,personal development.People with D personalities tend to be confident and place an emphasis on accomplishing bottom-line results.
People with i personalities tend to be more open and place an emphasis on relationships and influencing or persuading others.
People with S personalities tend to be dependable and place an emphasis on cooperation and sincerity.
People with C personalities tend to place an emphasis on quality, accuracy, expertise, and competency.
the 4-S Problem Solving Framework
State, Structure, Solve, Sell
