Consultant Explains: Tactical Business Frameworks

Name: Consultant Explains: Tactical Business Frameworks
Uploaded: 2021-08-23T16:32:08.000Z
Duration: 16 min 9 s

Problem Solving Frameworks

In this section, the speaker introduces three problem-solving frameworks: hypothesis-driven problem solving, Pareto Principle, and MECE. These frameworks are used by management consultants to solve complex problems in a short amount of time.

Hypothesis-Driven Problem Solving

Management consultants use hypothesis-driven problem solving to quickly solve complex problems.

This framework involves breaking down the problem into smaller components and testing hypotheses to find a solution.

By using this approach, consultants can quickly identify the root cause of a problem and develop an effective solution.

Pareto Principle

The Pareto Principle is another framework used by management consultants.

This principle states that 80% of the effects come from 20% of the causes.

By identifying the key factors that contribute to a problem, consultants can focus their efforts on addressing those factors and achieving maximum impact.

MECE

MECE stands for mutually exclusive and collectively exhaustive.

This framework is used to ensure that all possible options have been considered when developing a solution.

By using MECE, consultants can be confident that they have explored all possible solutions before making a recommendation.

Brainstorming Solutions with Morphological Analysis

In this section, the speaker discusses how to brainstorm solutions using morphological analysis. This approach involves breaking down a complex problem into its core components and generating ideas for each component.

Using Morphological Analysis

Morphological analysis is used to generate innovative solutions to complex problems.

To use this approach, break down the problem into its core components and generate ideas for each component.

Once you have a list of ideas for each component, mix and match them to create new and innovative solutions.

Identifying Core Components

To use morphological analysis, you first need to identify the core components of the problem.

For example, if the problem is a revenue issue with an ice cream shop, the core components might include price, volume, location, atmosphere, and function.

Generating Ideas

Once you have identified the core components of the problem, generate ideas for each component.

For example, under location, you might consider placing the ice cream shop near transportation hubs or beaches.

Be as specific as possible when generating ideas to help others visualize your solution.

Mixing and Matching Ideas

After generating a list of ideas for each component, mix and match them to create new and innovative solutions.

Use a payoff matrix to categorize and prioritize different ideas based on your goals.

Conclusion

In this section, the speaker concludes by summarizing how management consultants use problem-solving frameworks like hypothesis-driven problem solving, Pareto Principle, and MECE. The speaker also summarizes how to brainstorm solutions using morphological analysis.

Key Takeaways

Management consultants use frameworks like hypothesis-driven problem solving, Pareto Principle, and MECE to quickly solve complex problems.

Morphological analysis is a useful approach for brainstorming solutions by breaking down a complex problem into its core components and generating ideas for each component.

Structuring Your Business Analysis

In this section, the speaker discusses the three areas that you want to analyze when structuring your business analysis. These are the three Cs, which are company, competitor, and customers.

The Three Cs

The three areas that you want to analyze when structuring your business analysis are company, competitor, and customers.

To understand companies and competitors, there are several frameworks available such as SWOT analysis and Porter's 5 Forces.

For analyzing customers, the most useful framework is customer journey mapping which includes five stages of awareness: unaware, problem aware, solution aware, product aware and most aware.

Customer Journey Mapping

The five stages of awareness in customer journey mapping include unawareness where people don't know that a problem exists; problem awareness where people realize they have a problem; solution awareness where people know what will solve their problem; product awareness where people become aware of your company's product; and most-awareness where people are ready to make a decision.

Framework Thinking

Using these ten frameworks gives you a head start compared to everyone else who doesn't use framework thinking yet.

Comment below if any of these frameworks have changed the way you think about problems or if you learned anything new from this video. Give a thumbs up if you found it helpful and subscribe for more videos like this one.