Professor Ken Homa - The Homa Files | News & Views on ... · PDF fileVentures: Checkmate,...
Transcript of Professor Ken Homa - The Homa Files | News & Views on ... · PDF fileVentures: Checkmate,...
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Problem-Solving Getting Started
© K.E. Homa
Proprietary Material
Incomplete Without Extensive Oral Elaboration
Professor Ken Homa Georgetown University
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Today’s Session
• Key problem-solving skills
• A few tricks of the trade
• Some cognitive psychology
• Guide to resources Bona Fides
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Princeton University, A.B. cum laude, Economics University of Chicago, M.B.A. -------------------------FUNCTIONAL FOCUS------------------------ EMPLOYER SECTOR STRATEGY MARKETING LOGISTICS SYSTEMS McKinsey Consulting X X X Univ. of Chicago Education X X General Electric Consumer Goods X X X Black & Decker Consumer Goods X X X X Georgetown Univ. Education X X X
Ken Homa
Ventures: Checkmate, Sequoia Software (now Citrix), SIRVA (a CD&R company), Navigauge, Upper Quadrant
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Applied Marketing Management Deep grasp of 6Ps, practical competence
Advanced Marketing Strategy Frameworks & methods … competitive edge
Price, Value & Profitability Multi-disciplinary … trilogy capstone
The Homa “Trilogy”
Course Guarantee
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An obvious fact …
Consulting firms want people who are extraordinary problem-solvers …
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Against that back drop…
A stark reality …
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Recruiters say that Georgetown MBAs are weak analytically. “Soft skills are ok, short on hard skills” “More conversationalists than analysts”
• Not universal, but frequent • Legacy brand image • Aggregate, not individual • Perception or reality? • Pascal’s Wager …
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Yes No
Existence
Damn (eternal)
Whew
Fun (short-term)
Oh Well
Con
duct
Pascal’s Wager
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Yes No
Recruiters Right ?
Damn (eternal)
Whew
Fun (short-term)
Oh Well
Anal
ytic
al S
kills
Pascal’s Wager
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So, let’s assume that the recruiters are right …
Why? Ops Axiom
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OQ = f (IQ, PE)
Operations Axiom
Output Quality Input Quality Process Effectiveness
How to improve?
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Some theory (sorry) …
Cognitive psychology
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Split Brain Thinking
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Split Brain Thinking
Left Brain Scientist, engineer
Cerebral (thoughts) Abstract (concepts) Logical (symbols) Analytic (parts) Core (evidence) Facts (words, numbers) Deductive (sequential) Convergent (end product)
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Split Brain Thinking
Left Brain Scientist, engineer
Cerebral (thoughts) Abstract (concepts) Logical (symbols) Analytic (parts) Core (evidence) Facts (words, numbers) Deductive (sequential) Convergent (end product)
Right Brain Artist, poet
Visceral (feelings) Concrete (things) Analogical (stories) Synthetic (patterns) Periphery (subtleties) Impressions (images) Inductive (parallel) Divergent (elegance)
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Split Brain Thinking
Left Brain Scientist, engineer
Cerebral (thoughts) Abstract (concepts) Logical (symbols) Analytic (parts) Core (evidence) Facts (words, numbers) Deductive (sequential) Convergent (end product) Task (destination)
Right Brain Artist, poet
Visceral (feelings) Concrete (things) Analogical (stories) Synthetic (patterns) Periphery (subtleties) Impressions (images) Inductive (parallel) Divergent (elegance) Creation (journey)
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So what ?
Whole Brain
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Right Wrong
Direction
Right Brain
Whole Brain
No Brain
Left Brain
Exec
utio
n
Whole Brain Thinking
Right brainers do the right stuff wrong
Left brainers do the wrong stuff right
Whole brainers do the right stuff right
No brainers don’t attend MSB
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Goal: Become a ‘whole brain’ thinker
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Goal: Become a ‘whole brain’ thinker
More specifically, develop 5 key skills
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5 Key Skills to Develop
1. Identify core issues quickly
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“Managers faced with a complex problem typically end up solving the wrong problem.” Center for Creative Leadership
Why?
1. Quickly identify core issues
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“Managers faced with a complex problem typically end up solving the wrong problem.” Center for Creative Leadership
Question asked
1. Quickly identify core issues
• Wandering in a foreign land
• Trees obscure the forest
• Unconscious biases take over
• Preference for simpler problems
Frequent Stumbling Blocks
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“Managers faced with a complex problem typically end up solving the wrong problem.” Center for Creative Leadership
“Answer the question that was asked, not the question that you want to answer.” Inverse to common political axiom
Capillaries
1. Quickly identify core issues
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“Managers faced with a complex problem typically end up solving the wrong problem.” Center for Creative Leadership
“Some people go for the jugular, others go for the capillaries.” Classic McKinsey diss
Generic ?s
1. Quickly identify core issues
“Answer the question that was asked, not the question that you want to answer.” Inverse to common political axiom
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Some tried & true thought starters…
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• What’s the business ?
• How do you make money ?
• Why do winners win ? Losers lose ?
• What are the discontinuities?
• What are “degrees of freedom” ?
• How to conform ? Innovate?
• What if it works ?
Business Problems Generic Case Attack
More elegantly …
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The number of core business problems is not infinite … though variants abound.
Conceptual structure
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The defining conceptual structure of most business problems is the same …
PAR
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Potential Action Results + =
The defining conceptual structure of most business problems is the same …
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• Profitability is the “R” in virtually all cases
Potential Action Results + =
The defining conceptual structure of most business problems is the same …
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• Profitability is the “R” in virtually all cases
• Entry point and analytical direction varies … P > A > R P < A > R P < A < R
Potential Action Results + =
The defining conceptual structure of most business problems is the same …
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• Profitability is the “R” in virtually all cases
• Entry point and analytical direction varies … P > A > R P < A > R P < A < R
Potential Action Results + =
The defining conceptual structure of most business problems is the same …
Suggestions …
Why are profits down? How to respond? Enter new market?
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Testable hypotheses
1. Quickly identify core issues
• Start generic, then get specific
• Clear clutter, structure problem
• Stay focused and be objective
• Refrain: “What’s the question?”
Comes with practice and experience …
• Wandering in a foreign land
• Trees obscure the forest
• Unconscious biases take over
• Preference for simpler problems
Frequent Stumbling Blocks Some Suggestions …
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5 Key Skills to Develop
1. Identify core issues quickly
2. Generate testable hypotheses
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2. Generate testable hypotheses
“For analytical efficiency, it’s always best to try to validate (or refute) a hypothesis.”
Issue Analysis Plan
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Issue Hypothesis Analysis Who / When
Issue Analysis Plan
MECE – Mutually exclusive, collectively exhaustive Converge to a conclusion or prescription …
Good hypotheses
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Issues & Hypotheses Separating the important from the interesting
• Test the extremes 1-Minus , 180 degrees, Not!
• So what if it’s not true? Different course of action?
• What would it take? How different to make a difference?
Case interviews (and life) are too short to chase unimportant details … no matter how interesting
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5 Key Skills to Develop
1. Identify core issues quickly
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
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3. Gather and analyze facts efficiently
“There are two types of people in the world: simplifiers and complicators”. McKinsey Axiom
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“Do analyses, not just calculations!”
“There are two types of people in the world: simplifiers and complicators”. McKinsey Axiom
3. Gather and analyze facts efficiently
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• Interview knowledgeable sources Combo of structure and engagement … interview guides & relationship skills
• Crunch big data bases Clean the data, transform it, spin Rubik’s Cube
• Fill in the information gaps Highly selective, targeted, fast turnaround
• Connect the dots
Goal: insightful conclusions, not refried beans
3. Gather and analyze facts efficiently
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5 Key Skills to Develop
1. Identify core issues quickly
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
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4. Craft creative, practical solutions
“More people seem able to identify problems than to solve them.”
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“Better an imperfect solution that can be implemented than a perfect solution that can’t be implemented.”
“More people seem able to identify problems than to solve them.”
4. Craft creative, practical solutions
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• What are best in class doing? Benchmarking … in & out of industry McKinsey: “Benchmarking is not strategy”
• What are opportunities to innovate? Goal: disrupt the market, change the game
• What to do on Monday morning? Mobilize for action, secure early wins,
Combination of “vision” and “peripheral vision” … with a strong bias towards action.
4. Craft creative, practical solutions
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5 Key Skills to Develop
1. Identify core issues quickly
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
5. Syndicate support and mobilize
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5. Syndicate support and mobilize
“Getting the answer is the easy part. The hard part is getting people to do it.”
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• Build relationships … Empathy, attention, courtesy, support
5. Syndicate support and mobilize
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• Build relationships … Empathy, attention, courtesy, support
• Communicate to win Foster understanding, build enthusiasm
5. Syndicate support and mobilize
“In baseball, pitching is 80% of the game … the percentage is higher in business.”
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• Build relationships … Empathy, attention, courtesy, support
• Communicate to win Foster understanding, build enthusiasm
• Secure early wins Prime the pump, create momentum
Combination of relationship & communications skills
5. Syndicate support and mobilize
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5 Key Skills to Develop
1. Identify core issues quickly
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
5. Syndicate support and mobilize
How ?
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So, how to develop these problem-solving skills?
Back to left & right brain
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Back to the left & right brains …
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Split Brain Thinking
Left Brain Scientist, engineer
Cerebral (thoughts) Abstract (concepts) Logical (symbols) Analytic (parts) Core (evidence) Facts (words, numbers) Deductive (sequential) Convergent (end product) Task (destination)
Right Brain Artist, poet
Visceral (feelings) Concrete (things) Analogical (stories) Synthetic (patterns) Periphery (subtleties) Impressions (images) Inductive (parallel) Divergent (elegance) Creation (journey)
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Reduces to 2 core skill sets …
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Split Brain Thinking Left Brain Scientist, engineer
Cerebral (thoughts) Abstract (concepts) Logical (symbols) Analytic (parts) Core (evidence) Facts (words, numbers) Deductive (sequential) Convergent (end product) Task (destination)
Right Brain Artist, poet
Visceral (feelings) Concrete (things) Analogical (stories) Synthetic (patterns) Periphery (subtleties) Impressions (images) Inductive (parallel) Divergent (elegance) Creation (journey)
Structured Analysis Pattern Recognition
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Models
Problem Solving Critical Dimensions
Simplifying frameworks, patterns
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Protocols Models
Problem Solving Critical Dimensions
Procedures for diagnosis & prescription Simplifying frameworks, patterns
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Contexts
Protocols Models
Problem Solving Critical Dimensions
Good practice; pattern recognition
Procedures for diagnosis & prescription Simplifying frameworks, patterns
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Contexts
Protocols Models
Problem Solving Critical Dimensions
Good practice; pattern recognition
Procedures for diagnosis & prescription Simplifying frameworks, patterns
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Contexts
Protocols Models
Problem Solving Critical Dimensions
Intuition
The accumulated base of stored knowledge, experience, and emotions … sub-consciously retrieved and consciously applied when needed.
Good practice; pattern recognition
Jobs on Intuition …
Procedures for diagnosis & prescription Simplifying frameworks, patterns
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“Intuition is a very powerful thing … more powerful than intellect”
- Steve Jobs, reported in his biography
“Intuition amplifies intellect” - Ken’s opinion
“Even though business is highly intuitive, “intuition” is generally considered a pejorative.”
- Ken’s observation
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Contexts
Protocols Models
Problem Solving Critical Dimensions
Intuition
The accumulated base of stored knowledge, experience, and emotions … sub-consciously retrieved and consciously applied when needed.
Good practice; pattern recognition
Procedures for diagnosis & prescription Simplifying frameworks, patterns
![Page 65: Professor Ken Homa - The Homa Files | News & Views on ... · PDF fileVentures: Checkmate, Sequoia Software (now Citrix), SIRVA (a CD&R company), Navigauge, Upper Quadrant](https://reader031.fdocuments.net/reader031/viewer/2022012923/5ab3134f7f8b9a7e1d8deea8/html5/thumbnails/65.jpg)
Models Simplifying frameworks that provide structure, accelerate problem solving, and aid communications
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Ken’s Picks
Top 5 Frameworks
• Portfolio Matrix
• ROI Tree
• Value Chain
• Strategic Gameboard
• Value Map
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Protocols Tried and true procedures for efficiently diagnosing problems, drawing conclusions, and prescribing solutions.
To be continued …
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Until then, some resources …
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Problem-Solving Getting Started
© K.E. Homa
Proprietary Material
Professor Ken Homa Georgetown University