Creative Thinking And Problem Solving Flashcards
What is creative thinking?
The process of thinking of new and innovative idea which are unconventional.
What is decision making?
Choosing which idea best fits with the vision and mission of the business after considering all alternatives
What is problem solving?
Involves creative thinking and decision making to choose the best solution
What is viability?
Can the idea be implemented with the available resources therefore is it do-able.
What is feasibility?
Is there enough market for it to be financially beneficial and sustainable
What are the benefits of creative thinking?
- to solve business problem: adapt to changing product needs
- creative working environment: positive feedback and freedom to express ideas
- promotes teamwork and non-conventional solutions
- improves quality of production
- motivates employees to improve skills
- improves productivity
What is the problem solving cycle?
- IDENTIFY the problem
- DEFINE the problem
- FORMULATE a strategy
- IMPLEMENT the strategy
- ALLOCATE the resources
- MONITOR the solution
- EVALUATE the process
What is the pros and cons chart?
This technique helps management to make a decision based on the advantages and disadvantages of a specific option
What are the disadvantages of a pros and cons chart?
The pros and cons are not weighted and it is just a black and white sketch
What is a Force Field analysis?
It is similar to a pros and cons chart however there is a third column which evaluates every point from everyone’s perspective
Which tool is used in each business environment?
Micro: SWOT
Market: porters 6 forces model
Micro: PESTLE
What is a decision tree?
A mathematical model used to help managers make decisions. It uses estimates and probabilities to calculate likely outcomes. Helps to decide whether the net gain from a decision is worthwhile
What is the value chain analysis and what are the key words to know that you should use it?
The process used to examine the entire business process to decide whether value is added in a cost-effective manner to enhance the quality of the product or services.
The words VALUE and OUTSOURCING should be looked for
When should a business outsource something?
If the business is involved in something which is not their core-strength and will not add value to the business process
What are the steps in the value chain analysis?
Step 1: divide the business into different activities
Step 2: describe each process required to complete the production
Step 3: identify those areas that are critical to gaining competitive advantage
Step 4: decide whether these areas remain in the business or are outsourced (particular to value chain analysis)
What is the Delphi technique?
Only for long-term solutions. Gets experts to interact on a common project through technology. Allows someone to be anonymous and is run by a facilitator
What are the negatives and positives of the Delphi technique?
Positives: avoid problems of negative Group dynamics and you get the perspectives of professionals
Negatives: experts may not have urgency therefore it is time consuming and the results can be manipulated by the facilitator
What does RIMS stand for?
Rational Interaction for Moral Sensitivity
What is RIMS?
The primary focus of RIMS is on society instead of the individual (utilitarian approach). All participants are equal and is based only on facts.
What are the steps in RIMS?
Step 1: generate and evaluate all points of views fairly
Step 2: identify implications. Identify positive and negative implications expressed in all points of view
Step 3: find solutions that will minimise negative implications and maintain positive implications
What is the DRIVE technique?
DEFINE: the problem and criteria to solve the problem
REVIEW: the background of the problem
IDENTIFY: the real problem and related issues
VERIFY: solving real issues achieves desired outcome
EXECUTE: the proposed solution and evaluate the prevent similar issues.
What is the Drill Down Analysis?
Technique used to break down complex problems into smaller parts.
What is the Drill Down Analysis method?
- write down the problem on the left side
- break it into component parts by asking questions about it
- break down the component parts into actions
- try to find solutions to the smaller components as this is more manageable
What is a resource based approach?
When a business finds resources which are of strategic importance (value) to them. These resources assist the business to gain a competitive.
Which resources could be included in the resource based approach?
Tangible resources: raw materials, equipment, land and buildings
Intangible resources: patents, established brand, skills and a ethical workforce
What is the Balanced Score Card?
Developed to describe the key outcomes that the business would like to evaluate in order to improve
What are the elements used to identify and describe the role they play in the business when using the balanced score card?
Financial perspective: maximising utilisation of assets and minimising costs
Customer perspective: what are the customer’s expectations
Internal: focused on innovative products and services
Learning and growth: looks at how employees in the business can improve and create value
What are the other problem solving techniques?
Mind mapping, brainstorming, empty chair technique, force-field analysis, nominal group technique, forced combinations and SCAMPER
What are the important questions after the fact?
Is the solution SUCCESSFUL
Is it COST EFFECTIVE
Is it CLEAR(SMART)
Is it ORIGINAL
