Final

Question 1

Decision-Making Fallacies:

Answer 1

• confirmation bias
• jumping to conclusions
• analysis paralysis

Question 2

confirmation bias

Answer 2

the tendency to seek, interpret, and remember information that confirms your existing beliefs or expectations

Question 3

jumping to conclusions

Answer 3

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

Question 4

analysis paralysis

Answer 4

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.

Question 5

constraints of expertise

Question 6

survivor bias

Question 7

pitfalls of problem solving:

Answer 7

• flawed problem definition
• solution confirmation
• wrong framework
• narrow problem definition

Question 8

flawed problem definition

Answer 8

often happens when you think you recognize a situation from past experience, puts you on a glide path to irrelevant solutions.

Question 9

solution confirmation

Question 10

wrong framework

Answer 10

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.

Question 11

narrow problem definition

Answer 11

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.

Question 12

Internal analysis tools/frameworks:

Answer 12

• balanced scorecard
• triple bottom line
• value chain analysis

Question 13

External analysis tools/frameworks

Answer 13

• Porter’s Five Forces
• mapping strategic groups
• PESTEL

Question 14

balanced scorecard

Answer 14

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.

Question 15

triple bottom line

Answer 15

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

Question 16

value chain analysis

Answer 16

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.

Question 17

Porter’s Five Forces

Answer 17

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.

Question 18

mapping strategic groups

Answer 18

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.

Question 19

PESTEL

Answer 19

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.

Question 20

Organizing Frameworks

Answer 20

• SWOT
• hypothesis pyramids
• issue trees

Question 21

hypothesis pyramids

Answer 21

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.

Question 22

issue trees

Answer 22

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.

Question 23

DISC assessments

Answer 23

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.

Question 24

the 4-S Problem Solving Framework

Answer 24

State, Structure, Solve, Sell

Question 25

MECE

Answer 25

Mutually Exclusive, Collectively Exhaustive. two events cannot occur at the same time.collectively exhaustive” means that the set of ideas is inclusive of all possible options.

Question 26

business-level strategies

Answer 26

companies’ deliberate and purposeful actions to achieve competitive advantage within their specific market segments.business level strategy zooms in on a specific business within the organization

Question 27

differentiation

Answer 27

an approach businesses develop by providing customers with something unique, different and distinct from items their competitors may offer in the marketplace

Question 28

main rules of brainstorming

Answer 28

Defer judgment
Encourage wild ideas
Build on the ideas of others
Stay focused on the topic
One conversation at a time
Be visual
Go for quantity

Question 29

design thinking

Answer 29

Design thinking is a problem-solving approach that encourages creativity, empathy, and innovation. It involves understanding users’ needs, brainstorming creative solutions, prototyping ideas, and testing to refine them. This method helps in developing practical and innovative solutions for complex problems.

Question 30

methods of organizing arguments

Answer 30

the Toulmin Method, Classical Method, and Rogerian Method

Question 31

the business model canvas

Answer 31

a single-page template used to outline the goals and objectives of a business.can help business owners and other stakeholders develop new business models or evaluate existing models.Value proposition, customer segments, distribution channels, customer relationships, revenue streams, key re- sources, key activities, key partners, and cost structure.

Question 32

Phases of strategy:

Answer 32

intended,deliberate,realized

Question 33

Challenges related to strategy:

Answer 33

requires intensive investment
based on assumptions that might not be accurate
survivorship bias
inadequate tools
not perfect (not intended to be)

Question 34

the Toulmin Method

Answer 34

breaks arguments down into six component parts: claim, grounds, warrant, qualifier, rebuttal, and backing.

Question 35

Classical Method

Answer 35

Exordium: Introduction to grab the audience’s attention.
Narratio: Background information on the topic.
Propositio: The main argument or thesis.
Confirmatio: Evidence and reasons supporting the thesis.
Refutatio: Addressing and countering opposing views.
Peroratio: Conclusion that summarizes the argument and leaves an impact.

Question 36

Rogerian Method

Answer 36

Introduction: Introduce the issue in a neutral way.
Opposing Viewpoint: Clearly and respectfully present the other side’s perspective.
Statement of Understanding: Show that you understand when the opposing viewpoint could be valid.
Statement of Your Position: Explain your own viewpoint and when it applies, doing so respectfully without dismissing the other side.
Conclusion: Suggest a compromise or solution that acknowledges the strengths of both positions.