Sections 8-9

Question 1

How many options should you shortlist when defining a solution and what does one of them need to be?

Answer 1

Three to four options, one must always be do nothing option where status quo is maintained.

Question 2

Describe the four part process in defining the solution

Answer 2

1. Identify option (Business WHAT, Technical HOW)
2. Shortlist the options
3. Evaluate the shortlist (Business, Tech, Financial)
4. Take the options forward to business case

Question 3

Types of options

Answer 3

1. Basic (aligns to MVP, least expensive, can involve buying off-the-shelf product)
2. Extended
3. Exhaustive (most expensive and longest)

Question 4

Design thinking stages

Answer 4

1. Empathise
2. Define
3. Ideate
4. Prototype
5. Evaluate
6. Create

Question 5

Explain the method for defining the solution that uses conv and div thinking

Answer 5

Double Diamond Model
1. Starts with problem/opportunity that you first discover (divergent) and then define (convergent)
2. Moves onto second diamong that develops (divergent) and delivers (convergent) to business outcome

This model is very customer-centric and collaborative

Question 6

What are the categories of cost and benefit

Answer 6

Tangible vs Intangible
Immediate vs Long-Term

Question 7

Acronym for documenting risks

Answer 7

CARDI (Constraints, Assumptions, Risk, Dependencies, Issues)

Question 8

Define what an issue is

Answer 8

Type of risk that has a 100% chance of happening

Question 9

Methods to mitigate risks

Answer 9

1. Transfer
2. Avoid
3. Reduce
4. Accept

Question 10

Investment appraisal of options (4)

Answer 10

1. Payback calculation
2. Discounted cash flow
3. Net present value
4. Internal rate of return