2022-2023 Undergraduate Academic Calendar (replaced eff. Sept 16, 2022)) [ARCHIVED CALENDAR] | BUSI 3730U – Creative Problem Solving, Entrepreneurship and ImaginationTable of ContentsDefinition of business analysis, what are business analysis techniques, best business analysis techniques, do you want to become a business analyst, top effective business analysis techniques. Business analysts are such an essential element for an organization’s survival and success today. By using different structured business analysis techniques, these analysts help companies identify needs, root out flaws, and sift through a flood of data and options to find the right actionable solution. We’re here today to explore some of the top business analysis techniques and how they are successfully leveraged for an organization’s success. There are many of these proven business analysis problem-solving techniques to choose from. Still, the ones highlighted here are the more commonly used methods, and it’s reasonable to infer that their popularity stems from their effectiveness. Here is the list of the top business analysis techniques: Business Process Modeling (BPM)Brainstorming, moscow (must or should, could or would), most (mission, objectives, strategies, and tactics) analysis, pestle analysis, swot analysis, six thinking hats, non-functional requirement analysis, design thinking. Business analysis is an umbrella term describing the combination of knowledge, techniques, and tasks employed for identifying business needs, then proposing changes and creating solutions that result in value for the stakeholders. Although a significant number of today’s business analysis solutions incorporate software and digital data-based elements, many professionals in the field may also end up advising on organizational changes, improving processes, developing new policies, and participating in strategic planning. So, business analysts spur change within an organization by assessing and analyzing needs and vulnerabilities and then creating and implementing the best solutions. Much of the information used to draw these conclusions comes from data collected by various means, often falling under the term “big data.” Become a Business and Leadership Professional- Top 10 skills in demand Business Analysis As A Skill In 2020
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Here's what learners are saying regarding our programs:Assistant Consultant at Tata Consultancy Services , Tata Consultancy ServicesMy experience with Simplilearn has been great till now. They have good materials to start with, and a wide range of courses. I have signed up for two courses with Simplilearn over the past 6 months, Data Scientist and Agile and Scrum. My experience with both is good. One unique feature I liked about Simplilearn is that they give pre-requisites that you should complete, before a live class, so that you go there fully prepared. Secondly, there support staff is superb. I believe there are two teams, to cater to the Indian and US time zones. Simplilearn gives you the most methodical and easy way to up-skill yourself. Also, when you compare the data analytics courses across the market that offer web-based tutorials, Simplilearn, scores over the rest in my opinion. Great job, Simplilearn! I was keenly looking for a change in my domain from business consultancy to IT(Business Analytics). This Post Graduate Program in Business Analysis course helped me achieve the same. I am proficient in business analysis now and am looking for job profiles that suit my skill set. Business analysis techniques are processes used to create and implement plans necessary for identifying a company’s needs and delivering the best results. There is no such thing as a “one size fits all” technique because every business or organization is different. Here are the top business analysis techniques. Keep in mind that business analysts who want to be project managers should be familiar with most, if not all, of them. 1. Business Process Modeling (BPM)BPM is often used during a project’s analysis phase to understand and analyze the gaps between the current business process and any future process that the business is shooting for. This technique consists of four tasks: 1. Strategic planning 2. Business model analysis 3. Defining and designing the process 4. Technical analysis for complex business solutions Many industries, especially the IT industry, favor this technique because it’s a simple, straightforward way to present the steps of the execution process and show how it will operate in different roles. 2. BrainstormingThere’s nothing like good, old-fashioned brainstorming to generate new ideas, identify a problem’s root causes, and come up with solutions to complex business problems. Brainstorming is a group activity technique that is often used in other methods such as PESTLE and SWOT . CATWOE identifies the leading players and beneficiaries, collecting the perceptions of different stakeholders onto one unified platform. Business analysts use this technique to thoroughly evaluate how any proposed action will affect the various parties. The acronym stands for: - Customers: Who benefits from the business?
- Actors: Who are the players in the process?
- Transformation Process: What is the transformation at the core of the system?
- World View: What is the big picture, and what are its impacts?
- Owner: Who owns the impacted system, and what’s their relation?
- Environmental Constraints: What are the constraints, and how do they impact the solution?
4. MoSCoW (Must or Should, Could or Would)MoSCoW prioritizes requirements by offering a framework that evaluates each demand relative to the rest. The process forces you to ask questions about the actual necessity of any given element. Is the item a must-have or a should-have? Is the demand something that could make the product better, or is it something that would be a good idea in the future? 5. MOST (Mission, Objectives, Strategies, and Tactics) AnalysisMOST is a robust business analysis framework—considered one of the best techniques for understanding an organization’s ability and purpose. This technique includes conducting a detailed, complete internal analysis of the organization’s goals and how to approach them. The acronym stands for: - Mission: What is the organization’s purpose?
- Objectives: What are the key goals that help achieve the mission?
- Strategies: What are the options available for achieving the objectives?
- Tactics: What are the methods that the organization will follow to carry out the strategies?
6. PESTLE AnalysisBusiness analysts use the PESTLE model (sometimes called PEST) to identify environmental factors that can influence their company and how best to address them when making business decisions. Those influences are: - Political: Financial support and subsidies, government initiatives, and policies.
- Economic: Labor and energy costs, inflation, and interest rates.
- Sociological: Education, culture, media, life, and population.
- Technological: New information and communication systems technologies.
- Legal: Local and national government regulations and employment standards.
- Environmental: Waste, recycling, pollution, and weather.
By analyzing and studying these factors, analysts gain a better understanding of how they will influence the organization’s narrative. This understanding, in turn, makes it easier for analysts to develop strategies on how to address them. 7. SWOT AnalysisOne of the most popular techniques in the industry, SWOT identifies the strengths and weaknesses in a corporate structure, presenting them as opportunities and threats. The knowledge helps analysts make better decisions regarding resource allocation and suggestions for organizational improvement. The four elements of SWOT are: - Strengths: The qualities of the project or business that give it an advantage over the competition.
- Weaknesses: Characteristics of the business that pose a disadvantage to the project or organization, when compared to the competition or even other projects.
- Opportunities: Elements present in the environment that the project or business could exploit.
- Threats: Elements in the environment that could hinder the project or business.
SWOT is a simple, versatile technique that is equally effective in either a quick or in-depth analysis of any sized organization. It is also useful for assessing other subjects, such as groups, functions, or individuals. 8. Six Thinking HatsThis business analysis process guides a group’s line of thinking by encouraging them to consider different ideas and perspectives. The ‘six hats’ are: - White: Focuses on your data and logic.
- Red: Uses intuition, emotions, and gut feelings.
- Black: Consider potential negative results, and what can go wrong.
- Yellow: Focus on the positives; keep an optimistic point of view.
- Green: Uses creativity.
- Blue: Takes the big picture into account, process control.
The six thinking hats technique is often used in conjunction with brainstorming, serving as a means of directing the team’s mental processes and causing them to consider disparate viewpoints. 9. The 5 WhysThis technique is commonly found as often in Six Sigma as it is in business analysis circles. While journalism uses the “Five W’s” (Who, What, When, Where, and Why) in reporting, the 5 Whys technique just operates “Why” in a series of leading questions, this approach helps business analysts pinpoint a problem’s origin by first asking why the issue exists, then following it up by asking another “why?” question relating to the first answer, and so on. Here’s an example: - Why? Because the wrong models were shipped.
- Why? Because the product information in the database was incorrect.
- Why? Because there are insufficient resources allocated to modernizing the database software.
- Why? Because our managers didn’t think the matter had priority.
- Why? Because no one was aware of how often this problem occurred.
- Countermeasure: Improve incident reporting, be sure managers read reports, allocate budget funds for modernizing database software.
10. Non-Functional Requirement AnalysisAnalysts apply this technique to projects where a technology solution is replaced, changed, or built up from scratch. The analysis defines and captures the characteristics needed for a new or a modified system and most often deal with requirements such as data storage or performance. Non-functional requirement analysis usually covers: Non-Functional Requirement Analysis is commonly implemented during a project’s Analysis phase and put into action during the Design phase. 11. Design ThinkingDesign Thinking is a business analysis technique that is primarily used for problem-solving and innovation. It's a human-centered approach that emphasizes empathy, collaboration, and creative thinking to develop solutions that meet user needs and create positive user experiences. Design Thinking is often employed to address complex, ambiguous, or user-centric problems by focusing on understanding the end-users' perspectives, motivations, and pain points. If you’re looking for a more rewarding, better-paying career , you should consider business analysis. The higher demand for Business Analysts means security, marketability, and excellent financial gain. According to Salary.com , Business Analysts can earn a yearly average of USD 75,400. Simplilearn offers a Business Analysis Certification training course designed to make those first steps easier. The Post Graduate Business Analysis program gives you expertise in the latest BA tools and techniques like the ones mentioned previously. You will master planning and monitoring, data analysis and statistics, visualizations, Agile Scrum methodologies, and SQL databases. The course supplements your training with real-world case studies and helps you become an AI-powered business analyst. Our Business And Leadership Courses Duration And FeesBusiness And Leadership Courses typically range from a few weeks to several months, with fees varying based on program and institution. Program Name | Duration | Fees |
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Its benefits include: Finding creative solutions to complex problems: User research can insufficiently illustrate a situation's complexity. While other innovation processes rely on this information, creative problem-solving can yield solutions without it. Adapting to change: Business is constantly changing, and business leaders need to adapt.
Step 2: Ideate. To ideate is the step of the creative problem-solving process that involves generating and detailing ideas by the entrepreneur. After collecting all information relevant to the problem, the entrepreneur lists as many causes of the problem as possible. This is the step in which the largest variety of ideas are put forth.
Creative problem-solving, a critical tool for entrepreneurs, involves tackling challenges from unique angles and innovating solutions. This approach is especially beneficial in entrepreneurship…
Creative Problem Solving. Innovative entrepreneurs are essentially problem solvers, but this level of innovation—identifying a pain point and working to overcome it—is only one in a series of innovative steps. In the influential business publication Forbes, the entrepreneur Larry Myler notes that problem solving is inherently reactive. That ...
Creative problem solving (CPS) is a way of solving problems or identifying opportunities when conventional thinking has failed. It encourages you to find fresh perspectives and come up with innovative solutions, so that you can formulate a plan to overcome obstacles and reach your goals. ... Entrepreneur (2012). James Dyson on Using Failure to ...
Learning skills such as design thinking and creative problem-solving can help job seekers set themselves apart when applying to roles. Creativity and Design Thinking. ... explore our online course Design Thinking and Innovation, one of our online entrepreneurship and innovation courses. If you aren't sure which course is the right fit, ...
In conclusion, creative problem solving is a critical skill for entrepreneurs. It allows them to identify and overcome challenges, make informed decisions, and drive innovation in their businesses. Throughout this guide, we have explored various aspects of problem solving, from understanding the problem to implementing solutions and learning ...
Staying on top of well-documented, successful approaches can give you a competitive advantage and may remind you that entrepreneurship can be fun, exciting, and refreshing, as long as you keep your creative spirit alive and in constant motion. Creative Problem-Solving Methods. Creative thinking can take various forms . This section focuses on a ...
Creativity is the ability to come up with original ideas. In other words, you can think in new ways, and come up with strategies that aren't conventional. This is beneficial when problem solving ...
However, entrepreneurs and key business leaders are aware that innovation is not the house of solitude but a collective journey taken by a group of diverse and talented perspectives. They are keenly aware that with just a mere assemblage of creative problem-solving approaches, innovative teams can truly extricate from the clutches of the status ...
A Secret to Creative Problem Solving This mind trick is a powerful tool for entrepreneurs trying to find a solution to a perplexing problem. By Nadia Goodman May 23, 2012
Liedtka breaks the design-thinking process into four stages, assigning a core question to each of them. Try asking yourself these questions as you create a new product or business: 1. What is the ...
8. Practice Design Thinking. Practicing design thinking can make you a more creative problem-solver. While commonly associated with the workplace, adopting a design thinking mentality can also improve your everyday life. Here are several ways you can practice design thinking: Learn from others: There are many examples of design thinking in ...
On the surface, entrepreneurship seems like a left-brained activity. You have to be familiar with business concepts, raw logic, objectivity, and analysis if you want to survive in the hyper-competitive entrepreneurial world. ... 9 Strategies Entrepreneurs Can Use for Creative Problem Solving. On the surface, entrepreneurship seems like a left ...
The idea here is what I said at the beginning: "entrepreneurial problem-solving is both art and science". So creative problem-solving is required. To achieve creativity in problem-solving, do whatever you do to get the creative juices flowing like read, play music, look at art, go for a walk, talk to others, take a nap….
Kolb's experiential learning theory is also useful as a creative problem-solving framework to examine how entrepreneurs develop practical innovative solutions for the marketplace (Kolb 1982). Creative problem solving can be analyzed as moving through four stages, each of which is anchored in one of the four stages of experiential learning ...
It follows from these assumptions that a differentiated perspective on creativity in entrepreneurship requires examining the specific effects of divergent and convergent thinking on different dimensions of entrepreneurial success in the three phases (prelaunch, launch and postlaunch) of entrepreneurship. Future research should employ a more ...
Write down as many ideas as possible without regard to quality. Don't deviate too much from the problem. Encourage wild and unconventional ideas. Don't force people to talk or participate in a brainstorm. Combine and improve existing ideas. Do the brainstorming in the morning, that way people still have enough focus.
Why should IP and entrepreneurship skills be taught to young students? Though IP literacy is critical for innovators, creators and entrepreneurs, it is not often included in STEM education. While a STEM program may encourage inventiveness and creative problem solving, without introducing students to IP and entrepreneurship, such a program ...
7. Solution evaluation. 1. Problem identification. The first stage of any problem solving process is to identify the problem (s) you need to solve. This often looks like using group discussions and activities to help a group surface and effectively articulate the challenges they're facing and wish to resolve.
BUSI 3730U - Creative Problem Solving, Entrepreneurship and Imagination. Ideation, individual and group creativity, creative blocks and approaches for overcoming these as they relate to entrepreneurship are discussed. Methods for generating and recognizing ideas using divergent thinking are examined. Theoretical and conceptual foundations for ...
Design Thinking is a business analysis technique that is primarily used for problem-solving and innovation. It's a human-centered approach that emphasizes empathy, collaboration, and creative thinking to develop solutions that meet user needs and create positive user experiences. Design Thinking is often employed to address complex, ambiguous ...
Classes are taught five days a week, beginning at 9:00 am or 10:30 am and continuing until 5:00 pm, 6:30 pm, or 8:00 pm. Most subjects include a combination of lectures and seminars (problem-solving study sessions in smaller groups) or laboratory experiments. Lecture attendance is optional, while seminar and lab attendance affects grades.