B8624: Driving Strategic Impact “Mastering the Tools of Strategy Consulting”Class 2.1 Problem Structuring

B8624: Driving Strategic Impact “Mastering the Tools of Strategy Consulting” TODAY’S AGENDA: “WORK SMARTER, NOT HARDER!” I. PROBLEM STRUCTURING TODAY’S AGENDA II. HYPOTHESIS-DRIVEN APPROACH III. EXAMPLES OF HYPOTHESES TREES IV. CASE DISCUSSION TODAY, WE WILL COVER HOW TO STRUCTURE AN ENGAGEMENT Problem Definition Problem Structuring Data Gathering Recommendations Development Implementation TEAM MANAGEMENT (throughout & Class 4) CLIENT MANAGEMENT (Throughout & Class 5) Core Consulting Skills Reviewed You know what the Problem is Structuring to Work Smarter -Break-up problem into its logical components (MECE) -Define an Approach, Hypotheses & Analysis © Professor M. Viola Generating Strategic Insights -Identify data sources & collect data -Perform analyses, Synthesize & draw conclusions • Class 4: Developing High-Impact Recommendations • Logical Writing –Telling a Story, Pyramid Principle • Building Robust Recommendations • Audience Analysis /Elevator Pitch • Ensuring Buy-in • Classes 5 & 6: Strategy Project Management Skills • Implementation Challenge, making things happen • How to Manage a Project Successfully • Building Blocks for a Successful Client Relationship PROBLEM STATEMENT & PROBLEM STRUCTURING “If I had an hour to solve a problem I’d spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.” © Professor M. Viola “He who cannot describe the problem will never find the solution to that problem” PROBLEM STATEMENT & FRAMING WORKSHEET Problem Statement Defines what must be resolved. The question should be SMART: specific, measurable, action-oriented, relevant, and time-bound Decision makers & stakeholders Identifies who makes the decisions and who else could support (or block) the study –e.g., CEO, division manager, SBU manager, key outside influencers Current situation/context/forces at play Sets out the situation and complication facing the client – e.g., industry trends, relative position in the industry, pressure from Board, etc. Success criteria / Accuracy Defines success for the project. Must be shared by client and team, and must include relevant qualitative and quantitative measur