Statement of a Problem: Problem-Solving Approach and Applications

Pages: 3 (485 words) Published: May 29, 2014
PM3225: Week 1. Statement of a Problem
Problem Statement:

Presently, the sport good business that they started 25 years ago has too many indifference and lack of business strategy among the partners, which results in too many failures. If the problem is allowed to continue, the company will have to face the rising failure rate, run the risk of declining sales because its never a good idea to do a big sale with new products leading to a significant revenue lost.

The most important part is to identify the problem:
Growing indifference and lack of an agreed business strategy among the partners Erroneous assumption that the sporting goods business is stable, without noticing the change in industry dynamics big sale featuring some new products

The partners are adamant

1. Steps the partners should take to effectively define the problem: Problem solving approach and applications

Diagnosis and analysis
Define situation:
Problem Definition:
Growing indifference and lack of an agreed business strategy among the partners Erroneous assumption that the sporting goods business is stable, without noticing the change in industry dynamics big sale featuring some new products

The partners are adamant

Gather information
Information gathering plan: They should sit with their sales team and trace the root of the problem Creativity: They should stop being adamant and use latest ways to advertise like facebook Consolidate Information: When all the info is in, they should prioritize Organizational analysis: Then the management team should analyze what it is and what it should be

Goals and objective setting
Goal setting: Stop being adamant partners and focus on the changes made in the sport good business the past 25 years

Decision making: use some swap sorting tools to weed out options Decision tree: Make a decision tree so everyone can add their input Argument: Allow others opinions
Risk analysis: Build a risk analysis teams that can bring some...
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