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2.Presentation for HKICPA_Dr

By Gloria Cooper,2014-10-17 09:32
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2.Presentation for HKICPA_Dr

7 Steps of Problem Solving

QP Case Analysis Competition 2011

17 th September 2011

     CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of McKinsey & Company is strictly prohibited

What is problem solving?

    larger problem process that includes problem finding and

    problem shaping. Considered the most complex of all

    

    higher-order cognitive process that requires the modulation

    and control of more routine or fundamental skills.

Source: Wikipedia

| 1

    McKinsey’s 7 key steps to problem solving

Problem-solving

    Define Structure Prioritize Client problem issues

     problem

     problem Plan analyses Communications and work

     Synthesize Conduct

     findings analyses

     Develop recommendation

    | 2

McKinsey & Company

    Defining the problem is a critical first step

    Think impact:

    What does the

    client need to

    know? Problem-solving Define Structure Prioritize Client

    problem problem issues problem

    Plan Communications

    analyses

    and work

    Develop Synthesize Conduct

    recommendation findings analyses

    | 3

    McKinsey

    &

    Company

    Problem statement worksheet

    Context Constraints within solution space Sets out the “situation” and “complication” Defines the limits of the set of solutions that facing the client - e.g., industry trends, can be considered - e.g., must involve relative position in the industry organic rather than inorganic growth

Criteria for success Stakeholders

    Defines success for the project. Must be Identifies who makes the decisions and shared by client and team and must include who else could support (or derail) the study qualitative and quantitative measures - - e.g., CEO, CFO, Board

     e.g., impact, financial returns, effect on staff

    Scope of Solution Space Key sources of Insight Indicates what will and will not be included Identifies where best expertise, knowledge, in the study - e.g., international markets, and approaches exist

     research and development activities,

     uncontrolled corporate costs

    | 4

    McKinsey &

    Company

    Problem structuring is an early and critical task

    Think disaggregation &

    early hypotheses:

    What could be key

    elements of the problem? Problem-solving

    Structure Prioritize Define

    problem issues Client

     problem

     problem Plan

     analyses Communications

    and work

     Synthesize Conduct

     findings analyses

     Develop

     recommendation

    | 5

    McKinsey

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