intro to business analysis

Introduction to Buiness AnalysisPart 1

Jennifer S. Lewis, M.Ed., MHA

Historical Perspective

• Mathematical techniques evolved to simplify analysis• PC provided ability to optimize the calculation process• Techniques included:• Management Science (MS) and• Operations Research (OR)

Perspectives on Change

• Change represents an integral part of business• Problems occur when changing conditions adversely

affect a business• Opportunities occur if changes affecting a business result

produce positive results

Perspectives on Decisions

• Decisions represent choices between alternatives• To make decisions requires information and evaluation of

the information

Methods of Problem Solving

• Experimental trial-and-error approach• Improving existing processes• Always a more efficient and effective method

• Map the process and measure the shortest number of steps

• Change the selection criteria if appropriate• Often have to remember to reformulate the question so that

you are asking the right question to identify the right process

Problem Solving

• Identify and define the problem or opportunity• Determine feasible alternatives• Develop criteria to assess the alternatives• Select and use the appropriate analytical method to

evaluate identified alternatives• Choose an alternative based on analysis and business

judgment

5 Step Problem Solving Process

Choosing an alternative

• Analysis + Judgment= selection of alternative

Decision Process

• 1) Implement the Chosen Alternative• 2) Monitor results to be sure desired result occurs

Integrating Problem Solving and Decision Making