intro to business analysis
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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