What Does MVP Stand For? It’s Not What You Think.
October 7, 2024
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This course is part of Management Consulting Specialization
Instructor: John Kim
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How to break down problems? How to use hypotheses? How to request data? How to clean data? How to use a DMAIC process improvement framework?
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Management consultants excel at solving difficult and complex business problems. How do they do this? Shouldn’t clients know more about their situation than external consultants? Consultants are trained to systematically break down problems into logical pieces, then aggressively pursue answers with data: • Think about the problem broadly; strategy, operations, people, technology • Define the problem clearly; articulate “what does success look like?” • Break the problem into “buckets” so it is easy to understand • Use hypotheses to “guess” your way to the potential answer(s) • Find and clean up messy data; convert the data into useful recommendations
Problem definition may sound abstract or boring, but it's incredibly important to solve the RIGHT PROBLEM. Like a detective at a crime scene, a consultant needs to stay open-minded; think broadly about the problem and "look around" for obvious (and missing) clues. In practical terms, a clear problem statement helps the consulting manager keep the scope broad enough for flexibility and creativity, while narrow enough that the work can get done within the project time-frame.
3 videos3 readings1 discussion prompt
Using the analogy of a jigsaw puzzle, the prior step of "problem definition" was looking at the picture on the box and defining the edges of the puzzle. This step of "problem break down" is sorting the puzzle pieces into different colors: red, yellow, blue, green. Different business frameworks help to simplify complex problems and identify the key drivers (e.g., 80/20 pareto principle). It also offers the opportunity to get early client feedback and form early hypotheses on what the answer(s) could be. Finally, it helps to organize the work so the team can divide up the work effectively.
2 videos1 assignment1 discussion prompt
Unless you are a scientist, the word "hypothesis" will likely seem a little strange. It's the idea that you are making an "educated guess" on what the solutions could be. It's a statement (not a question) that you work to prove through testing. How is this related to consulting? Consultants are often hired to solve the toughest problems in a short amount of time. The only way to accomplish that is by being smart and selective in what they do. This is the secret to how consultants successfully "crack the case" on their clients' problems.
2 videos1 reading1 assignment
Yes, consultants LOVE data. It is the raw ingredients in the cooking of useful recommendations. Too often, the data is messy, biased, old, fragmented, or missing. As a result, one of the first tasks in a consulting project is to identify and collect usable data sets. It's an enormous task - often unglamorous - but also the only way you can test your hypotheses and develop recommendations. Data lends credibility to consultants' recommendations.
4 videos1 reading1 assignment
Once you've identified the data you need, the journey has just begun. Using a cooking analogy, you've only put together the shopping list. You still need to get the ingredients, check for freshness, get enough, wash / peel / cut them before you can do the cooking. The same applies for data. It takes effort, client engagement, and some wisdom to request data efficiently.
3 videos2 readings2 discussion prompts
There is too much data out there to analyze it all; you need to be selective. One way to do that is to follow a structured process or methodology. It doesn't have to be fancy or proprietary. It just needs to outline for yourself and the client, what you are going to do when. This project plan is at a high-level and helps you to reorient your efforts to the right data, right analysis, and right timing. The following DMAIC framework is used frequently in performance improvement projects.
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Reviewed on Jul 27, 2024
Great content broken down into easy sessions so that the knowledge is easy to remember!
Reviewed on Nov 24, 2024
Great course. You can apply the consulting approach to any business function related to problem solving.
Reviewed on Aug 16, 2024
This course exceeded my expectations in every way, thanks to the outstanding teacher and engaging content.
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Absolutely. Your ability to use effectively break down problems, make sense of messy data, structure projects, and persuade through data are all career boosters.
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