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Business analysis is a professional discipline [1] focused on identifying business needs and determining solutions to business problems. [2] Solutions may include a software-systems development component, process improvements, or organizational changes, and may involve extensive analysis, strategic planning and policy development.
Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business and technical fields.
Solution selling is a type and style of sales and selling methodology. Solution selling has a salesperson or sales team use a sales process that is a problem-led (rather than product-led) approach to determine if and how a change in a product could bring specific improvements that are desired by the customer. The term "solution" implies that ...
A business analyst's job description tends to include "creating detailed business analysis, outlining problems, opportunities and solutions for a business, budgeting and forecasting, planning and monitoring, variance and analysis, pricing, reporting, and defining business requirements and reporting back to stakeholders". [3]
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities.
A solution to the hold-up problem is vertical integration such as a merger in which all parts of the body are being produced internally rather than outside. [20] Vertical integration shifts the ownership of the organizational asset of the firm and therewith creates more flexibility and avoids potential of a hold-up.
According to professor of strategy Arnaud Chevallier, elaborating an approach used at McKinsey & Company, [3] there are two types of issue trees: diagnostic ones and solution ones. [4] Diagnostic trees break down a "why" key question, identifying all the possible root causes for the problem.
A problem statement is a description of an issue to be addressed, or a condition to be improved upon. It identifies the gap between the current problem and goal. The first condition of solving a problem is understanding the problem, which can be done by way of a problem statement. [1]