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"Strategy is not driven by future intent alone. It is the gap between today’s reality and intent for the future that is critical." [15] Scenario planning is a practical application for incorporating "thinking in time" into strategy making. [36] Hypothesis driven, ensuring that both creative and critical thinking are incorporated into strategy ...
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
Problem solving When something creates a problem, the performance or the status quo of the situation drops. Problem-solving deals with finding out what caused the problem and then figuring out ways to fix the problem. The objective is to get the situation to where it should be.
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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.
In the BCG study, participants using OpenAI’s GPT-4 for solving business problems actually performed 23% worse than those doing the task without GPT-4. Read more here . Other news below.
Procedural knowledge is the "know how" attributed to technology defined by cognitive psychologists, which is simply "know how to do it" knowledge. Part of the complexity of it comes in trying to link it to terms such as process, problem solving, strategic thinking and the like, which in turn requires distinguishing different levels of procedure ...
The iteration of such strategies over the course of solving a problem is the "problem-solving cycle". [ 30 ] Common steps in this cycle include recognizing the problem, defining it, developing a strategy to fix it, organizing knowledge and resources available, monitoring progress, and evaluating the effectiveness of the solution.