WRITER: THANANPORN SETHJINDA
On 6th May 2023, alumni of the Graduate School of Business and Advanced Technology Management, Khun Jacob Vichtithanaruk, recently shared his experience in strategy consulting with graduate students on strategic management. During the session, Khun Jacob outlined a framework for analyzing complex business problems, which involves identifying key questions, developing hypotheses, and conducting primary and secondary research to validate those hypotheses.
According to Khun Jacob, this process enables a more complete understanding of the situation, along with any performance gaps, which can then be used to generate actionable alternatives. Scenario analysis is also a critical part of the framework, helping to assess the potential impact of proposed courses of action on the P&L.
Whether you're an entrepreneur, business executive or consultant, this structured approach to problem-solving can help you make well-informed decisions. By utilizing data and insights, with well-grounded assumptions, businesses can anticipate and mitigate potential risks, enabling them to respond quickly to changing market conditions and emerging opportunities - a key characteristic of an adaptive organization.
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