Consulting Approach to Problem Solving from Udemy

What's inside

Learning objectives

You will understand and appreciate the problem solving technique used by the top consulting firms like mckinsey, bcg, bain and strategy&
At the same time you will get acquainted with how business and consulting projects ought to be structured

You will master the basic knowledge on hypothesis-based problem solving that will let you proceed to more advanced courses on solving business problems
In effect, you will be able to impress either your boss or your interlocutors at business case interviews

You will understand and appreciate the problem solving technique used by the top consulting firms like mckinsey, bcg, bain and strategy&
At the same time you will get acquainted with how business and consulting projects ought to be structured
You will master the basic knowledge on hypothesis-based problem solving that will let you proceed to more advanced courses on solving business problems
In effect, you will be able to impress either your boss or your interlocutors at business case interviews

Syllabus

How is this course structured

A brief introduction to the way in which the course is structured and other administrative matters.

Introduction to structured problem solving

Learn what problem structuring is, why top consulting firms do it, and why structuring some kinds of problems (especially business related) will help you solve them in a consistent and effective way.

Understand the difference between expert knowledge in a particular topic, and expert knowledge in business problem solving. The latter is what characterizes top consultants from firms like McKinsey, BCG and Bain (MBB).

The pros of using hypothesis based problem solving. Learn what its advantages are over deductive and solution oriented problem solving techniques.

Understand what steps an HBPS cycle consists of:

1. Problem formulation

2. Problem structuring

3. Workplan design

4. Solution communication

The following questions will test your understanding of this section of the course. Don't hesitate to replay the indicated lessons if you get something wrong (beginnings can be tough so don't worry)!

Step I - Problem formulation

Study the most important aspects of the business context of a problem including the stakeholders, business environment (market, trends), success criteria and information sources.

Learn the SMART approach to formulation of ideas (here particularly problem statements) used extensively in the consulting business. SMART is and acronym that stands for: Specific, Measurable, Action-oriented, Relevant and Time-bound.

Problem formulation

Step II - Problem structuring

Learn the basics of problem breakdown and structuring which is the basis for all business frameworks (Porter's 5 forces, BCG Matrix, 4Ps etc.). See the big picture of cracking business cases.

Learn a very useful method of exploring issues related to a given concept which you can use both alone and in the form of a group exercise.

Understand what many regard as the core of HBPS: issue trees (that provide a graphical representation of the whole HBPS process) and the MECE approach (being Mutually Exclusive and Cumulatively Exhaustive). See how hypotheses, the most probable solutions to problems, emerge from proper problem structuring.

See how to use mindmaps and issue trees in practice! In this lecture I walk you through the process of creating both.

Problem structuring

Step III - Work prioritization and planning

Get acquainted with what is required to test hypotheses: data and analyses.

Understand the reasons for prioritizing, which is a driver behind the success of consulting firms. It allows them to quickly generate value for their clients in a relatively short time.

Learn to use practical tools of top managers and consultants that they use to prioritize their work. Such tools allow them to invest their time only in the most promising ideas.

Prioritizing work

Step IV - Communicating the solution

Learn to generate meaningful conclusions that are not mere summaries but synthesize information to generate true insights for clients regarding their businesses.

Get acquainted with a very powerful consulting technique borrowed from filmmaking. It is used to generate slide decks with impeccable flow of logically connected ideas: from the main synthesized message/solution to supporting arguments and results of analyses.

Communicating the solution

Wrap-up

Consulting jargon explained - the 20 most used terms (MECE, so what, boiling the ocean, ...)

Food for thought that puts HBPS in perspective of the inductive reasoning that is the foundation of all science (also called the the scientific method).

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches hypothesis-based problem solving, a specialized approach that is the hallmark of top consulting firms

Introduces a comprehensive approach to problem solving that emphasizes consistent results and structured thinking

Provides a strong foundation for learners interested in a career in management consulting

Develops critical thinking skills and the ability to approach problems methodically

Appropriate for learners with a background in business or related fields

Taught by an experienced instructor with a strong background in management consulting

Reviews summary

Consultant's guide to problem solving

Learners say this course provides a concise overview of problem-solving techniques used by professional consultants to solve business problems. The Hypothesis-Based Problem Solving (HBPS) framework and its four steps are explained in detail. Students are encouraged to apply MECE principles, create issue trees, and use brainstorming to define and solve problems efficiently. Reviewers appreciate the real-life examples and practical advice provided throughout the course. While some feel the material could be more in-depth or include more exercises, the majority find it a valuable resource for anyone looking to improve their problem-solving skills, especially those interested in consulting.

Students generally find the course to be the appropriate length, providing a concise overview of HBPS and its applications.

"This is a great course, balanced between talking and using slides to visually represent the theory. THe information is well processed to be easily understanded"

"This course gives a good introduction to the HBPS method. The pace is efficient to get information across promptly, in short lectures. Very enjoyable thank you."

The course stresses the importance of MECE (Mutually Exclusive, Collectively Exhaustive) principles in defining and structuring problems.

"The introduction is light but informative in a way, I easily understand the concept and give distinction to what concepts the presenter is contrasting."

Learners appreciate the real-world examples, case studies, and practical guidance offered throughout the course.

"I liked the lecture format and how the slides were not competing with the presentation."

"The course clearly outlines the theoretical background and greatly summarizes the HBPS steps. The course was exactly what I expected. Thank you very much."

"The course was very clear and informative. It explained how to simplify process for problem solving in business consulting."

This course emphasizes the Hypothesis-Based Problem Solving (HBPS) framework as a structured and effective approach to solving business problems.

"This course is a necessary for the development of all consultants."

"The explanation of the Hypothesis Based Problem Solving approach was comprehensive."

A few students mention the lack of practice exercises or case studies to reinforce the concepts taught.

"The experience was not entirely bad. I just wish I could relate with more practical examples that might give me proper understating of the concept."

"I hope that we will start delving into the details soon."

"The course is good, the instructor is clear and approaches relevant themes. I know it is a short course, but it could have more practical activities."

Some students express a desire for more in-depth content, particularly regarding the application of HBPS to specific industries or complex problems.

"Could have been more easier to understand."

"It's a short course but could still have used more examples from the real world."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Consulting Approach to Problem Solving with these activities:

Test your knowledge of business problem-solving frameworks

Show steps

Before starting the course, take this quiz to identify areas where your understanding of common business problem-solving frameworks may need improvement.

Browse courses on Porter's Five Forces

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Take a practice quiz or assessment to test your knowledge of business problem-solving frameworks.
Review the results of the quiz to identify areas where you need to improve your understanding.
Focus on improving your understanding of the frameworks you need to improve on.

Read 'The McKinsey Way'

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This book provides an in-depth look at the problem-solving approach used by McKinsey & Company, one of the world's leading management consulting firms.

View McKinsey Management Techniques (EBOOK BUNDLE) on Amazon

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Purchase or borrow a copy of 'The McKinsey Way'.
Read the book thoroughly and take notes on the key concepts.
Apply the concepts you learn from the book to your own practice.

Watch video tutorials on hypothesis-based problem-solving

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Supplement your learning with video tutorials that provide step-by-step guidance on hypothesis-based problem-solving.

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Search for video tutorials on hypothesis-based problem-solving.
Watch the tutorials and take notes on the key concepts.
Apply the concepts you learn from the tutorials to your own practice.

Five other activities

Expand to see all activities and additional details

Show all eight activities

Join a study group or online forum to discuss hypothesis-based problem-solving

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Connect with other students or professionals to share ideas and discuss challenges related to hypothesis-based problem-solving.

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Find a study group or online forum focused on hypothesis-based problem-solving.
Participate in discussions and ask questions.
Share your own insights and experiences with other members.

Develop a practice problem-solving case study

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Create a case study that you can use to practice applying the hypothesis-based problem-solving technique.

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Identify a business problem that you would like to solve.
Research the problem and gather relevant data.
Develop a hypothesis-based problem-solving framework to address the problem.
Test your hypothesis and analyze the results.
Write up your findings in a case study format.

Practice hypothesis-based problem-solving with online exercises

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Complete online exercises and simulations to reinforce your understanding of hypothesis-based problem-solving.

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Find online exercises and simulations that cover hypothesis-based problem-solving.
Complete the exercises and simulations regularly.
Review your results and identify areas where you can improve.

Attend a workshop on hypothesis-based problem-solving

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Find a workshop that provides hands-on training in hypothesis-based problem-solving.

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Search for workshops on hypothesis-based problem-solving.
Register for a workshop that fits your schedule and learning needs.
Attend the workshop and actively participate in the exercises and discussions.

Contribute to an open-source project related to hypothesis-based problem-solving

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Find an open-source project that is relevant to hypothesis-based problem-solving and make a contribution.

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Search for open-source projects related to hypothesis-based problem-solving.
Choose a project that you are interested in and that you have the skills to contribute to.
Contact the project maintainers and express your interest in contributing.
Make a contribution to the project.

Career center

Learners who complete Consulting Approach to Problem Solving will develop knowledge and skills that may be useful to these careers:

Strategy Consultant

A Strategy Consultant advises clients on business strategy and problem-solving. This course provides a comprehensive introduction to hypothesis-based problem solving, the top consulting firms' technique of choice. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Strategy Consultant.

See salaries and explore the career path for Strategy Consultant

Management Consultant

A Management Consultant applies structured problem-solving techniques to advise clients on business strategy. This course provides a comprehensive introduction to hypothesis-based problem solving, the top consulting firms' technique of choice. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Management Consultant.

See salaries and explore the career path for Management Consultant

Business Analyst

A Business Analyst uses structured problem-solving techniques to identify and solve business problems. This course provides a comprehensive introduction to hypothesis-based problem solving, the top consulting firms' technique of choice. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Business Analyst.

See salaries and explore the career path for Business Analyst

Product Manager

A Product Manager is responsible for the development and launch of new products. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for identifying and solving customer problems. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Product Manager.

See salaries and explore the career path for Product Manager

Marketing Manager

A Marketing Manager is responsible for developing and executing marketing campaigns. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding customer needs and developing effective marketing strategies. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Marketing Manager.

See salaries and explore the career path for Marketing Manager

Operations Manager

An Operations Manager is responsible for the day-to-day operations of a business. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for identifying and solving operational problems. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as an Operations Manager.

See salaries and explore the career path for Operations Manager

Project Manager

A Project Manager is responsible for planning, executing, and closing projects. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for identifying and solving project problems. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Project Manager.

See salaries and explore the career path for Project Manager

Data Analyst

A Data Analyst collects, analyzes, and interprets data to identify trends and patterns. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding data and making informed decisions. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Data Analyst.

See salaries and explore the career path for Data Analyst

Financial Analyst

A Financial Analyst analyzes financial data to make investment recommendations. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding financial data and making sound investment decisions. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Financial Analyst.

See salaries and explore the career path for Financial Analyst

Investment Analyst

An Investment Analyst researches and analyzes investments for clients. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding investment opportunities and making sound investment decisions. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as an Investment Analyst.

See salaries and explore the career path for Investment Analyst

Management

Management is a broad field that encompasses a variety of roles and responsibilities. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for all types of managerial roles. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will be a valuable addition to your resume for a career in Management.

See salaries and explore the career path for Management

Market Research Analyst

A Market Research Analyst conducts research to understand customer needs and behaviors. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding research data and making sound business decisions. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as a Market Research Analyst.

See salaries and explore the career path for Market Research Analyst

Sales

Sales is the process of selling products or services to customers. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding customer needs and developing effective sales strategies. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career in Sales.

See salaries and explore the career path for Sales

Business Development

Business Development is the process of identifying and developing new business opportunities. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for understanding customer needs and developing effective business development strategies. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career in Business Development.

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Entrepreneur

An Entrepreneur is someone who starts their own business. This course provides a comprehensive introduction to hypothesis-based problem solving, which is essential for identifying and solving business problems. You will learn how to formulate problems, structure them, prioritize work, and communicate solutions. This course will help you build a strong foundation for a successful career as an Entrepreneur.

See salaries and explore the career path for Entrepreneur