Hypotheses Development on Strategy Studies / Management Consulting
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- Опубліковано 6 жов 2024
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One of the most common questions we receive is:
"How does one use the hypothesis-based method from case interviews to excel once I join McKinsey, BCG or any other firm."
Well, the reality is that you will always use the hypothesis method but you need to adjust it depending on whether or not you have background knowledge about the client or sector.
In this video we show you just the very first step to develop hypotheses, but off decision trees. This video explains why using hypotheses without decision trees will fail, or at the very least lead to very strange findings if you are new to sector/client.
This video is part of our full training on corporate strategy where we lead clients through a full and real corporate strategy case. This is one of over 225 videos in that library.
You can find the full library here: www.firmsconsu...
Or see us live-blog a strategy study here: www.firmsconsu...
Enjoy!
Michael
We hope you will find this episode helpful. Let us know what do you struggle with the most as part of your consulting case interview preparation. Best of luck to everyone with landing your dream job! And as you are building your skills with FIRMSconsulting content please also focus on building a skill set that will serve you for the rest of your life. Focus on building a skillset that will serve you well beyond consulting, or any job you currently have or trying to get.
⭐️⭐️⭐️⭐️⭐️ Love to see Micheal step by step logical thinking in demonstration. Thanks for great lesson! 🙏
Totally agree, it allows us to learn the step by step process towards hypothesis development.
You are not alone!
Hypothesis development is a key attribute for a consultant and a business professional. After watching this video, I felt very confident about the concept hypothesis development and have started to implement it while solving problems.
Due to ...causing...leading to!
Learning hypotheses development from FC is the best way to sharpen your thiniking process!
Fact! I support this message!
Very interesting to start learning this and see more structured steps to use of hypotheses
Thank you Tristan. Check out StrategyTraining.com. We cover it in great depth there
It is interesting to see how most of the parts of case interviews have real project relevance. "Do not start with a decision tree unless you have a clear objective function." Now I have to run back to a public sector case I did a while ago and see if this point is the reason why I messed it up so badly.
If you are struggling to develop a decision tree, check your objective function. In case you miss it, "decision trees only work well when the objective function is clear". Thanks Michael
Thank you for your comment, Samuel
I don't think one starts with a 'problem'. It might not be a problem. This sets one up to presuppose a particular framing of a circumstance of interest.
So, let's start with a discontent or a potential; an emergent situation that invites intervention: something going on that invites investigation. Then we see where that takes us: do we uncover opportunities, do we find challenges that we can meet, or those we can't and need to build capability.
The iPhone was not a 'solution to a problem' it was an intervention in a market that redefined it with a new 'why'.
BTW, what is the PRICE framework?
Thanks for the video. I have to specific questions:
1. How to avoid overlapping in the 2/3 level of direct driver? e.g. customer preference might influence both the price and the quantity, so if the framework is revenue -> price * quantity, "customer preference" can be in either driver
2. Is it a good idea to merge different decision trees (different ways to break down) into a single decision tree? e.g. put financial perspective (revenue/ cost) and business perspective (customer/competition etc.) as the first level of direct driver?
Hi Tse-Yu Chen,
1 - That is hard to explain without going into all the rules/principles for building decision trees. That is explained on Firmsconsulting.com or the podcasts we release.
2 - Yes, that is normal the way all decision trees are built. Provided they answer the primary question by being the direct drivers of the question, and you follow the principles you are fine.
Michael
I did have the same question about branches overlap, I suggest TCO1-Felix. Micheal explained it in detail as he spoke about Brainstorming. Like FC mentioned, it would be hard to explain it in a UA-cam comment section
Thanks for the great video!
You are very welcome, Bruno
Thanks for the video
You are very welcome, Thao
Frankly, the last 'more experienced' sequential decision tree feels logic but can be subjective and not rigid. To clarify, how to argue like the current question boxes layout is a tight 'MECE' modality?
👍👍👍
Amazing, do you have run any course to offer??
Hi Sayantan, You can find our courses on StrategyTraining.com
@@firmsconsulting LoL!!! I had
commented 9moths ago.
I would like to pursue a course from you.
Hi Sayantan, You can find our courses on StrategyTraining.com
WEAPON
Glad you found it helpful, Quenten!
👍👍👍
Glad you found it helpful