Do you want to learn to create slide presentations like top consulting firms? I created an online course, teaching you the slide writing skills I learned in consulting: link.firmlearning.com/slides
I suggest you give a simple real world example problem that everyone can relate to. Then apply the iterative approach to show the problem can be solved. For example, a 40 guy that has a body fat ratio of 25% would like to get a six pack in 6 months. What must he do ... Thanks for your video ☀️
Can I get this sample slide deck? I love this and i'm working on a new project I think this would be perfect to have on hand. I love your videos and use your recommendations regularly. I already have 7 of the books on the recommended reading list you posted on another video. Thanks bro.
Watching this video is very concerning to me as it shows a Consultant is just bsing every single word he says. As somebody who is working in the start up industry i would not hire or pay someone with that kind of approach!!!
@@lukaseberhart9958 I watched his video, and I do not find any BS. He explains clearly one approach (among others) for problem solving: Hypothesis based problem solving, which domainated many branches of the science, medicine etc. Only recently (say since 2000) data-driven problem solving has found its place, gradually. I have trained my students and post docs in both. When you or someone in your startup does data analytics, ML, AI, visualization etc, a human in the loop (or a superior AI system that I am ceratin you don't know about) will formulate hypotheses, and then the rest goes along what Heinrich summarized...... Now, it is not my place or task to tell you about your startup (my company revenue comes from companies like you, so it will cost to know what I know and what I would recommend), yet I can say your hasty call to judgement is not going to attract VC and stakeholders who are needed to finance your startup.... Regards, AA
This is a great way to do management consulting. Make your job as simple as possible, rely on all the info and effort from people doing the work, and redefine the problem to be one that can appear to be solved by a report.
Yeah this video really did just argue for creating a "solution" before talking to anyone involved or knowing anything about the situation, and then only discarding it reluctantly if the data goes completely the opposite way to your assumptions. Make up a story and then justify it, looking only for positive reinforcement. Way better to actually consult first, people in the situation have a lot more knowledge that the consultant in this model has discarded and under valued. Also, the consultant has no idea in this model if they're even solving the right problem. A benefit of this approach is that it's quite efficient to think you know the answer before you begin, as you don't have to spend time finding out what you don't know you don't know yet 😂
Thank you, Heinrich! Even á a student, I find the problem-solving process my lecturer requires me to follow is hectic and unrealistic. This video is exactly what I need. Keep up with the good work!
Talk to current employees. Get their solutions and thoughts. Put them in a power point and use technical jargon and phrases in every sentence. Insert hundreds of millions of dollars in benefit. Invoice for a 7 or 8 digit bill. Thats how it works.
Hi Peter, while there is some truth to that, I do think that consultants are able to add more value than what you are describing :) But of course, respect your experiences. Best! Heinrich
This is sometimes alot of the value a consultant can provide, to reflect the ideas of low ranked staff to management together with a solid business case. Management will listen to the consultant but would not have listened to the low ranked staff. The solutions were already there but never would have been implemented unless the consultant did the connecting work and translation.
Hi Heinrich, absolutely love the content and concise explanation. I have a couple of questions and would love to hear your answers on them. 1. Does this same framework apply if you're doing a diagnostics piece? Say for example you want to understand an industry well and fast - can you apply this? 2. How do you come up with a good day 1 answer or framework if there's a lack of contextual knowledge? 3. If the hypothesis is disproved / incorrect - how do you swap it out with another module and have the storyline in tact? 4. Adding on, how do you come up with a storyboard from this framework? 5. What do you do when you get stuck?
Hi Josh, thank you for your questions! Let me try to offer some thoughts on them: 1) Indeed in a diagnostics project you usually have a clear set of analyses that you want to do. In these projects, this type of project solving approach is less relevant. 2) Usually coming up with these day 1 answers is the job of the partner / the more senior consultants on the team who have already experience in the industry and maybe even working with the client. Can see how this might be more tough if you are the young business analyst on the team :) 3) This should be an interative process - sometimes you just need to adjust the hypothesis a little but but your conclusions are still intact, then everything still holds. Sometimes you indeed need to change your conclusion and therefore also your storyline. 4) The good thing about this is that you should be able to come up with a story rawling on day 1 - you from the beginning have your recommendation with the underlying rationale. Of course, if something changes, then you need to update the storyboard accordingly. 5) Depends on where exactly you get stuck. Usually if e.g., you are lacking certain pieces of data and cannot get hold of any relevant proxies, you try to substitute quantitative data with qualitative insights, e.g., expert interviews. Hope this helps. Lots of success to you man!! Best, Heinrich
As a Sr. engineer I can say that I miss this structured approach in several Root Cause Analysis (RCA) reports I analyzed and even elabored myself. Thanks for sharing this knowledge. Hope I'll be able to apply it soon.
As an Industrial Engineering Management student from the Netherlands i get so much insights on how to function into a firm, I am a little bit worried about my research intership next year but with these video's I know how to properly solve problems into a firm. Your solving does kind a look like the DMAIC-method.
Hi, thanks for your comment great to hear it is helpful. Not too familiar with DMAIC but looks good as well. All the best to you for your start! Heinrich
this is the first time I watched your video. It was well structured and very helpful content. Thank you! Btw, I'm also English second language, and love your accent. the fact that language can't a barrier !
Nice video, Heinrich! Two questions, to what degree does creating hypotheses biases you to confirm them (and of course you have to try to remain objective, but we're human)? Second, if you only look at data to verify or discard a given hypothesis, to what degree does that impact the discovery of creative or alternative solutions? Thanks! Aldo
Aldo my man!! Yes fully agree, this approach might lead to a confirmation bias. Super important to have a good problem solving process in place for this to work - and creating a culture where team members are encouraged to dig deep. Also agree that this approach is not well suited to come up with super creative, out of the box solutions. Though frankly in MBB consulting it is rarely important to be super creative. In most cases the work is more focused on optimizations and solid analysis. Best!! Heinrich
@@FirmLearning Thanks, I actually have similar question. Because disproving a hypothesis you suggested to client on day one, will invite challenge from client about consultant's credibility and the outcome. Afterall MBB projects are expensive, they do not expect to pay for disproved ideas. Instead, they want solutions and get fixed ASAP. When I did consulting (which couldn't last long), I felt very uncomfortable to give hypothesis. as data discovered later may go the other direction. How would you recommend?
I love your videos! You’re so didactic! I’m Brazilian and your accent with English it’s very easy to understand. Basically right now I’m focusing on learning Storytelling. I’m a procurement coordinator in a carrier company. Thanks for your content.🇧🇷
Eu moro na Alemanha, o sotaque de muitos alemães é realmente forte. Porém, ele pronuncia as palavras com clareza e num bom ritmo. Sucesso nos teus estudos!
Wow, great vid with loads of information in a short amount of time! Would love to see some more examples of this method. Thanks for the excellent content!
Hi, thanks for sharing your knowledge and experiences. These are very good videos and lots of stuff you don’t learn at the university. I really liked the note taking video. My notes were all over the place earlier. Now they’re already much more efficient thanks to you :)
Thanks for walking through the model. Can you put a case example for this framework? More importantly, can you talk about data sources. It’s always challenging to find relevant updated specific data points for a certain industry or subcategory. Can you share what more type of data sources commonly used by consulting firm? Another topic I’d be curious to see is company re-org. We always hire consulting firms to do re-org. Other than doing the dirty job of letting people go, can you talk about how a company approaches these problems ?
Hi Louise, Thanks for your comment! Regarding data sources, you usually have two types of data you use: 1) client data, so all the internal data the client has and 2) external data from market research agencies like Nielsen, GfK etc. - usually the big consulting firms have subscriptions to all these data bases that they leverage. However, what most consulting firms are good at is really bringing all this data together and creating insights by linking different data sources, sometimes also just based on internal data, that the client alone so far was not able to do. Regarding re-org / cost cutting projects, consulting firms usually work in 2 steps: First, they size the reduction potential by function by using benchmarks of other companies / databases they develop over time or comparable analyses. Second, after agreeing on the reduction potential, they help to define the new "operating model" of the function to make sure it actually can be operated with the smaller cost base. Here in overhead functions, approaches can be e.g., automatisation of processes, shared service centers, cutting of non-essential activities etc. But important topics indeed, might make a more detailed video about this in the future! Best, Heinrich
@@FirmLearning Thanks Heinrich! These are great insights. Really look forward to your more detailed video on this topic. Change management is ALWAYS painful and hard to navigate.
This is one of the best consulting materials channel. - from another ex-Deloitte consultant. Amazing work here man - you covered most of the skills my mentor from Mckinsey actually taught me.
Very very good video - this is very important topic and I think everyone should learn this approach. Explaining this in 10 min. is very difficult, and you did very well!! However, you missed out to mention the potential traps and risks of this approach. In my humble opinion, it is always good practice to mention possible downsides as there is no "right way for anything" it always depends & there have been many examples where MBB companies failed with this approach at significantly large projects. For everyone that wants to improve problem-solving I would recommend the book "cracked it" its fantastic. Hypothesis-driven approach is also covered (including the risks that this approach involves)
Great video Heinrich! Would it be possible if you create a detailed step-by-step case solving simulation video based on this framework? From pre-read materials, day-1 meeting, brainstorming sesh, etc. Would be great for us to be able to grasp the practical aspects. Danke schön!
Ģreat video! This kind of thinking should be taught at universities. If more companies were scientifically managed there would be far less project failures!
Quick one, Heinrich: How do you know whether you have "Collectively exhausted" all drivers of a particular problem? At some point don't you have to simply choose a basket of what you think the most important drivers are and go with them? Can't there always be some subjective component constantly challenging the notion that you have "exhausted" all factors? *** This is the one part of MECE that always gets me.
Hi, yes fully agree that these problems exist. In practice, you will often adopt a more heuristic approach by conduction interviews with experts etc. in the beginning to develop a structure that is "good enough" for what you are trying to achieve. Of course, errors might happen und might also occur that you later change the structure because you learnt new thing. Best! Heinrich
Thanks, interesting video. 2 comments: 1) when you talk about your slides it seems you are looking somewhere else (a laptop?); could be better to continue eye contact as you did on the intro and outro. 2) I think it is a bit risky to have already a too early notion or hypothesis about the solution. I noticed that this reduces the ability to think different, check out other solution paths, and sometimes even people just dont change their mind even when there are argument for other solutions. Maybe they feel weak or not „leader“ enough when they change their opinions... just what I often perceive.
Hi Chris, thanks for your comment! Yes fully agree, there is the risk of a confirmation bias when following an approach like this. This can somewhat be compensated by good team hygiene and problem solving processes, but I do see your point. Best! Heinrich
How to solve problems consulting style (expanded from @Lee Ledbetter): (1) Discuss a "problem" with senior management/ the Board (2) Negotiate an eye-popping fee (3) Send in a team of "consultants" (otherwise known as snotty-nosed, recent graduates who know nothing) to ask middle management how they would solve said "problem" (4) Get aforementioned snot-nosed graduates to produce a powerpoint (detailing middle management solutions) (5) Helicopter in some consultant bigwig for half a day to present said powerpoint to senior management / the Board (6) Present invoice (normally increased above eye-popping fee due to "complications" and "administrative costs") (7) Walk away (8) Repeat at next victim... I mean client
2:40 there are gaps, things you do not yet know. 3:05 this is not you operate in a business world. this is academic approach to close the gap by looking into everything to do research. but in business, you should have a hypothesis to test and analyze for. 4:05 to start, what do i know already? then what else I need to close the gap? 4:45 now you sit in the client room, maybe likely with partner and client also. and you ask yourself, "what is my hypothesis?", "what the answer should be?", and "in which country the market entry is recommended?" 5:20 after the factors, you need to collect the data, understand it and verify it. 6:45 so if the CEO comes in and ask, "what's the status?" you could give the hypothesis w/o looking into data. 7:40 key drivers: and many called different names, as modules, workstreams, project areas. 8:00 now the MECE principle comes in. 8:40 this is your roadmap for the project. 9:15 MECE structure is right and you will get the right result. 9:20 move to second phase of work: analytical work. 9:45 if i take away this hypothesis, can i still defend my conclusion? or do i need to iterate and change it? revise my hypothesis, conduct some new analysis, and review and update the recommendation based on that.
Hi Heinrich, thank you for your concise explanation of the hypothesis-based method. I have 2 questions about the method that I wish you can help me out with. 1, is the hypothesis-based method prone to cherry-picking? As in, problem solvers would search for information that proves the hypothesis, while neglecting possibly relevant info that disproves the hypothesis. 2, does your hypothesis change over your period of analysis? And if it does, how often?
Hi Lirva, thank you for your comment! Regarding your questions: 1) Yes this is indeed a risk. You need to trust the team and the process that everybody is diligent and intellectually curious enough to really get to the bottom of things and not take some shortcuts. 2) Yes hypotheses change in the analysis phase - this is exactly what the analysis phase is for, to challenge and iterate on the hypotheses. How often exactly this happens depends quite a bit, but usually several times throughout a project. Best! Heinrich
Great content, Just found your channel and love it! Can I ask you to please do a video on the process of project management. You have a video on how to store documents, but I’m thinking more about how to define a project, create the milestones, the Gantt chart, and all the rest. I’m sure that at high levels you’ve learned some best practices about how not to over complicate, yet not leave yourself exposed by under planning. Thanks so much!
Hi Ozzie, thank you for the comment! Super happy to hear that you find the videos helpful. Yes indeed, planning to do such a video more focused on general project management in the future. Stay tuned! :) Best, Heinrich
looking forward more videos and buy the way, ignore those comments about your accent. these lessons you taught don't have any accent good job man. merci pour tes vidéos concernant la consultation
Great video! Could you please record a follow-on video and walk through a real-life example where you applied this approach to a client program/project?
Thank you so much for such a helpful video. It feels a whole new world after I have watched this video, realizing I have had a wrong approach for all the case study I am learning. Again thank you so much 🥰🥰🥰
This is a great episode. I discovered your channel just now. You have done great work. I start my position as a first-time consultant in two weeks. Do you have a video about the fundamentals for a consultant? I am going to be more into IT and cybersecurity implementations.
Hola Heinrich! Thank you for your videos, I been learning a lot, tomorrow I have my first big case interview with a consultant company ( fingers cross) and your videos have been helping me a lot! btw im friends with Caro :)
Hi Heinrich, thanks for this video! I have a quick question. In your example about entering a new market, what are the key drivers of the decision? Growth, affinity, attractiveness? To me, it seems like they are the hypotheses that you want to validate already... In this example, it seems hypotheses and key drivers (and even key questions) are mixed. Thanks for the help!
Hi Robin, good point! Usually in these cases there will already be a tried and tested framework that you will use as a starting point. The more senior consultants / partners on the team will help you with the overall approach. Of course, you might need to do some changes based on the individual client's situation. In this way yes, it is an interative process as well. Best! Heinrich
Thanks, Heinrich, very clear video! I recently joined a small consulting company and we specialise in public sector clients with more scientific policy-oriented research, usually with very clearly defined frameworks (and budgets) of the required work. Would you say these (and other) tools that you present in your channel are applicable for such environment and clients?
Hola ... thanks for your amazing videos, I am learning a lot. Question for you: I am 32, working as engineer for Caterpillar Inc... I want to do a MBA and I am wondering if an online MBA will be as benefitial as a regular MBA... I think your opinion will give me a great perspective.. thanks for taking the time.
Happy to hear that thanks Carlos! In my opinion, the value of an MBA still very much depends on the reputation of the program, besides the personal connections that you make. While I trust that you can still learn lots of helpful skills in an online MBA, I still see the reputation to be significantly worse than a regular MBA and building personal connections is much more difficult as well. Therefore for most people I do not think it is the right avenue to pursue. Lots of success to you! Best, Heinrich
Very good content! Watching you from Brazil! Your videos are very helpful and your English is clear, I believe is a background benefit on your consulting experience.
The content itself is great, I found myself using it naturally! But your non-stop talking or no pause in between (editing?) was very hard to make audience to continue watching, just like someone write a book without comma and full stop or paragraph..
Hi, thanks for your comment! Indeed I try to cut out all my breathing breaks to make the videos a bit more "punchy". Received the feedback from other people that they quite like this style. But good to know that apparently not everyone sees it this way.. will further work on my delivery and editing! Best, Heinrich
Intelligence Analysts use a variant of this approach, called Analysis of Competing Hypothesis, for complex issues that need frequent assessments. I liked your explanation, it was very informative.
Great videos, very informative! Liked the fact you included a practical example for the one day answer. Would have liked to see a practical example for your problem structuring. Do you cover this in another video?
Hi Heinrich many thanks for your insightful videos. I learned a-lot of new things. My question is about German language, why it’s so important to speak fluently in German even though internal language, presentations (slides) are in English? Also I would like to ask you to make videos on important German terms (things) to learn as a Consultant? Best Shantanu
Hi Shantanu, thanks for your comment! It is just a fact that in most German organizations, people are used to speak German to each other and individual people might also struggle with English. If you want to work in Germany without speaking the language, I suggest you look for jobs in Berlin, this is the place with most English-speaking opportunities. Lots of success to you!! Best, Heinrich
hey heinrich. thanks for another great video. havent read all comments so apologies if this is a repeat question, but when working with an hypothesis solution, aren’t you simply looking to validate your own bias? cheers. j.
Hi Javier, thanks for sharing. Yes, agree that this risk exists. Important to have a very solid process in place with team culture that encourages to challenge the hypotheses. Best! Heinrich
Do you want to learn to create slide presentations like top consulting firms? I created an online course, teaching you the slide writing skills I learned in consulting: link.firmlearning.com/slides
Nice
I suggest you give a simple real world example problem that everyone can relate to. Then apply the iterative approach to show the problem can be solved.
For example, a 40 guy that has a body fat ratio of 25% would like to get a six pack in 6 months. What must he do ...
Thanks for your video ☀️
Can I get this sample slide deck? I love this and i'm working on a new project I think this would be perfect to have on hand. I love your videos and use your recommendations regularly. I already have 7 of the books on the recommended reading list you posted on another video. Thanks bro.
Your English is So German. 👍
The reason for that is probably that I am German ;) Thanks for watching! Best, Heinrich
The "consulting" is sooo German
@@thomasferradini3549 Yess!!!
"I think, that your english so german is."
@@FirmLearning nur so mal als Frage, ist dir der starke deutsche Akzent mal zum Nachteil geworden?
As an ex Mckinsey consultant, I really enjoyed how you explained the conceptual problem solving approach. Your channel is amazing.
Super happy to hear from fellow alumns here in the comments! Thank you man, appreciate it! :) Best, Heinrich
Watching this video is very concerning to me as it shows a Consultant is just bsing every single word he says. As somebody who is working in the start up industry i would not hire or pay someone with that kind of approach!!!
@@lukaseberhart9958 I watched his video, and I do not find any BS. He explains clearly one approach (among others) for problem solving: Hypothesis based problem solving, which domainated many branches of the science, medicine etc. Only recently (say since 2000) data-driven problem solving has found its place, gradually. I have trained my students and post docs in both. When you or someone in your startup does data analytics, ML, AI, visualization etc, a human in the loop (or a superior AI system that I am ceratin you don't know about) will formulate hypotheses, and then the rest goes along what Heinrich summarized...... Now, it is not my place or task to tell you about your startup (my company revenue comes from companies like you, so it will cost to know what I know and what I would recommend), yet I can say your hasty call to judgement is not going to attract VC and stakeholders who are needed to finance your startup.... Regards, AA
@@lukaseberhart9958 The most important part is to obviously develop a robust business hypothesis ;)
My two tips about consulting in general :
1. be good at digging information and creative storylines
2. Be a good storyteller
1. be good at bsing
2. that's it
ftfy
As a product of on the job learning with no tertiary qualifications, this channel has been a godsend. This is top tier content for people like me
Hi Adam, thanks so much for your kind comment. Glad to hear the videos are helpful! All the best to you - Heinrich
This is a great way to do management consulting. Make your job as simple as possible, rely on all the info and effort from people doing the work, and redefine the problem to be one that can appear to be solved by a report.
Yeah this video really did just argue for creating a "solution" before talking to anyone involved or knowing anything about the situation, and then only discarding it reluctantly if the data goes completely the opposite way to your assumptions. Make up a story and then justify it, looking only for positive reinforcement.
Way better to actually consult first, people in the situation have a lot more knowledge that the consultant in this model has discarded and under valued.
Also, the consultant has no idea in this model if they're even solving the right problem.
A benefit of this approach is that it's quite efficient to think you know the answer before you begin, as you don't have to spend time finding out what you don't know you don't know yet 😂
Business world in that high level is rarely transparent. As an aspiring consultant this content is extremely valuable, thank you for this project.
Pure Gold. Not only the content but the high-quality way in which it has been explained
Thanks Thomas, much appreciated!! Best, Heinrich
Thank you, Heinrich! Even á a student, I find the problem-solving process my lecturer requires me to follow is hectic and unrealistic. This video is exactly what I need. Keep up with the good work!
Super happy to hear you find this video to be helpful - thanks Than! Best, Heinrich
The way you have filled the video description is just how a consultant works- comprehensive and neatly aligned. Thanks a lot for the video. :)
Guess I take this as a compliment ;) Thank you for watching Anugrahit!! Best, Heinrich
Talk to current employees. Get their solutions and thoughts. Put them in a power point and use technical jargon and phrases in every sentence. Insert hundreds of millions of dollars in benefit. Invoice for a 7 or 8 digit bill. Thats how it works.
Hi Peter, while there is some truth to that, I do think that consultants are able to add more value than what you are describing :) But of course, respect your experiences. Best! Heinrich
This is sometimes alot of the value a consultant can provide, to reflect the ideas of low ranked staff to management together with a solid business case. Management will listen to the consultant but would not have listened to the low ranked staff. The solutions were already there but never would have been implemented unless the consultant did the connecting work and translation.
this is exactly what i have been looking for more than 2 months, got lucky today! thanks firm learning!
Just commenting to say 'Super Sache, treuer Heinrich!' and I do mean that. Insightful and somehow enjoyable at the same time.
Lieber Tom, thanks for your comment :) Super happy you find the video helpful! Best, Heinrich
Hi Heinrich, absolutely love the content and concise explanation. I have a couple of questions and would love to hear your answers on them.
1. Does this same framework apply if you're doing a diagnostics piece? Say for example you want to understand an industry well and fast - can you apply this?
2. How do you come up with a good day 1 answer or framework if there's a lack of contextual knowledge?
3. If the hypothesis is disproved / incorrect - how do you swap it out with another module and have the storyline in tact?
4. Adding on, how do you come up with a storyboard from this framework?
5. What do you do when you get stuck?
Hi Josh, thank you for your questions! Let me try to offer some thoughts on them:
1) Indeed in a diagnostics project you usually have a clear set of analyses that you want to do. In these projects, this type of project solving approach is less relevant.
2) Usually coming up with these day 1 answers is the job of the partner / the more senior consultants on the team who have already experience in the industry and maybe even working with the client. Can see how this might be more tough if you are the young business analyst on the team :)
3) This should be an interative process - sometimes you just need to adjust the hypothesis a little but but your conclusions are still intact, then everything still holds. Sometimes you indeed need to change your conclusion and therefore also your storyline.
4) The good thing about this is that you should be able to come up with a story rawling on day 1 - you from the beginning have your recommendation with the underlying rationale. Of course, if something changes, then you need to update the storyboard accordingly.
5) Depends on where exactly you get stuck. Usually if e.g., you are lacking certain pieces of data and cannot get hold of any relevant proxies, you try to substitute quantitative data with qualitative insights, e.g., expert interviews.
Hope this helps. Lots of success to you man!!
Best, Heinrich
Your positive eagerness comes across the screen. Good stuff! Thanks!
As a Sr. engineer I can say that I miss this structured approach in several Root Cause Analysis (RCA) reports I analyzed and even elabored myself. Thanks for sharing this knowledge. Hope I'll be able to apply it soon.
I would love to see more videos on this structure with different applications/subject areas. I loved the video!
Thank you Heinrich for the content. It;s top notch content that all people in busness should consume.
As an Industrial Engineering Management student from the Netherlands i get so much insights on how to function into a firm, I am a little bit worried about my research intership next year but with these video's I know how to properly solve problems into a firm. Your solving does kind a look like the DMAIC-method.
Hi, thanks for your comment great to hear it is helpful. Not too familiar with DMAIC but looks good as well. All the best to you for your start! Heinrich
@@FirmLearning
DMAIC is a Lean 6 sigma framework
this is the first time I watched your video. It was well structured and very helpful content. Thank you!
Btw, I'm also English second language, and love your accent. the fact that language can't a barrier !
Super happy to hear you got value out of it! Best, Heinrich
Ich find Ihre Videos beeindruckend. Echt Klasse Heinrich!
This approach is similar to what I have used for market-driven product development projects. I will be revisiting this one and others. Thank you.
Makes sense, thanks for sharing Bethicia! Best, Heinrich
Really helpful! I am recently looking for ways to improve my problem solving skills
Great - indeed hope this video helped you with this. Thanks for watching!! Best, Heinrich
Nice video, Heinrich!
Two questions, to what degree does creating hypotheses biases you to confirm them (and of course you have to try to remain objective, but we're human)?
Second, if you only look at data to verify or discard a given hypothesis, to what degree does that impact the discovery of creative or alternative solutions?
Thanks!
Aldo
Aldo my man!!
Yes fully agree, this approach might lead to a confirmation bias. Super important to have a good problem solving process in place for this to work - and creating a culture where team members are encouraged to dig deep.
Also agree that this approach is not well suited to come up with super creative, out of the box solutions. Though frankly in MBB consulting it is rarely important to be super creative. In most cases the work is more focused on optimizations and solid analysis.
Best!! Heinrich
@@FirmLearning Thanks, I actually have similar question. Because disproving a hypothesis you suggested to client on day one, will invite challenge from client about consultant's credibility and the outcome. Afterall MBB projects are expensive, they do not expect to pay for disproved ideas. Instead, they want solutions and get fixed ASAP. When I did consulting (which couldn't last long), I felt very uncomfortable to give hypothesis. as data discovered later may go the other direction. How would you recommend?
@@kennethwu1989 Your gut was correct.
Currently binge watching videos on this channel :) Really useful stuff!
Great to hear that. Thank you for watching Lisa! :) Best, Heinrich
I love your videos! You’re so didactic! I’m Brazilian and your accent with English it’s very easy to understand. Basically right now I’m focusing on learning Storytelling. I’m a procurement coordinator in a carrier company. Thanks for your content.🇧🇷
Eu moro na Alemanha, o sotaque de muitos alemães é realmente forte. Porém, ele pronuncia as palavras com clareza e num bom ritmo. Sucesso nos teus estudos!
I was just waiting for him to say, 'I'll be back.'
;) Thanks for watching Varun! Best, Heinrich
@@FirmLearning Keep doing the good work that you're doing 🙂
Wow, great vid with loads of information in a short amount of time! Would love to see some more examples of this method. Thanks for the excellent content!
I’m glad I found this channel.
Hi, thanks for sharing your knowledge and experiences. These are very good videos and lots of stuff you don’t learn at the university. I really liked the note taking video. My notes were all over the place earlier. Now they’re already much more efficient thanks to you :)
Hi Gustav, thank you for your comment. Super happy to hear that the videos are helpful!! All the best to you - Heinrich
Thanks for walking through the model. Can you put a case example for this framework? More importantly, can you talk about data sources. It’s always challenging to find relevant updated specific data points for a certain industry or subcategory. Can you share what more type of data sources commonly used by consulting firm?
Another topic I’d be curious to see is company re-org. We always hire consulting firms to do re-org. Other than doing the dirty job of letting people go, can you talk about how a company approaches these problems ?
Hi Louise,
Thanks for your comment!
Regarding data sources, you usually have two types of data you use: 1) client data, so all the internal data the client has and 2) external data from market research agencies like Nielsen, GfK etc. - usually the big consulting firms have subscriptions to all these data bases that they leverage. However, what most consulting firms are good at is really bringing all this data together and creating insights by linking different data sources, sometimes also just based on internal data, that the client alone so far was not able to do.
Regarding re-org / cost cutting projects, consulting firms usually work in 2 steps: First, they size the reduction potential by function by using benchmarks of other companies / databases they develop over time or comparable analyses. Second, after agreeing on the reduction potential, they help to define the new "operating model" of the function to make sure it actually can be operated with the smaller cost base. Here in overhead functions, approaches can be e.g., automatisation of processes, shared service centers, cutting of non-essential activities etc.
But important topics indeed, might make a more detailed video about this in the future!
Best, Heinrich
@@FirmLearning Thanks Heinrich! These are great insights. Really look forward to your more detailed video on this topic. Change management is ALWAYS painful and hard to navigate.
@@louiseli3793 Fully agree. Good weekend to you! - H
Really useful, I wanted to leave a like and a comment for the algorithm
This is much appreciated - thank you Jan! best, Heinrich
This is one of the best consulting materials channel. - from another ex-Deloitte consultant.
Amazing work here man - you covered most of the skills my mentor from Mckinsey actually taught me.
Thank you, super happy to hear from fellow consultants that the material is helpful :) Appreciate it! Best, Heinrich
This could apply to so many teams and companies outside management consulting!
Such a great video and explanation! Thanks so much. Really helpful!
Great topic - stay tuned :) Best, H
I was waiting for 11 minutes to hear him say to get to ze choppa
;) Thanks for watching Hugo! Best, Heinrich
Great video! I've enjoyed all of your videos (that I've seen thus far), and this one is my favorite. Thank you!
Hi Liam, thank you, this is great to hear. Thanks for being a regular viewer of the channel :) Best, Heinrich
Very very good video - this is very important topic and I think everyone should learn this approach. Explaining this in 10 min. is very difficult, and you did very well!! However, you missed out to mention the potential traps and risks of this approach. In my humble opinion, it is always good practice to mention possible downsides as there is no "right way for anything" it always depends & there have been many examples where MBB companies failed with this approach at significantly large projects. For everyone that wants to improve problem-solving I would recommend the book "cracked it" its fantastic. Hypothesis-driven approach is also covered (including the risks that this approach involves)
Thanks for your comment - definitely some truth to it. Also did not know the book you recommend, have added it to my reading list ;) Best, Heinrich
Great video Heinrich! Would it be possible if you create a detailed step-by-step case solving simulation video based on this framework? From pre-read materials, day-1 meeting, brainstorming sesh, etc. Would be great for us to be able to grasp the practical aspects.
Danke schön!
Hi Winar, thanks for your comment. Indeed great suggestion, might do something like this in the future! Best, Heinrich
Yes, would be great to have a concrete example regarding this video.
Thank Heinrich, very valuable video. Could you please make another video on this topic with some examples that I believe will be greatly helpful?
Ģreat video!
This kind of thinking should be taught at universities. If more companies were scientifically managed there would be far less project failures!
Hi Alex, thanks for the comment! Fully agree that more hypothesis-based thinking would probably not hurt for most organizations :) Best, Heinrich
Thanks for the vid! Great content
Ps: The accent just makes the content so much better🎉
Thank you, happy to hear you like the video and the accent ;) Best! Heinrich
Hynrick, does a good job, for the amount of time. Keep it coming. Excellent work.
Quick one, Heinrich: How do you know whether you have "Collectively exhausted" all drivers of a particular problem? At some point don't you have to simply choose a basket of what you think the most important drivers are and go with them? Can't there always be some subjective component constantly challenging the notion that you have "exhausted" all factors? *** This is the one part of MECE that always gets me.
Hi, yes fully agree that these problems exist. In practice, you will often adopt a more heuristic approach by conduction interviews with experts etc. in the beginning to develop a structure that is "good enough" for what you are trying to achieve. Of course, errors might happen und might also occur that you later change the structure because you learnt new thing. Best! Heinrich
Thanks, interesting video. 2 comments: 1) when you talk about your slides it seems you are looking somewhere else (a laptop?); could be better to continue eye contact as you did on the intro and outro. 2) I think it is a bit risky to have already a too early notion or hypothesis about the solution. I noticed that this reduces the ability to think different, check out other solution paths, and sometimes even people just dont change their mind even when there are argument for other solutions. Maybe they feel weak or not „leader“ enough when they change their opinions... just what I often perceive.
Hi Chris, thanks for your comment! Yes fully agree, there is the risk of a confirmation bias when following an approach like this. This can somewhat be compensated by good team hygiene and problem solving processes, but I do see your point. Best! Heinrich
Smashing the like button as always! 😻
Thank you Gabriel, that is very much appreciated! Thanks for watching! Best, Heinrich
How to solve problems consulting style (expanded from @Lee Ledbetter):
(1) Discuss a "problem" with senior management/ the Board
(2) Negotiate an eye-popping fee
(3) Send in a team of "consultants" (otherwise known as snotty-nosed, recent graduates who know nothing) to ask middle management how they would solve said "problem"
(4) Get aforementioned snot-nosed graduates to produce a powerpoint (detailing middle management solutions)
(5) Helicopter in some consultant bigwig for half a day to present said powerpoint to senior management / the Board
(6) Present invoice (normally increased above eye-popping fee due to "complications" and "administrative costs")
(7) Walk away
(8) Repeat at next victim... I mean client
Sorry to hear you made this experience. Still thanks for watching!
2:40 there are gaps, things you do not yet know.
3:05 this is not you operate in a business world. this is academic approach to close the gap by looking into everything to do research.
but in business, you should have a hypothesis to test and analyze for.
4:05 to start, what do i know already? then what else I need to close the gap?
4:45 now you sit in the client room, maybe likely with partner and client also.
and you ask yourself, "what is my hypothesis?", "what the answer should be?", and "in which country the market entry is recommended?"
5:20 after the factors, you need to collect the data, understand it and verify it.
6:45 so if the CEO comes in and ask, "what's the status?" you could give the hypothesis w/o looking into data.
7:40 key drivers: and many called different names, as modules, workstreams, project areas.
8:00 now the MECE principle comes in.
8:40 this is your roadmap for the project.
9:15 MECE structure is right and you will get the right result.
9:20 move to second phase of work: analytical work.
9:45 if i take away this hypothesis, can i still defend my conclusion? or do i need to iterate and change it? revise my hypothesis, conduct some new analysis, and review and update the recommendation based on that.
Hi Heinrich, thank you for your concise explanation of the hypothesis-based method.
I have 2 questions about the method that I wish you can help me out with.
1, is the hypothesis-based method prone to cherry-picking? As in, problem solvers would search for information that proves the hypothesis, while neglecting possibly relevant info that disproves the hypothesis.
2, does your hypothesis change over your period of analysis? And if it does, how often?
Hi Lirva, thank you for your comment! Regarding your questions: 1) Yes this is indeed a risk. You need to trust the team and the process that everybody is diligent and intellectually curious enough to really get to the bottom of things and not take some shortcuts. 2) Yes hypotheses change in the analysis phase - this is exactly what the analysis phase is for, to challenge and iterate on the hypotheses. How often exactly this happens depends quite a bit, but usually several times throughout a project. Best! Heinrich
I absolutely love this type of videos!!!
Happy to hear that - thank you Camila! :) Best, Heinrich
Great content, Just found your channel and love it! Can I ask you to please do a video on the process of project management. You have a video on how to store documents, but I’m thinking more about how to define a project, create the milestones, the Gantt chart, and all the rest. I’m sure that at high levels you’ve learned some best practices about how not to over complicate, yet not leave yourself exposed by under planning. Thanks so much!
Hi Ozzie, thank you for the comment! Super happy to hear that you find the videos helpful. Yes indeed, planning to do such a video more focused on general project management in the future. Stay tuned! :) Best, Heinrich
looking forward more videos and buy the way, ignore those comments about your accent. these lessons you taught don't have any accent good job man. merci pour tes vidéos concernant la consultation
Thank you Dubien for your kind message.. appreciate it!! :) Best, Heinrich
thank you for this video it was really helpful for my final year assignment
Thank you so much for this. It made me understand problem structuring.
Yes! Especially in Product Management! Great video!
Yes agree! Thanks for watching. Best, Heinrich
Excellent!!! Thanks for sharing!!! This is very insightful for people who want to solve problems in the business world.
Thank you so much. Enjoy learning from your videos
Super happy to hear that - thank you for watching! Best, Heinrich
Nice video. Please do a more detailed explanation on the problem framing stage
Yes, might create more on this in the future - stay tuned! Best, H
Great video! Could you please record a follow-on video and walk through a real-life example where you applied this approach to a client program/project?
Great value, high quality, informative, excellent video thank you Heinrich.
Thank you Rosco, super happy to hear that!! Best, Heinrich
This video is fantastically helpful, thank you! Your explanation between consulting and academic problem-solving is spot on! :)
Super happy to hear that, thank you for your comment!
Thank you so much for such a helpful video. It feels a whole new world after I have watched this video, realizing I have had a wrong approach for all the case study I am learning.
Again thank you so much 🥰🥰🥰
Hi Audrey, thanks so much for your comment. Great to hear the video was helpful.. all the best to you for your case prep!! Best, Heinrich
This is a great episode.
I discovered your channel just now.
You have done great work.
I start my position as a first-time consultant in two weeks.
Do you have a video about the fundamentals for a consultant?
I am going to be more into IT and cybersecurity implementations.
A very helpful video about problem solving, fast paced, as expected. It would be great to see more videos about this method.
Hi Tamarin, thank you for your comment. Yes, more videos on topics like this to come in the future :) Best! Heinrich
@@FirmLearning Please, more frameworks that bring clarity and simplicity to problem-solving / thinking. Thank you, sir!
Hola Heinrich! Thank you for your videos, I been learning a lot, tomorrow I have my first big case interview with a consultant company ( fingers cross) and your videos have been helping me a lot! btw im friends with Caro :)
Super happy to hear that, thanks María. Hope your interview went well!! And say hi to C ;) Best, Heinrich
Great information, do love how you specify step-by-step information so it is easy to understand. Thank you so much for sharing!
Super happy to hear that, thanks for watching Shanti! Best, Heinrich
Heinrich, love the insight and information like this in particular.
Hi Heinrich, thanks for this video! I have a quick question. In your example about entering a new market, what are the key drivers of the decision? Growth, affinity, attractiveness? To me, it seems like they are the hypotheses that you want to validate already... In this example, it seems hypotheses and key drivers (and even key questions) are mixed. Thanks for the help!
Hi Robin, good point! Usually in these cases there will already be a tried and tested framework that you will use as a starting point. The more senior consultants / partners on the team will help you with the overall approach. Of course, you might need to do some changes based on the individual client's situation. In this way yes, it is an interative process as well. Best! Heinrich
Thanks, Heinrich, very clear video! I recently joined a small consulting company and we specialise in public sector clients with more scientific policy-oriented research, usually with very clearly defined frameworks (and budgets) of the required work. Would you say these (and other) tools that you present in your channel are applicable for such environment and clients?
Hola ... thanks for your amazing videos, I am learning a lot.
Question for you: I am 32, working as engineer for Caterpillar Inc... I want to do a MBA and I am wondering if an online MBA will be as benefitial as a regular MBA... I think your opinion will give me a great perspective.. thanks for taking the time.
Happy to hear that thanks Carlos! In my opinion, the value of an MBA still very much depends on the reputation of the program, besides the personal connections that you make. While I trust that you can still learn lots of helpful skills in an online MBA, I still see the reputation to be significantly worse than a regular MBA and building personal connections is much more difficult as well. Therefore for most people I do not think it is the right avenue to pursue. Lots of success to you! Best, Heinrich
Great video and especially the top down apporach part😊
I love the hypothesis based problem solving! Very logical and efficient. Loved the explanation. Thanks.
Great to hear the video is helpful, thanks Ivna :) Best, Heinrich
Love the video!! New sub from Chile!!
Super happy to hear you like it - thank you Paulina! Best, Heinrich
Very good content! Watching you from Brazil!
Your videos are very helpful and your English is clear, I believe is a background benefit on your consulting experience.
Hi Thiago, thank you for your kind comment. Always great to hear from viewers around the world :) Best from Germany! Best, Heinrich
Really good, I can immediately imagine how to implement it.
The content itself is great, I found myself using it naturally! But your non-stop talking or no pause in between (editing?) was very hard to make audience to continue watching, just like someone write a book without comma and full stop or paragraph..
Hi, thanks for your comment! Indeed I try to cut out all my breathing breaks to make the videos a bit more "punchy". Received the feedback from other people that they quite like this style. But good to know that apparently not everyone sees it this way.. will further work on my delivery and editing! Best, Heinrich
Helpful video, produces with good intentions. Thank you Heinrich!
Intelligence Analysts use a variant of this approach, called Analysis of Competing Hypothesis, for complex issues that need frequent assessments.
I liked your explanation, it was very informative.
Interesting, thanks for sharing! Appreciate it Joshua. Best, Heinrich
Thanks for this video Heinrich! All the best
Thank YOU for watching! Best, Heinrich
Amazing video. Many thanks for taking time to break the approach down for better understanding
Great videos, very informative! Liked the fact you included a practical example for the one day answer. Would have liked to see a practical example for your problem structuring. Do you cover this in another video?
Hi Dorian, thanks for your comment. Good idea, might pick this up in a future video! Best, Heinrich
@@FirmLearning one other great topic to cover could be the role that innate biases play in shaping your hypothesis
Excellent channel and work Heinrich, really helpful!
Great to hear that, thank you Brian! Best, Heinrich
I find your videos very helpful in structuring my thinking and presentations.
Hi, thank you so much for your feedback, appreciate it! Best, Heinrich
I agree!
Great! Note it’s not “conzulting,” it’s “consulting.”
:)
Really insightful! Thanks a lot.
Glad to hear you liked the video, appreciate it Mattia! Best, H
Thank you. I really liked this
Good effort! It will be better if you can go through the whole process more detailedly by using an example cheers!
Hi Chak thanks for the feedback! Yes, might do a more detailed case study video like this in the future. Best! Heinrich
Love your channel. Keep the great work!
Super happy to hear that - thanks for watching Ivan! Best, Heinrich
Hi Heinrich many thanks for your insightful videos. I learned a-lot of new things. My question is about German language, why it’s so important to speak fluently in German even though internal language, presentations (slides) are in English?
Also I would like to ask you to make videos on important German terms (things) to learn as a Consultant?
Best
Shantanu
Hi Shantanu, thanks for your comment! It is just a fact that in most German organizations, people are used to speak German to each other and individual people might also struggle with English. If you want to work in Germany without speaking the language, I suggest you look for jobs in Berlin, this is the place with most English-speaking opportunities. Lots of success to you!! Best, Heinrich
@@FirmLearning Thanks Heinrich, we are already connected through LinkedIn, I would appreciate any leads from your side. Good luck
Thanks, very useful approach
Great to hear that - thanks Adel! Best, Heinrich
hey heinrich. thanks for another great video. havent read all comments so apologies if this is a repeat question, but when working with an hypothesis solution, aren’t you simply looking to validate your own bias? cheers. j.
Hi Javier, thanks for sharing. Yes, agree that this risk exists. Important to have a very solid process in place with team culture that encourages to challenge the hypotheses. Best! Heinrich
Very useful content, thanks. Keep up the great work.
Thank you Sharaf - much appreciated. Thank YOU for watching! Best, Heinrich
Great and insightful video, thank you for making this!
Thank you!
Great stuff Heinrich
Excited for this video!
Hope you liked it :) Thanks for watching! Best, Heinrich
Another insightful video, like how you show hypothesis-driven approach is applied in real projects apart from merely using in case interviews!
@@CaseWithFox Thanks!!
But are you not blind for more alternatives when you start on day one with it? When would you comunicate it to the client?
Great work!! Can you make another video of this but giving examples for each of the steps on the chart? Thanks!
I never thought Schwarzenegger would teach me problem solving skills
Very helpful video, thank you!
Stumbled upon gold in the wild!
Super happy to hear that! Thanks for watching Melwyn! :) Best, Heinrich