Management Consulting Approach To Problem Solving

Basic tools – Introduction Preview 01:48

In the second section I will discuss the main tools that you can use to analyze and solve problems in real life. We will talk about things like: issue tree, bottom-up approach, top-down approach, backward reasoning, 80/20 rule, benchmarking, cost drivers, opportunity tree and many, many more

Bottom-up approach Preview 07:53

In this lecture you will get to know our favorite method for first rough estimation – the bottom-up method. We give you also 2 examples with Excel calculation how to use it.

What you can use the bottom-up approach Preview 00:50

Estimating the costs of a wedding – Case Introduction Preview 01:10

Imagine that you have to estimate the costs of the wedding to help Tomasz plan his wedding. Use for that the bottom-up approach. We will use this case study to see how bottom-up approach works in practice

Estimating the costs of a wedding – Partial Solution Preview 05:09

In this lecture I will show you the solution to previously introduced case study

Estimating the costs of a wedding – Excel Part 1 Preview 02:38

In this lecture I will show you the solution to previously introduced case study

Estimating the costs of a wedding – Excel Part 2 Preview 02:58

In this lecture I will show you the solution to previously introduced case study

Top-down approach Preview 03:45

Top-down is the little brother of bottom-up approach – not used that often but still very useful for re-segmenting the market (niche an low cost strategy)

Average salaries in other department – Case Introduction Preview 01:30

Imagine that Lukas would like to know how much his colleagues in the other department earn. Use the top-down approach

Average salaries in other department – Solution Preview 03:33

In this lecture I will show you the solution to previously introduced case study

Average salaries in other department – Excel Basic Preview 03:10

In this lecture I will show you the solution to previously introduced case study

Average salaries in other department – Excel Go Seek function Preview 02:33

In this lecture I will show you the solution to previously introduced case study

Top-down approach used in Business Preview 00:15

Le'ts put the top down and bottom-up approach to use. We will have a look at another case study in the next lecture

Chicken Producer - Top-down approach - Introduction Preview 06:25

During this lecture I will show you how on basis of small number of data create a model which will show you how logistics costs are created, on what stage and what is the biggest drivers. This in turn will enable you to apply 80/20 rule

Chicken Producer - Top-down approach - Tips how to do it Preview 11:21

In this lecture we will give you some tips how to approach the case and show you the usage of the proper Excel functions

Chicken Producer - Top-down approach - Solution Preview 05:28

In this lecture we solve the case with you, show you the outcome, interpret it and give you examples how the results can be presented in terms of Excel and slides

Backward logic Preview 02:43

In this lecture I show the backward thinking /induction. This approach enables you to design the whole process, company on the bases of the expected outcome

When can I retire – Introduction Preview 01:23

Try to estimate at what age can Peter retire using his own savings. To estimate the age of retirement use the backward reasoning

When can I retire – No passive income – Excel Basic Preview 05:17

In this lecture I will show you the solution to previously introduced case study

When can I retire – No passive income – Go seek function Preview 03:05

In this lecture I will show you the solution to previously introduced case study

When can I retire – With passive income Preview 02:17

In this lecture I will show you the solution to previously introduced case study

Backward logic based decisions – Case Introduction Preview 01:03

Let’s try to put the backward reasoning to practice. In this case study we will use it to decide what effort has to be done to 10x the current business. A few information about the retailer

• He has currently 100 stores. Each store sales are equal to EUR 2 M

• He wants to 10x the business up to Year 5

• Estimate what LFL growth he must get and how many stores he must open

• Assuming EUR 1 M per store estimate the Capex

• Estimate how many people he has to recruit assuming 6 people per store

Backward logic based decisions – Solution Preview 04:10

In this lecture I will show you how to solve the case shown in the previous lectures 

Backward logic based decisions – When it makes sense to use it Preview 02:14

Backward logic can be used in many situations. Below some of them

• You have a clear goal in the future but not a clear path towards it

• You want to estimate the pace needed to reach the goal

• You want to check the implications for you or your department

• You want to see what are the limitations preventing you from reaching the goal

• You want to see whether the goal is not too ambitious

• You want to see whether the goal does not require too big resources

Compounded effect Preview 01:52

In many cases you can get high end result from compounding effect in time or by getting small improvements in many areas. In this lecture I will explain the concept

Reading skills – Introduction Preview 01:38

We will also help Ann decide whether it makes sense or not to take the course for fast reading and what could be the benefit of that

Reading skills – End year Preview 04:26

In this lecture I will show you the solution to previously introduced case study

Reading skills – By weeks result Preview 03:28

In this lecture I will show you the solution to previously introduced case study

Issue tree – Introduction Preview 01:44

Issue tree is a simple yet powerful concept used in consulting for structuring discussion and picking the right topics to concentrate on. In this lecture I will show you the principles of using it as well as a practical example

Issue tree – Overview of case studies Preview 00:30

Now let’s have a look at different examples of applying the issue tree. We will look at 4 examples:

1. Logistics for a chicken producer. We will use in the first cases study the issue tree to identify potential problems in the logistics producing meat from chickens

2. Retail. In the second example, we will apply the issue tree to a retail firm

3. FMCG. In the third example, we will apply the issue tree to a firm producing consumer goods

4. John’s flat. In the final example, we will help John improve his apartment

That’s in short. Enjoy the case studies. If you have any questions regarding this method or any other method please let me know. I am always more than happy to help with whatever I can

Issue tree – Logistics Preview 01:42

Here I will show example of an issue tree in Logistics

Issue tree – Retail Preview 03:47

Here I will show example of an issue tree in Retail

Issue tree example for a FMCG firm Preview 04:41

Here I will show you ana example of Isse tree in FMCG

Issue tree for John's flat – Introduction Preview 01:18

Imagine that you would have to create an issue tree for John’s flat. What kind of problem he has and what could be the reasons for that

Issue tree for John's flat – Solution Preview 03:17

In this lecture I will show you the solution to previously introduced case study

Priorities Preview 04:19

Without setting the right priorites to tasks you may end-up concentrating on the wrong things.In this lecture we will discuss the ways in which you can set priorities to tasks that you have to perform. At the end I will apply them in an example to show you the difference in outcome

Benchmarks – external and internal Preview 03:16

In this lecture I will discuss the role of external and internal benchmarks. They are a powerful help in business and will help you boost your productivity yet have to be used with caution.  At the end I will apply them in an example to show you the difference in outcomes.

80/20 rule in practice Preview 03:04

In this lecture I will show you how to use in practice 80/20 rule also known as Pareto principal

Low hanging fruits Preview 02:43

In this lecture we will talk briefly about applying the low hanging fruits in practice. I will show you the principles of using it as well as a practical example

Low hanging fruits used in Business Preview 00:18

Now let's try to use the low hanging fruits for business purposes. In the next few lectures we will use the low hanging fruit framework to identify quick wins when it comes to cost reduction. We will have a look at a drugstore chain that wants to reduce it's costs.

However, first we will have to adjust our framework to cost reduction

Enjoy the case study and if you have any questions please let me know

Quick wins for cost reduction Preview 02:49

Let’s look how the quick win framework looks for savings. We will look at 2 dimensions:

• What is the potential savings we can achieve

• How easy it is to implement it?

We will have thanks to 4 categories of projects that we can consider:

• Cow savings – easy to kill and big

• Elephant – difficult to catch yet big

• Chicken savings – easy to kill yet you need to kill a lot of them not to be hungry

• Bat savings – small and difficult to catch

Quick wins for cost reduction – Remarks on Pontetial Savings Preview 01:21

Remember that the potential reduction in costs depends on 2 elements: potential percentage cost reduction and the cost starting point:

• Potential % cost reduction

• Cost starting point

We will discuss this in this lecture

Quick wins in Drugstore – Case Introduction Preview 00:57

Imagine that you have to identify quick wins in cost reduction for an international chain of drugstores. We know their cost structure

• A few information about the firm that we will be analyzing

• They have 4 000 stores

• We have their cost structure

• They have send us a list of projects that will help them reduce costs

• Estimate the potential and group them using the quick wins framework

Quick wins in Drugstore – Cost Structure Preview 02:59

In this lecture we will solve the previously introduced case

Quick wins in Drugstore – Cost Reduction Preview 03:06

In this lecture we will solve the previously introduced case

Quick wins in Drugstore – Summary Preview 02:39

In this lecture we will solve the previously introduced case

Set SMART goals Preview 05:50

Goals are good as long as they are SMART. In this lecture we will talk briefly about applying this useful concept in practice. I will show you the principles of using it as well as a practical example: some of them general and one specific for consulting

KPIs and business drivers – Introduction Preview 02:53

Key Performance Indicators are extremely important to understand and manage a business. In this lecture I will show you how this is achieved. In the next lectures I will show You using an exmaple of a cinema company how to apply KPIs in practices

KPIs for cinema – case to be solved Preview 00:33

In this lecture I will show you the case you have to solve. As a first step you will have to define the KPIs that matter in the cinema business

KPIs for cinema – solution Preview 01:53

In this lecture I will show you the logical structure to the case presented in the previous lecture

KPIs for cinema – Excel Preview 05:15

Once you are done with the logical structure you should build the analysis in Excel on the basis of it

KPIs for cinema – Power Point Preview 01:57

The data you have gathered will be used in your business analysis. You can also fill in the slides prepared in the very beginning and modify it if needed

KPIs for marketplace – Problem Preview 00:37

In this case study you will be asked to define the drivers and KPIs for the marketplace / 2-sided business model

KPIs for marketplace – Solution Preview 02:57

In this lecture I will discuss the KPIs that you should concentrate on in marketplace business model

KPIs for marketplace – Alternative Solution Preview 01:55

In this lecture I will discuss the KPIs that you should concentrate on in marketplace business model

KPIs for SaaS – Problem Preview 00:57

In this case study you will be asked to define the drivers and KPIs for the SaaS business model

Examples of SaaS businesses Preview 02:03

Here I will show you some examples of SaaS businesses. This will help you to understand the nature of the business and define proper drivers and KPIs

KPIs for SaaS – Solution Preview 02:40

In this lecture I will discuss the KPIs that you should concentrate on in SaaS business model

Personal KPIs – Introduction Preview 02:19

Let’s imagine that you have to define the personal KPIs for Giuseppe that will help him make sure that he is increasing his chances of being happy

Personal KPIs – Solution Part 1 Preview 03:51

In this lecture I will show you the solution to previously introduced case study

Personal KPIs – Solution Part 2 Preview 03:51

In this lecture I will show you the solution to previously introduced case study

Opportunity Tree Preview 03:19

Opportunity tree is a tool that you can use to generate new ideas to improve your business by looking at main drivers of your business

Cost drivers Preview 02:33

If you want to understand well a business you have to be able to identify the cost drivers that shape the business model. In this lecture I will show you how to do that

Total cost of ownership Preview 02:43

Here we will discuss a very useful concept that is used in business and should be also used when making serious long-term decisions the so-called total cost of ownership.

Rent or buy a house – Introduction Preview 01:17

Let’s imagine that Peter is considering 2 choices: buying an apartment or renting it. Let’s use the total cost of ownership to see what makes sense.

Rent or buy a house – Rentig cost Preview 03:17

In this lecture I will show you the solution to previously introduced case study

Rent or buy a house – The loan Preview 04:20

In this lecture I will show you the solution to previously introduced case study

Rent or buy a house – Buying the apartment Preview 04:12

In this lecture, I will show you the solution to the previously introduced case study

Rent or buy a house – Comparison Preview 02:05

In this lecture I will show you the solution to previously introduced case study

Basic tools – Summary Preview 01:37

Here we will summarize all the methods we have learnt in this section

Make it or buy it – Introduction Preview 01:28

As a management consultant or a manager you will quite often have to decide whether to something internally or buy it from 3rd party supplier. In this cases you have to perform make-or-buy analysis. We will discuss this in detail in this section

Delegating some work to others – Case Introduction Preview 01:25

We are back to Maria. Using previous case study we will try to decide which activities she should delegate using the make-or-buy analysis.

Delegating some work to others – Analysis of activities Preview 02:57

In this lecture I will show you the solution to previously introduced case study

Delegating some work to others – Summary Preview 01:47

In this lecture I will show you the solution to previously introduced case study

Make-or-buy courses – Case Introduction Preview 01:37

Imagine that you have to analyze for a consulting firm whether it makes sense or not to produce online course devoted to Data Science. In this lecture I will show you a few information about the firm that we will use to pick the optimal solution

Make-or-buy courses – Make Option Preview 03:51

In this lecture we will solve previously introduce case study. We will have a look at the make option

Make-or-buy courses – Buy Option Preview 01:50

In this lecture we will solve previously introduce case study. We will have a look at the buy option and we will compare make and buy options.

Make-or-buy courses – Comparison Preview 02:40

In this lecture we will solve previously introduce case study. We will have a look at the buy option and we will compare make and buy options.

Make it or buy it – When to make even if it is more expensive Preview 02:42

In some cases even if it is more expensive to make than to buy it still makes sense to make:

• There is no content on the right level

• Your standard differs from the general standards

• You treat the teaching system also as a standardization tool

• You grow drastically in terms of people

• You want to keep the knowledge to yourself

• There are not specialists in a specific area

• Legal reasons & NDAs

Intermediate tools – Introduction Preview 02:07

In this section I will discuss more advanced techniques such as: rankings, scenario analysis, representative element analysis, decision tree, OEE, OLE, theory of constraints, Critical Chain and many, many more

Rankings – Introduction Preview 03:00

Quite often you have options that you want to somehow compare and rank them. Thanks to the ranking you not only give points but you can sort them from the most wanted to the least desired. In this lecture I will show you how to use rankings and when 

Rankings – Case studies Preview 00:26

In the next few lectures I will show you how to build rankings in practices. We will have a look at 2 rankings examples.

In the first one we will help Maria pick the ideal boyfriend using a ranking

In the second example we will help a mil producer decide which new product he should develop. Again for that we will use rankings. Enjoy the cases studies and if you have any questions please let me know!

How to expand the brand – Introduction Preview 02:38

Let’s have a look at milk producer that wants to expand its product range. In this case you will be asked to analyze and find the best candidates for brand expansions. 

How to expand the brand – Solution – Part 1 Preview 03:29

In this lecture I will show you how to solve the case shown in the previous lectures.

How to expand the brand – Solution – Part 2 Preview 02:58

In this lecture I will show you how to solve the case shown in the previous lectures.

Rankings – Other examples Preview 00:52

Scenario analysis – Introduction Preview 02:57

Future is pretty difficult to figure out. You don’t know what will happen. In those cases it is a good idea to consider a few different scenarios. One of the ways to face it is via scenario analysis. I will show you how to use it in practice 

Scenario analysis – Case Studies Preview 00:13

Let's put to use the sceario analysis. In the next few lectures we will analyze 2 case studies:

1. Is it better to own a car or to use Uber - cost and benefit comparison for different scenarios

2. How to motivate 3rd party sales reps - comparison of different scenarios

Car vs Uber – Introduction Preview 01:33

Let’s imagine that you were to decide whether it makes more sense to buy a car or to use Uber.

Car vs Uber – Cost of own car Basic Preview 04:08

In this lecture I will show you the solution to previously introduced case study

Car vs Uber – Uber Preview 01:32

In this lecture I will show you the solution to previously introduced case study

Car vs Uber – Comparison of costs Preview 01:39

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Case Introduction Preview 02:33

Let’s imagine that you have to decide which method to support sales reps that work for retailers will be the best one. Help you customer analyze which method is better. We will discuss what other methods are used by your competitors and what you should pay attention to in order to decide which methods is better

How to motivate not yours sales reps – Trainings Preview 04:58

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Contests Preview 02:17

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Incentive trips Preview 02:32

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Loyalty program Preview 02:19

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Summary and Comparison in Excel Preview 02:01

In this lecture I will show you the solution to previously introduced case study

How to motivate not yours sales reps – Solution in Power Point Preview 02:26

In this lecture I will show you the solution to previously introduced case study

How much is MBA worth – Introduction Preview 00:53

Let’s imagine that you were to help George decide whether it makes sense to go to USA for MBA

How much is MBA worth – the Loan Preview 03:21

In this lecture I will show you the solution to previously introduced case study

How much is MBA worth – Pessimistic scenario Preview 03:10

In this lecture I will show you the solution to previously introduced case study

How much is MBA worth – Optimistic & Realistic Preview 02:22

In this lecture I will show you the solution to previously introduced case study

How much is MBA worth – Comparison Preview 02:31

In this lecture I will show you the solution to previously introduced case study

Scenario Analysis – Other Examples Preview 00:46

Here I will provide you more examples of scenario analysis

Representative element analysis – Introduction Preview 02:06

In many cases there are a lot of options that you can consider. For simplicity you want to limit the options and get down to 1-5 representative elements. In this lecture I will show you how to use this technique in practice 

How long will it take to prepare the presentation – Introduction Preview 01:19

Let’s imagine that you friend Oliver has to prepare a 300-slide presentation. He wants to estimate how long it will take him to finish the presentation.

How long will it take to prepare the presentation – Time needed Preview 02:13

In this lecture I will show you the solution to previously introduced case study

How long will it take to prepare the presentation – Deadline Preview 02:30

In this lecture I will show you the solution to previously introduced case study

Decision Tree Analysis – Introduction Preview 03:12

Quite often you have to make important decision faced with uncertainty. In those situation it is very useful to apply the so called decision tree. In this lecture I will show you how to use this technique 

Decision Tree Analysis – Solution Preview 02:30

Quite often you have to make important decision faced with uncertainty. In those situation it is very useful to apply the so called decision tree. In this lecture I will show you how to use this technique 

How big house should I build – Introduction Preview 02:43

Let’s imagine that you have to help Adam and Eva pick the best size of the house for their family. They have currently 1 kid but will have more. Pick the optimal solution.

How big house should I build – Small House Preview 02:24

In this lecture I will show you the solution to previously introduced case study

How big house should I build – Big House Preview 02:06

In this lecture I will show you the solution to previously introduced case study

How big house should I build – Power Point Preview 01:38

In this lecture I will show you the solution to previously introduced case study

OEE and OLE Preview 03:10

We show here how to use the so called OEE (Overall Equipment Efficiency) Analysis that shows you how efficient you are in using your resources. It is very useful for checking whether you use well machines and equipment

What happens with Jorge time – Introduction Preview 00:54

Let’s imagine that you have to help Jorge become more efficient. For that use the Overall Labor Efficiency Framework and estimate by how much he can improve

What happens with Jorge time – Data for the case Preview 01:34

In this lecture I will show you the solution to previously introduced case study

What happens with Jorge time – Analysis of data Preview 02:46

In this lecture I will show you the solution to previously introduced case study

What happens with Jorge time – OLE & Improvements Preview 03:40

In this lecture I will show you the solution to previously introduced case study

Theory of constraints and bottlenecks Preview 03:14

In every company, you have bottlenecks that limit your ability to go forward and deliver more goods and services. Here I will show you how to estimate what is the impact for the whole system and how you can remove improve them. I will use a simple production example to show you the effect on the whole system. You will see how the bottleneck can shift from 1 shift to another. You will also learn how to prioritize where it makes sense to invest to get the best results.

Before doing this lecture I strongly encourage you first to take the OEE lecture – we use the OEE concept here so if you are not familiar with it please start with the OEE lecture as a warm-up.

Content marketing agency – Introduction Preview 01:29

Your friend Ivan works in a content marketing agency and wants to improve the work of his team. Help him using the bottleneck framework

Content marketing agency – Solution Preview 02:27

In this lecture, I will show you the solution to previously introduced case study

Critical Chain Preview 03:16

One of the biggest problem for efficiency is the so called Parkinson’s Law – Work expand so as to fill the time available for its completion. People when asked to evaluate the time certain things will take build in buffers. One of the ways to deal with it is the so called Critical chain. Here I will show you what it is

Decomposition of effects analysis – Introduction Preview 02:48

Decomposition analysis shows you what are the components, driving forces behind certain phenomena. I will talk about this technique in this lecture and when to apply it 

LFL analysis – Introduction Preview 02:36

I will show you here how to analyze Like for Like sales (Same-store sales - LFL, L4L)

LFL analysis – Solution – Part 1 Preview 03:06

In this lecture, I will show the solution to the case study introduced in the previous lectures

LFL analysis – Solution – Part 2 Preview 02:58

In this lecture, I will show the solution to the case study introduced in the previous lectures

LFL analysis – Solution – Power Point Preview 02:14

In this lecture, I will show the solution to the case study introduced in the previous lectures

Simulation analysis – Introduction Preview 02:40

Now we will discuss another important tool: a simulation that is extremely useful when you want to find the optimal solution.

What will be the effect of the price increase – Introduction Preview 02:09

The future is pretty difficult to figure out. You can use scenario analysis or you check ALL the potential options and see which is optimal. I will talk about this technique in this lecture and when to apply it. The impact of the price change on your profit will depend on a few factors. I will discuss in this lecture what you should take into account and how to calculate it.

What will be the effect of the price increase – Solution – Impact on coffee only Preview 04:01

In this lecture, I will show you how to solve the case shown in the previous lectures.

What will be the effect of the price increase – Solution – Full impact Preview 02:34

In this lecture, I will show you how to solve the case shown in the previous lectures.

10 x current solution using first principles – Introduction Preview 00:56

One of the ways in which you can come up with new business ideas is to use the 10x framework where you resort to so-called first principles. This is the favorite method of Elon Musk

There are 3 main ways in which you can improve an existing business. This will help you come up with the proper business idea:

• Make it faster

• Make it better

• Make it cheaper

10 x current solution using first principles Preview 05:11

One of the ways in which you can come up with new business ideas is to use the 10x framework where you resort to so-called first principles. This is the favorite method of Elon Musk

There are 3 main ways in which you can improve an existing business. This will help you come up with the proper business idea:

• Make it faster

• Make it better

• Make it cheaper

Reduce water using 10x framework – Case Introduction Preview 02:26

Let’s imagine that you want to drastically reduce the usage of water. Use the 10x framework to achieve this

Reduce water using 10x framework – Drivers Preview 04:53

In this lecture, we will solve the previously introduced case study.

Reduce water using 10x framework – Current Consumption Preview 03:32

In this lecture, we will solve the previously introduced case study.

Reduce water using 10x framework – Options Preview 04:26

In this lecture, we will solve the previously introduced case study.

Reduce water using 10x framework – Summary Preview 03:12

In this lecture, we will solve the previously introduced case study.

Decrease cost using 10x framework – Case Introduction Preview 01:30

Let’s imagine that you are an owner of a bus company and you want to find a way to make the cost per 1 seat cheaper. Use the 10x framework

Decrease cost using 10x framework – Drivers Preview 04:09

In this lecture, we will solve the previously introduced case study.

Decrease cost using 10x framework – Current Level Preview 04:01

In this lecture, we will solve the previously introduced case study.

Decrease cost using 10x framework – Options Preview 05:20

In this lecture, we will solve the previously introduced case study.

Decrease cost using 10x framework – Summary Preview 02:17

In this lecture, we will solve the previously introduced case study.

What tool should you use? Preview 00:59

Bonus Lecture Preview 01:22