Hiring managers and recruiters value and actively seek the training a Master of Business Administration (MBA) program provides. One of the reasons that corporate recruiters can be so confident in their MBA hires is that they know that graduates possess problem-solving skills. When approaching the complex kinds of problems businesses face — from workplace conflict to improving customer retention — it is not sufficient to have employees with innate problem-solving capabilities. An organization must have professionals trained in multiple methodologies who can find root causes, collaborate with peers and strategically work toward workable solutions.
An MBA program provides the invaluable experience of collaborating within diverse teams of people who see things in different ways, yet are learning common problem-solving skills. Different perspectives combined with the same methodologies result in greater organizational problem-solving capabilities.
How an MBA Prepares Professionals to Solve Problems
Problems or challenges are commonplace in business. From reducing manufacturing imperfections to making health benefit budget cuts to dealing with disruptive competitors, problems come in many forms. Yet, problem-solving can often be reduced to a highly versatile series of steps that professionals can practice and refine to achieve continuously improving results. Problem-solving involves defining an issue, sourcing its cause, determining candidate solutions, evaluating and prioritizing alternative solutions and selecting and implementing the most effective one.
With training in this soft skill, MBA graduates can find the most effective solutions when non-MBA-prepared professionals might settle for the more obvious, but ultimately less effective, solutions. The following are the fundamental steps involved in many problem-solving methodologies taught in MBA programs:
- Define the problem. Where does the problem lie, and what does it specifically entail? What are its certain or likely root causes? In most cases, there are multiple contributing factors. What is the full scope of the problem? In this stage, you will need to gather and analyze facts and data, review the history of the problem and surrounding details, talk to the personnel involved and formulate a statement that describes the problem and its effects.
- Formulate targeted questions. Break the problem down. Look at the problem from multiple perspectives. How does it impact different groups or individuals within the organization or external stakeholders? Is it one problem or numerous problems? What are the small, incremental steps involved in a workable solution, and what would be the ideal sequence for dealing with each step?
- Generate potential solutions. Brainstorm with your group. Now that you understand the problem in granular detail, generate as many potential resolutions as possible. No idea is unacceptable at this stage. One wild idea may lead to another more practical idea and another, so creative ideas are part of the process, which may require multiple solutions. Forecast, make predictions and role play to determine how different interventions may work.
- Compare and evaluate solutions. Consider the ideal time frame for solving the problem; some possible solutions may be stopgap; some may be short-term, and some may be long-term. The evaluation may be a step for the team as a whole or for team leaders to undertake. This involves analysis, discussion, corroboration, test development, mediation and prioritization. Consider each alternative with respect to organizational (larger goals), objective (problem-related) goals and possible outcomes. Consider the politics of getting approvals and financial and personnel resources that each solution might require.
- Choose and implement a solution. Once you have achieved buy-in from the team and other involved personnel, plan a test of the selected alternative. In the testing phase, collect data and feedback from constituents and establish ways of measuring and monitoring effectiveness once the plan rolls out. Decide short- and long-term measures of success and which specific metrics to use.
Transferable and Marketable Skill
MBA programs teach various methodologies for problem-solving and an opportunity to practice and hone skills outside of the pressure cooker of a real business. Students become increasingly proficient in problem-solving methods as they apply them in different case studies and projects, across industries and over time. As they work out initial difficulties with specific steps, students develop the confidence to implement these strategies in a real-world environment.
Fundamental problem-solving methodologies are adaptable to any industry, department and role. That versatility makes problem-solving a highly transferable skill between roles and industries as your career evolves, and it will stay in high demand through economic cycles.
Learn more about Carleton University’s Master of Business Administration online program.