How can you balance flexibility and consistency in your analytical reasoning framework?
As a business analyst, you need to use analytical reasoning frameworks to structure your problem-solving process, communicate your findings, and support your recommendations. However, you also need to adapt to different contexts, stakeholders, and data sources, and avoid being too rigid or formulaic in your approach. How can you balance flexibility and consistency in your analytical reasoning framework? Here are some tips to help you.
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Erivan D.Bridging business needs with valuable solutions! CBAP, PMP, CSM, ITIL & COBIT
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Kevin D BannisterFinancial & Business Consultant for KBB Business Owners 💁♂️ Helping Them Get Their Business Exit Ready With Higher…
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Carlos Alejandro Rincón B.Industrial Engineer / Data Analyst / Data Scientist Jr.
Before you dive into the data, you need to clarify the scope and objectives of your analysis. What is the problem or opportunity you are trying to address? What are the key questions you need to answer? What are the assumptions and constraints you need to consider? Defining your scope and objectives will help you focus your analysis, avoid irrelevant or redundant information, and align your expectations with your stakeholders.
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An additional consideration is to engage stakeholders early in the process of defining the scope and objectives. Collaborating with key individuals who have a vested interest in the analysis ensures that their perspectives are taken into account, increasing the likelihood of uncovering valuable insights and addressing a comprehensive set of concerns. This participatory approach fosters a sense of ownership and shared understanding, making the subsequent analysis more relevant and impactful.
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Clarity is key here. Forget the details in the data. Think big picture. What is the aim of the analytical work you are doing. Be very clear and it will save you tons of time in the long run. I would even suggest you write it down. Once you have this you will be able to easily build from there
Depending on the nature and complexity of your analysis, you may need to choose a specific framework to guide your reasoning. For example, you may use a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats of a business situation, or a root cause analysis to identify the underlying factors that cause a problem. Choosing an appropriate framework will help you organize your data, apply relevant criteria, and generate insights.
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Framework is always important but don't get caught up in just well know frameworks. Creating a new framework that relates to the work you are doing can be even more beneficial. I have come across and done so myself. The reason it works is because you are able to make it relevant to the work you are doing from getting clarity at the start.
While frameworks can provide a useful structure, they are not rigid rules that you have to follow blindly. You may need to adapt to the context and data of your analysis, and adjust your framework accordingly. For example, you may need to add, remove, or modify some elements of your framework to fit the specific situation, or use different sources, methods, or tools to collect and analyze your data. Adapting to the context and data will help you be more flexible and responsive to the changing needs and realities of your analysis.
After you have completed your analysis, you need to validate and communicate your results. You need to check the validity, reliability, and accuracy of your data, assumptions, and conclusions, and address any gaps, errors, or inconsistencies. You also need to communicate your results in a clear, concise, and compelling way, using appropriate formats, visuals, and language. You need to tailor your message to your audience, highlight the key findings and recommendations, and provide evidence and rationale for your arguments. Validating and communicating your results will help you be more consistent and credible in your analysis.
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Un manejo apropiado del Storytelling a la hora de comunicar los resultados que surgen de un análisis descriptivo y prescriptivo es fundamental para alcanzar los objetivos en cualquier organización, debemos ubicarnos en los zapatos del CEO o de los managers y entender qué están buscando, qué pistas, qué podemos inferir con el análisis, dónde podemos movernos para aumentar ingresos o disminuir costos. Esa manera de exponer los resultados y las recomendaciones debe ser innovadora, certera y absolutamente convincente hacia la gerencia.
Finally, you need to seek feedback and improvement for your analysis. You need to solicit and incorporate feedback from your stakeholders, peers, and experts, and be open to different perspectives and suggestions. You also need to monitor and evaluate the impact and outcomes of your analysis, and identify any areas for improvement or further investigation. Seeking feedback and improvement will help you learn from your experience, refine your skills, and enhance your analytical reasoning framework.
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En el mundo del análisis y de la ciencia de Datos el feedback permanente entre las partes debe ser el pan de cada día, no podemos pretender que con un primer o segundo análisis o Dashboard, o con los primeros KPI's que establezcamos ya vamos a alcanzar la meta o a optimizar todos los procesos. Si el gerente te pide 20 KPI's y tú como analista consideras que con 5 son suficientes, no lo menciones, haz los 20 indicadores que a partir de feedbacks se van a encontrar los kpi's necesarios, escucha, comunica, arriésgate a proponer nuevamente, hasta que se logre lo trazado entre las partes.
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Balancing flexibility and consistency in analytical reasoning involves continuous improvement, where organizations regularly assess and refine their processes. Through feedback, performance metrics, and a culture of learning from mistakes, they adapt methodologies to changing conditions. This includes benchmarking against industry best practices, integrating new technologies, and fostering cross-functional collaboration. Ongoing training for analysts, risk management, and scalability considerations contribute to a dynamic and adaptive framework. Leadership support is crucial in cultivating a culture of innovation and improvement, enabling the organization to navigate challenges while upholding the reliability of analytical methodologies.
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