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Kyle, Jen, Chris, Elvira & Teah The McKinsey Mind Fact-Based Analysis
How to lay out the analytical task
Techniques to move from raw facts to value added recommendations Designing the Analysis Find the key drivers.
Which factors most affect the problem? Figure out the core of the problem.
Look at the big picture.
Step back to figure out what you’re trying to achieve.
If the task doesn’t move you & your team towards your goal, it’s a waste of time.
Don’t boil the ocean.
Working smart is much better than working harder
Figure out which analysis you need to approve or disapprove a point
Sometimes you have to let the solution come to you.
Sometimes you will have to rely on the analysis of the facts available to help lead your way to a solution The McKinsey Way Let Your Hypothesis Determine Your Analysis
Focus on Quality > Quantity
Data + Intuition = Solid Foundation for Decisions
Start with the end in mind
Get Your Analytical Priorities Straight
Avoid analysis that don’t relate to your hypothesis
Focus on “key wins”: figure out which analyses can produce the most results for the least amount of resources Lessons Learned & Implemented Forget about absolute precision.
Get an answer that is in the "comfort zone“
Triangulate around the tough problems.
Establish upper and lower bound for size of the market, to be able to decide whether to pursue project or not. Lessons Learned & Implemented (cont’d) Work Plan
Comprehensive plan detailing issues and sub issues found during the framing of your hypothesis
Topline issue first
Helps structure your thinking Implementation Guidance Hypothesis
Due Date Inside a Work Plan Example of a Work Plan Prove your initial hypothesis
Don’t over-analyze rabbit trails
Chapter 3 will show you to effectively gather data. Conclusion