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4567

Presented to: All Analysts

Date: Relevant for all times

Location: Applicable anywhere Analysis is practiced seriously

The Power of seven

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:2

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:3

A FieryAir Venture

seven and its significance

Seven is the fourth Prime Number and is an important number because:

Slide:4

Seven is a Mersenne Prime, NSW Prime, Woodall Prime, Factorial Prime, Lucky Prime, Safe Prime and a Happy Number.(Prime Numbers are positive numbers greater than 1 that has no other divisor than 1 and itself. There are different kinds of Prime Numbers in Mathematics)

There are seven fundamental types of Catastrophes.(Catastrophes in Mathematics is a Bifurcation Theory. Now, Bifurcation Theory tells us that a small change in circumstance would/may create sudden shift in behavior. Like unpredictable timing and magnitude of a Twister )

Seven has highest probability in a Two Six Sided Dice roll.(If two Six Sided Diced are rolled, seven has the highest probability of coming up in total. So, Seven is the safest savior when gambling!)

Seven Liberal Arts formed the initial Ground of Education for a Civilized person. They were Grammar, Logic, Rhetoric, Arithmetic, Geometry, Music and Astronomy.(In Ancient Greece, these were considered essential knowledge for a free person or a citizen to take an active part in civic life)

Source: http://en.wikipedia.org/wiki/7_(number)

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:5

A FieryAir Venture

Human Mind and seven

Slide:6

As per Psychologist, George A. Miller, number of objects an average human mind can hold in Working Memory is 7 ± 2.

Miller Law states, as per One Dimensional Absolute Judgment Task, human mind can respond to up to 6 different kind of stimulus and respond with pre-learned answers.

Which can be interpreted as, an analyst at a single time, can resolve up to seven problems one after another in a sequence with perfect or near perfect solutions.

Miller Law states, as per Memory Span, a human can repeat up to 7 items correctly after being presented with the list, at 50% of trials.

Miller’s theory was later discussed and argued on a lot and there are numerous other studies theorizing the cognitive memory logics. However, it all started with seven!

Which primarily means, an analyst can process and present up to seven solutions on her/his own, to a problem statement, once the problem is analyzed.

Source: http://en.wikipedia.org/wiki/The_Magical_Number_Seven,_Plus_or_Minus_Two

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:7

A FieryAir Venture

seven Steps of Problem Analysis

Slide:8

Understand the Case thoroughly

Define the Central Issue

Define the firm’s goals

Identify the constraints to the Problem

Identify all the Alternatives

Select the Best Alternative

Develop an Implementation

Plan

To understand fully what is happening in a case, read through the Problem Statement and make notes, discuss with the People and Department affected by the Problem and make note of the Solution that is desirable and acceptable by all the affected parties.

Identify the most important problems and separate them from trivial issues. Then examine related problems in the functional areas. Functional area problems may help identify deep-rooted problems that are the responsibility of top management.

Inconsistencies between a firm's goals and its performance may further highlight the problems discovered in step 2. At the very least, identifying the firm's goals will provide a guide for the remaining analysis.

The constraints may limit the solutions available to the firm. Constraints have to be considered when suggesting a solution. The constraints may limit or prohibit the solution and cause bottlenecks in implementing the solution.

List all the relevant alternatives that could solve the problem(s) that were identified. Use your creativity in coming up with alternative solutions. Even when solutions are suggested in the case, you may be able to suggest better solutions.

Evaluate each alternative in light of the available information. You will also need to explain the logic you used to choose one alternative and reject the others.The Solution may not be Best, but should be optimum for the time and problem.

Lack of an implementation plan even for a very good decision can lead to disaster for a firm and for you. A good plan should be fail safe with back up plans and should consider stabilising the process and making it independent over time.

Source: http://websupport1.citytech.cuny.edu/Faculty/Gvanloon/Learn%20By%20Case/7%20Steps.htm

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:9

A FieryAir Venture

seven Steps of Root Cause Analysis

Slide:10

Problem Selection

Problem Statement

Identify Possible Causes

Implement the Corrective

Actions

Analyse effectiveness

Update procedures

Check and Control

A business always has problems so all that is required is to order them on the basis of risk to the organisation and deal with the most urgent ones first.

Be precise in the selection, keep to a tight definition of the problem and make sure that the problem has a potential solution.

Start by asking “why?” it happened. 5 Why can be used. Then debate and choose the available corrective actions for each of the selective root causes. Keep the focus on these root causes as it is the best way to resolve or reduce the problem.

Implement the Corrective and Preventive Actions making sure to communicate them to all involved. Clearly communicate the reasons, benefits and the required time lines. Don’t miss out anybody.

Review the results of the corrective actions. Modify the corrective actions if you think that it is required. You may need to try a different approach if they don’t resolve the problem and if the corrective actions are not effective you will even need to completely review the root causes.

Update documents and determine who needs to be retrained. Check to see whether the new procedures could also be applied to other areas such as a production line in a different factory but using the same equipment.

Check to make sure that the new procedures are followed and are effective in fixing the issues. Revisit the issue again in, say, 3 and 6 months time to ensure that they are still in place and being followed.

Source: http://www.lennoxhill.co.uk/the-seven-steps-of-root-cause-analysis.html

A FieryAir Venture

Agenda

Seven and its Significance

Human Mind and seven

Seven Steps of Problem Analysis

Seven Steps of Root Cause Analysis

Seven Steps of Mastering Business Analysis

Slide:11

A FieryAir Venture

seven Steps of Mastering Business Analysis

Slide:12

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A FieryAir Venture

seven Steps of Mastering Business Analysis contd..

Slide:13

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the IIBA Webinar

A FieryAir Venture

Conclusion

Slide:14

Seven is a significant number, in Mathematics, Statistics, Analysis and in overall Academics of life, since the time the importance of being Civilized started.

sevenSolutions is based on the culture of seven, that encompasses the essence of seven. sS practices the Analysis and Research beyond the regular teaching of Business Analysis and Risk Assessment. sS can reach the root of your problems because its approach is based on the fundamentals of Life and Education.

And we’ve not yet discussed Seven Kings of Rome, Seven Sages of Greece, Seven notes in Music, Seven Pillars of House of Wisdom in Old Testament, Seven Spirits of God in New Testament, Seven Stars (Rishi) in Hindu scriptures, Seven Skies and Seven Earth in Islamic scriptures, Seven Lucky Gods in Japanese myth, Seven types of Virus in Biology, Seven daughters of Atlas in Astronomy, Seven Periods in Periodic Table of Chemistry, Seven Colors of Rainbow as per Physics, Ian Flemig’s Bond’s Agent Number…

Wait, did I mention there are Seven wonders in the World…!

If you have any query, just ask@sevensolutions.in