When you face a complex problem, you may come up with more than one possible solution. How do you decide which one to choose? Choosing the best solution is not always easy, but it can be done with some systematic steps. In this article, you will learn how to evaluate multiple solutions and pick the one that best suits your goals, resources, and constraints.
Before you compare different solutions, you need to know what you are looking for. Identify the criteria that are important for your problem and rank them by priority. For example, some common criteria are effectiveness, feasibility, cost, time, risk, and impact. You can also use SMART criteria (Specific, Measurable, Achievable, Relevant, and Time-bound) to make sure your solutions are realistic and aligned with your objectives.
When facing problems that can be overcome via a multitude of solution, there is no perfect route forward. You will be wrong- at least a portion of the time. Understanding this, and learning how to mitigate the chance of that happening is where you begin to shine above your peers. I do agree that comprehending the problem in its entirity is the first step. However- as astute, self-aware problem solvers, the more crucial compenent to our job is to understand the unintend outcomes and overall longevity of our solutions. It's relatively easy to classify using business-y identifiers such as, "Quicker, Cheaper, Simpler, More-organic" etc and move on with your day. It's much harder to examine the impact of those choices that were not so great.
Selecting the optimal solution from multiple options demands thorough evaluation. Identifying criteria, scoring alternatives, and weighing pros and cons enable informed decisions. Test solutions if possible. #ThoughtfulAnalysis #BestDecisionMaking #ComplexProblems
I agree, but it is important to stay solution neutral at first. Do not jump into the first available solution or you will find yourself quickly tied to it. Instead, identify the actual problem, what the stakeholders truly value, and then find whatever solution fits the criteria. In brief words, use a problem-driven approach as opposed to a solution-driven approach. The solution used only matters to the extent it solves the problem at hand.
The first rule of ideation is to never settle for the first idea. In that case, it is only ideal to land up with multiple solutions and be divergent still. Post ideation comes convergence. A way to critically examine these solutions is to analyse them on a scale of Desirability, Feasibility, and Viability. There is some merit to go after a solution that is desirable for the end user/customer we are solving for. Here empathy plays an important role. A desirable solution should also be feasible, business must have the wherewithal to deliver the solution, consistently and sustainably. A solution is viable when it is also able to capture some value for the solution provider. Think in terms of revenues, profits, brand identity, etc.
KEEP IN MIND THE MAIN OBJECTIVE. In the financial industry many times you are running againts time. It is very important to address which the needs of a task are and then try to search for the most effective and quick solution. For example, am I building a financial model to perform and investment analysis and decision on wheather to buy a stock or not? Or am I building it to analyze the return on a project? Depending on this is that you will figuere out which is the best solution to your problem.
Next, you need to score each solution based on how well it meets each criterion. You can use a simple scale from 1 to 5, where 1 means poor and 5 means excellent. Alternatively, you can use a weighted scale, where you assign different weights to each criterion according to their importance. For example, if effectiveness is twice as important as cost, you can multiply the score for effectiveness by 2. Then, add up the scores for each solution and rank them from highest to lowest.
Solution Matrix is the best way to select the optimum solution out of many. Put all the solutions in one column and then weigh them against the individual criterias, including effectiveness, ease of implementation, time required, Cost effectiveness etc. Then select the best out of all.
It helps me toi use excel, make a lisy of key pain points and in columns name each of the detected main solutions. Then check with an X each of the pain points that are solved by each method, like a matrix.
Creating a check-list of the priorities relating to the decision allows an even grading scale for the recommendations. This is important to reduce noise in decision making (See the book "Noise" by Kahneman). Have multiple team members write/tabulate their scores individually, then share them as a group. This should help bring a select few choices to the forefront. Once you have a few that many scored highly, you can have a more focused and informed conversation about which to finally select as a team. Intuition and expertise of the group still has a place, even when checklists are used to help focus the team's energy.
Find the lowest risk solution that will help you achieve the quickest measurable improvement that aligns with your goals first. You can then use that small win to reinforce your strategy and evaluate the next solution to adopt using the same framework. Rinse and Repeat
Compare Solutions: Compare the solutions based on their weighted scores. The solution with the highest total score could be considered the best solution. However, it's important to also consider the balance of scores across different criteria. Consider Risks: Consider the risks associated with each solution. Even if a solution has a high score, it might also have high risks that could make it less desirable.
Scoring the solutions can help you narrow down your options, but it may not give you the full picture. You also need to analyze the pros and cons of each solution, considering the benefits, drawbacks, challenges, and opportunities. You can use a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to examine the internal and external factors that affect each solution. This can help you identify the strengths and weaknesses of each solution, as well as the potential risks and opportunities.
First look to who the solution is aimed towards and if a short or long term resolution is sought . Is it a solution for a customer, an internal or Company issue, a system or logistical problem. Different factors have a greater or lesser emphasis, for instance, cost may be less of a consideration if it is to support a customer, and short term cost may be less important if it solves a long term issue.
?? When tackling complex problems, choosing the right solution is vital. Here's a roadmap: 1. List solutions: Brainstorm possible approaches to the problem. 2. Scoring system: Rate each solution based on criteria like feasibility and impact. 3. Pros and cons: Analyze the strengths, weaknesses, opportunities, and threats. 4. Alignment with goals: Match solutions to your objectives and resources. 5. Risk assessment: Evaluate potential pitfalls and benefits. 6. Stakeholder input: Gather feedback to ensure a holistic perspective. 7. Decision time: Make an informed choice that aligns with your vision and constraints. Share your decision-making insights below! ?????
Consider Risks: Consider the risks associated with each solution. Even if a solution has a high score, it might also have high risks that could make it less desirable. Seek Input: Seek input from others, such as team members, stakeholders, or experts. They might provide different perspectives or insights that could influence the decision.
Always, invite someone completely new to table and let them have a look as well. A new perspective from a complete outsider often gives you the final push to make a decision.
Sometimes, the best way to choose a solution is to test it in a small scale or a simulated environment. Testing the solutions can help you gather feedback, data, and evidence to support or refute your assumptions and predictions. You can use a pilot, a prototype, or a simulation to test the solutions and see how they perform in real or near-real situations. You can also use a feedback loop to monitor the results and make adjustments as needed.
Test Solutions: If possible, test the solutions on a small scale before making a final decision. This can provide valuable data on how each solution performs in practice. Make a Decision: Based on the evaluation, comparison, risk assessment, input, and testing, make a decision. Remember, no solution is likely to be perfect, and it's important to be prepared to make adjustments as needed. Remember, the best solution depends on the specific context and goals. What works best in one situation might not work as well in another. It's important to be flexible and open-minded in the decision-making process.
After you have evaluated, scored, analyzed, and tested the solutions, you should be ready to choose the best one. However, before you make the final decision, consider how confident you are in your data and analysis, how much support and buy-in you have from stakeholders and team members, how flexible and adaptable you are to changing circumstances and new information, and how ethical and sustainable your solution is. Ultimately, choose the solution that best satisfies your criteria, meets your expectations, and aligns with your values. Bear in mind that there is no perfect solution and you may need to compromise on some aspects. Nonetheless, you can always improve your solution over time by learning from your experience and feedback.
In the present era where almost every decision is driven by the Effectiveness Vs Efficiency matrix ,another criteria while choosing the best solution out of various alternatives can be based on "the Principle of Least Effort'. We can unriddle the toughest of problems by harnessing the power of simple solutions, leading to progressive growth and a brighter future.
Think in the long term. Sometimes the fit-for-purpose might look like the best solution because it solves your problems now. But is it a time-proof solution? Often organizations chose a solution that was extensively customized to solve the problems they had at that moment but didn’t consider how quickly those solutions aged and couldn’t cope with changes in business dynamics and technology advances. Keep close to the standard, avoid customizations and choose a solution that offers the tools and the flexibility to adapt to changes in your organization and that can be easily updated. A well-established solution that has a solid development trajectory and is backed-up by an experienced team that can offer support and advice in the long run.
One thing that has made problem solving easier for me is shifting my overall perspective on problems/solutions with the understanding that nothing is concrete and everything changes. With a simple shift in mindset you are no longer bound to deciding on one solution but you can merge pieces from multiple solutions to fit the problem. There are times when issues will arise and you will have to quickly adapt. It's important to have trusted key members from all departments involved that share your vision but aren't afraid to challenge your grand plans. They are vital to the success of the mission. They will point out any cracks you miss. Changing the perspective can change the world.