Problem Solution: USA World Bank
At some point, every corporation finds itself with a problem that needs addressing in order to remain competitive and grow. USA World Bank (UWB) is at the point now and must a decision. Using the nine-step problem-solving model, UWB can identify its opportunities and challenges, define its problem, pinpoint its desired future state, identify and assess potential solutions and weigh the risks of potential solutions to recommend an appropriate solution. Additionally, UWB can identify the expected impact and value of its solution and prepare itself to measure the solution¡¦s effectiveness. UWB has found itself at a crossroads; however, by implementing this process, UWB can remain competitive and grow into a truly universal banking resource.
Situation Analysis
Issue and Opportunity Identification
UWB faces a lack of sound statistical analysis knowledge on the part of key managers. Mary Monroe, VP New Product Development, has not been thorough in her evaluation of data compiled by Best Market (Best). She assumes the research is sound simply because the vendor has a ¡§good reputation¡¨. When the board of directors reviews the information that the vendor has compiled during the product proposal one of the board members, Bea Hansen, points out that there may be sampling errors (size and timeframe).
Mary has an employee on her staff who is proficient in statistics but she does not use him as a resource until after the product has been proposed to the board and picked apart. If Mary had given him a chance to review the data before hand much of the embarrassment and backtracking on her part and that of her boss could have been avoided. It may have been possible to spot the sampling error issues and revise the product or another pro ...