Summary: Formulating Hypothesis

From this session and the previous one before it, you have learnt how to formulate a list of hypotheses through the process of interviewing. When you come across a problem, the key objective is to identify the root causes and eliminate them. But when you start the process of problem-solving, you may be unaware of the business, the company, the problem and the impact it has. After this session, you have a systematic approach to deal with the business problems and identify possible reasons for the issues faced.

First, you came across the Business Model Canvas which helps to understand all the aspects of the business. You can map the firm's or product's value proposition, infrastructure, customers and finances with this framework.

After this, you learnt about multiple frameworks and saw the demonstrations through different business cases for the following cases:

• Issue Tree Framework
• 4P Framework
• 5C Framework

These frameworks should help you reach the final hypotheses at the end of the interviewing process. Apart from these frameworks, there are other models available which you can apply according to your problem case. So, try and explore different frameworks based on the problem you are provided.

Also, one thing that you should note is that to use these frameworks efficiently, you should keep practising different business cases on your own. This will increase your chances of understanding businesses better, formulating good hypotheses, and save a huge amount of time when you try to solve a real problem. Best way to practice case studies is to form small groups and take turns playing the role of a client, problem solver and the audience.

The next step that follows after the hypotheses formulation is to collect data to validate them.  Once you have validated the hypotheses, you can start working on a solution around that root cause.