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Goals and objectives
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Criteria and weights
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Costs and benefits
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Strengths and weaknesses
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Opportunities and threats
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Feedback and evidence
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Here’s what else to consider
Analytical skills are essential for making informed and effective decisions, especially when you have to choose among multiple options. Comparing alternatives is a process of evaluating the pros and cons of each option based on relevant criteria and evidence. But how do you decide what factors to consider when comparing alternatives? Here are some key factors that can help you compare and contrast alternatives in a logical and systematic way.
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- Mili Bhatt Sr. Recruitment Executive at Narola Infotech | HIRING | WordPress Developer | Jr. Business Developement Associate |
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- Nashiru Abdulai Diplomat/Negotiator/Advisor @ Harvard Business Review Advisory Council
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1 Goals and objectives
The first factor to consider is how well each alternative aligns with your goals and objectives. What are you trying to achieve? What are the desired outcomes and benefits? How does each option contribute to your overall vision and mission? You should compare alternatives based on how they support your strategic direction, priorities, and values. You should also consider how each option affects your short-term and long-term goals, and how feasible and realistic they are.
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Prioritize the alignment of goals and objectives. Evaluate data accuracy, ensuring reliable information. Assess methodologies, emphasizing their relevance to specified objectives. Consider critical thinking depth, i.e. ability to examine information, concepts, or situations from various perspectives, assessing their underlying assumptions, and analyzing their implications. Consider different problem-solving approaches, and the integration of quantitative and qualitative aspects. Attention to detail is crucial for reliable conclusions. Lastly, examine how well results are communicated, ensuring clarity and relevance to meet the specific goals of the analysis.
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- Mili Bhatt Sr. Recruitment Executive at Narola Infotech | HIRING | WordPress Developer | Jr. Business Developement Associate |
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Relevance: Evaluate how well each option corresponds with my personal job requirements and career objectives.Consider which option best suits my own learning style and preferences for optimum skill absorption.Accessibility: Assess the ease of access to materials to ensure consistency in skill development.Prioritize solutions that provide dynamic and engaging information to improve the learning experience.Look for options that include practical tasks that allow you to apply soft skills in real-world circ*mstances.
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- Nashiru Abdulai Diplomat/Negotiator/Advisor @ Harvard Business Review Advisory Council
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Adaptability - can you adapt to the alternative? If you can't adapt to the use of an alternative, there won't be any point in accepting it.Cost - is it cost effective to use the alternative? Some alternatives may be more expensive to use.
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- Chinonso Aninwodo Multi-media Consultant || Digital Content Creator || Motion Graphics Designer || Social Media Manger|| Virtual Assistant
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Mastering Analytical Skills: A Key to Professional SuccessIn today's dynamic business landscape, the ability to analyze information effectively is a coveted skill. This article delves into the significance of honing analytical skills and how it translates into professional success across industries.1. Understanding Analytical Skills: Defining what analytical skills entail and their role in problem-solving, decision-making, and strategic planning.2. Developing Analytical Skills: Strategies and practices for cultivating and enhancing these skills, including data analysis, critical thinking exercises, and continuous learning..........More will come in the next post stay tuned...
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2 Criteria and weights
The second factor to consider is how to define and assign criteria and weights for each alternative. Criteria are the standards or measures that you use to compare alternatives based on their performance, quality, impact, or suitability. Weights are the relative importance or priority that you assign to each criterion. You should compare alternatives based on how they meet or exceed the criteria that you have established, and how they rank according to the weights that you have assigned. You should also consider how to balance quantitative and qualitative criteria, and how to avoid bias and inconsistency in your evaluation.
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- Chinonso Aninwodo Multi-media Consultant || Digital Content Creator || Motion Graphics Designer || Social Media Manger|| Virtual Assistant
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... Contd. From the previous post:3. Impact in the Workplace: How strong analytical abilities contribute to innovation, efficiency, and effective leadership within organizations.4. Real-World Applications: Showcasing examples of individuals or companies leveraging analytical skills to overcome challenges or achieve significant milestones.5. Continuous Improvement: Emphasizing the importance of ongoing refinement of analytical skills and staying updated with technological advancements and industry trends.Closing thoughts on the indispensable nature of analytical skills in the modern professional landscape and the potential avenues for personal and career growth through their mastery.
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3 Costs and benefits
The third factor to consider is how to assess the costs and benefits of each alternative. Costs are the resources or sacrifices that you have to incur or make to implement each option, such as time, money, effort, or risk. Benefits are the positive outcomes or advantages that you can gain or expect from each option, such as value, satisfaction, improvement, or reward. You should compare alternatives based on how they maximize the benefits and minimize the costs, and how they offer the best return on investment. You should also consider how to account for tangible and intangible costs and benefits, and how to estimate or measure them accurately.
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- Chinonso Aninwodo Multi-media Consultant || Digital Content Creator || Motion Graphics Designer || Social Media Manger|| Virtual Assistant
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The Power of Critical Thinking in Problem-Solving:Critical thinking forms the bedrock of analytical skills, serving as the compass in navigating complex challenges. This article unveils the pivotal role of critical thinking in effective problem-solving.1. Understanding Critical Thinking:Critical thinking is the ability to analyze information objectively, evaluate different perspectives, and make reasoned decisions. It involves questioning assumptions, seeking evidence, and considering alternative solutions.2. Analytical Problem-Solving Process:A systematic approach to problem-solving involves identifying the issue, gathering pertinent data, analyzing it thoroughly, and implementing well-thought-out solutions.Find more in next post.
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4 Strengths and weaknesses
The fourth factor to consider is how to identify the strengths and weaknesses of each alternative. Strengths are the features or characteristics that make each option attractive, competitive, or superior. Weaknesses are the flaws or limitations that make each option unappealing, inferior, or vulnerable. You should compare alternatives based on how they leverage their strengths and overcome their weaknesses, and how they address the gaps or challenges that they face. You should also consider how to use SWOT analysis or other tools to conduct a comprehensive and objective analysis of each option.
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- Chinonso Aninwodo Multi-media Consultant || Digital Content Creator || Motion Graphics Designer || Social Media Manger|| Virtual Assistant
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Continuation from previous post...3. Creativity in Analysis:Contrary to popular belief, critical thinking doesn't stifle creativity; rather, it nurtures it. It encourages thinking outside conventional boundaries, allowing innovative solutions to emerge from the analytical process.4. Decision-making and Risk Assessment:Critical thinking aids in making informed decisions by considering various perspectives and potential consequences. It enables individuals to assess risks meticulously, minimizing the chance of unforeseen pitfalls.Example: Consider a scenario where a company faced declining sales. Through critical thinking, the team objectively analyzed market trends, consumer behavior, and internal factors and made improvents.
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5 Opportunities and threats
The fifth factor to consider is how to recognize the opportunities and threats of each alternative. Opportunities are the external factors or conditions that can enhance, support, or facilitate each option, such as trends, changes, or needs. Threats are the external factors or conditions that can hinder, harm, or undermine each option, such as competition, risks, or uncertainties. You should compare alternatives based on how they exploit the opportunities and mitigate the threats, and how they adapt to the changing environment. You should also consider how to use PESTLE analysis or other tools to scan the external context and factors that affect each option.
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6 Feedback and evidence
The sixth factor to consider is how to collect and use feedback and evidence for each alternative. Feedback is the input or opinions that you receive from others, such as stakeholders, customers, or experts. Evidence is the data or information that you gather from sources, such as research, reports, or statistics. You should compare alternatives based on how they incorporate the feedback and evidence that you have obtained, and how they validate or refute your assumptions or hypotheses. You should also consider how to solicit and select feedback and evidence that are relevant, reliable, and representative.
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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We all apply one of these criteria or sometimes all in our everyday day life to make decisions about choices and agree on alternative options depending pros & cons, cost & benefits, time and availability, strengths and threats. I have worked as consultant whole my life and used these techniques not only to support my clients but u found myself creating a spreadsheet to develop an evaluation criteria for almost everything important. For example, buying a house or even selecting a school for my daughter or buying a car. Though it's good to have a method to assess options available but the key is to have a ability to take a Risk and make a choice because every option or alternative has a risk associated.
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