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Problem Solving
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Problem solving is a mental process, which includes finding problems and shaping them. It is a high-order cognitive function and is possibly the most complex of our intellectual abilities.
Problem-solving skills require accessing and controlling routinely fundamental skills. When an incident or objective needs solving, these skills will help take the issue from a given state to a desired goal state. Several problem-solving techniques have been studied by psychologists over the last century.
Those studies often utilize simple laboratory tasks that rely on logic and reasoning ability. The accuracy of the tests is debatable, as they do not involve the complexity and emotional aspects of real-life situations. More advanced tests reveal that poor emotional control disrupts focus and hinders problem-solving outcomes. Effective problem resolution is achieved with two steps, according to clinical psychologists. They are problem orientation (which includes motivation, attitude and effective approach) and active behavioural steps. Combining these steps should lead to effective solutions for problems.
There are various problem-solving games widely available, which will teach you different techniques for solving problems. Ultimately, you should learn to overcome obstacles by using the games and applying the winning methods to your daily life.
Information on problem solving can be found on the Business.com website. The links on this page will take you there.
1C124068-E702-11D3-8F54-00D0B7473557futures_and_options/commodities/Commodity futures trading involves buying and selling contracts that predict the future price of raw materials. Examples of commodities include crude oil, cotton, gold, platinum, soybeans, and corn. Commodity futures trading is considered extremely risky because many things can affect the prices of commodities, and predicting these things is difficult. Different factors can affect the price and availability of different commodities, so becoming proficient at trading one type may not give you an advantage when you switch to another commodity.
Commodity futures trading is often done on margin, which means that the trader only fronts a small percentage of the contract money and the rest is borrowed from a broker. Hence it is possible to make a lot of money trading commodities, but it is more likely that you will lose your entire investment. You can also choose to invest in a managed fund that trades commodities or hand over your commodities portfolio to an experienced broker who will trade for you.
If you are interested in commodity futures trading, you can take business school courses on the methods and techniques used by traders before investing your money. Books, private seminars, and online courses that teach commodity futures trading are also available.
For more information on commodity futures trading, check out the links on this page, which is provided by Business.com.
Problem-Solving Key Terms
Organizations can resolve issues with several problem-solving techniquesBy Renee Baumgardner Effective problem solving, or the lack thereof, is one issue many organizations face. Individuals who lack training in problem-solving skills may resolve issues using a quick-fix approach while the underlying causes continue to exist and fester within the organization, resulting in continued inefficiency, loss of profits or declining employee morale. Training staff in various problem-solving techniques such as critical thinking, root cause analysis and brainstorming can benefit the organization as a whole.
Critical thinking
Critical thinking involves the ability to gather information, determine its validity and relevancy to the issue at hand, develop a conclusion and solution(s) for the issue, and implement a strategy to bring resolution to the issue. Situations in which critical-thinking skills are crucial include problem-solving, decision-making and improving efficiency in operations.
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Visit the Foundation for Critical Thinking for research and information related to critical thinking.
Analytical troubleshooting
Analytical troubleshooting is a problem-solving method beneficial for manufacturing and processing organizations because it allows improvement in operations and efficiency. Elements of analytical troubleshooting include identifying and prioritizing problems, determining if the fix to the problem is feasible (or warranted, depending on the situation) and taking measures to ensure the problem does not reoccur.
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Refer to the University of Colorado Conflict Research Consortium for further information regarding analytical problem-solving.
Root-cause analysis
Root-cause analysis involves identifying the problem, identifying the cause(s) of the situation at hand and taking action to eliminate those causal factors in an effort to prevent the situation from happening again.
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Refer to Systems Thinking for Gene Bellinger’s examination of root-case analysis.
Creative problem-solving
Creative problem-solving uses creativity to resolve a problem. Ways to foster creativity include holding problem-solving discussions when individuals are in a relaxed state of mind, rephrasing the issue at hand so individuals can look at it from another point of view and brainstorming.
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Learn different techniques for creative problem-solving through Project Renaissance.
Brainstorming
Brainstorming is a form of creative problem-solving where individuals meet to offer their suggestions on how to resolve a situation. In order to have an effective brainstorming session, some preparation must take place before the meeting, such as giving individuals who will be attending the meeting an overview of the problem.
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Hold effective brainstorming sessions by following the Step By Step Guide to Brainstorming.
SWOT analysis
SWOT, which stands for strengths, weaknesses, opportunities and threats, is a basic problem-solving technique that allows an organization to identify its strengths and weaknesses and take steps to reduce and/or eliminate those weaknesses.
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Find information on performing a SWOT analysis at Mind Tools.
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