How many options should you shortlist when defining a solution and what does one of them need to be?
Three to four options, one must always be do nothing option where status quo is maintained.
Describe the four part process in defining the solution
- Identify option (Business WHAT, Technical HOW)
- Shortlist the options
- Evaluate the shortlist (Business, Tech, Financial)
- Take the options forward to business case
Types of options
- Basic (aligns to MVP, least expensive, can involve buying off-the-shelf product)
- Extended
- Exhaustive (most expensive and longest)
Design thinking stages
- Empathise
- Define
- Ideate
- Prototype
- Evaluate
- Create
Explain the method for defining the solution that uses conv and div thinking
Double Diamond Model
1. Starts with problem/opportunity that you first discover (divergent) and then define (convergent)
2. Moves onto second diamong that develops (divergent) and delivers (convergent) to business outcome
This model is very customer-centric and collaborative
What are the categories of cost and benefit
Tangible vs Intangible
Immediate vs Long-Term
Acronym for documenting risks
CARDI (Constraints, Assumptions, Risk, Dependencies, Issues)
Define what an issue is
Type of risk that has a 100% chance of happening
Methods to mitigate risks
- Transfer
- Avoid
- Reduce
- Accept
Investment appraisal of options (4)
- Payback calculation
- Discounted cash flow
- Net present value
- Internal rate of return
