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The Rollercoaster of Strategic Thinking

It is the ultimate mental model for working smarter, not harder. It contains three distinct sections:

  • ‘Up’ – How to generate great ideas quickly.
  • ‘Down’ – How to eliminate options in no time.
  • ‘Push’ – How to best get the best solution approved.

The Rollercoaster of Strategic Thinking is the best approach to take when you’re faced with: no clear answer at the beginning, very little data available throughout, and stakeholders insist on data(proof) at the end.

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1.1 Innovation V/S Invention, And Serendipity
  • Innovation is the turning of an idea or invention into a workable, affordable device that actually delivers benefits to people.
  • Innovation is often serendipitous: Serendipity is an accidental discovery that is beneficial in some way. It is a well-known attribute of innovation. Post-it notes, genetic fingerprinting, and Kevlar(used in bulletproof jackets) are some examples of serendipitous innovations.

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  • Descriptive Analytics evaluates historical data to identify patterns and trends. It is the most common approach to data consumption as it centers on summarizing data and identifying general trends.
  • Diagnostic Analytics reviews data to determine why an event occurred in the past. Through data mining and correlation, diagnostic analytics spots trends and anomalies — an operation that’s a step beyond the functions of descriptive analytics.
  • Predictive Analytics analyzes data to forecast or predict future patterns. Predictive analytics, popular among large corporations, involves consuming data in a way that proactively drives business decisions and revenue.
  • Prescriptive Analytics applies descriptive and predictive data to test multiple variables and calculates the best possible outcome. Prescriptive analytics compiles the results of all other methods to provide recommended courses of action.

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