Key Terms
Data Analysis
Three types:
Internal environment
Employees, internal practices, internal processes.
External environment
Customers, industry trends, competition.
Lean principle
Improving internal efficiency creates advantages in the external environment (cost savings, competitive edge, better out
Entrepreneurial problem solving
Using innovation and creative solutions to close the opportunity gap. Adaptive model: solutions tested and known to work
Evaluate
Assessing the final solution; most commonly skipped.
Crowdsourcing
Distributed problem-solving using amateurs and non- experts online. Brainstorming: judgment-free idea generation focused
Petitioner
Consults others; consensus-driven; slowest problem solver.
Theorist
Builds a theory, experiments toward a solution; systematic.
Self-regulating
Autonomous; sees problem, solves it immediately; fastest. Decisiveness: making effective decisions without excessive del
Predictive analytics
Estimates future performance from past data.
Prescriptive analytics
Uses descriptive and predictive results to make decisions.