Einstein’s Blackboard: How to Begin a Business Case

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Einstein’s Blackboard: How to Begin a Business Case

John F. Finneran, CFA

August 27, 2007






Clever tools don’t mean good answers. Albert Einstein never used anything more complicated than a blackboard and the theorist of relativity also felt, “The formulation of a problem is often more essential than its solution.” And what is the simplest and the best way to kick-start formulating any problem, including a business case? A question.
Question the question
Unfortunately, many business cases read like a solution looking for a problem and offer the reader a free puzzle (but no prize) as to what question is being answered. This is dangerous for a least three reasons.
 
First, there is the risk of solving the wrong problem. An example from my past. A client wanted help with a new trading and derivatives valuation system. On a closer examination, we found frequent speculation on short-term interest rates.



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"You do not really understand something unless you can explain it to your grandmother."
- Albert Einstein