Objectives and nature of case study
Objectives and nature of case study
A case is written description of a business related problem or situation and often contains organizational and financial data specific to the situation or problem. This may also have external data and facts about social, economic or other micro economic circumstances impinging upon that business situation. Case offers student highest possible realism in management study (as compared to experimentation or hands-on projects in engineering or science) as it brings before student real situation and facts surrounding it. How things actually happen in business.
Case offers student opportunity to analyze facts, data and situation and see these with different perspectives. A case therefore is a classroom tool for group discussions, the best way to handle a case. Student has to propose solution to problem in the case. However, for better learning one or two problems should be specified in a case which student can focus on and try to arrive at solution. Since different business situations and goals can have multiple solutions, the students in a group can arrive at different solutions. That is the main advantage of learning through case study. To see problem from other people's perspective too and see how many approaches are possible and which may be adopted for optimum solution in the given circumstances and depending on personal factors of manager or entrepreneur or team of managers and their background and precedents. By presenting real business situations and data the student is given opportunity to feel how real life business world feels like and works.
The case study also helps student to improve reading, writing systematically analyze and derive solutions to varied situations and problems and evaluate these in a group from various angles. While analyzing case data and trying to arrive at decisions the student has to also recall or search for decision making tools and domain knowledge acquired in that area from text books, journals and class room instructions and discussions.
One argument is that cases are too short or may not contain complete information required. That is true of real life business situations too. Managers often don't have enough time or enough information but have to take a decision using their knowledge, past experience, logic and certain amount of risk. As information unfolds in future, it may occur that decision taken was not correct or the best. But that is how things happen. That is how managers function. The ability to make good judgments in limited information, limited time and limited resources with a vision is what differentiates good businessmen and managers from others. The next best way to learn is hands-on experience in real life business place working under guidance and supervision of an experienced manager.
Management uses both analytical tools and subjective evaluation procedures to arrive at solution. There are no formulae for success in business. However, there are differences in businesses in terms of values, business models, entrepreneurial styles, ethics, risk propensity and aggressiveness. If students act roles as finance manager, HR manager or marketing managers, their perspective to same business problems will differ. As they would see in more focused functional way and try to push their agenda. That is how it happens. Use of logic, management concepts and principles and tools of analysis where applicable, assists the student in formulating plan of action and one's arguments and justification for the selection of the best alterative solution.
Approach for case analysis is summarized hereunder:
1. Read the case completely including questions if any given at the end.
2. Reread the case with any accompanying data, illustrations or tables and do the following:
2.1.Clearly define the immediate problem to be solved, if it is not already done.
2.2.Identify the major concepts and /or principles raised by the problem; for example-share valuation method in a merger proposal.
2.3. Develop several alternative solutions to the problem and that could be applied to the situation. Sometimes such solution may not be consistent with company business policy and ethics.
2.4.Evaluate each alternative by listing advantage, disadvantage and possible consequences.
2.5 Identify the recommended solution along with any further justification in detail. 3.Develop a recommended course of action if needed.
It may be noted that in some cases major issue may not be included in major question deliberately for the student to try and identify the same. The complexity of a case is not judged by length of the case. A short case may be found to be much more complex to handle than a long case.
Normally the following are steps in case study:-
1. Identification of the Problem
2. Important points
3. Assumptions
4. Solution/s
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