Problem Solving
Problem solving is a mental process that involves discovering and analyzing problematic situations. An important aspect of problem solving is overcoming obstacles and “failure” by viewing the situation from a different perspective and taking input from other people. An effective problem solver is decisive, but also able to admit when he or she is wrong.
My Experience:
During the spring 2014 semester, I was taking my first intermediate financial accounting class. We were assigned a very complex case study that involved searching the Codification site for evidence on how to recognize revenue in compliance with the new standard the FASB adopted. My group’s initial meeting was to discuss the logistics of the case and decide the direction we wanted to head. Although we were all very intelligent in our technical accounting knowledge and skills, this particular case had quite a bit of gray areas. We were each searching the Codification site individually, which was extremely detailed with each paragraph and link drilling down to more specific regulations. Our team spent over two hours researching the site and accomplished absolutely nothing. We each thought that the answer involved a different recognition process, which left us even more confused.
In order to solve this problem, I suggested that we go back to square one and identify the key issue and it’s significance. By doing so, we solved our first problem of disagreeing views and were finally on the same page. After we identified our goal, we decided that it would be best to research the Codification site for evidence individually and meet up again to collaborate and discuss each of our findings. Although it was still challenging, I learned the navigate through the Codification site better the second time since I already had some experience and used a suggestion from another group about opening connecting links in a new tab to avoid getting lost in the site.
This case study taught me the importance of having different perspectives when problem solving. When we met up to discuss our individual findings, my partners challenged my evidence. Their evidence and solutions supplemented each other, while mine was completely different. After looking at their solutions, I understood their perspective and did partially agree. However, the new problem was now deciding which option to choose. One group member decided we should answer it uniquely and have two alternatives and supporting evidence for each, and then explain the one we think is most accurate.
What I Learned:
Through this case study I encountered numerous problems in regards to team goals, ambiguity, technical accounting language, and learning to navigate the Codification site. Instead of getting overwhelmed, my team focused on solving one problem at a time and listened to each other’s opinions in order to reach a successful solution.
I realize that throughout my life and career, I will encounter numerous complex problems, which are destined to overlap. In order to critically think through and solve these problems, I believe it’s important to stay on task by focusing on the primary issue at hand and not get distracted by the additional issues. I also learned the importance of not sticking to generic, routine ideas. Bringing in new people or even listening to other’s opinions and taking their prospective gives you new insight. Therefore, I feel that collaborating with new individuals to develop innovative ideas and not giving up is the key to solving complex problems.