Refer to Case Study 4-4: Deliberate Practice Makes Perfect for questions 3 and 4

Question

Refer to Case Study 4-4: Deliberate Practice Makes Perfect for questions 3 and 4.

Ricardo is an associate financial analyst in a large financial consulting firm. he works in the emerging markets division developing low cost products for the southeast Asia region. He was selected for this position because of his wide range of skills, relevant experience, and analytic abilities.

During his time at the firm he has worked on a variety of projects and has become well respected among his peers. he is satisfied with his job. and with his progress so far. but he strives to work more on challenging projects, wants to make a greater impact and seeks a leadership centered role. Ricardo has a strong drive and eventually hopes to get a position at the highest level of the organization.

In recent years the firm has remained stable but has struggled with growth. the recent economic downturn changed the financial landscape and is requiring new and innovative solutions to common issues such as reducing and calculating risk. as a result, the firm launched a companywide competition for the best risk assessment model in order to motivate all its employees. after several rounds, the top two finalists will be invited to present their ideas to the CEO who will make the final decision. The winning team will receive a substantial cash prize alongside significant prestige.

Ricardo sees this as a perfect chance to impress his colleagues and supervisors and establish as a top performer. He and his team are incredibly excited about this opportunity and have been working tirelessly on this project. Ricardo’s strong math and finance background help him come up with a comprehensive and complex algorithm that seems to be surprisingly effective in predicting risk. Each member contributes to different aspects of the project and together they create a strong proposal that they believe is worthy of winning the competition.

Ricardo emerges as a leader of the group due to his detailed knowledge and understanding of its proposal model. He is excellent in motivating and guiding his small team, but he gets very nervous in formal situations and speaking in public, which questions his ability to influence people. He knows that part of if the selection process will involve presenting his team’s idea to different departments and important stakeholders and that he will be expected to take the lead during these presentations. He also knows that the key to passing through each round of the selection process will be to get people on board with their idea and convincing him of its potential.

You are Ricardo’s manager, and he comes to you for advice and guidance about the current situation. You believe that he is one of the brightest employees in the company and that he has potential to become the most successful as well. However, he will need to overcome his fear of public speaking and develop his presentation skills in order to win this competition and reach his goals. Ricardo is committed to improvement and to becoming a top performer, and he understands that this will require a considerable amount of time and dedication. However, he hasn’t heard of the concept of deliberate practice and is unsure how to get the most value out of time he dedicates to improving his performance.

The following framework is provided as a guidelines for each of your case analysis. Be sure to use the seven headings as shown below followed with your answer to each section. The case analysis is to be 3-4 pages long.

- Situation analysis (SWOT analysis)

- Assumptions and missing information: A case will not contain all the information that you would like it to have to decide. You may need to document what information is not included in the case, why it is important, and how you will get it

- Statement of the problem: You need to include a clear statement of the problem(s) or issue(s) facing the organization

- Develop alternatives: Once we have determined the nature of the problem, we can start thinking about ways to solve it

- Evaluation of alternatives: You need to examine the set of solutions generated in step four to determine which one to recommend

- Implementation plan: You should consider what tasks must happen to make the recommended solution work

- Evaluation and control: Who will monitor the implementation of the recommended solution and determine whether it is working?

Explanation / Answer

- Situation analysis (SWOT analysis) - Strength of Ricardo is that he is experienced, has analytical skills and knowledge. Weakness is Ricardo lacks formal public speaking skills to influence the stakeholders and the audience. Opportunity is to learn the presentation skills by practice and training which will make him an allrounder and manager. Threat is Ricardo may not be able to present his skills and knowledge and may be at disadvantage though he possesses potential.

- Assumptions and missing information: Deliberate practice is focussed training to achieve desired goals. It is based on quality of practice than quantity. Performance and improvement is measured over time to find the effectiveness of efforts.

- Statement of the problem: The problem in this case is Ricardo is an analyst who is capable in his work. He has knowledge, experience, skills but he lacks public speaking skills. As part of the contest which is prestigious he can be a winner with his team but he lacks the presentation skills and influencing stakeholders which is important for being successful. He needs to learn Public speaking through deliberate practice and take help of his manager and team in presentation of his model in the competition.

- Develop alternatives: Once we have determined the nature of the problem, we can start thinking about ways to solve it. Alternatives in this case is learn public speaking skills through deliberate practice. Focussed training over a period of time with his team will enable him to overcome the problem. He can also take help of his team members for presentation if the time is limited and get credit for the development of model and opportunity to win.

- Evaluation of alternatives: The alternatives are collective team effort in presentation with due credit to Ricardo for the technical prowess and skills he possess considering he is quite capable and can focus on the desired outcomes. He can learn the presentation with help of his managers through regular training and practice.

- Implementation plan: Ricardo should enrol for a public speaking course which can improve his abilities for presentation and he can overcome the fear in public.

- Evaluation and control: Ricardo along with his manager and teammates can monitor the effectiveness of the solution and the progress by regualr practice and presentation. His colleagues and manager can evaluate his progress in learning.

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