PRICE Framework: Hypothesis Generation
by David Tracy on Aug 31, 2013
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Forming a coherent hypothesis is an instrumental tool when analyzing and addressing any business problem. It is a common approach used by management consultants. When evaluating any new, abstract business problem, it is wise to begin by forming an hypothesis related to the problem.
A popular consulting framework for forming a hypothesis is PRICE. PRICE is used by strategy consulting firms like McKinsey, Bain, and BCG. It can be used to test a hypothesis, determine if the hypothesis is valid, and answer questions, like, Does the hypothesis make sense? Should it be discarded? Should it be reworded?
This purpose of this document is to explain how to use the PRICE framework.
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