The document presents on problem solving and discusses various aspects of the problem solving process. It defines a problem as "a question to be answered" and notes that problem solving is an important managerial skill. It emphasizes the importance of properly identifying and formulating the problem. Problem identification involves understanding the real problem, while formulation is the process of building a model to discriminate relevant from irrelevant data. The document also examines cognitive processes involved like thinking, conceptualization, problem solving, and decision making. It provides examples to illustrate different types of problem formulation models and strategies for improving problem identification.