Are case studies over-rated?
I have heard the buzzword "case study" while researching MBA programs. I'm currently finishing an MS in Finance and was quite excited to hear that we are doing 3 case studies for the final class.
After my initial research, this is my understanding. Tell me if I'm off-track in my thinking.
- Find a company that made a strategic decision
- Look at the problem it was trying to solve
- Write about how the decision worked out
- Come away with a lesson on what a strategic leader should do based on #2 and #3.
Isn't this process heavily tainted by 20/20 hindsight and survivorship bias? I feel like they're asking me to play armchair general when experienced executives are making billion dollar decisions.
What if the company I'm studying used Strategy X and succeeded, but there were 5 other companies that did the exact same strategy with the exact same reasons and it didn't work out? How would that be reflected in the case analysis?
For the people who have academic/real life experience with this, I would greatly appreciate links to some works, even your own!