If you have a business problem that’s going to take $1,000 to solve, shame on you if you cheap out and try to fix it for $900. You risk not solving it at all and having to start over. Only now, it may be a $1,100 problem that’s going to cost you a total of $2,000 to remedy.

This brings us to proper investments in problem solving. We’re never going to run out of problems in business, so problem solving is a critical skill for leaders to develop.

One of the first steps to successful problem solving is to define whether the problem is a project or a program. There is a difference. See the chart below to help you decide.

Projects are narrow, focused and short-lived. Programs are forever. When projects are misunderstood as programs, and vice versa, confusion ensues, as does frustration and lack of commitment.

Despite the comparatively ambiguous nature of programs (versus projects), programs require a much greater level of investment. The primary investments needed are time, energy, focus and leadership, not necessarily money. These elements are never plentiful, so choose programs judiciously. Programs need to be high value and important to the organization in the long term.

Problems may be masquerading as projects that need to be integrated into a program. Invest wisely.

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Photo: ©istock.com/fatido