What Is a Problem Statement?

KNNX Corp.
The Startup
Published in
4 min readJan 25, 2021

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What is a problem statement

Defining a Problem Statement

A problem statement accurately crystallizes an issue that a business has determined worth exploring during its analysis. It is used to keep efforts focused on a particular issue. It takes the form of a simple explanation of the issue(s) and contains a vision, statement of the issue, and the approach used to solve the problem.

A problem statement is a critical part of the statement of purpose or charter of a project. The reason for writing one is so that all project team members are clear about what they’re working on and are on the same wavelength in their thinking and approach.

Why Is This Important?

If different team members interpret a problem differently, they may end up having to deal with disputes when designing and prioritizing the requirements with the solution criteria, reducing their effectiveness. Hence, it is important that everyone is on the same page in their understanding of an issue.

The 4 Key Elements of a Problem Statement

  1. The root cause of a problem
  2. Targeted product users/stakeholders
  3. Impacts of the problem
  4. Benefits/effects of proposed solutions

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KNNX Corp.
The Startup

KNNX is a global leader in Distributed Ledger Technology and Enterprise Products. To learn more, head over to: https://www.knnx.com/