Business Strategy & Management Consulting Terms & Concepts Flashcards
Organization
In general, this refers to how a company is organized, what are different components that make up a company.
Governance
Refers to how a company is managed and directed, how well the leader team runs. The leader team includes the Board of Directors and Board of Managers. A company with good governance has good leadership people, tight control, and effective check & balance processes, etc.
Process
Looks like rules and common practices of having a number of processes, entailing every single activity. Process design should include 4 factors: who, what, when, and accompanied tools.
Bottom-up vs Top-down
This refers to two opposite schools of thought or action. Top-down usually encompasses various general branches while bottom-up tends to narrowly focus.
Lever
Think of this as one or a group of initiatives, actions to perform to meet certain goals. e.g. some levers to help increase customer experience in a hotel are free breakfast, free Wi-Fi, 24/7 support, etc.
Best Practice
Refers to how things should be done, especially if it has been successfully implemented elsewhere.
Granular
This refers to how specific and detailed a break-down or an issue goes. For example, a not-so-granular breakdown of the NBA is the West and the East conferences. A much more granular is something like this: Leagues, Conferences, Divisions, and Teams.
MECE
In short, MECE is the standard, per which we can divide things down in a systematic, comprehensive, and non-overlapping way.
Industry
Used to group different companies mostly based on their product (Banking, Construction, Education, Steel Industry, etc.)
Function
Is the categorization mostly based on missions and the type of roles of different parts of a company. We can count some as Human Resource, Finance, Strategy, Operation, Product Development, etc.
Location
Is where things are, geographically.
