Consultancy Flashcards

1
Q

When was the birth of management consultancy?

A

Late 1800’s - Scientific management

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2
Q

When did consultancy become widespread?

A

After WW2 when american firms moved to europe

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3
Q

Why do organisations use management consultants?

A
  1. Organisations have become leaner over the last 30 years and don’t have the in-house expertise they once did.
  2. Consultants sometimes have wider knowledge of industries and markets: something that is new to a client may be relatively routine to a consultant.
  3. Consultants can transfer knowledge/experience between firms and industries.
  4. Consultants often have more experience of implementation.
  5. Consultants bring an independent viewpoint, impartiality.
  6. Sometimes consultants can moderate/resolve a dispute within an organisation.
  7. Consultants offer managerial time for hire.
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4
Q

What do management consultants do?

A
  1. Analysis of:
  2. Strategy (including market entry)
  3. Organisational change/development
  4. Information technology (strategy, systems design, implementation, ongoing management) – compete with IT firms in this space (e.g. IBM).
  5. Research
  6. Evaluation (especially for government, NGOs)
  7. Undertake interventions.
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5
Q

What is important in management consultancy?

A

Repeat business

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6
Q

What is a downside of being a management consultant?

A

Quite a lot of non-billable time: training, proposal writing, research and development, schmoozing

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7
Q

What do you need to be to be a management consultant?

A
Young
very Bright
Articulate
Have social skills
Have knowledge of finance, economics, stat, strategy, accounting, data visualitsaion, project management
Business research skills
Logic and analytical skills
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