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EM Business Strategy and Technology > Management Consulting Terms 2 > Flashcards

Management Consulting Terms 2 Flashcards

1
Q

10,000 feet view, bird’s eye view, high-level view

A

High level, abstract view on a subject (whereas the number can be replaced by any big number)

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2
Q

80/20 rule

A

Generalized approximated rule that e.g. 80% of results come from 20% of time invested, or 80% of sales from 20% of customers, etc.

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3
Q

Accounting noise

A

Accounting rules which have a negative impact on the business operations

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4
Q

Action item

A

To-do which needs to be done

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5
Q

Action plan

A

Plan typically with action item, due date and assigned responsibility to make something happen

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6
Q

Action title

A

Slide headline which actively summarizes the key message of the slide; all action titles combined together represent the storyline of your presentation

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7
Q

Actionable

A

Typically in conjunction with client recommendations, so that the client can implement those recommendations realistically (and not only theoretically, due to a lack of resources, know-how, etc.)

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8
Q

Added value

A

The value created by a project, person etc., usually in the context of client perception

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9
Q

Answer-first principle

A

To state an answer first, before having done the work to analyze the details, thus often representing a hypothesis

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10
Q

AOB, any other business

A

Used mostly for meeting agenda for a generic bucket to discuss any other issues at hand (in practice, very often the really important, delicate issues are discussed in this section which nobody dared to give explicitly on the official meeting agenda)

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11
Q

Ballpark number

A

Rough estimated value of a number’s magnitude

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12
Q

Bandwidth, capacity, full plate

A

Capacity to do additional work, mostly used as “having no bandwidth” or a “full plate” to indicate that you can’t put anything more on your to-do list

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13
Q

Big 3, MBB

A

McKinsey, BCG, Bain as the leading 3 consulting firms

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14
Q

Big 4

A

Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers as the leading 4 audit firms

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15
Q

Billable, chargeable

A

Doing paid client work

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16
Q

Blanks

A

Missing elements, often in the context with delegating some work to lower-level resources to complete the blanks

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17
Q

Boiling the ocean

A

Too large scope with too much analysis to be done, often stemming from a lack of focus and clarity

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18
Q

Bottom-up

A

Start with the most detailed level of granularity and aggregating information upwards (as opposed to top-down)

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19
Q

Buckets

A

Categories in which certain items (like ideas, points for analysis) are structured

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20
Q

Buttoned-up

A

Representing a high quality, accurate, bullet-proof piece of work which can be defended even under closest investigation

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21
Q

Buy-in

A

Getting commitment or support from a stakeholder, like the client or other project team members

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22
Q

Charge code

A

Specific code used to register your working hours or expenses in internal systems

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23
Q

Circle back

A

Follow-up or review progress from an earlier point in time

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24
Q

C-level, C-suite

A

High-level executive level, like CEO, CFO, COO etc.

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25
Q

Close the loop

A

Finish your work or think something through completely so that nothing is overlooked or unfinished and that it can’t backfire

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26
Q

Critical path

A

Most important steps in a project which directly influence the overall duration or quality

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27
Q

Deck

A

Powerpoint presentation

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28
Q

Deep dive, drill-down

A

Detailed, in-depth analysis of a certain aspect

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29
Q

Deliverable

A

Result which needs to be created at the end, e.g. a Powerpoint presentation, Excel model

30
Q

Double twenty-four

A

Consecutive working time of 2x24 hours

31
Q

Educated guess, guesstimate

A

Estimate based on experience and domain expertise

32
Q

Elevator test, elevator pitch

A

Situation in which you need to give a top-down summary to a senior client or firm member within the duration of riding an elevator together

33
Q

EOD

A

End-of-day, typically used to specify a deadline like the result must be finished by the “end-of-day”, although end-of-day in consulting means practically before start of working day next morning

34
Q

Engagement

A

Consulting project

35
Q

Fact pack

A

Stack of information to collect most important information about a subject

36
Q

Facetime

A

Physical or virtual time spent with your colleagues and mostly superiors to indicate productivity and commitment, although often unnecessarily instead of enjoying your spare time

37
Q

Granularity

A

Level of detail of an analysis

38
Q

Greenfield, whitefield

A

Completely new approach or opportunity

39
Q

Headcount

A

Number of employees, typically on the basis of full-time equivalents

40
Q

Hard stop

A

Definite ending time of a meeting

41
Q

Hit the ground running

A

To add value to the project quickly

42
Q

Keep it on the radar

A

Follow-up with this issue, it might be critical now or later

43
Q

KPI, key performance indicator

A

Important metric to track business or progress

44
Q

Leverage

A

To make good use of a resource, e.g. let’s leverage our senior partner’s expertise on this subject

45
Q

Low-hanging fruits

A

Valuable results with significant impact, which can be reached without major efforts

46
Q

MECE

A

Mutually exclusive, collectively exhaustive – most often used in conjunction with structuring an issue so that the single buckets don’t overlap each other, but altogether fully describe the issue

47
Q

Mission-critical

A

Extremely important resources or topics for achieving the goal

48
Q

Number crunching

A

Analysing vast amounts of data, usually in Excel

49
Q

On-the-beach

A

Time off projects, usually between the end of one project and the start of next project the consultant is “on the beach”, although not literally

50
Q

Onboard

A

To bring somebody on board of a project by giving them a good overview of what has already happened and about current status

51
Q

Optics

A

How something will be perceived by somebody else, typically the client

52
Q

Out-of-the-box

A

Creative thinking, not limited to the current situation or a narrow framing

53
Q

Out-of-thin-air

A

Argumentation which cannot be easily defended, lacking supporting arguments

54
Q

Ping

A

Get in contact, often via direct messaging

55
Q

Pipeline

A

Upcoming projects or clients for a project

56
Q

Play back

A

Restate the information given in your own words to ensure your understanding

57
Q

Progress review

A

Regular meetings to review the progress towards a goal

58
Q

Provide color

A

Asking for a rework to make it less boring

59
Q

Push-back

A

Resistance, typically from clients

60
Q

Right-size

A

Used as a more acceptable phrase instead of downsizing

61
Q

Run the numbers

A

Create an Excel model to play through different scenarios, in practice regularly used to adjust your assumptions in such a way that they justify a predefined outcome

62
Q

Sanity-check

A

Checking plausibility of a result

63
Q

Same page

A

Being on the same page translates into having the same understanding

64
Q

Scope

A

Extent of client deliverables to be covered in a project

65
Q

Straw man

A

Typically a storyline developed for your Powerpoint presentation on a high level, without having yet done thorough analysis to defend it

66
Q

Takeaway

A

While it will often be the type of lunch in your frantic schedule, more often it refers to the key message you want to deliver in a meeting or on a slide

67
Q

Top-down

A

Opposite of bottom-up, starting with the high-level view and breaking it down into details

68
Q

Touch base

A

To get in contact with somebody e.g. to check or review progress

69
Q

Utilization rate

A

Ratio of billable hours vs. total hours

70
Q

Where the rubber meets the road

A

Moment of truth after implementing major changes, often in conjunction with the ‘real’ operations of the firm

71
Q

WoMBaT, waste of money, brains and time

A

Waste of resources, typically used to indicate that this idea doesn’t sound good

72
Q

Workstream

A

Sub-element of a project

EM Business Strategy and Technology (18 decks)

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