...CONSULTING FAQ ▪ Objective This is a BITS2BSCHOOL initiative to form a ‘Frequently Asked Questionnaire’ on Management Consulting for the aspiring consultants on this e-group. This FAQ has been compiled from answers provided by a panel of Consultant BITSians, to consulting relating questions posed by this group. ▪ FAQ Structure The questions have been classified into the following sections: B Schools and Academic background (pre and during MBA) Professional work experience (pre MBA) and expectations Post MBA Consulting experience Interpersonal Skills and Networking FAQ B SCHOOLS AND ACADEMIC BACKGROUND (PRE AND DURING MBA) Q1. When evaluating MBA programs, what are the key characteristics to consider for an aspiring consultant? In other words, what are the different parameters based on which, one can shortlist & differentiate universities for a consulting major. While Consulting companies recruit heavily from a core set of schools (typically 5 or 6 top schools), almost all Consulting firms recruit from most of the top 10 or top 15 schools. When evaluating an MBA program, it is important to consider the location, interest in living there and how good the program is. One can gather this information by networking with alumni and current students. While targeting a school with consulting in mind is one way to go, it is essential to keep an open mind. Most students figure out their interests and career paths while at school and not before. As...
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...Business Consulting The word “consulting” can have many definitions for people. A friend advising a friend on a personal issue as well as a professional advising a company on their next move in order for the business to grow. Consulting is used in many scenarios within the work place. In the next couple of paragraphs we will be looking into consulting through the business aspects as well as what a business consultants consist of and their duties. When thinking of a business consultant what comes to mind is someone giving advice to a company, having an outsider look into the business and give their opinion and suggestions on what to change to improve the business starting with their employees to their clients, as well as advertising and product design. This can include training, skills developing, software upgrade, even the way they interview for job openings. According to Peter Block (1999), a consultant is a person that has influence on an individual, group, or company but has no authority to make changes only make suggestions even if the company does not take them. A good skill to have as a consultant is being capable of standing their ground when it comes to management as well as keeping their emotions under control. The reason for this is that in order for a company to have full trust on a consultant one has to show that they believe and standing up for what is best for the business and even thought the company might not go with the consultants plan...
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...Running head: Business Consulting Week 1: Business Consulting University of Phoenix MGT 527 A Vision of a Business Consultant A vision can mean the ability to anticipate possible future events and developments. In business, consultants use vision statement along with a mission statement to further guide, inspire, and provide direction to the organization and its employees. Further, vision, and mission statements are paramount to the future growth and success no matter what kind of business you are doing. As a Business Consultant, one must have ultimate vision and mission statement that could deliver its purpose and values to the organization. Clear and concise vision and mission statement can easily motivate the direction of the organization and effectively can convey intentions to come up with an attractive and exciting common vision of the future. Business Consultant’s Roles and Responsibilities The roles and responsibilities of a Business Consultant include giving advice to business entrepreneurs by developing and promoting programs and services of the business to meet the needs of business and customers. Business Consultant ensures compliance with federal, state and, local laws. Other duties and responsibilities include: 1) Analyze and evaluate client requirements and business goals. 2) Recommend appropriate strategies and logistics to increase business opportunities. 3) Create different analytical...
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...Business Consulting Kevin Jackson University of Phoenix MGT/527 August 13, 2012 Sandy Yeh Abstract Business consulting has a long history in America. In 1890, Fredrick Winslow Taylor was the first business consultant, which he called it scientific management and many of the practices are still relevant in modern organizations (Public Broadcasting Station, n.d.). Organization uses internal and external consultants; however, organizations use external consultants more than internal consultants. External and internal consultants use the same functions and roles to solve a problem an organization has. This is a review of those functions and responsibilities of business consultants. The author believes internal consultants are more equipped to solve problems and improve organizational functions because he or she understands the organizational structure and culture. Business Consultant A person who is a business consultant provides advice and solutions to other business this includes small businesses to Fortune 500 organizations. Business consulting has numerous types of sub-categories, which includes marketing consultants, sales consultant, and human resources consultant. Although there are numerous types of business consultants, organizations do not require business consultants services enough to hire a full-time member (Consultant Journal, 2012). However, some businesses do have internal consultants, but these consultants are part of...
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...Business Consulting Justin E. Foster MGT527 / MBAY1ICSM6 Due: September 07, 11:59 PM Instructor: Dr. Harvey McDonnell University of Phoenix Business Consulting In today’s business environment, a business consultant can be used in a variety of ways. One could argue that the positioning of the business being consulted, the subject matter in which being consulted on, and the maturity of the company could be all factors in how a business consultant could and should be utilized. In the paragraphs that follow, I will attempt to give my own vision and explanation of a business consultant as I’ve observed their utilization and provide and provide an overview of their roles and responsibilities as supported by the text. As noted in the text, a consultant is often a subject matter expert that has been placed in a position to have some influence over a department, entity, or organization. Consultants are charged with making sound and robust recommendations for action without having any direct power to make changes or implement programs. Said another way, a management consultant is a qualified individual who works with senior level executives to assess organizational health, identify robust solutions, and make strong recommendations to management on how to address those problems. (Weinclaw, 2008) An effective consultant has the ability to build trust within their client/clients and build capability and drive for change. During...
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...Careers in Management Consulting The Industry “In essence, consultants are hired advisors to corporations. They tackle a wide variety of business problems and provide solutions for their clients. Depending on the size and chosen strategy of the firm, these problems can be as straightforward as researching a new market, or as complex as totally rethinking the client’s organization.” “If you like the idea of giving advice to other businesses, and you have a particular interest in computers, human resources, corporate communications, mobile communications, health care, financial services, real estate, ecommerce, or some other specialized field, there’s a good chance you can find a position with an organization doing precisely that.” The Bottom Line Consulting is a great long term career for a few people. Not everyone is cut out to be a consultant. Since consulting is a service oriented business, it requires immense people skills and hard work. Types of Firms Elite Management Consulting Firms: Consists of a few top strategy firms including Bain, Booz Allen, BCG, and McKinsey. The majority of the work performed by these firms involves providing Fortune 500 companies with strategic or operational advice. Employees of these firms enjoy high pay and prestige, but work very long hours. Big Four-Affiliated Consulting Firms: Four major firms that join consultants and auditors. These firms are Ernst & Young, KPMG Consulting, PricewaterhouseCoopers, and Deloitte Consulting. The Big Four firms...
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...Computer Consulting - Technical Calico Computer Consulting This business plan can be edited directly with Business Plan Pro software. * * 1.0 Executive Summary * 2.0 Company Summary * 3.0 Services * 4.0 Market Analysis Summary * 5.0 Strategy and Implementation Summary * 6.0 Management Summary * 7.0 Financial Plan * Appendix Executive Summary Calico Computer Consulting is in the process of being formed as a sole proprietorship owned and operated by Doug Burham. This plan is written as a guide for starting and managing this new business and will also serve as the basis for a separate, detailed marketing plan. Following is a summary of the main points of this plan. * The objectives of CCC are to generate a profit, grow at a challenging and manageable rate, and to be a good citizen. * The mission of CCC is to provide fast and reliable technical assistance to small office computer users. * The keys to success for CCC are marketing and networking, responsiveness and quality, and generating repeat customers. * The initial primary service offered will be hourly technical aid, although retainer contracts and projects will be considered in the future growth. * The local market for this business, while not new, is wide open for new and expanding consulting firms. * An initial financial analysis of the viability of this venture shows outstanding promise and results. Several sources note...
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...Final Kaplan University IT402: IT Consulting Skills Your requirements The hard and soft candy manufacturers are small but very ambitious and fast growing firms offering a wide range of hard and soft candy. The consulting team has been invited to work with IT, manufacturing, distribution and marketing employees to explore the opportunities for growth. Overall aim The main aim of the consulting project is to give the candy manufacturers a clear idea of the way in which the business might be combined while operating efficiently and effectively. Objectives The consulting project aims to: • evaluate the market context of the candy manufacturers; • develop an understanding of the market sectors that are most attractive for new business development; • dedicate valuable resources towards the exploitation of those market sectors; • refine its product range and service offering to increase competitiveness. Outcomes As a result of this consulting exercise the candy manufacturers will be able to: • achieve internal economies of scale; • improve process management; o combine product lines in an effective and efficient manner; • open additional markets; o combine hard and soft candy sales o combine truck routes • process improvement; o improved data mining; o lower production...
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...Business Consulting Paper MGT/527 Consulting June 23, 20014 Dr. Harvey McDonnell Business Consulting Paper Abstract Business consulting has a lengthy history in America. In 1890, Fredrick Winslow Taylor was the first business consulting, which he called it scientific management and many of the practices today are still pertinent in modern organization (Public Broadcasting Station, n.d.). Organization uses external and internal consultants; however, most organization use external consultants more than internal consultants. External and internal consultants use the same functions and roles to solve a problem that an organization has. This is an evaluation of those functions and responsibilities of business consultants. Vision and Explanation of a Business Consultant It is crucial for a company to have a vision and mission. The vision describes where the company is heading and the fulfillment of its goals. Whereas in mission, it explains the primary purpose of the company and provides the purpose of its existence. Mission defines and communicates to the stakeholders why the company is headed to that direction and its purpose. Having a good business consultant will prevent the company in experiencing downfall, loss of income, lack of trust from stakeholders, and business failure. Business consultant helps in defining the company's mission, goals, and objectives. Consultant must know the vision and mission of the company and has the knowledge and experience on how...
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...1 Introduction The management consulting is usually considered as a process of solving problems. However consulting is more than a technical solving problem as it involves human relationship. Valuables works take different stand on the issue and the interpretation of the role of a consultant in the investment decision-making process may diverse. Largely detailed by Balhadj and Jrhilifa (2009), the consulting literature distinguishes the functionalist view form the critical view. Werr and Linnarsson (2002) The current of though which supports the favourable belief considers that consulting provides added value, whereas the critical belief remain sceptical. Although the decision-making doesn’t make the difference between both thinking, the consultant’s responsibility in client decision-making will profoundly differs depending on the belief. Consequently it is necessary to understand how each approach interprets the relationship client-consultant in order to estimate the role of each part in the decisionmaking process. So what are the main difference between the functionalist perspective and the critical perspective and how does it impact the decision-making between client and consultant? Firstly, we will need to define the management consulting as a global solution; secondly we will interpret the role and the responsibility of a consultant during its mission. Then, after understanding why a company may need a consultant, we will try to demonstrate that the consultant’s responsibility...
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...Business Consulting Paper Leonard Eric Manalo University of Phoenix ~ MGT 527 Professor: Richard Arriaga June 26, 2013 Vision and explanation of a Business Consultant It is very important for a company to have a vision and a mission. A vision describes where the company is heading and the fulfillment of its goals. Whereas in mission, it explains the primary purpose of the company and provides the purpose of its existence. Mission describes and communicates to the stakeholders why the company is headed to that direction and its purpose. Having a good business consultant will prevent the company in experiencing downfall, loss of income, lack of trust from stakeholders, and business failure. Business consultant helps in defining the company's mission, goals, and objectives. Consultant must know the vision and mission of the company and has the knowledge and experience on how to guide the future of the company into the right direction. Business Consultant’s Roles and Responsibilities A business consultant’s roles and responsibilities depend on a good relationship to his or her client. Consultant must disclose to the client his or her full competence and expertise in solving the company’s problem, implement the needed changes and improvements if necessary. Consultant should have the experience in finding the root cause of the problem, where it has originated, and the need of the company. Consultant offers suggestion and provides...
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...Industry Analysis: Management consulting industry Prepared by: Sagar Patel – spatel90@mail.roosevelt.edu- (312)-316-0087 ECON 403 Spring 2014 Instructor: Prof. Steve Balkin NAISC NAME: Administrative management and general management consulting services NAISC CODE: 541611 Introduction This industry comprises of firms engaged in providing operating advise to businesses, such as marketing advice, strategy planning, financial planning, IT support, budgeting etc.8 In this paper various aspects of the industry have been discussed. History The rise of management as a unique field of study, led to the growth of management consulting industry. The first management firm, Arthur D. Little Inc., was founded in 1886. As Arthur D. Little Inc. mainly focused on technical research for the first few years of operation, it can be said that the first management consulting firm was started by Fredrick Winslow Taylor in 1893. Fredrick Winslow Taylor invented the first method of organizing work known as the Taylor’s method. Taylor’s method was used worldwide until the world shifted to the method invented by W. Edwards Deming.1 In the 1930s the ‘ Glass-Steagall banking Act’ led to the growth of the industry, as the demand for advice on strategic and financial planning increased. In the 1950s the management consulting firms not only increased their activities in the United States but also in Europe and Asia. The industry...
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...Business Consulting Paper Brian Williams MGT 527 June 25, 2015 Business Consulting Paper My vision of a company consultant is a third party personnel not affiliated with the client. One who is sent to observe and analyze a client's' performance, process, environment and communications with the mindset of the custome r more efficient and to establish a good client relationship. In doing this, the five phases of consulting are being taken into consideration. The five stages consist of the entry and contracting, discovery and dialog, feedback, and decision to act, engagement and implementation, and extension, recycle, or termination. The consultant begins with the entry and contracting phase. In this stage, the initial contact between the consultant and client begins here as well as, establishing the expectations of both parties. The consultant and client start the discussion on what the problems are, what are the guidelines necessary for reconfiguring if needed and for the consultant to determine if they are right for the job. The consultant is given the initial overview of the problem. By observing the client's everyday work performance and communication process, the consultant is coming up with its comprehension of the clients’ environment. Consultants can determine the personnel and equipment that are going to be involved with necessary in the reconfiguring stage if necessary After the observation of these areas, the consultant provides suggestions how the client...
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...Careers in Management Consulting WetFeet Insider Guide 2005 Edition The WetFeet Research Methodology You hold in your hands a copy of the best-quality research available for job seekers. We have designed this Insider Guide to save you time doing your job research and to provide highly accurate information written precisely for the needs of the job-seeking public. (We also hope that you’ll enjoy reading it, because, believe it or not, the job search doesn’t have to be a pain in the neck.) Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door. Are we...
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...What Consulting Firms are Looking For October, 2015 What is a consultant? * ASK the audience what they think….is not a test, just want to understand what you think * Acknowledge their thoughts….reinforce/add with…a consultant is many things: * An advisor * A thought partner * A counselor…personal and professional * An analyst * A strategist * A change agent * ….all focused on helping others succeed…must get your satisfaction, and feel successful in your career, by helping others succeed, rather than running something * All this starts Day One when you join a firm * But mix is very much skewed to being an analyst in the early days The roles in a team…and the career progression is typically: * Associates: working with more junior client team members – often peers or a few years older, often with MBAs and other advanced degrees from schools as good as this one – to gather the data, do the analysis, develop first drafts of recommendations, write a lot of powerpoint slides * Managers (each firm uses a different term…Engagement Managers, Project Managers, Team Leaders): working with a more senior client executive appointed by top management to lead the project – often someone in their 40s or 50s with a track record of success in the company - still get to do all the stuff Associates do, but also to provide the overall guidance to the team and client to get the work done * Managers also work with the...
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