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Management Consulting

Book: The McKinsey Mind

Chapter 1 p Framing the Problem

Introduction
What McK does How to apply McK techniques in your career and organization Problem solving and decision making process Get to know acronyms, EM, DGL, PD, .. Overall problem solving model

Video McK

Framing the Problem ( g (Chapter 1) p )


Solve problems in structured way Structure = boundaries, break into components MECE = Mutually exclusive, collectively exhaustive
Separate p p problem into different, non-overlapping issues and , pp g make sure you did not forget any important issue Issue tree

Don t Dont reinvent the wheel Every client is unique Use structure
To guide your ideas and OTHERS (frameworks & tools help structure) Information overflow, structure helps being focused, prioritize Define and simplify the problem

Framing the Problem ( g (Chapter 1) p )


Example: How does Haier make money
B ki Break into i issues ( (revenues, expenses) ) International vs. national Value Chain

Several ways to break a problem Form a initial hypothesis => keep you focused, road map
Will save you time (e g pen and payer labyrinth start with end (e.g., labyrinth, eliminate a lot of paths which lead to dead ends) Will make your decision making more effective

Brainstorming, no bad ideas, dumb questions and willing to no kill the babies (see idea go) Ge down to pape Get it do o paper Problem is not always the problem (symptoms) Quick & Dirty: What assumption to be true => hypothesis true

Exercises Chapter 1 p
Do an issue tree for
Gl b l warming Global i Currency issue Oil price

Chapter 2 p Designing the Analysis

Designing the Analysis ( g g y (Chapter 2) p )


Fact-based analysis Time and resource limited, be focused Find the key drivers of the problem Don t ocean , Dont boil the ocean, work smart, not harder, focused Which analysis to do to prove/disprove your hypothesis Lessons learned
Let hypotheses determine analysis Do analytical priorities (matrix: importance urgency) Forget 100% precision, 80-20 rule, not science Better roughly right then absolutely wrong

Quick win, which analysis are easy to complete and have major impact/contribution

Designing the Analysis ( g g y (Chapter 2) p )


For each hypothesis (see page 43) Hypothesis Analysis to be done to prove/disprove Data necessary Source of data Responsibility Deadline, due day End product (excel, ppt, etc.,) Story line ghost pack like Story line or ghost pack, how does the PPT look like If you can not put it down to paper, either you dont have it clear in your head or its not a good idea

Example Story Line p y

Example Story Line p y

Example Story Line p y

Example Story Line p y

Example Story Line p y