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- Herausgeber: Business Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of Ethan Rasiel and Paul Friga's book: “The McKinsey Mind: Understanding and Implementing the Problem-Solving Tools and Management Techniques of the World’s Top Strategic Consulting Firm”.
This complete summary of the ideas from "The McKinsey Mind" explores the reasons behind the tremendous success of the eponymous strategic consulting firm, and presents the structured problem-solving process each McKinsey consultant uses in order to develop (and often help implement) solutions to their client’s strategic problems. In this useful summary, you will learn how to use the McKinsey problem-solving methodology, so as to improve your decision-making success rate, structure your thinking about business problems, and win more people over to your way of thinking.
Added-value of this summary:
• Save time
• Understand the key concepts
• Expand your business knowledge
To learn more, read "The McKinsey Mind" and discover how to solve problems efficiently!
Das E-Book können Sie in Legimi-Apps oder einer beliebigen App lesen, die das folgende Format unterstützen:
Seitenzahl: 36
Veröffentlichungsjahr: 2014
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Book Presentation: The McKinsey Mind by Ethan Rasiel and Paul Friga
Book Abstract
About the Author
Important Note About This Ebook
Summary of The McKinsey Mind (Ethan Rasiel and Paul Friga)
Book Presentation: The McKinsey Mind by Ethan Rasiel and Paul Friga
Book Abstract
Main Idea
McKinsey and Company (founded in 1923) has now grown to become the world’s most successful strategic consulting firm with over 7,000 professionals advising thousands of clients worldwide. This is the structured problem-solving process each McKinsey consultant uses to develop (and often help implement) solutions to their client’s strategic problems.
Note this problem-solving process is:
Highly structured and systematic – allowing consultants to quickly understand the issues facing a business.Based around letting the facts prove or disprove a hypothesis – as the most efficient way to move forward.Mutually exclusive, collectively exhaustive – separating each problem into distinct issues which collectively cover every base.Focused on avoiding the temptation to reinvent the wheel by leveraging the experience of the consultant.Careful to treat each client as being unique – with specific problems and issues rather than common business problems.In total, the McKinsey problem-solving methodology is a great way to improve your decision making success rate, structure your thinking about business problems and win more people over to your way of thinking.
About the Author
ETHAN RASIEL was a consultant in McKinsey & Co.’s New York offices. While there, he consulted with major companies in the finance, telecommunications, computing and consumer goods industries. A graduate of the Wharton School at the University of Pennsylvania, Mr. Rasiel is also the author of The McKinsey Way. He previously worked as an equity fund manager and investment banker.
PAUL FRIGA worked in McKinsey & Co.’s Pittsburgh office after graduating from the University of North Carolina. He has conducted consulting projects in the acquisition, strategic planning and international expansion fields as well as projects in the education and water industries. Mr. Friga has also worked as a consultant for Price Waterhouse and is Acting Director of the North Carolina Knowledge Management Center.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of The McKinsey Mind (Ethan Rasiel and Paul Friga)
Part 1
Main Idea
To frame a problem means to apply a structure to it. McKinsey consultants do this by developing an initial hypothesis based on the facts available. That hypothesis then becomes the road map for the research and analysis needed to develop a solution.
Supporting Ideas
Business problems never exist in a vacuum – there will always be some context provided by the logical structures or groupings which will already be in common use in the industry in which the business operates. The first step in analyzing a business problem is to frame it correctly.
There are several potential ways to frame a problem:
As a question critical to the success of the business – with the solution to be found as the answer to this key question.By breaking a big problem down into its component elements – each of which can then be solved individually.By looking for the key drivers of the problem – the factors that cause the problem in the first place.By use of a logic tree– which looks at the problem from feet high and then moves progressively closer until all the minute details are examined.By using the classifications which are currently in use in the industry concerned.Note the framework used must be exhaustive – covering every eventuality – if it is to be comprehensive enough to generate practical solutions. McKinsey consultants use the acronym MECE meaning “Mutually Exclusive, Collectively Exhaustive” to remind themselves every problem needs to be broken down into distinct components that don’t overlap but taken together cover every relevant issue.
Once a problem has been reduced to its essential components, the next step is to then form a hypothesis as to the most probable solution. By having an initial hypothesis (even if it later comes to be proven wrong), your ongoing research and analysis will be more efficient and effective.
By suggesting a hypothesis for the solution at this stage:
