Management Consulting

• Management Consulting

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Management consulting

1 'Management consulting' is the practice of helping organizations to improve

their performance, primarily through the analysis of existing organizational problems and development of plans for improvement. Organizations may draw upon the services

of management consultants for a number of reasons, including gaining external (and

presumably objective) advice and access to the consultants' specialised expertise.


Management consulting - History

1 Management consulting grew with the rise of management as a unique field of study. The first management consulting firm was Arthur D. Little

Inc., founded in 1886 as a partnership, and later incorporated in 1909. Though Arthur D. Little later

became a general management consultancy, it originally specialised

in technical research. https://store.theartofservice.com/the-management-consulting-toolkit.html


1 Little focused on technical research for the first few years, probably the first real management consulting organization was that started by Frederick Winslow Taylor, who in

1893 opened an independent consulting practice in Philadelphia



1 After World War II, a number of new management consulting firms

formed, bringing a rigorous analytical approach to the study of

management and strategy



1 The industry experienced significant growth in the 1980s and 1990s, gaining considerable importance in relation to

national gross domestic product. In 1980 there were only five consulting firms with more than 1,000 consultants worldwide, whereas by the 1990s there were more than thirty firms of this size.Canback, S.

1998a. Transaction Cost Theory and Management Consulting:



1 The industry stagnated in 2001 before recovering after 2003, with a

current trend towards a clearer segmentation of management

consulting firms. In recent years, management consulting firms

actively recruit top graduates from Ivy League universities, Rhodes

Scholars, and students from top MBA programs.


Management consulting - Specialization

1 Management consulting refers generally to the provision of business services, but there

are numerous specialties, such as information technology consulting, human resource consulting, virtual management

consulting and others, many of which overlap, and most of which are offered by the larger diversified consultancies. So-

called boutique consultancies, however, are smaller organizations focusing upon a few of

such specialties.


Management consulting - Current state of the industry

1 Management consulting has grown quickly, with growth rates of the industry exceeding 20% in the 1980s and 1990s (O'Mahoney 2010[O'Mahoney, J. (2010) Management

Consulting. Oxford University Press]) As a business service, consulting remains highly

cyclical and linked to overall economic conditions. The consulting industry shrank

during the 2001-2003 period, but grew steadily until the recent economic downturn

in 2009. Since then the market has stabilised.


Management consulting - Trends

1 In some parts of the world this trend is now being reversed where the firms are rapidly rebuilding their management consulting arms as their corporate websites clearly

demonstrate.


Management consulting - Government consultants

1 The use of management consulting in governments is widespread in

many countries but can be subject to misunderstandings and resultant

controversy.


Management consulting - Criticism

1 A number of critical books about management consulting argue that

the mismatch between management consulting advice and the ability of executives to actually create the

change suggested results in substantial damages to existing

businesses


Management consulting - Professional qualifications

1 * The Management Consulting

Excellence (MCE) certification



1 * Advanced Professional Degrees such as PhDs or Master's degrees in Industrial/Organizational

Psychology, Industrial Psychology Organizational Psychology, Engineering,

Economics and Science, Doctor of Medicine|MDs, Juris Doctor|JDs etc. are specifically

targeted by firms like McKinsey Company|McKinsey, Bain Company, Arthur D. Little and the Boston Consulting Group. These degrees

may also have concentrations in management consulting, international management, or other

relevant focus



1 * Consulting qualifications: Multidimensional Human Factor

Management Consulting (MDHFM) Multidimensional Human Factor

Management School Germany by Luis Daniel Maldonado Fonken-


IT consulting - Management consulting and IT consulting

1 There is a relatively unclear line between management consulting and IT consulting. There are sometimes overlaps between the

two fields, but IT consultants often have degrees in computer science, electronics, technology, or management information systems while management consultants

often have degrees in accounting, economics, Industrial Engineering, finance, or a generalized MBA (Masters in Business

Administration).


International Council of Management Consulting Institutes

1 The 'International Council of Management Consulting Institutes'

has since 1987 been the professional body worldwide for management

consultants. It exists to:



1 * Increase the acceptance and respect of the management consulting profession



1 * Increase the international and regional profile of

management consulting



1 * Prepare and promulgate Standards for management consulting to be adopted

internationally


International Council of Management Consulting Institutes - History

1 In May 1987, thirty-two management consultants from ten countries met

to explore the common ground between professional institutes which

were known to certify individual management consultants. At the end of the two day meeting the delegates

proposed the formation of an International Council of Management Consulting Institutes to improve the

certification of management consultants around the world. IMCs of seven countries formed the founding

members of the new Council.


International Council of Management Consulting Institutes - CMC FIRM

1 The “CMC Firm” is an international accreditation of Management Consulting firms driven by the

International Council of Management Consulting Institutes (ICMCI) and supported by all the Institutes of

Management Consulting Members of ICMCI. ICMCI manages the global

directory of the CMC Firms, published within the ICMCI web site.



1 The concept is based on accrediting a firm in recognition for its high standards of excellence with a

specific focus on ethical practices, standards of conduct as well as its

practice of management consulting.



1 One way to determine this is by reviewing internal development

programs, career paths as well as clearly demonstrating that a number

of senior management consulting practitioners are either already CMCs

or working towards getting their designation.



1 - Management Consulting firm

competency model



1 Being included in the global directory of the CMC Firms is an asset for each accredited Management Consulting firm thanks to the global recognition of their own standard of excellence

reached with a specific focus on ethical practices and standards of conduct, internal processes as well

as its practice of management consulting.


International Council of Management Consulting Institutes - The ICMCI Academic Fellow

1 The ICMCI Academic Fellow designation is intended to be a mark

of distinction which recognises academics from around the world who have contributed to the study

and teaching of management consultancy. It is awarded by ICMCI

to suitably qualified individuals based upon the recommendation of the

local Institute of Management Consulting (IMC).



1 Candidates must hold a position at a recognised academic institution,

specifically a publically accredited university and must be engaged in research and/or teaching within the external or internal management

consulting field for a minimum of five years.



1 The attraction and engagement of a new stakeholder group that will add

valuable new perspectives and insights within their management

consulting community along with the expectation that the Fellow will demonstrate tangible on-going

involvement with the management consulting profession.



1 Increased membership through the potential development of

management consulting streams within MBA or related Masters

programs which could lead to award of the CMC credential upon suitable demonstration of knowledge (know what) and competence (know how).



1 Support for appropriate international research projects within the

management consulting field, in terms of providing industry contacts and primary research respondents, along with endorsement of funding

applications.


International Council of Management Consulting Institutes - International programmes

1 The ICMCI Academic Fellow designation is a mark of distinction which recognises academics from

around the world who have contributed to the study and

teaching of management consultancy. It is awarded by ICMCI

to suitably qualified individuals based upon the recommendation of the

local Institute of Management Consulting (IMC).


International Council of Management Consulting Institutes - International programmes

1 ICMCI awards an international accreditation of Management Consulting firms called the “CMC Firm”. The accreditation recognises a firm for its high standards of excellence with a specific focus on ethical practices, standards of conduct in addition to ability to practice management consulting to the

highest standards. ICMCI manages the global directory of the CMC Firms,

published within the ICMCI web site.


Mitt Romney - Management consulting

1 In 1977, he was hired by Bain Company, a management consulting

firm in Boston formed a few years earlier by Bill Bain (consultant)|Bill

Bain and other ex-BCG employees.Hewitt, A Mormon in the

White House?, pp


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Management Consulting