Case Analysis: Mckinsey & Company- Managing Knowledge and Learning

In order to find an answer to the question stated above, this term paper will draw on the content of course 611 Management Consulting, including lessons learnt from company visits and guest lectures. I will start off by listing the three

Those who request these services would be less concerned about the process, caring only about the outcome. The assumption based on this initiative is that “the wisdom of crowds” will come up with optimised ideas for the challenges. Furthermore, clients who are considered as conservative will have a tendency to solve the business problems with internationally well-recognised business consulting companies as they can work collaboratively. They provide more systematic ways of solving problems and can work interactively with the companies as their group of employees will work for the company with well-trained and qualified human labours while it costs more. This may result a high level of client satisfaction rate. Furthermore, there is the likelihood that large sized

With an increase in business, the firm recruited widely. The firm, which had employed 2,000 people in 1982, tripled to 6,000 people by 1987.” Due to excessive focus on generating revenues, one insider put it as, “competing fiefdoms replaced interconnected businesses.” and “Making money was mostly what mattered.”

strength and position in the market as an “implementation” consulting firm. The firm’s ability to

Arthur Anderson Limited Liability Partnership (LLP) was established in 1913 into the Accounting industry. They offered tax, consulting, and, auditing services to large corporations everywhere. Their headquarters were located in Chicago, Illinois and eventually had over 85,000 employees in 84 different countries (Collins, 2016). By the 1990’s Arthur Andersen had become one of the largest accounting firms, and was recognized as one of the “big five.” Along with being one of the largest accounting firms Arthur Andersen was also one of the most reputable. There were many factors that distinguished Arthur Andersen from other accounting firms, and the most notable were the honesty and integrity Arthur Andersen had established for the company (Moore & Crampton, 2000). Andersen set high standards which in turn resulted in the growth of their prestige. Many companies came to Arthur Andersen because of the trust it had established in the public and in the accounting Industry. One of the ways Arthur Andersen established their reputation was through their organizational structure and the culture of the company.

Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University

Ellen Zane had her work cut out for her at Tufts-NEMC. The Tufts University affiliated teaching and research hospital had long been on the decline. It was mired in financial difficulty, was falling behind other teaching and research AMCs, and was not effectively serving its local community. Beginning on the day she accepted her position as CEO, Ellen Zane started on a path of reform. Upon learning that the hospital only had 10 months of cash on hand, she began brainstorming on how to make the hospital financially viable, starting by meeting payroll needs first. She discovered that Tufts-NEMC was being drastically underpaid and began looking for solutions to the problem of reimbursements. One of the more

This paper discusses the creation of "Just in Time Consulting" and explains the types of services the firm offers to clients. It also explains the roles/responsibilities of each member of the team, and analyzes which University of Phoenix courses helped in the creation of the consulting firm.

1. COMPANY: Plante & Moran arose on January 20, 1924, in Detroit, Michigan. More than 80 years after its founding, Plante Moran had become the 14th largest financial advisory company, with more than 2,200 employees and 23 offices nationally and internationally. The firm provides services of accounting, auditing, and tax preparation for businesses, governmental, not-for-profit, healthcare organizations, and individuals. According to the website, the company feels like a team-based culture with employee participation on all levels.

Consulting covers an extremely broad range of topics, businesses, clients and fields. However, Bremmer has somewhat of a bias towards writing this article; he is a consultant trying to sell his services to others by making these “new rules” seem more complicated than they truly are.

Jenkins wondered why if the actual number of consultants was nearly 8% higher than budgeted (see Exhibit 2), revenues had increased only 1%. Were consultants becoming less productive? She knew that a key operating statistic for consulting organizations was the percentage of time billed.

Collins, J.C. & Porras, J.I., 1995, ‘Building a visionary company’, California Management Review, vol. 37, no. 2, pp. 80-100.

The following decade, McKinsey experienced slower growth due to competition from BCG as well as the overall economic and social environment in Europe and the US. This led the firm to realize the need for knowledge management, client impact, and developing multiple career paths for the firm's consultants to create growth in the future. As the company made these changes, it increased their capacity to support the strategic objective of changing McKinsey into a firm focused more on clientele services.

The first cultural change was that Andersen embarked on a path that valued consulting service which charged hefty fees ahead of auditing in 1990s. Compared to its original major service, auditing that required accountants to insist independence of judgment, consulting should cater to clients’ requirements and fix problems from client’s perspectives. The situation that two roles mixed in Andersen made top managers decide to sell more consulting service which earned higher profits.

McKinsey & Company is a privately owned management consulting firm that focuses on solving issues of concern to senior management in large corporations and organizations. Known among its employees simply as "The Firm" McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey. McKinsey was a professor at the University of Chicago who pioneered budgeting as a management tool. Marshall Field's became a client in 1935, and soon convinced James McKinsey to leave the firm and become its CEO; however, he died unexpectedly in 1937.