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• 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.
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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
Management consulting - History
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
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Management consulting - History
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
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Management consulting - History
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:
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Management consulting - History
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.
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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.
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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.
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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.
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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.
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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
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Management consulting - Professional qualifications
1 * The Management Consulting
Excellence (MCE) certification
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Management consulting - Professional qualifications
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
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Management consulting - Professional qualifications
1 * Consulting qualifications: Multidimensional Human Factor
Management Consulting (MDHFM) Multidimensional Human Factor
Management School Germany by Luis Daniel Maldonado Fonken-
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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).
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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:
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International Council of Management Consulting Institutes
1 * Increase the acceptance and respect of the management consulting profession
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International Council of Management Consulting Institutes
1 * Increase the international and regional profile of
management consulting
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International Council of Management Consulting Institutes
1 * Prepare and promulgate Standards for management consulting to be adopted
internationally
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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.
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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.
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International Council of Management Consulting Institutes - CMC FIRM
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.
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International Council of Management Consulting Institutes - CMC FIRM
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.
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International Council of Management Consulting Institutes - CMC FIRM
1 - Management Consulting firm
competency model
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International Council of Management Consulting Institutes - CMC FIRM
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.
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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).
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International Council of Management Consulting Institutes - The ICMCI Academic Fellow
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.
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International Council of Management Consulting Institutes - The ICMCI Academic Fellow
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.
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International Council of Management Consulting Institutes - The ICMCI Academic Fellow
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).
https://store.theartofservice.com/the-management-consulting-toolkit.html
International Council of Management Consulting Institutes - The ICMCI Academic Fellow
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.
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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).
https://store.theartofservice.com/the-management-consulting-toolkit.html
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.
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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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