THE MCKINSEY WAY AND ITS MODEL

BY

SAI AKHILESH(118923)

CONTENTS

1. Introduction

2. The McKinsey Way of Thinking1. Building the solution

2. Developing the approach

3. 80:20 and other rules

3. The Mckinsey Way of Working to Solve Business Problems

4. The Mckinsey Way of Selling Solutions

5. Surviving at Mckinsey

6. Life after McKinsey

7. Growth Model of Mckinsey.

INTRODUCTION

McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey, an accounting professor at the University of Chicago, Booth School of Business, who pioneered budgeting as a management tool.

84 offices in 89 countries 100 of the top 150 organizations 90% of governments have consulted them

The Mckinsey Way book is writthen by Ethan M Rasiel

Firm’s problem solving process has

three attributes Fact based Rigidly structured Hypothesis driven

BUILDING THE SOLUTION

DEVELOPING THE APPROACH

The problem is not always the problem Don’t reinvent the wheel Frameworks - focus their thinking on the

drivers of the problem Trust and Verify Don’t make your facts fit your solution Make sure your solution fits your client Finite resources everywhere Toll guarding the bridge – understand politics

80:20 AND OTHER RULES

80:20 rule is all about data and analysis Find the key drivers – drill to the core of the

problem – focus and ignore Make a chart everyday – review learning

gained Look at the big picture Just say ‘I don’t know’ Don’t accept I have no idea - Probe

THE MCKINSEY WAY OF WORKING TO SOLVE BUSINESS PROBLEMS

1. McKinsey does not sell; it markets

2. Be careful what you promise: Structuring an engagement

3. Team Morale – never blame, self pity

4. Practice development

5. Make your boss look good

6. Manage hierarchy

7. Listen, Guide, Paraphrase

8. Make interviewee feel reassured

9. Write a Thank you note always

10. Brainstorming

THE MCKINSEY WAY OF SELLING SOLUTIONS

1. Structured presentations

2. Internal Communications – keep info flowing

3. Confidentiality

4. Working with clients – keep them on our side

5. Deal with hostility

6. Engage client

7. Be rigorous about implementation

8. Review Projects and learning

9. Contribute to the databases

SURVIVING AT MCKINSEY

Find a mentor Respect people Respect the support staff Recruiting style: Analytical, Judgment, Ethical, Fit

with Firm, Academic track record, Above average IQ

LIFE AFTER MCKINSEY

Valuable lessonsPreserve your integrityBe humbleBe ObjectivePolitics STARTS with YOUProfessionalismRigorous standard of informationRelentless drive for excellence NOT

perfectionPower of Team Thinking

MAIN QUATATIONS IN THE BOOK

MAKE YOUR BOSS LOOK GOOD ASSEMBLING A TEAM DON’T ACCEPT “I HAVE NO IDEA LOOK AT THE BIG PICTURE MAKE A CHART EVERY DAY MAKE SURE YOUR SOLUTION FITS

YOUR CLIENT DON’T REINVENT THE WHEEL

MCKINSEY GROWTH STRATEGY MODEL

The McKinsey model argues that businesses should develop their growth strategies based on:

Operational skills Privileged assets Growth skills Special relationships

SEVEN WAYS OF ACHIEVING GROWTH ARE

Existing products to existing customers Existing products to new customers New products and services New delivery approaches New geographies New industry structure New competitive arenas

REFERENCES

The mckinsey way book by Ethan M Rasiel. The mckinsey growth strategies, from

http//:www.tutor2u.commckinseygrowthstategies. The mckinsey way from The MBA dairy of Ethan

M Rasiel.