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<!doctype html>
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<title>EMB Club</title>
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<h1>Management Consulting</h1>
<h2>Let's learn about management consulting with Larry</h2>
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<img src="img/larry/managment.JPG" alt="" />
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<h1>Larry’s Lemonade: Help from Carly</h1>
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<div class="post_content">
Larry thinks he may be in trouble. He now faces a lot of competition in the street-side drink business, and his profits are slowly declining. He knows that flavored lemonades like strawberry and pomegranate lemonade are huge hits, but he isn’t sure if
spending the extra money for the fruit will bring in enough business. He gives Carly a call. Carly is a management consultant for McBainCG, one of the largest consulting firms in the United States. She assembles a team of associates,
analysts, and consultants to help Larry in his trouble. Larry asks Carly to help him discover why his profits are declining and whether or not he should introduce flavored lemonades. He asks them to have it done within the
week. After a week, Carly returns with a presentation of her team's recent work. She split up her team in order to solve both the declining profits problem and the flavored lemonade question. The team involved with declining
profits looked at Larry’s P&L (profit and loss) statement for the past six months. They looked at two things: his revenue, and his costs. They found that his operating costs had nearly doubled in the past 6 months! Surely this
had to be why profits were down. After further investigation, they found that on the particularly hot days, his employees were running an old air conditioner in their stand to keep cool. Since it was so old, it used a lot of
power, and Larry’s electricity bill was sky high. They recommended that he invest in a new solar-powered air conditioner that would essentially pay for itself in 3 months. The other team in charge of flavored lemonades developed
several metrics for Larry. They first looked at the current price of strawberry and pomegranate flavorings. They then conducted market research on what percentage of the population preferred flavored lemonade over regular lemonade,
as well as the preferred price that customers were willing to pay for a glass of strawberry and pomegranate lemonade. Subsequently, they figured out how much of the flavored lemonade market share was up for grabs. Their final
conclusion was that if Larry charged an extra 25 cents for the flavored lemonade, his costs would increase by 10% but his revenue would increase by 25%! Larry decides to implement Carly’s ideas, and he soon reaps the benefits.
<h2>Management Consulting in a Nutshell</h2>
<ul>
<li>Management consultants (or just “consultants”), known for their analytical thinking, are hired out by companies to solve problems, usually at a high strategic level. </li>
<li>Consultants are extremely good at taking large ambiguous problems ("My profits are in
the tank"), finding a way to “structure” the problem, and then finding simple and achievable solutions ("Buy an air conditioner that isn’t from 1970")</li>
<li>Depending on the firm, consultants are usually traveling 4 days a week and working 60-70 hour work-weeks.</li>
<li>They get the opportunity to talk and work with chief executives and high-level managers at companies across the globe.</li>
<li>Many consultants go on to build and create businesses using what they learned in consulting.</li>
</ul>
<h2>Why Engineers in Consulting</h2>
Engineers are problems solvers. Consultants solve problems. Need I say more? Engineering is by nature an extremely difficult field of study with extremely difficult classes. You will hear a lot in consulting about “analytical thinking”, which means using
a step-by-step approach to break down complex problems into manageable components. Through the classes engineers take (coding, differential equations, dynamics, etc.), we are conditioned for this exact type of problem solving.
<h2>Prominent Management Consultants</h2>
Chelsea Clinton, Mitt Romney, John Legend <br>
<a href="https://www.quora.com/Who-are-some-of-the-most-noteworthy-alumni-of-the-top-consulting-firms-like-McKinsey-BCG-and-Bain">Noteworthy Managment Consultants</a>
<h2>Want to learn more?</h2>
<a href="http://www.caseinterview.com/management-consulting">Case Interviews</a><br>
<a href="http://www.forbes.com/sites/kathryndill/2016/04/20/americas-best-management-consulting-firms/#161897775b16">Forbes</a><br>
<a href="http://www.investopedia.com/articles/financialcareers/08/management-consulting.asp">Investopedia</a>
</br></br>Contact the Development team if this seems interesting to you!
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