Creativeproblemsolvingpracticaltoolsfinal 131903461701-phpapp01-111019093051-phpapp01
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The document outlines the consulting skills programme for MBAs, including sessions on introductory consulting careers, problem solving for case interviews, and mastering consulting interviews. It provides the schedule and topics to be covered for various workshops ranging from basic frameworks to advanced techniques like creativity and personal branding. The final part emphasizes the importance of practice and provides resources from top consulting firms like Bain, BCG, McKinsey for case examples, tips, and practice materials to help prepare for case interviews.
Creativeproblemsolvingpracticaltoolsfinal 131903461701-phpapp01-111019093051-phpapp01
- 1. Creative Problem- Solving for Case Interviews 2011-12 J-P Martins, Consulting Careers Team 19 October 2011
- 2. First year MBA consulting skills programme Intro to Creative Advanced Mastering consulting Great problem problem consulting careers – consulting CVs solving for case solving for case interviews undecided interviews interviews 6 September 12-15 September 14 October 14 November 18 November …for the Presentations by ½ day intro Presentation ½ day workshop* undecided stream 19 October 16 Nov on 13 September 3-7 October Tools & techniques Workshops …for the Detailed reviews 5, 26 November 31 January committed 17-21 October Crack a Case Super Deadline to submit 31 October Recalls Saturdays case 1:1s commence Summer On Campus Consulting Recruiting Team 2012 14 Jan 2012 Crack a Case Super 3 January 21 February * Incorporating Winning consulting cover letters and Saturday Commences… Launch 1 Personal brand
- 3. Today vs. 14 November Today 14 November Basic tools and tips, Building creativity frameworks Differentiating yourself Enough of a grounding to Equations be able to get started on most cases you will Props encounter Psychology, perspectives Preparation The case journey What is the answer/what could it be? Either/or…If/then… 2
- 4. I asked Twitter and LinkedIn what tips I should cover for case interviews today… “Learn to structure your thinking from the very “Over invest in organization. Most mistakes I beginning so you don't get lost in the case and see in practice cases are due to a lousy have a clear narrow scope from the beginning” structure” - BCG Associate and MiM alumnus - Bain Associate Consultant Tweeter “Never let the big picture out of your sight. “Not only lousy structures but also inflexible Dissect the problem in a structured way but structures prevent candidates from figuring out keep the pieces integrated” the right path to take” - Consulting Careers Blogger - Consulting Careers Blogger “Here is another one: I recommend candidates not to memorize frameworks. Instead of cookie - cutter approaches, customized/flexible frameworks/structures will give them more room to maneuver” - Consulting Careers Blogger 3
- 5. Agenda Types of case – review data Structure – frameworks • P&L • Driver tree • Denominators • Options • 3 ‘C’s • Value chain • Priority/optimisation Other frameworks • 5 forces • 7 ‘S’s • 4 ‘P’s Preparation – your next steps 4
- 6. Case variety A broad spectrum of types of case are used by our recruiters – 4 main types have been identified Similarly, a variety of sectors may be addressed Traditional 35 minute cases predominate but other formats are growing These data are heavily skewed towards just 6 recruiters Europe and North America are the predominant geographies addressed in cases 5
- 7. Type of case: Acquisition strategy, 2% Network or portfolio optimisation, 2% Other, 8% Valuation, 3% Market attractiveness, 4% Profit improvement, 19% Cost reduction, 5% Market entry, new Quantitative test, 7% product/business, 17% Growth, 7% Company Value diagnostic, +/- chain or strategy, 10% business Response to industry- model, changing shock, 8% 10% 6
- 8. Sector: Public administration, 3.0% Arts, entertainment & Other, 8.0% recreation, 3.0% Telecomms/Media/ Construction, 3.5% Technology, 16.1% Hospitality, travel & tourism, 4.0% Financial services, Healthcare, 15.1% 6.0% Transport & logistics, 8.0% Mining, Manufacturing, energy 12.6% & utilities , 8.0% Retail, 12.6% 7
- 9. Format: ‘Test' - written or typed, 2% Other, 4% Presentation' or role play, 3% ‘Long' 1:1 case, 45+ minutes, 11% ‘Traditional' 1:1 case, 20-35 mins, 80% 8
- 10. Firm: Accenture, 2% AT Kearney, 2% ZS, 2% Monitor, 4% LEK, 5% BCG, 24% Parthenon, 6% Roland Berger, 7% McKinsey, 21% Booz, 8% Bain, 17% 9
- 11. Geography: Other, 6% Africa, 7% Asia, 10% Europe, 45% Global, 14% North America, 20% 10
- 12. Agenda Types of case – review data Structure – frameworks • P&L • Driver tree • Denominators • Options • 3 ‘C’s • Value chain • Priority/optimisation Other frameworks • 5 forces • 7 ‘S’s • 4 ‘P’s Preparation – your next steps 11
- 13. How do you improve the profit of a restaurant? 12
- 14. P&L – easy isn’t it? Price Revenue Quantity Profit Variable Cost Fixed 13
- 15. Driver tree adds value Dish of the day Mix Upsell on taking order Redesign menus to showcase most Price profitable dishes eg 2nd cheapest Markup ‘Bundle’ eg seafood platter for two Items per Ask about starters, desserts Revenue seat Take drink order first, come back for food later Seats/table ‘Side dishes?’ Charge for bread Quantity # tables Table turnover Profit Breakfast, lunch, dinner Hours open Happy hour, early bird, post-theatre offers Labour Variable Ingredients Cost Fixed etc 14
- 16. Focus on food and drink? First course Main Food Dessert Margin Sundries Contribution Margin Alcohol X Profit Quantity % take up Fixed cost Soft Drink Water Hot 15
- 17. Maximising number of customers? Passing traffic % looking at menu % going in Walk-ins % finding a table % ordering Customers % finishing meal & paying Web bookings Destination Telephone bookings Third party bookings 16
- 18. Denominators – dealing with different capacities/loads Airlines • Revenue per RPK • Load factor • Cost per ASK What is the best denominator for a Abattoirs restaurant chain that • Cost per Stock Equivalent Unit spans business (lunch) and suburban (dinner) locations? Retail • Revenue per sqm • Cost per sqm 17
- 19. Improvement – different lenses Waste Process map • Raw materials (mass balance) • Energy (calculate, measure waste streams) Lay out the steps • Time (white space, rework) • Labour (job, activity analysis) Outline key info next to each Iterate Time • Building a house Prioritise • TBC opportunities Segmenting • Tailor processes to groups Redesign with particular needs 18
- 20. Tables are great! You can use them to lay out calculations… Segment A Segment B Segment C Segment D Segment E Size 500K 300K 50K 20K 2.5K Frequency Monthly Weekly Weekly 2 x weekly 3+ x weekly Spend per £35 £20 £30 £30 £45 meal Margin 10% 15% 12% 5% 5% Overall ? ? ? ? ? Really add value to a table – add row “Implications for Client” 19
- 21. …options, segments, etc Really add value to a table – add row “Implications for Client” Option A Option B Option C Option D Option E Expected ✔✔ ✔✔✔✔ ✔✔ ✔✔✔ ✔ Value Risk ✔ ✔✔✔ ✔ ✔ ✔✔✔ Fit with ✔✔ ✔ ✔✔✔✔ ✔ strategy Fit with ✔✔ ✔ ✔✔✔ ✔ ✔✔ capabilities Overall ✔✔ ✔✔✔ ✔✔✔ ✔ ✔ Between these two: Betwen these two: Higher value vs better fit? 20
- 22. Revenues are being eroded by a growing takeaway market. Should we open our own takeaway next door? 21
- 23. 3 ‘C’s – a starting point only Market Entry 1. Customer - market attractiveness • Size • Profitability • Growth By segment? 2. Corporation (costs) • Can we? (resources, technology, people…) • At what cost? • What would we need to do differently? • How? (eg business model, make vs buy…) 3. Competitors • Who? • How competitive? • What advantages/disadvantages? • So what share could we expect? • Where should we need to focus? 22
- 24. Our exec chef has a proposal – fund him to produce a range of starters for other restaurants – if it works we could grow into delivering whole meal solutions. What do you think? 23
- 25. Value chain Sourcing Fabrication Assembly Warehousing Distribution Sales Service Where is money made? Where do we have an advantage? What alternative business models exist? Outsource/insource/partner Make vs buy Think of the industry (ecosystem) – the whole profit pool 24
- 26. Prioritising things Fast growing Stagnant Small Big 25
- 27. Prioritising things Valuable Not Easy Hard 26
- 28. Insight comes from what Prioritising things the client does differently to each ‘box’ Game changing Pursue selected options as part of balanced portfolio, seek partners No brainers – raise to mitigate risk? capital if needed Consider, execute if sufficient resources REJECT! Incremental Dead certs Risky 27
- 29. Optimising Eg Equation • Breakeven Graphical • RoI Logic (forced pair) • Margin • A>C • Commute • C>B • => A best 28
- 30. Optimising Breakeven, or indifference point Commute – by bike between two options Rev Cost Max profit 29
- 31. Agenda Types of case – review data Structure – frameworks • P&L • Driver tree • Denominators • Options • 3 ‘C’s • Value chain • Priority/optimisation Other frameworks • 5 forces • 7 ‘S’s • 4 ‘P’s Preparation – your next steps 30
- 32. Other frameworks are available… …but beware Nothing beats a bespoke understanding and prioritisation of the issues (next presentation) However, here are some tools… • Porter’s 5 forces • McKinsey’s 7 ‘S’s – where you need to think through all aspects of an organisation • The 4 ‘P’s of marketing • PEST (political, economic, socio-cultural, technological) • SWOT • 5 whys • Cause and effect diagrams • Decision trees • Cost/benefit 31
- 33. Agenda Types of case – review data Structure – frameworks • P&L • Driver tree • Denominators • Options • 3 ‘C’s • Value chain • Priority/optimisation Other frameworks • 5 forces • 7 ‘S’s • 4 ‘P’s Preparation – your next steps 32
- 34. First year MBA consulting skills programme Intro to Creative Advanced Mastering consulting Great problem problem consulting careers – consulting CVs solving for case solving for case interviews undecided interviews interviews 6 September 12-15 September 14 October 14 November 18 November …for the Presentations by ½ day intro Presentation ½ day workshop* undecided stream 19 October 16 Nov on 13 September 3-7 October Tools & techniques Workshops …for the Detailed reviews 5, 26 November 31 January committed 17-21 October Crack a Case Super Deadline to submit 31 October Recalls Saturdays case 1:1s commence Summer On Campus Consulting Recruiting Team 2012 14 Jan 2012 Crack a Case Super 3 January 21 February * Incorporating Winning consulting cover letters and Saturday Commences… Launch 33 Personal brand
- 35. Practise is key – but only until you’re ready Structuring • 20+ cases? • Fin Times… • 10 minutes each • Structure, plus alternatives Cracking the whole thing • On your own – 10 cases? Work through a book (eg LBS Case Book?) • In informal groups – 10 cases? Case in Point? • Through Club – 3-6 cases? Crack a Case • Mocks – 3 x ‘Super Saturdays’ 34
- 36. There is no shortage of resources – you will run out of time first – Google is your friend! Bain Tips Booz Tips http://www.joinbain.com/apply-to-bain/interview-preparation/crack- http://www.booz.com/global/home/join_us/apply/case_prep the-case.asp McKinsey Tips Bain Cases http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w http://www.joinbain.com/apply-to-bain/interview- ell_in_the_interview/case_interview.aspx preparation/practice-videocase.asp http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w http://www.joinbain.com/apply-to-bain/interview- ell_in_the_interview/case_interview/Approaching%20the%20cas preparation/practice-case1-quest1.asp e%20interview.aspx http://www.joinbain.com/apply-to-bain/interview- http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w preparation/practice-case2-quest1.asp ell_in_the_interview/case_interview/techniques_and_tricks.aspx BCG Cases McKinsey Cases http://www.bcg.com/join_bcg/interview_prep/practice_cases/competi tive_strategy.aspx http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w ell_in_the_interview/case_interview/practice_cases/Great%20Bur http://www.bcg.com/join_bcg/interview_prep/practice_cases/distribu ger.aspx tion_strategy.aspx http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w http://www.bcg.com/join_bcg/interview_prep/practice_cases/increasi ell_in_the_interview/case_interview/practice_cases/Magna%20H ng_profits.aspx ealth.aspx http://www.bcg.com/join_bcg/interview_prep/practice_cases/revenue _growth.aspx http://www.mckinsey.com/careers/how_do_i_apply/how_to_do_w ell_in_the_interview/case_interview/practice_cases/Magna%20H ealth.aspx 35