ISBN 9780070534070,The Mckinsey Way

The Mckinsey Way

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ISBN 9780070534070

Tata McGraw - Hill Education

Publication Year 2003

ISBN 9780070534070

ISBN-10 0070534071


Number of Pages 208 Pages
Language (English)

Business & managemen

The author is a former consultant with the McKinsey & Company. In this book, he explains to the readers the principles and strategies that has made the company such a big success in the field of business management consultancy in the world today. The books has five sections. The first section defines the McKinsey way of approaching business problems. It gives a framework that helps in dealing with different aspects of the problem and prioritizing each aspect. The second section deals with the process of gathering all the fundamental information and resources related to the problem or requirement. This involves conducting interviews, gathering data, researching the management structure, coming up with ideas etc. The third part deals with coming up with definite solutions and selling the solution to the client. The fourth part is for McKinsey employees and shows them how to cope with life at the company. The final part discusses life after coming out of the prestigious company. The Mckinsey approach is based on the firm idea that all solutions should be based on facts, driven by different hypotheses, and the solution should be well structured. Every business document has to follow the mutually exclusive and collectively exhaustive (MECE) framework. The consultants of the company also aim to come as near an ideal solution to the problem as possible at the initial stage itself. This is termed as the Initial Hypothesis. The Initial Hypothesis of each team member is then tested to see if they have taken care of the fundamentals. The fundamentals are whether the Initial Hypothesis (IH) has been arrived at with a correct understanding of the problem, whether the IH has taken into account all the facts related to the problem, whether the IH has looked at the previous solutions for similar kinds of problems, and used it in its framework, and whether the IH fits the needs and resources of the client, whether the team member has looked at alternatives if the problem is not solvable. The book elaborates on many such principles at each stage of arriving at the solution, selling the idea to the client, and finally, helping the client implement the solutions. About the author :- Ethan M. Rasiel is a business consultant and a former employee of Mckinsey & Company. He has written another book, The McKinsey Mind. Both his books are about the McKinsey way of dealing with business problems. Ethan M. Rasiel has an MBA from Pennsylvania University’s Wharton School. He worked at Mercury Asset Management and as an investment banker before he joined McKinsey & Company.