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1-Page Summary of The Mckinsey Mind
Making Decisions the McKinsey Way
McKinsey & Co., founded in 1923, is one of the world’s most successful strategic consulting firms. It has 84 offices around the world and employs 7,000 professionals from 89 countries. Many of its former consultants have become well known, including Tom Peters who wrote In Search of Excellence and Jeffrey Skilling who was CEO at Enron.
McKinsey & Co. uses a fact-based problem solving method that is well defined and taught to all new consultants in their rigorous training program. When McKinsey takes an assignment, they look for the key drivers of the problem and use them to solve it.
The process involves identifying the core problem of a business and then providing a solution to it. The six-step model is as follows: 1. Identify the need, 2. Isolate the problem, 3. Provide a solution, 4. Deliver results, 5. Follow up with clients/customers and 6. Make sure you deliver what you promised to your customers/clients
Once a company has identified a need, it uses facts and hypothesis to solve the problem. The process begins by defining the problem and breaking it down into its component elements. Next, an initial hypothesis for solving the problem is developed. After that, analysis is designed to determine what information needs to be gathered in order to prove or disprove the hypothesis. Once data are collected, they’re analyzed in order to determine if they support or disprove the original hypothesis; this leads directly into developing a course of action for clients.
Presenting. The team needs to communicate the solution to the client and gain their approval. If they don’t present in a clear way, then it won’t be accepted by the client.
Managing a project is the key to success. A team must be able to balance their lives and careers so they can meet client expectations without burning out. The team should also keep the client informed, involved and inspired. After identifying a solution, it’s important that the organization dedicate sufficient resources to its implementation while responding in a timely way if there are obstacles. All tasks related to implementation must be completed in a timely manner, and the organization should develop an iteration process that leads to continual improvement by reassessing effectiveness of its implementation and making additional changes as necessary.
Leadership is critical to the success of this model. A strong leader must express a strategic vision and inspire employees to implement it. The leader must also make good decisions about how to delegate authority within the organization.
When you are faced with a difficult decision, it’s best to be able to combine both your intuition and the facts. For example, when making a business decision, you need to balance both of these factors in order for the choice to be good.
Framing the Problem
The first step in the McKinsey process is to create a structured framework for developing solutions. This helps you gather facts and analyze them to prove or disprove your hypothesis. Once you’ve arrived at your hypothesis, it provides a road map that guides you through the research and analysis of possible solutions.
To identify the problem, we need to break it down into its components. We’ll do that by looking at each component individually and seeing how they fit together. This will help us see the boundaries of our problem and prevent us from overlooking any relevant issues.
When analyzing a problem, McKinsey uses logic trees to break down the problem into its components. To create a logic tree, start with an overview of the problem, and work your way toward finer details. For instance, you might start by looking at a company’s products in general and then narrow that view to revenues from different sources such as sales or leasing. You could then look more closely at one area like sales revenue from different regions around the world.
