Management Consulting Approach to Problem Solving
- Description
- Curriculum
- FAQ
- Reviews
What is the aim of this course?
Time and again you will come across problems that are seemingly unsolvable. In many cases, you don’t even know how to approach them. Luckily, there are a lot of nice management consulting tools, techniques, and frameworks that will help you solve everyday problems. You don’t have to go to a top consulting firm to master them. You can master them by taking my course.
This course will help you drastically improve your skills in solving problems using management consulting tools, techniques, and frameworks. In this course, we will mainly concentrate on solving real-life problems like goal setting and defining what and when to do, estimating the cost of a wedding, losing weight and getting in shape, deciding whether to do an MBA or not, choosing the right boyfriend/girlfriend, deciding whether you should buy a car or not, deciding when to retire and many more. If you have a specific problem just let me know and I will give you tips on how to solve it using the tools presented in this course.
The course is designed for people who want to become more data-driven and less emotional in the way they solve problems and make decisions. Thanks to the course you will be making better decisions and solving problems that have seemed so far unsolvable. In the course you will learn 3 things:
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What consulting techniques, tools, and frameworks there are
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When to apply each and every one of them
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How to use them in practice including examples of how to calculate specific things in Excel
This course is based on my 15 years of experience as a consultant in top consulting firms and as a Board Member responsible for strategy, performance improvement, and turn-arounds in the biggest firms from Retail, FMCG, SMG, B2B, and services sectors that I worked for. I have carried out or supervised over 90 different performance improvement projects in different industries that generated a total of 2 billion of additional EBITDA. On the basis of what you will find in this course, I have trained in person over 100 consultants, business analysts, and managers who now are Partners in PE and VC funds, Investment Directors and Business Analysts in PE and VC, Operational Directors, COO, CRO, CEO, Directors in Consulting Companies, Board Members, etc. On top of that my courses on Udemy were already taken by more than 224 000 students including people working in EY, Walmart, Booz Allen Hamilton, Adidas, Naspers, Alvarez & Marsal, PwC, Dell, Walgreens, Orange, and many others.
I teach through case studies, so you will have a lot of lectures showing examples of analyses, and tools that we use. To every lecture, you will find attached (in additional resources) the Excels as well as additional presentations, and materials shown in the lectures so as a part of this course you will also get a library of ready-made analyses that can, with certain modifications, be applied by you or your team in your work.
Why did I decide to create this course?
Management consulting has been very creative and has produced or popularized the application of many tools, techniques, and frameworks that can be used to improve not only your business but also your private life. By putting those tools and techniques in one course and explaining them using real-life examples related to everyday life, I wanted to make this knowledge available to everybody who wants to make better decisions, especially students who are considering joining Management Consulting firms as well as managers that simply need to expand their toolbox with few useful tools.
Things you will find in this course will improve your awareness and skills in analyzing problems that you will be facing in your private life as well as in business. Thanks to this course, you will know what tools, techniques, or frameworks to use and how to use them in practice.
To sum it up, I believe that if you want to make better decisions and solve faster problems in your private life you should master the techniques presented in this course. That is why I highly recommend this course not only to consultants or business analysts who have to advise their customers but also to everybody who wants to make better decisions in his or her life.
In what way will you benefit from this course?
The course is a practical, step-by-step guide loaded with tons of analyses, tricks, and hints that will significantly improve the speed and efficiency with which you solve problems and make decisions. There is little theory – mainly examples, a lot of tips from my own experience as well as other notable examples worth mentioning. Our intention is that thanks to the course you will learn:
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What management consulting tools, techniques, and frameworks are available
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How to use them in practice to solve problems and make better decisions
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How to make decisions and solve problems using available information/data
You can also ask me any question either through the discussion field or by messaging me directly on Udemy.
How the course is organized?
The course is divided into the find the following sections:
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Introduction. We begin with a little intro to the course
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Basic tools, techniques, and frameworks used by management consultants. In the second section, I will discuss the main tools that you can use to analyze and solve problems in real life. We will talk about things like issue trees, bottom-up approaches, top-down approaches, backward reasoning, the 80/20 rule, benchmarking, cost drivers, opportunity trees, and many, many more
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Intermediate tools, techniques, and frameworks used by management consultants. In this section, I will discuss more advanced techniques such as rankings, scenario analysis, representative element analysis, decision tree, OEE, OLE, the Theory of Constraints, Critical Chain, and many, many more
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Advanced tools, techniques, and frameworks used by management consultants. In this section, I will discuss further more advanced techniques such as simulation analysis, decomposition analysis, feasibility analysis, and sensitivity analysis
You will be able also to download many additional resources
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Excels with analyses shown in the course
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Presentation of slides shown in the course
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Links to additional presentations and movies
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Links to books worth reading
At the end of my course, students will be able to…
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Make better decisions
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Analyze fast problems in your private life and business
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Master management consulting tools, techniques, and frameworks
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Apply the right elements from your management consulting toolbox
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Find fast potential improvements in your life and achieve your goals
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Prepare you to move on to intermediate-level management consulting training
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Calculate in Excel the impact of your decision on your life
Who should take this course? Who should not?
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People interested in making better decisions based on data
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Students who are considering becoming management consultants
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Management Consultants
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Business Analysts
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Small and medium business owners
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Startups founders
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Managers
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1
IntroductionI will show you here what you can get out of this course. We will talk about applying management consulting tools, techniques and frameworks to improve your decisions.
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2
A little bit about me
A little bit about me and my experience
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3
How this course will be organized?
Here I will discuss what you can learn from the course, what will be the order in which I will show you the course
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4
How to deal with Blurry image
Here I will show you what to do if a blurry image appears
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5
How to reach additional resources
Here I will show you how to find additional resources attached to the coruse like Excel files, presentations, links etc.
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How to find information and ask questions
Here I will show you how you can find things in Udemy and how you can ask me questions
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7
Why we have decided to create this courseBefore you move to specific tools, frameworks and case studies a few words on the origin of this course.
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Basic tools – Introduction
In the second section I will discuss the main tools that you can use to analyze and solve problems in real life. We will talk about things like: issue tree, bottom-up approach, top-down approach, backward reasoning, 80/20 rule, benchmarking, cost drivers, opportunity tree and many, many more
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Bottom-up approach
In this lecture, you will get to know our favorite method for the first rough estimation – the bottom-up method. We give you also 2 examples of Excel calculations and how to use them.
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10
What you can use the bottom-up approach
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Estimating the costs of a wedding – Case Introduction
Imagine that you have to estimate the costs of the wedding to help Tomasz plan his wedding. Use for that the bottom-up approach. We will use this case study to see how the bottom-up approach works in practice.
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Estimating the costs of a wedding – Partial Solution
In this lecture, I will show you the solution to the previously introduced case study.
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Estimating the costs of a wedding – Excel Part 1
In this lecture, I will show you the solution to the previously introduced case study.
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Estimating the costs of a wedding – Excel Part 2
In this lecture I will show you the solution to previously introduced case study
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15
Top-down approach
Top-down is the little brother of bottom-up approach – not used that often but still very useful for re-segmenting the market (niche an low cost strategy)
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16
Average salaries in other department – Case Introduction
Imagine that Lukas would like to know how much his colleagues in the other department earn. Use the top-down approach
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Average salaries in other department – Solution
In this lecture I will show you the solution to previously introduced case study
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18
Average salaries in other department – Excel Basic
In this lecture I will show you the solution to previously introduced case study
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Average salaries in other department – Excel Go Seek function
In this lecture I will show you the solution to previously introduced case study
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20
Top-down approach used in Business
Le'ts put the top down and bottom-up approach to use. We will have a look at another case study in the next lecture
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21
Chicken Producer - Top-down approach - Introduction
During this lecture I will show you how on basis of small number of data create a model which will show you how logistics costs are created, on what stage and what is the biggest drivers. This in turn will enable you to apply 80/20 rule
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22
Chicken Producer - Top-down approach - Tips how to do it
In this lecture we will give you some tips how to approach the case and show you the usage of the proper Excel functions
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Chicken Producer - Top-down approach - Solution
In this lecture we solve the case with you, show you the outcome, interpret it and give you examples how the results can be presented in terms of Excel and slides
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24
Backward logic
In this lecture I show the backward thinking /induction. This approach enables you to design the whole process, company on the bases of the expected outcome
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25
When can I retire – Introduction
Try to estimate at what age can Peter retire using his own savings. To estimate the age of retirement use the backward reasoning
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When can I retire – No passive income – Excel Basic
In this lecture I will show you the solution to previously introduced case study
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When can I retire – No passive income – Go seek function
In this lecture I will show you the solution to previously introduced case study
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When can I retire – With passive income
In this lecture I will show you the solution to previously introduced case study
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29
Backward logic based decisions – Case Introduction
Let’s try to put the backward reasoning to practice. In this case study we will use it to decide what effort has to be done to 10x the current business. A few information about the retailer
He has currently 100 stores. Each store sales are equal to EUR 2 M
He wants to 10x the business up to Year 5
Estimate what LFL growth he must get and how many stores he must open
Assuming EUR 1 M per store estimate the Capex
Estimate how many people he has to recruit assuming 6 people per store
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Backward logic based decisions – Solution
In this lecture I will show you how to solve the case shown in the previous lectures
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Backward logic based decisions – When it makes sense to use it
Backward logic can be used in many situations. Below some of them
You have a clear goal in the future but not a clear path towards it
You want to estimate the pace needed to reach the goal
You want to check the implications for you or your department
You want to see what are the limitations preventing you from reaching the goal
You want to see whether the goal is not too ambitious
You want to see whether the goal does not require too big resources
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Compounded effect
In many cases you can get high end result from compounding effect in time or by getting small improvements in many areas. In this lecture I will explain the concept
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Reading skills – Introduction
We will also help Ann decide whether it makes sense or not to take the course for fast reading and what could be the benefit of that
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Reading skills – End year
In this lecture I will show you the solution to previously introduced case study
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Reading skills – By weeks result
In this lecture I will show you the solution to previously introduced case study
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Issue tree – Introduction
Issue tree is a simple yet powerful concept used in consulting for structuring discussion and picking the right topics to concentrate on. In this lecture, I will show you the principles of using it as well as a practical example
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Issue tree – Overview of case studies
Now let’s have a look at different examples of applying the issue tree. We will look at 4 examples:
1. Logistics for a chicken producer. We will use in the first cases study the issue tree to identify potential problems in the logistics producing meat from chickens
2. Retail. In the second example, we will apply the issue tree to a retail firm
3. FMCG. In the third example, we will apply the issue tree to a firm producing consumer goods
4. John’s flat. In the final example, we will help John improve his apartment
That’s in short. Enjoy the case studies. If you have any questions regarding this method or any other method please let me know. I am always more than happy to help with whatever I can
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Issue tree – Logistics
Here I will show an example of an issue tree in Logistics
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Issue tree – Retail
Here I will show an example of an issue tree in Retail.
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Issue tree example for a FMCG firm
Here I will show an example of an issue tree in FMCG.
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Issue tree for John's flat – Introduction
Imagine that you would have to create an issue tree for John’s flat. What kind of problem he has and what could be the reasons for that
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Issue tree for John's flat – Solution
In this lecture I will show you the solution to previously introduced case study
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Priorities
Without setting the right priorites to tasks you may end-up concentrating on the wrong things.In this lecture we will discuss the ways in which you can set priorities to tasks that you have to perform. At the end I will apply them in an example to show you the difference in outcome
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Benchmarks – external and internal
In this lecture I will discuss the role of external and internal benchmarks. They are a powerful help in business and will help you boost your productivity yet have to be used with caution. At the end I will apply them in an example to show you the difference in outcomes.
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80/20 rule in practice
In this lecture I will show you how to use in practice 80/20 rule also known as Pareto principal
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Low hanging fruits
In this lecture we will talk briefly about applying the low hanging fruits in practice. I will show you the principles of using it as well as a practical example
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Low hanging fruits used in Business
Now let's try to use the low hanging fruits for business purposes. In the next few lectures we will use the low hanging fruit framework to identify quick wins when it comes to cost reduction. We will have a look at a drugstore chain that wants to reduce it's costs.
However, first we will have to adjust our framework to cost reduction
Enjoy the case study and if you have any questions please let me know
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Quick wins for cost reduction
Let’s look how the quick win framework looks for savings. We will look at 2 dimensions:
What is the potential savings we can achieve
How easy it is to implement it?
We will have thanks to 4 categories of projects that we can consider:
Cow savings – easy to kill and big
Elephant – difficult to catch yet big
Chicken savings – easy to kill yet you need to kill a lot of them not to be hungry
Bat savings – small and difficult to catch
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Quick wins for cost reduction – Remarks on Pontetial Savings
Remember that the potential reduction in costs depends on 2 elements: potential percentage cost reduction and the cost starting point:
Potential % cost reduction
Cost starting point
We will discuss this in this lecture
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50
Quick wins in Drugstore – Case Introduction
Imagine that you have to identify quick wins in cost reduction for an international chain of drugstores. We know their cost structure
A few information about the firm that we will be analyzing
They have 4 000 stores
We have their cost structure
They have send us a list of projects that will help them reduce costs
Estimate the potential and group them using the quick wins framework
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Quick wins in Drugstore – Cost Structure
In this lecture we will solve the previously introduced case
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Quick wins in Drugstore – Cost Reduction
In this lecture we will solve the previously introduced case
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Quick wins in Drugstore – Summary
In this lecture we will solve the previously introduced case
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54
Set SMART goals
Goals are good as long as they are SMART. In this lecture we will talk briefly about applying this useful concept in practice. I will show you the principles of using it as well as a practical example: some of them general and one specific for consulting
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KPIs and business drivers – Introduction
Key Performance Indicators are extremely important to understand and manage a business. In this lecture I will show you how this is achieved. In the next lectures I will show You using an exmaple of a cinema company how to apply KPIs in practices
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56
KPIs for cinema – case to be solved
In this lecture I will show you the case you have to solve. As a first step you will have to define the KPIs that matter in the cinema business
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57
KPIs for cinema – solution
In this lecture I will show you the logical structure to the case presented in the previous lecture
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KPIs for cinema – Excel
Once you are done with the logical structure you should build the analysis in Excel on the basis of it
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KPIs for cinema – Power Point
The data you have gathered will be used in your business analysis. You can also fill in the slides prepared in the very beginning and modify it if needed
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60
KPIs for marketplace – Problem
In this case study you will be asked to define the drivers and KPIs for the marketplace / 2-sided business model
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61
KPIs for marketplace – Solution
In this lecture I will discuss the KPIs that you should concentrate on in marketplace business model
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KPIs for marketplace – Alternative Solution
In this lecture I will discuss the KPIs that you should concentrate on in marketplace business model
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KPIs for SaaS – Problem
In this case study you will be asked to define the drivers and KPIs for the SaaS business model
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Examples of SaaS businesses
Here I will show you some examples of SaaS businesses. This will help you to understand the nature of the business and define proper drivers and KPIs
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KPIs for SaaS – Solution
In this lecture I will discuss the KPIs that you should concentrate on in SaaS business model
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66
Personal KPIs – Introduction
Let’s imagine that you have to define the personal KPIs for Giuseppe that will help him make sure that he is increasing his chances of being happy
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Personal KPIs – Solution Part 1
In this lecture I will show you the solution to previously introduced case study
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Personal KPIs – Solution Part 2
In this lecture I will show you the solution to previously introduced case study
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69
Opportunity Tree
Opportunity tree is a tool that you can use to generate new ideas to improve your business by looking at main drivers of your business
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70
Cost drivers
If you want to understand well a business you have to be able to identify the cost drivers that shape the business model. In this lecture I will show you how to do that
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71
Total cost of ownership
Here we will discuss a very useful concept that is used in business and should be also used when making serious long-term decisions the so-called total cost of ownership.
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72
Rent or buy a house – Introduction
Let’s imagine that Peter is considering 2 choices: buying an apartment or renting it. Let’s use the total cost of ownership to see what makes sense.
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73
Rent or buy a house – Rentig cost
In this lecture I will show you the solution to previously introduced case study
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74
Rent or buy a house – The loan
In this lecture I will show you the solution to previously introduced case study
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75
Rent or buy a house – Buying the apartment
In this lecture, I will show you the solution to the previously introduced case study
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76
Rent or buy a house – Comparison
In this lecture I will show you the solution to previously introduced case study
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77
Basic tools – Summary
Here we will summarize all the methods we have learnt in this section
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78
Make it or buy it – Introduction
As a management consultant or a manager you will quite often have to decide whether to something internally or buy it from 3rd party supplier. In this cases you have to perform make-or-buy analysis. We will discuss this in detail in this section
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Delegating some work to others – Case Introduction
We are back to Maria. Using previous case study we will try to decide which activities she should delegate using the make-or-buy analysis.
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80
Delegating some work to others – Analysis of activities
In this lecture I will show you the solution to previously introduced case study
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81
Delegating some work to others – Summary
In this lecture I will show you the solution to previously introduced case study
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82
Make-or-buy courses – Case Introduction
Imagine that you have to analyze for a consulting firm whether it makes sense or not to produce online course devoted to Data Science. In this lecture I will show you a few information about the firm that we will use to pick the optimal solution
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83
Make-or-buy courses – Make Option
In this lecture we will solve previously introduce case study. We will have a look at the make option
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84
Make-or-buy courses – Buy Option
In this lecture we will solve previously introduce case study. We will have a look at the buy option and we will compare make and buy options.
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85
Make-or-buy courses – Comparison
In this lecture we will solve previously introduce case study. We will have a look at the buy option and we will compare make and buy options.
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86
Make it or buy it – When to make even if it is more expensive
In some cases even if it is more expensive to make than to buy it still makes sense to make:
There is no content on the right level
Your standard differs from the general standards
You treat the teaching system also as a standardization tool
You grow drastically in terms of people
You want to keep the knowledge to yourself
There are not specialists in a specific area
Legal reasons & NDAs
