MECE – 80/20
Below is an excerpt from the basic edition of our Succeeding as a Management Consultant book which explains how to use MECE and 80/20 principles to structure and analyze a real consulting project. Engagement teams usually consist of experienced and inexperienced members. Consultants may be inexperienced because they do not understand a sector, client or particular type of analyses. This initial week in the office provides inexperienced consultants a chance to understand the client and sector, and not to appear “green” in front of the client. This is the general format of the week: Reading and Research Planning commences with the engagement team reviewing all relevant newspaper articles, research reports, equity research reports, annual reports and regulatory filings about the client. They will also read competitor information and obtain advice from other consultants who have worked on similar engagements. The objective is to gain a broad understanding of the issues without going into too much detail. Throughout the entire engagement, the team will follow the 80/20 principle. They will only focus on 20% of opportunities which will generate 80% of the value created. Issues As the team conducts its research, each member will write down issues they think affect the client.…