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Transcript: Section D Maria, Cristina, Leopoldo, Bruno y Pamela Organization Theory Globlal management consulting firm. - Long term improvements to clients performance - Research into management issues. McKinsey & Company THE COMPANY More than 14 thousand consultants located worldwide assist clients in improving their business THE COMPANY They help them by making long-term changes to the companies, but also in terms of social contribution. Mission Statement MISSION "Our mission is to help our clients make distinctive, lasting, and substantial improvements in their performance and to build a great firm that attracts, develops, excites, and retains exceptional people.” Main Customers CUSTOMERS Private, public and social sector institutions and private. INDUSTRIES: Automotive Chemicals Financial services Private Equity COMPETITORS MAIN COMPETITORS - Boston Consulting Group BCG - Bain & Company - Deloitte Consulting - Accenture - Ernst and Young - PwC PricewaterhouseCoopers - KPMG - Booz and Company GEOGRAPHICAL MARKETS Mckinsey provides services worldwide and has offices in more than 60 countries and more than 120 cities. In Spain for example, it has been present for more than 40 years GEOGRAPHICAL MARKETS STRENGTHS 1. Always Innovating - continually seek new and better ways to serve their clients - continually bring new talent into the firm - develope new capabilities for example in design, analytics and digital. 2. Investment - They invest more than $600 Million annually in knowledge development. 3. Knowing the market - The firm studies markets, trends, and emerging best practices, in every industry and region, locally and globally. 4. Partnerships -They partner with clients to put recommendations into practice and work directly with them over the long-term STRENGTHS ORGANIZATIONAL STRUCTURE ORGANIZATIONAL STRUCTURE - Originally organized as a partnership - Turned into a private corporation with shares owned by its partners in 1956 - Flat hierarchy and each member has a mentor - The firm is also managed by a series of committees with their own area of responsibility De-centralized structure different offices operate similarly, but independently Consultants and engagements are often shared across offices McKinsey consultants are either industry experts, functional experts, or generalists that cover specific geographic regions. The firm has 23 industry practices focused on individual industries, 9 functional practices that work in areas like finance, marketing or risk, and 5 Capabilities and Solutions areas related to technology consulting. More of McKinsey's Structure More of McKinsey's Structure ORGANIZATIONAL STRUCTURE DIAGRAM Professional Bureaucracy since they have to provide professional service to clients There is a higher amount of standardization of skills and output Work Coordination Work Coordination PARTNERSHIPS PARTNERSHIPS WORLD ECONOMIC FORUM UN WOMEN NEW CLIMATE ECONOMY FOCUSING CAPITAL ON THE LONG TERM LEAN IN. ORG (CDP) CARBON DISCLOSURE PROJECT MAIN RESOURCES Prestige Human resources Knowledge Human relations. Consultancies require a dose of understanding the company and also having a clear vision of the future in order to predict what market trends be like on the forthcoming years. Their Main Resources Include: MAIN CHALLENGES Fundamental characteristics McKinsey bases its resources on the data provided by customers. Need for a clear overview of the market as well. How is the company managed? - nonhierarchical and inclusive -sustain a caring meritocracy develop one another through apprenticeship and mentoring -uphold the obligation to dissent -governs itself as a “one firm” partnership Maintain the majority of the current customers. Increase the customer pool with new, powerful customers. Do not become technologically obsolete. Incorporate new, young workers (mainly executives). Main challenges Main challenges
Transcript: Clientele and professional development How Does Knowledge Create Value for McKinsey and Company ? Tacit Knowledge - context specific, hard to formalise and articulate, in the heads of individuals Explicit Knowledge - easily written down and codified (Gerami 2010) What is Knowledge? a quick success among the firm’s consultants. It offered the consultants a source to identify co-workers. It served as a “yellow pages”. These three systems are part of the knowledge infrastructure at McKinsey and all contributed to the idea of “One Firm.” They were utilized by the consultants in order to gather and share knowledge. a system created to store info on client engagement and it accessible to all members of the firm. The benefits, as we see them, are two fold: 1) organize and store historical data on client projects; 2) provide information on ‘lessons learned’, to be used as a benchmark for future projects. This type of system illustrates how tacit knowledge is transferred to explicit knowledge (Externalizaion). Recruitment was given high importance in McKinsey. The company recruited graduates from top-tier business schools. Before a candidate was selected, he/she was interviewed six to eight times by the partners and principals. Upon joining the firm, entry level business analysts can expect to spend plenty of time learning the basics such as data gathering, modeling, analyzing and preparing reports and etc.; but after two years of toil, opportunities for advancement will present themselves. However, McKinsey is notorious for an aggressive ‘up-or-out policy’, where those that don’t progress leave. This policy leads to intense competition but retain the talent people for company. The McKinsey dicide to create two new career paths for client service support and administrative staff. - The first reaffirmed a path to partnership for practice-dedicated specialists who built credibility with clients and CSTs through their specialized knowledge and its expert application. Their skills would have them in high demand as consultants to teams (CDs) rather than as engagement directors (EDs). - The second new option was the practice management track designed to provide a career progression for practice coordinators, who had a key role in transferring knowledge and in helping practice leaders manage increasingly complex networks. Valuable administrators could also be promoted on this track. No creative solutions Database systems are complex, difficult, and time-consuming to design Substantial hardware and software start-up costs Damage to database affects virtually all applications programs Extensive conversion costs in moving form a file-based system to a database system Initial training required for all programmers and users Client impact committee Knowledge Management Timeline 2. Value of McKinsey's Knowledge is Realised Through Knowledge Management KRD Changing the organisational culture is imperative in fostoring a knowledge based organisation Create a climate that consultants are willing to volunteer their creativity and expertise "Successful knowledge sharing is 90% cultural, 5% tools and 5% magic. All the technology and tools in the world wont make you a knowledge-based organisation if you do not establish a culture that believes in sharing" The disadvantages of McKinsey’s KM : Founded in 1926 by James "Mac" McKinsey. Originally an accounting and engineering advisory firm. Efficiency Experts, Business Doctors. Knowledge management can increase the corporate assets, such as management systems, brand image, customer information and corporate reputation. • Increasing opportunities for innovation, creating a free exchange of ideas and working collaborate to develop and create new knowledge. • More efficient knowledge capture and storage in relation to customers will enable company to build better relationships with customers through deeper understanding of their needs and how to provide the best service to them. (Huey 1993, pg. 72) McKinsey - people-to-people methods Stephen Dull & The Knowledge Resource Directory (Gerami 2010) The objectives of CPDC are replacing the leader-driven knowledge creation and dissemination process with a stewardship model of self-governing practices focused on competence building. - Develop ‘T-shaped’ consultants develop the consultants with deep industry knowledge and substantive specialized expertise McKinsey & Company Benefits Knowledge is intangible, dynamic and difficult to measure Disadvantage One firm policy Thank You For Your Attention. (Gerami 2010) Now ... Information is able to be measured and quantified 3. Critically evaluate the company’s hard knowledge management strategy limiting the value of knowledge by missing out on major pools of tacit knowledge Client service support and administrative McKinsey and Comapny's hiring practices do not promote diversity of consultants (McKinsey and Company 2012) 1. Knowledge is McKinsey's Product VS are there any questions? :) FPIS: Firm Practice
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Transcript: Assessment and management of stroke in the pre-hospital setting Sam, Sam, Shawn, Andy, Charlie & Owen WHAT There are three types of stroke: Transiant ischaemic attack (TIA) - Ischemic stroke and Hemorrhagic stroke (Stroke Association, 2017). The World Health Organisation,( 2017) deffines a stroke as, the interruption of the blood supply to the brain, usually because a blood vessel bursts or is blocked by a clot. This cuts off the supply of oxygen and nutrients, causing damage to the brain tissue. what is a stroke? Stroke classification what comorbidities or health risk factors lead to strokes or increase the risk of strokes? why do people experience strokes? why treatment how do we assess and treat stroke? FAST campaign and treatment pre-hospital / hospital epidemiology What are the UK and international statistics on stroke death and survival chart? bla bla bla! how can we as studet paramedics increase the quality of treatment for stroke patients? how References WHO. (2017). WHO | Stroke, Cerebrovascular accident. Available at: http://www.who.int/topics/cerebrovascular_accident/en/ [Accessed 2 Oct. 2017]. Stroke Association. (2017). Types of stroke. Available at: https://www.stroke.org.uk/what-stroke/types-stroke [Accessed 2 Oct. 2017]. Sibson, L. (2017). Stroke assessment and management in pre-hospital settings. Journal of Paramedic Practice, 9(8), pp.354-361. References
Transcript: Knowledge Management Analytical Case by Milk 'n Soy 1926 The foundation ACTOR James McKinsey CORE BUSINESS Accounting and engeneering advisors and consultants MISSION Excellence in serving clients POSITION Fast growth all over the world 1971 Domestic and International growth (1926-1971) 1980 Commission on Firm and Goals Decade of doubt (1970-1980) 1987 January 20 Barack Obama, inaugurated as the 44th President of the United States of America, he becomes the United States' first African-American president 1990 An Important Event Can't remember what it was Earthquake, War, Movie Awards? Sports Event, Business Timeline? Present about any topic 1994 The Future Is it here yet?
Transcript: MAN 6327 McKinsey & Company BACKGROUND Background 01. 02. 03. McKinsey & Company is a global management consulting firm that serves a variety of organizations in different industries. The firm was founded in 1926 by a University of Chicago professor, James McKinsey. Marvin Bower is credited for being the father of modern management consulting. He is responsible for MK’s current company culture. CULTURE CULTURE - Performance - Feedback - Improvment Quality Is Key Quality Is Key Adhere to the highest professional standards The Right People For the Job The Right People For the Job Create an unrivaled environment for exceptional people Constant and Continual Improvement Constant and Continual Improvement Improve our clients’ performance significantly RECOMMENDATIONS RECOMMENDATIONS FOR ALIGNMENT CONNECTIONS CONNECTIONS Adopting a personal approach to management would add intrinsic value to the overall value proposition. TRANSPARENCY TRANSPARENCY Open dialogue with employees allows for a clear understanding of where the company is headed and reaffirms trust with the internal clients. CHANGE AGENTS CHANGE AGENTS Innovation and improvement are vital facets for business growth. Assess the changes and implement accordingly. CASE STUDY CASE STUDY Transforming a National Education System Background Information Background Information Loravia is a fictional Eastern European country Population = 20 million Government wants to restructure the education system, both quantity & quality Complete restructure in 10 years Current free-market economy -> decades of communism Background Information Government has just put in place a new economic plan Wants to compete with European neighbors Realizes importance of educating students to meet this goal Currently - all schools are public & student ages are 5-18 Your Job The first stage of this effort is to diagnose the current state of education in schools in Loravia to determine how best to meet the government’s future aspirations. QUESTION 1 QUESTION 1 What are the issues you would want to investigate in diagnosing the condition of the current school system in Loravia? Helpful Tips: -Take time to organize your thoughts before answering. This tells the interviewer that you think about the problem in a logical way. -Develop overall approach before diving into details. QUESTION 2 QUESTION 2 The following chart shows some important education-related measures for Loravia, and also for some comparison countries. Three sets of comparison countries have been used. What can you observe from this chart? QUESTION 3 QUESTION 3 One of the clients at the Loravian DOE mentions the ex. of neighbor country C, which outperforms all of Loravia's economic peers and neighbors in the international assessment. She believes that the more concentrated school structure in this country is a big reason for their success. She suggests having larger, less fragmented schools allows for more effective selection and training of teachers, leading to improved education outcomes for the students. What would be the reduction in the total number of schools in Loravia if it were to reach the same average school size as neighbor country C? Your interviewer can provide you with the following information if requested: - 15 percent of Loravia's population are currently attending school. QUESTION 4 QUESTION 4 Based on the issues and information discussed so far, what further issues would you want to investigate as part of the diagnostic of the current education system in Loravia? Helpful Tips: - Take some time to consider what has been investigated in previous questions and what the conclusions have been. - Summarize for the interviewer what has been determined so far. What further investigations might be necessary? - Keep your eye on the overall objective. Refer back to the set of issues that were outlined in question 1 as you answer this question.
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