Management consulting

Management consulting is the practice of providing <a href="/facts/Consultant/D0Ta30QV">consulting</a> services to <a href="/facts/Organization/CR83f1Rn">organizations</a> to improve their <a href="/facts/Performance_management/YQQFB5xe">performance</a> or in any way to assist in achieving <a href="/facts/Goal/N5UtLKVk">organizational objectives</a>. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and accessing consultants' specialized expertise regarding concerns that call for additional oversight.
As a result of their exposure to and relationships with numerous organizations, <a href="/facts/Consulting_firm/nBBv0Fce">consulting firms</a> are typically aware of industry "<a href="/facts/Best_practice/HkqedbtQ">best practices</a>". However, the specific nature of situations under consideration may limit the ability or appropriateness of <a href="/facts/Knowledge_transfer/AjVXXN2N">transferring</a> such practices from one organization to another. Management consulting is an additional service to <a href="/facts/Business_executive/JEQmgan8">internal management</a> functions and, for various legal and practical reasons, may not be seen as a replacement for internal management. Unlike <a href="/facts/Interim_management/3hPF3oRV">interim management</a>, management consultants do not become part of the organization to which they provide services.
Consultancies provide services such as: organizational <a href="/facts/Change_management/lqReblGf">change management</a> assistance, development of <a href="/facts/Coaching/BHYwxISY">coaching</a> skills, <a href="/facts/Process_analysis/FfXrsvtI">process analysis</a>, <a href="/facts/Technology/9Uav5WVR">technology</a> implementation, <a href="/facts/Strategy/vnQ3kcLw">strategy</a> development, or operational improvement services. Management consultants often bring their own proprietary <a href="/facts/Methodology/dk5X9Hxx">methodologies</a> or frameworks to guide the identification of problems and to serve as the basis for recommendations with a view to more effective or <a href="/facts/Efficiency_(economics)/I1M5B5GQ">efficient</a> ways of performing work tasks.
The <a href="/facts/Utility/wlMDG74L">economic function</a> of management consulting firms is in general to help and facilitate the <a href="/facts/Economic_expansion/HjVopBvp">development</a>, <a href="/facts/Rationalization_(economics)/9pqMKAS8">rationalization</a> and optimization of the various <a href="/facts/Market_(economics)/6RfCU3fH">markets</a> pertaining to the <a href="/facts/Region/CdM1oaR3">geographic areas</a> and <a href="/facts/Jurisdiction/0Kb8hao4">jurisdictions</a> in which they <a href="/facts/Operating_model/Au1VfA2Q">operate</a>. However, the exact nature of the value of such a <a href="/facts/Service_model/pIB42HaQ">service model</a> may vary greatly <a href="/facts/Economic_forces/uhtu8LRH">across markets</a> and its <a href="/facts/Fact-value_distinction/RRKgnqzH">description</a> is therefore <a href="/facts/Contingency_theory/85PeTy6v">contingent</a>.

Management consulting open-in-new

Management consulting