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Management consulting
Management consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. 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.[1]
As a result of their exposure to and relationships with numerous organizations, consulting firms are typically aware of industry "best practices".[2] However, the specific nature of situations under consideration may limit the ability or appropriateness of transferring such practices from one organization to another. Management consulting is an additional service to internal management functions and, for various legal and practical reasons, may not be seen as a replacement for internal management. Unlike interim management, management consultants do not become part of the organization to which they provide services.[3][4][5]
Consultancies provide services such as: organizational change management assistance, development of coaching skills, process analysis, technology implementation, strategy development, or operational improvement services. Management consultants often bring their own proprietary methodologies or frameworks to guide the identification of problems and to serve as the basis for recommendations with a view to more effective or efficient ways of performing work tasks.[3]
The economic function of management consulting firms is in general to help and facilitate the development, rationalization and optimization of the various markets pertaining to the geographic areas and jurisdictions in which they operate.[6][7] However, the exact nature of the value of such a service model may vary greatly across markets and its description is therefore contingent.[a]
- ^ McKenna, Christopher D. (1995). "The Origins of Modern Management Consulting". Business and Economic History. 24 (1). Cambridge University Press: 51–58. JSTOR 23703271. Archived from the original on 4 November 2022. Retrieved 21 May 2022.
- ^ Beyerlein, Michael M.; Lahti, Ryan K. (July 2000). "Knowledge transfer and management consulting: A look at "The firm"". Vezetéstudomány - Management and Business Journal. 31 (7–8). Corvinus Research: 91–99. Archived from the original on 25 June 2022. Retrieved 24 May 2022.
- ^ a b Kubr, Milan (2002). Management Consulting: A Guide to the Profession. Geneva: International Labour Office.
- ^ Vines, James K. "CPAs Who Perform Management Consulting Services May Face Increased Expsoure to Controlling Person Liability under the Federal Securities Acts Note". heinonline.org. Law Journal Library. Archived from the original on 4 July 2022. Retrieved 21 May 2022.
- ^ "What is Management Consulting?". managementconsulted.com. 25 December 2019. Archived from the original on 14 September 2022. Retrieved 14 September 2022.
- ^ Wang, I-Ming; Shieh, Chich-Jen; Hsiao, Juimin (2005). "The relationship between service quality, customer satisfaction and customer loyalty: a study on the management consulting industry". Journal of Information and Optimization Sciences. 26 (2). Taylor & Francis Online: 371–384. doi:10.1080/02522667.2005.10699655. S2CID 167769667. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
- ^ "The Role of Government in Developing the Management Consulting Industry in Countries". Ideas. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
- ^ Schlegelmilch, Bodo B.; Diamantopoulos, Adamantios; Anne Moore, S. (1992). "The Market for Management Consulting in Britain: An Analysis of Supply and Demand". Management Decision. 30 (2). Emerald Insight. doi:10.1108/00251749210011197. Archived from the original on 11 April 2023. Retrieved 11 April 2023.
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