What Is Programming? And How To Get Started
January 28, 2025
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This course is part of Management Consulting Specialization
Instructor: John Kim
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(254 reviews)
How to get smart quickly on a new topic? What is industry analysis? How to benchmark companies? How to make great excel models?
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This is the #4 course in the specialization on management consulting.
Management consultants are quick learners. When you first join a generalist consulting firm, you are expected to learn core consulting skills and will likely be staffed on projects across industry and functions. You might be on a chemicals pricing project, then a retail cost-reduction project. It’s critical that you learn “how to get smart quickly” and ask smart questions. At the same time, you should develop an armory of tools to create data through client interviews, surveys, benchmarking, and observations.
What's the first thing you do when learning something new? Internet, of course. So, if you have a new client, in a new industry that you don't know a lot about, where should you start? Learn the first 10 steps you should take to learn the company's business, financials, and industry trends. Work smart.
5 videos4 readings1 assignment3 discussion prompts
All companies and organizations sit within an industry landscape; they have suppliers, customers, rivals, and even new entrants (new competitors). What's the power dynamics among those players and who has the leverage? Professor Michael Porter famously said that "strategy is how you cope with competition." How can your client create barriers to entry and dig an "economic moat" around their business profits?
3 videos1 reading1 assignment1 peer review
Consultants require useful data to make persuasive recommendations. Some of that data is available in ERP (enterprise resource planning) systems and IT databases. However, some other data doesn't exist; you need to create it through client interviews, surveys, observations, benchmarking, or other methods. It's a beautiful thing when consultants are able to drive correlation between the disparate pieces of "data" and tell a coherent story.
3 videos1 reading1 assignment
Benchmarking is the simple idea of comparing performance against others. When you go to the doctor and they measure your vital signs (e.g., blood pressure, heart rate) against your peer group (e.g., women in their 50s), this is benchmarking. It's also a commonly used consulting tool because a) clients often want to know how they are performing relative to their peers, and 2) it's a convenient way for consultants to identify gaps in performance. While the concept is simple, it's incredibly difficult to do well. It's vulnerable to bias and manipulation. As a consultant, it can get you in trouble, and you should use it wisely.
3 videos1 reading1 assignment1 discussion prompt
Management consultants use Excel daily. They need to organize, analyze, and uncover correlations between data. So, consultants practice Excel hygiene to keep their file useful: a) don't hard code values, b) keep a copy of your source data, c) document assumptions, d) don't merge cells. However, once you get past these beginner tips, you should consider who the audience is for the file before you spend too much time "making it pretty." For example, your manager wants to quickly understand and audit your work. Your client wants you to use the Excel model to show them your thinking and make a recommendation.
3 videos1 reading
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Reviewed on Nov 27, 2024
Such an amazing course that ive gained alot and enless of knowlage out of it , thanks John for the great matrials , examples and resourses in the course
Reviewed on Jun 24, 2024
Very good introduction to consulting tools for understand how to analyze and benchmark a business.
Reviewed on Jul 20, 2023
John has been explaining the course in such a way that easy to understand, fun, while giving insight into what consulting about.
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Yes, we will review industry analysis, benchmarking, competitive intelligence, and consulting research methods.
Absolutely. Your ability to "get smart quickly", analyze industries, and benchmark competitors will help you in most careers.
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Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.
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