Management Consulting Prep

Case Interview Fundamental Case Interview Concept

When it comes to the world of management consulting, there are various concepts one must grasp to be a successful consultant. For newcomers, it can seem extremely daunting: Where should I start? Do I need to learn XYZ? What part of my analysis can I apply this specific concept?

Here at MconsultingPrep, I believe in two qualities: effectiveness & efficiency. That is, together, we will not only learn the what, but also the how. So let's get started!

A quick glance

    1. What are the main concepts?
    2. Your roadmap to success

1. What are the main concepts?

Mutually Exclusive, Collectively Exhaustive (MECE)

  • MECE is a key principle for structuring and breaking down anything from Problems, Ideas, Workstreams, etc.
  • This concept is highly important in the management consulting industry, so much so that the whole industry revolves around it.

In our MECE article, you will learn:

  • What exactly is MECE? 
  • The main principles of MECE.
  • Applications in real Case Interview.

Case Interview Framework

  • Case Interview Framework is one of the most searched phrases in consulting prep. 
  • In simple language, case interview frameworks are like standard templates, used to structure and break down common business problems. 

In our Framework article, you will learn:

  • What are Frameworks?
  • Breaking the misconception: The more framework I know, the better?
  • Most common types of Framework:
    • Comprehensive: Profit, 3C & P, M&A.
    • Mini: Internal – External, Quantitative – Qualitative. Cost – Benefit, BCG 2×2.
  • Various tips & tricks on using framework.

Hypothesis

  • To put simply, a hypothesis is an educated guess of where the bottleneck or the problem might be. 
  • A hypothesis don’t need to be correct but it needs to be based on facts and supports in arriving at the conclusion. 

In our Hypothesis article, you will learn:

 

  • What is Hypothesis? How is it different from Conclusion?
  • The main principles to follow.
  • Secret tips & tricks to apply in a case interview.

2. Your Roadmap to Success

One of the most important aspects of learning case interview concept is how & when to implement them. Here is a detailed roadmap of how you can apply each concept in your case solving analysis.

The Case Concept Roadmap

Define the Problem

Every case / project starts with a Problem and it must be super well defined.

MECE is the standard of breaking problems down that all consultants try to comply.

Break down the Problem

A good method doesn’t fix the symptom, but rather looks for the Root-cause and solve it. 

No Overlap

No Missing

MECE

Creating an Issue Tree

We group possible root-causes into big groups and smaller sub-groups in a MECE fashion.

Frameworks are the standard templates, used to structure and break down common business problems.

Customize Frameworks

To fasten the process, we rely on different types of customizable Building-block and Mini Frameworks.

  • Profitability Model: Profitability Optimization.
  • 3C & P: Pricing Optimization, Industry Landscape & Competitor Dynamics, etc.
  • McKinsey M&A: Merger/Acquisition/Joint Venture.
  • Mini Frameworks: Internal – External, Quantitative – Qualitative, Cost – Benefit.

Hunt down the Answer

The task now is to test each branch to see if Root-cause is indeed in that branch.

Hypothesis helps us make an educated guess on which branch has the highest chance of containing the Root-cause.

Coming to Conclusion

We try to prove or disprove our Hypothesis by collecting Data that are compared with other Benchmarks.

  • If the test says “NO”, eliminate that branch and go to the next one.
  • If the test says “YES”, go deeper into that branch, drill down to the lower levels until we identify all proven root-causes.

That’s everything you need to know to start your journey with us today!

Click on any of the articles below to begin your Case Interview Concept training course.

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