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Life of a Management Consultant
Case Interview Fundamental Case Interview Concept
A quick glance
- What are the main concepts?
- 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.
- 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.
Break down the Problem
A good method doesn’t fix the symptom, but rather looks for the Root-cause and solve it.
Creating an Issue Tree
We group possible root-causes into big groups and smaller sub-groups in a MECE fashion.
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.
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.