Management Consulting Jobs Key Terms
Learn the key terms related to management consulting jobsManagement consulting jobs are an integral part of almost every business industry. Management consultants work with employees and managers to ensure workplace efficiency, quality control, customer satisfaction and employee recognition and training.
Management consulting involves several key terms and processes. Learn about these key terms to determine if a management consulting job is right for you, or if your business can benefit by hiring a management consultant.
Business process reengineeringBusiness process reengineering, often called BPR, is the restructuring of a company's work flow and business policy or procedure. BPR is often recommended by management consultants to improve workplace efficiency or product quality.
Team building exercisesTeam building exercises are group exercises designed to help employees break the ice, communicate, contribute ideas and brainstorm on projects. Team building exercises can include games, physical activities, group discussions, chartbuilding and other group activities.
Total quality managementTotal quality management, or TQM, is a business philosophy that states that everyone involved with the development or production of a product is responsible for its quality. Management consultants are often integral in the implementation of this philosophy to help improve employee work production and quality.
Black-Scholes EquationThe Black-Scholes Equation is a financial model used to evaluate the worth of a company's stock options and predict the value of the stock in the future. Management consultants are often called upon to assist in stock option evaluation.
Situational leadershipSituational leadership is a style of leadership in which a manager or team leader can adapt their leadership methods to meet the needs of each individual project or team.
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