Management Consulting Jobs Key Terms

Learn the key terms related to management consulting jobs

By Jessica Riendeau

Management 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.

Benchmarking

Benchmarking is an evaluation process in which managerial consultants measure the production and quality levels of a company against similar companies in the industry. Benchmarking helps managers identify weak areas for further development.
Try: BusinessDictionary.com defines benchmarking.

Business process reengineering

Business 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.
Try: Rockford Consulting explains how BPR can help employees recognize more efficient methods of working that achieve higher quality results.

Team building exercises

Team 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.
Try: Business Balls explains how team building exercises can improve the communication and teamwork among employees. It also offers suggestions for workplace-appropriate exercises to encourage productivity.

Total quality management

Total 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.
Try: BNet Business Dictionary defines total quality management and explains how the process encourages employee accountability and quality control.

Black-Scholes Equation

The 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.
Try: Street Authority explains the function of the Black-Scholes Equation, and offers a graph to help you understand how it works.

Situational leadership

Situational 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.
Try: Chimaera Consulting offers a simple explanation of the situational leadership philosophy.