1/14/22, 10:34 AM MID TERM MGMT 705(20 MARKS)

MID TERM

MGMT 705(20 MARKS)

ALL QUESTIONS ARE COMPULSORY

1. Market Need for Management Consultancy Competence *

(1 Point)

clients are becoming more selective

there is a shifting balance from traditional IQ-based measures to emotional intelligence as

the predictor ofexcellence and success

demanding specialised technical knowledge

All of the above

2. Write down the essential elements in the  format of a Consulting Proposal. *

1. Introduction/ Project Appreciation

2. Terms of reference

3. Approach and methodology

4. Activity schedule/ Work plan

5. Manpower schedule

6. Curriculum Vitae
7. Similar experience

8. Project risks/ Mitigation measures

9. Support facilities

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3. What do you understand by Identification and Definition of Problem? How

does Fact-Finding Lead to an Effective Solution Development and
Implementation *

A problem is the difference between present performance and what could or should be, like the
organisational goals. When that difference exceeds a certain threshold, there is a problem.

The process is as follows-

- Recognize and characterise the problem. Describe the issue as plainly as possible.

- Come up with potential solutions.

- Consider alternatives.

- Make a decision on a solution.

- Put the solution into action.

- Assess the outcome.

Fact-finding is the process of gathering data and information using approaches such as
document sampling, research, observation, questionnaires, interviews, prototyping, and
collaborative requirements planning. To create and execute the present system, the system
analyst employs appropriate fact-finding methodologies.

1. Gathering information allows us to determine how much a prospect/client can afford and is
willing to pay. That understanding can help you avoid or neutralise objections, increasing the
likelihood of a successful closure.

2. Fact-finding helps them to glimpse inside a prospect's mind, allowing them to create a really
relevant product solution.

3. Fact-finding and feeling-finding talks frequently bring to light subjects that a client feels
strongly about, both positively and negatively.

4. Before final implementation, users and developers may test and understand the system. It
may also make and determine system development before committing to significant
development charges in the information system.

4. Explain the 5 most important skill set required by Management consultants *

1. Creative thinking leading to effective problem solving

2. Strong communication skills

3. Credibility

4. Client-focused thinking

5. Flexible

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5. Which statement is true about The contingency management approach : *

(1 Point)

represent a complex collection of various components that work together to reach a

common goal

It believes that the optimal management style depends on the situation

Depending on the business area, managers may use techniques like computer simulations
or information models to assess performance.

This approach can help managers make objective decisions based on data and facts, rather
than personal opinions or feelings, that support the business.

6.    What can be the key areas of concern in acquiring and Developing Talents for
consulting? *

1. Their academic successes

2. Their leadership skills

3. Work experience

4. Being able to present perfectly

5. Fit for consulting or not

6. Knowledge about the fundamentals of industries

7. A good communicator

8. Team work

9. A good personality

7. The benefit/s of incorporating modern management theories *

(1 Point)

Modern management theories often provide managers insights into the factors they need
to examine, which they can use to evaluate their organization or department

Modern management theory uses mathematical and statistical methods to assess

performance within an organization.

the modern management theory examines employees' motivation for working beyond
financial gain

All the above

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8. The systems approach defines an organization by dividing it into different

components. Write down the components that demonstrate how different parts of
the organization work together toward a common goal *

According to Organizational psychologist Edgar Schein, there are four components, which are as
follows:

1. Common purpose- A shared goal unites employees or members and ensures that everyone
understands the organization's direction.

2. Coordinated effort- The coordinated work of all individuals and groups within an organisation
achieves the shared goal.

3. Division of labor- Work specification for increased efficiency is another term for it.

4. Hierarchy of authority- The chain of command is simply a control system that ensures the
t l d th i ht thi t th i ht ti

9. Management science focuses on: *

(1 Point)

the use of mathematical and statistical methods to form effective business solutions and
achieve goals

Managers can use these tools in various situations, including project management,
budgeting and developing schedules.

None of the above

Both a &b

10.  Elaborate on the various issues in Pricing of Consultancy. *

We can go for

1. Hourly billing

2. Retainer agreements

3. Productized services

4. Value-based pricing.

11. What do you understand by the term Consultancy. What are the pros and cons of
Inhouse Vs outsouring the service. *

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Consultancy is expert advise on a certain subject provided by a person or group for a fee to a
firm or organisation.

Pros of Outsourcing-

1. Cost effectiveness

2. Makes hiring on hourly model is an advantage

3. Core competency- do what you do best and outsource the rest

Cons of outsourcing-

1. Lack of control

2. Communications and quality concerns

Pros of inhouse-

1. Cultural fit

2. On-site availability

Cons of inhouse-

1. High cost

2. lack of talent

3 L t ti t

12. The first step in the consulting is: *

(1 Point)

Think impact: What is the question you are trying to answer?

Think disaggregation and early hypothesis: What could be the key elements of the problem

Think speed: Which parts of the tree are most important to the problem?

Think efficiency: What should you spend your time on?

13. Name , Roll Number and Section *

Anannya Choudhury, 320A04, Sec A.

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14. ...........approach of management states that organizations represent a complex

collection of various components that work together to reach a common goal *
(1 Point)

Systems Approach

Contingency Approach

Quantitative approach

None of the above

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