On the beach
In consulting, this refers to any period during which you aren’t staffed to a project. Although you won’t necessarily see any sunshine here, you also won’t have to be anyplace in particular. So there’s a chance you’ll be able to leave the office early, do your laundry, pay your bills, and maybe even see your honey. (continue reading…)
Framework
Basically, a framework is any kind of structure you can use to look at a problem. It can be as simple as, “The company’s problems stem from internal and external factors.” Or it can be something more MBA-ish, such as Porter’s Five Forces. Consultants love frameworks, and the more you use them (up to a point), the more analytical you’ll sound. (See: Porter’s Five Forces.) (continue reading…)
ERP (Enterprise Resource Planning)
An IT solution to streamline operations by connecting all parts of a business electronically—including HR, billing, and inventory. A popular consulting project during the ’90s, ERP spurred double-digit annual growth for firms. (continue reading…)
Buy-in
Agreement from others. Usually refers to support for an initiative from a company’s senior managers or executives. Also refers to support within a company for a project or initiative proposed by consultants. (continue reading…)
Blamestorming
Did something go wrong? Blamestorming involves two or more people engaged in a discussion devoted to determining who’s to blame. (continue reading…)
Balanced scorecard
Enhances performance measurement by creating a “scorecard” based on a balance of four perspectives— customer, internal, financial, and future. Allows companies to measure both daily performance and long-term strategy. (continue reading…)
To help prepare you for your interviews and a possible career in the field, we’ve asked our insiders to give us the most up-to-date consulting jargon. Beware: Unauthorized use of these terms has been known to seriously offend every known species of consultant. (continue reading…)
