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Management Consulting Exam Quiz

Management consulting, often referred to as business consulting, is defined as “advisory and/or implementation services to the (senior) management of organisations with the aim of improving the effectiveness of their business strategy, organisational performance and operational processes”. Management consulting is – due to the great diversity in disciplines and differences in required capacities of advisors – the broadest area within the consulting industry, and covers between 50% - 55% of the total consulting market.Since management consulting represents over half of the consulting industry, most players in the market are either specialised management consultancy firms or organisations with a business unit that offers management consulting services. In the case of the latter, it mostly concerns large IT service providers (who often provide implementation support and change management), recruitment firms (that often extend their recruiting and interim services with HR advisory) or temporary employment agencies (who add upscale consulting services to their temp and contracting portfolio). In terms of numbers, a large part of the market consists of freelancers – freelance management consultants that are active as independent advisors or contractors.