Cracking The McKinsey Mind_Part Two: Designing The Analysis

 

2.      Designing the Analysis

 

2.1          The McKinsey Way

a.           Find the key drivers.

Drill down to the core of the problem instead of picking apart each and every piece.

b.           Look at the big picture.

c.           Don’t boil the ocean.

Work smarter, not harder.

d.           Sometimes you have to let the solution come to you.

 

2.2          Lesson learned and implementation illustration

a.           Let your hypothesis determine you analysis.

b.           Get your analytical priorities straight.

c.           Forget about absolute precision.

We don’t need to have the perfect model. We just need to have something that’s better than what we have today. Let’s go out and make some money, and then we can continue to make it better over time.

d.           Triangulate around the tough problems


2.3          Implementation Guidance

For each issue or subissue, you should list the following elements:

a.           Your initial hypothesis as to the answer

b.           The analyses that must be done to prove or disprove that hypothesis, in order of priority

c.           The data necessary to perform the analysis

d.           The likely sources of the data (e.g., Census data, focus groups, interviews)

e.           A brief description of the likely end product of each analysis

f.            The person responsible for each end product (you or a member of your team)

g.           The due date for each end product

 

Issue/Hypothesis

Analyses

Data Sources

End Product

Responsibility

Due Date

Can we implement the

necessary changes to the

production process? Yes

 

 

 

 

 

Does the new process require special facilites? No

Technical Specifications

Articles, Interviews

Chart

Tom

3-Jun

 

List of facilities that meet new criteria

Facilities management, interviews

List

Tom

5-Jun

If it does require special facilities, can we acquire them? Yes

Map of “facilities gap”

Facilities management, thrum-mat line supervisors, interviews

Chart

Belinda

7-Jun

 

Souces of required facilities/equipment

Operations, trade publications

List

Belinda

7-Jun

 

Costs to fill gaps

Operations, contractors, publications

Table

Belinda

10-Jun

 

Effect on project rate of return

Finance department, prior analysis

Spreadsheet

Terry

12-Jun

Keep crackin’
Jeff Wang Best
31 Dec, 2008

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