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Management Consultancy Services

Extracts from this document...

Introduction

Marketing of Services Project Report: Stage 2 Topic: Management Consultancy Services By Anubhuti Nath (07) Aromal Amal Jkoshi (08) Lavanya Swaminathan (19) Karteek S Tirumalasetti (70) CONTENTS 1. GENERAL POLICIES 3 2. PROFESSIONAL CONSULTANCY ORGANIZATIONS & CHALLENGES 5 3. SHOULD MANAGEMENT CONSULTANCY BE REGULATED? 6 4. STEP 1 IN REGULATAION - WHO ARE MANAGEMENT CONSULTANTS? 7 5. REGULATION - WIDER ISSUES 9 6. CODE OF ETHICS - INSTITUTE OF MGMT CONSULTANTS, USA 10 Clients 10 Engagements 10 Fees 10 Profession 11 7. CODE OF ETHICS - THE GROUND REALITY 12 8. REFERENCES 13 1. GENERAL POLICIES Following the Enron case and others, the place and role of professional advisers within corporate governance was thrown into public focus and as a result the professional management bodies across the world revisited their policies on various regulatory mechanisms. The policies formulated by 'Institute of Management Consultancy', United Kingdom is taken as a reference in the discussions below. The general principles are summarized. - Self-regulation is best delivered through a modern, professional approach, i.e. through standards backed by disciplinary arrangements that are supported by external validation and a Code of Professional Conduct and Ethical Guidelines that apply to all members. - A framework is required at the organizational and individual level to ensure that clients are able to make an informed decision about their choice of consultancy advice. - A sector-wide definition of management consultancy should be developed that will assist in a number of ways, including the debate around self-regulation, and be sufficiently flexible to accommodate new providers of consultancy. ...read more.

Middle

It is also about balancing the need to extend these principles down from the firm to the individual and the costs of any system. The government view has been that good self-regulation coupled with demanding industry and people standards help companies compete in a global marketplace. When combined with effective self-regulatory systems and where appropriate supporting mechanisms exist to encourage good practice and resolve cross-border disputes, this development will reduce barriers and realize a single market worldwide. 4. STEP 1 IN REGULATAION - WHO ARE MANAGEMENT CONSULTANTS? A number of definitions have been developed in recent years. The following is a small selection: Management consultants are used first to provide wider additional expertise than is available within a single organization. Thus a change in production or marketing may require expertise in designing and implementing a new system. Secondly, management consultants are used to provide objective appraisals where it is often easier for the expert outsider to see the broader picture and recognize the long-term requirements. Thirdly, the management consultant may be needed to provide additional assistance where there is a temporary increase in the management workload. This may be to cope with a major change or new development in any area of management responsibility." The rendering of independent advice and assistance on management issues. This typically includes identifying and investigating problems and/or opportunities, recommending appropriate action and helping to implement those solutions. Management consulting is an independent professional advisory service assisting mangers and organizations in achieving organizational purposes and objectives by solving management and business problems, identifying and seizing new opportunities, enhancing learning and implementing changes. ...read more.

Conclusion

The CMC mark is awarded to consultants who have met high standards of education, experience, competence and professionalism. 7. CODE OF ETHICS - THE GROUND REALITY This paper is based on an Ethics Survey conducted by the Institute of Management Consultants among American business consulting clients of IMC members who are Certified Management Consultants (CMCs). Results * Over-promising expected results and/or benefits (Nearly half of the respondents-46%) * Not serving the best interest of the client (32%) * Under-delivering results vs. commitment (31%) A high percentage of respondents--40%--indicated that they believe professional service firms would lie to protect themselves. Thirty-nine percent (39%) also indicated that they think employees would lie to protect themselves. Counterbalancing this, however, was the expression of 54% of the respondents who indicted that in a difficult situation, they believe employees will behave honorably. Half of the respondents also believe that professional service firms do place a high value on the welfare of the client's organization. It can therefore be concluded that while business executives believe that both employees and professional service firms do have an interest in the success and welfare of the organization/enterprise, they also feel that both groups would be inclined to act to protect their own interest or enhance their own position-an action which could inevitably be to the detriment of the enterprise. Two additional issues in which professional service firms can be faulted by business executives included: * Allowing the project's scope to expand/creep. (One-fourth of the respondents indicated this was happening frequently.) * Being imprecise or non-specific when setting expectations. (Only 19% indicated that this happens frequently, yet 68% indicated this occasionally happens.) 8. ...read more.

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