Industry Best Practices Flashcards

A consultant is offered a significant gift by a vendor that the consultant may recommend to the client. What is the best practice?

Answer: Decline or disclose it, since it creates a conflict of interest

Gifts from parties affected by a consultant's advice create conflicts of interest that must be avoided or disclosed.

Which approach best reflects hypothesis-driven problem solving?

Answer: Form an initial hypothesis early and design analyses to prove or disprove it

Hypothesis-driven work focuses analysis efficiently by testing an early, falsifiable answer.

What does the MECE principle require when structuring a problem?

Answer: Categories that are mutually exclusive and collectively exhaustive

MECE ensures issue trees have no overlaps and no gaps.

A consultant learns confidential information about Client A that would benefit Client B, a competitor. What should the consultant do?

Answer: Keep it confidential and not use it for Client B

Client confidentiality obligations prohibit using one client's information to benefit another.

Which pricing approach ties consultant fees to the measurable results achieved for the client?

Answer: Value-based or performance-based fees

Value- or performance-based fees link compensation to the outcomes delivered.

When presenting findings to executives, which structure is considered best practice?

Answer: Lead with the key recommendation, then the supporting arguments and data

The pyramid principle puts the answer first so busy executives grasp the main message immediately.

What is the main purpose of a stakeholder analysis early in an engagement?

Answer: To identify who influences or is affected by the project and plan how to engage them

Stakeholder analysis maps interest and influence so engagement and communication can be tailored.