Assignment Description:
Terms of Reference (ToR): Teams are requested to submit completed ToR documents by Friday. Each team will be allocated an industry (in our case financial) within which you must choose an individual company (in our case we choose Irish Life) (Insurance company). This assignment consist of 3 sections, but since its a group project, I was allocated section 3. Section 3 consists of 4 stages: 1- orientation 2- Diagnostic 3- Intervention 4- Evaluation (for more information about each stage, attached to this email one of the lecture slides that discuss those stages). Each stage does not have to be very long, one paragraph per stage is absolutely fine. This assignment is only one part of the whole group project, as this is year long group project that involves completing Term of reference (the assignment we are talking about now), Presentation and 6500 words long report. However, the only part to be completed in this semester is the Term of Reference, which the one I’d like to complete for now.
Term of Reference sections:
1. Rationale for Study
Provide an overview as to how this study will be conducted (e.g. what value does it create for the client?)
a. Readiness Assessment:
i. Why was this client selected and how will your team engage in the project?
b. Benefits Realization Mapping:
i. With support from the literature illustrate value for your client in conducting a
strategic consulting engagement;
c. Critical Success Factors for Consulting Assignments:
i. Outline and prioritize the factors your team deem critical to the successful completion of this project?
2. Project Management (e.g. how will your team engage in the company project?)
The company project is a year-long assignment that will require regular attention and management by all team participants in order to reduce the risks associated with scope creep. Below are proposed project management steps to support teams;
a. Identification of Project Goals & Scope;
(i) Team complete ‘Key Study Activities’ section below
b. Development of a Work Breakdown Structure;
(i) Use Microsoft Excel or other work management
software (e.g. Kanban tool) to
identify key project deliverables
c. Project Scheduling of Activities;
(i) Appoint ownership and deadlines to project outputs (e.g. using Gantt chart software)
d. Performance Monitoring & Reflective Diary keeping;
(i) Keep diary of key project milestones and performances throughout the year (Be
sure to include reflections from Webinar exercises throughout year). This is important for completing the evaluation stage below. (diary written from team perspective)
3. Key Study Activities (e.g. how the consulting team completes company project (methodological process for consulting?
The study will follow the four stages of a typical Management Consulting initiative. This section requires teams to be specific in terms of the range of activities to be conducted throughout each stage:
i. Orientation Stage
ii. Diagnostic Stage
iii. Intervention Stage
iv. Evaluation Stage
Note: section 3 is where you need to explain what activities you plan to carry out for each stage. You should also give an indication as to why you plan to carry out the mentioned activities. Try to be company specific.
Recommended Text Book & Journal Readings
Johnson G, R. Whittington, K. Scholes, D. Angwin, and P. Regner. “Fundamentals of Strategy”. Pearson Publications.
Saunders, M., P. Lewis, and A. Thornhill. “Research Methods for Business Students”. Pearson Publications, NY, USA, 6th Edition.
and Journals such as: Harvard Business Review, Sloan Management Review, Californian Management Review, Strategic Management Journal, Academy of Management Review.
Additional supporting texts may include:
Porter, M.E. (1985), Competitive Advantage, New York Free Press.
Cunningham, J. and Harney, B., 2012. Strategy and Strategists. Oxford University Press. Mintzberg H., B.
Ahlstrand, and J. Lampel (1998), Strategy Safari – A Guided Tour through
the Wilds of Strategic Management, Prentice Hall.