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NC-ZZG001-103198Shimp-RC.pptMcKinseyCaseInterviewWorkshopFUQUASCHOOLOFBUSINESSOctober311NC-ZZG001-103198Shimp-RC.pptTODAY’STOPICS•Caseinterviewoverview–Purpose–Types–Suggestedapproach•Successfulproblem-solving2NC-ZZG001-103198Shimp-RC.pptRESUMEANDCASEINTERVIEWS–WHATFIRMSARELOOKINGFORFromyourresumeWorkexperience•Advancementfasterthannorm•Selectionbysuperiorstoleadimportantprojects/specialrecognition•EvidenceofleadershipandteamworkEducation•Academicexcellence•Significantleadershiproles•PersonalinitiativeOutsideinterests•Athletic/culturalachievements•Communityactivities•Drive/perseveranceFromthecaseApproach•Genuineinterestinsolvingcomplexproblems•Structured,logicalapproach•Curiosity,creativity•Logical,probingquestions•SynthesisandconclusionsSkills•Comfortwithambiguity/poiseunderpressure•Broadfunctionalskills•Analyticalrigor•Quantitative,numericalagilityPracticality•Judgment,commonsense•Businessacumen/instinct•Clear,logicalcommunicationEvidenceofExcellenceProblemSolvingAbility3NC-ZZG001-103198Shimp-RC.pptTYPESOFCASESBusinesscases•“WhatwilltheimpactofindustryconsolidationbeoncompanyX?”•“ShouldcompanyXenter/exitanew/oldmarket?”•“HowshouldcompanyXreacttoanewentrant?”•“ShouldcompanyXaddcapacity?”Estimationcases•“HowbigwouldtheIvyGardensapartmentcomplexhavetobeforeveryoneonEarthtolivethere?”•“WhatisthesizeoftheskateboardmarketintheU.S.?”•“WhatdoyouthinkannualresidentialrealestatecommissionsareinAtlanta?”Responsesshoulddemonstrate•Bigpictureperspective•Abilitytostructure•Broadfunctionalskills•Comfortwithdetails,analysisResponsesshoulddemonstrate•Comfortwithambiguity•Abilitytostructure•Facilitywithnumbers•Poise4NC-ZZG001-103198Shimp-RC.ppt...buttherearewronganswersIgnoringorforgettingimportantfactsNotrecognizingthatsomematerialmaybeextraneousDefendingimpracticalsolutionsForcefittingaframeworkthatjustdoesnotworkThereisnorightanswerThegoalistodemonstrate“howyouthink”WHATTOREMEMBERWHENAPPROACHINGACASE5NC-ZZG001-103198Shimp-RC.pptSUGGESTEDAPPROACHFORCASESWhattodo•Listentointroduction–donotthinkaheadtoyouranswers•Ask1-2clarifyingquestions,ifnecessary;takeafewnotesifyoulike;donotexpecteverypieceofdatatobeavailable•Organizeyourthoughtsandstructuretheproblem•Pickonebranchtoprobe,develophypotheses,askforafewrelevantfacts,defend/refinehypothesesbasedonnewinformation,probefurther,anddescribeimplicationsyousee•Pickanotherbranchandcontinue(Makesureyouareprioritizingyourresponses)•Putitalltogether:trytoanswertheoverallquestion(bigpicture)withareasonable,actionableconclusion–Reviewwhatyouknow–Clarifywhatyoudonotunderstand–SolidifyandtenderrecommendationWhatnottodo•Play20questions•Assume1frameworkfitsall•Cover1issuewithoutmentioningandprioritizingallkeyissues•Digyourheelsin•Hidefromthedetails(orthenumbers)•Getfrustrated•Conductapostmortemintheinterview6NC-ZZG001-103198Shimp-RC.pptFIVEEASYSTEPSTOBULLET-PROOFPROBLEMSOLVINGStep1StatetheproblemStep2DisaggregatetheissuesStep3Eliminateallnon-keyissuesStep4Conductcriticalanalyses,porpoisebetweendataandhypothesesStep5Synthesizefindingsandbuildargument?7NC-ZZG001-103198Shimp-RC.pptClearstatementofproblemtobesolvedorissuetoberesolvedSTEP1:STATETHEPROBLEMLEMCharacteristicsofagoodproblemstatementAleadingquestionorfirmhypothesisSpecificnotgeneralNotastatementoffactornon-disputableassertionActionableFocusesonwhatthedecisionmakerneedstomoveforward?InterviewerstatestheproblemProblemhasbeenclearlystated,andyouunderstanditProblemhasNOTbeenclearlystated,oryoudon’tunderstanditYoumustclearlyunderstandtheproblemParaphrasetheproblemtomakesureyouhaveitrightAskquestionstoclarifytheissueStep2.Youareresponsibleforensuringtheclarityoftheproblem8NC-ZZG001-103198Shimp-RC.pptSTEP2:DISAGGREGATETHEISSUESWhyuselogictrees?1.Tobreakaproblemintocomponentpartssothat•Problem-solvingworkcanbedividedintointellectuallymanageablepieces•Prioritiescanbesetamongtheparts•Responsibilitiescanbeallocatedtoindividuals2.Toensurethattheintegrityoftheproblemsolvingismaintained•Solvingthepartswillreallysolvetheproblem•Thepartsaremutuallyexclusiveandcollectivelyexhaustive(i.e.,nooverlaps,nogaps)SubissueSubissueSubissueSubissueSubissueSubissueIssues/hypothesisNo.1Issues/hypothesisNo.2Issues/hypothesisNo.3ProblemstatementSuggestions-Describeyourapproachtotheinterviewerasyouproceed.Don’tassumetheyknowwhatyouarethinking!-Stateyourhypothesesascrisplyaspossible.-Onlyuseframeworksiftheyareappropriate-don’tforcefit.-Theideasareimportant,nottheframework.“Ithinkweshouldlookatthepowerofbuyersandindustrycompetitiveness”isbetterthan“I’dliketoapplypartofthePorterFiveForcesframework”.9NC-ZZG001-103198Shimp-RC.pptSTEP3:ELIMINATEALLNON-KEYISSUESWhy•Firststepinconstant,interactiverefinementprocess•FocusesyoureffortonwhatismostimportantDo’s&Don’ts•Alwaysaskyourself“sowhat”...butalsoaskyourselfwhatyoumighthavemissed•TelltheinterviewerwhatyouarecuttingandwhyProblemstatementIssue1Issue2Issue310NC-ZZG001-103198Shimp-RC.pptSTEP4:CONDUCTCRITICALANALYSISDo’sBehypothesis-drivenandendproducts-oriented“Porpoise”frequentlybetweenhypothesisanddataKeeptheanalysesassimpl