Case Interview Preparation & Management Consulting | Strategy | Critical Thinking
705: What is Business Judgement (Case Interview & Management Consulting classics)
Aug 21, 2024
Uncover the importance of business judgment in consulting, where making informed decisions amidst uncertainty is key. Discover how effective business judgment influences evaluations and job offers. Learn about the essential sources for developing sound judgment, including extensive reading, work experience, and global travel. Move beyond basic knowledge to enhance your problem-solving skills, making you a formidable candidate in management consulting.
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Quick takeaways
- Developing strong business judgment necessitates being well-read, gaining diverse work experiences, and traveling to enrich decision-making abilities.
- Effective case skills extend beyond practice to include essential aspects like body language, communication, and logical reasoning in uncertain situations.
Deep dives
Understanding Business Judgment
Business judgment refers to the ability to interpret and draw conclusions from incomplete information. It involves making informed decisions based on existing knowledge and available data even when all necessary facts are not at hand. For instance, estimating the number of Starbucks locations in the U.S. exemplifies how one might need to make a reasoned guess when lacking precise figures. The core of business judgment lies in applying logical reasoning to fill informational gaps rather than merely guessing or stating known answers.
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