Question

How covid affected managemnt?​

Answer 1

Answer:

HOW HAS COVID-19 AFFECTED MANAGEMENT CONSULTING?

Explanation:

The impact of the COVID-19 on the global economy has been well documented. Global management consulting was growing at a steady pace for the past decade since the Great Recession of 2009. However, due to the pandemic, the industry has hit a roadblock this year. It is expected that the downturn will lead to loss of around $30 billion in revenues, severely affecting management consulting firms. As global economies are pushed to the brink of recession and clients tend to delay or put a hold on projects, Q2 and Q3 will prove to be the hardest for management consulting companies. Recovery is anticipated by the end of 2020.

Larger management consulting firms will be better placed during this upheaval as they have longer projects in the pipeline, which clients might be hesitant to cancel or delay. In such turbulent times, clients will likely hire major firms who would have greater resources to allocate to projects. Brand equity will also play a massive role, as clients would tend to only invest in projects during the pandemic if it’s with a major firm.