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At its simplest form, “professional services” is an industry where firms like Ernst & Young provide clients with the right subject matter experience via resources at the right time and place and, of course, at the right price.
Feel free to bounce around if you already have a solid understanding of certain sections.
A former colleague of mine summed it up with the following catchphrase: “What we sell is the space between these two ears.” This bit of Yoda-like wisdom was followed by a slowly pointed finger to my forehead.
These practices are then lumped into larger organizational categories that support the firm’s overarching strategic vision. Here’s an example which should clarify things for you a bit: I’m part of the “Program Advisory Services” practice, or PAS for short.
My practice then rolls up into the “Risk Advisory Services” service line.
Richard is a Computer Vision Researcher, head of the CV team. Thus, everything Richard does is correct, and everything Guy does is “cute” and “a nice attempt”.
Once the business case is formally presented and a firm commits to the investment…Recruit, train, sell and bam! This exemplifies why professional services firms cannot have a flat or rigid hierarchy.
It is for that main reason that such a fluid organizational structure must be in place.