Learning to Think Like a Consultant

1. Deepening Understanding of the Electricity Market
As our project progresses, I have found myself gaining a much deeper understanding of the electricity market, particularly in terms of its structure, pricing mechanisms, and the varying degrees of deregulation across different regions. Initially, I had only a high-level awareness that some electricity markets are deregulated. However, I have since learned that deregulation itself comes in degrees, and those distinctions can significantly affect market operations and pricing systems. For our client, for example, it is essential to focus on markets that have both day-ahead and real-time market mechanisms in place to generate potential profit. Additionally, we discovered that financial bidding practices are only viable in markets where such mechanisms are supported and approved by relevant government agencies. These nuances are not only intellectually interesting but practically important for any strategic investment in the energy sector.

2. Sharpening Consulting Methodologies
Through this project, I have also come to better understand what makes a successful consulting engagement. One key insight is the importance of narrowing down the project’s focus—not just in terms of scope, but also in how we define success criteria. After much deliberation, our team streamlined our evaluation framework to four dimensions: market structure, data accessibility, policy support, and competitive landscape. This targeted framework helped us focus our research and analysis, making the project more manageable and actionable. In our preliminary phase, we applied this framework to two Canadian provinces—Ontario and Alberta. These cases not only allowed us to test and refine our criteria, but also built a solid analytical foundation that we could later apply to markets in Latin America.

3. The Importance of Effective Presentation
Preparing for the interim presentation helped clarify the difference between academic research and consulting work. In consulting, doing rigorous analysis is not enough—it must also be clearly and compellingly communicated. We worked hard to make our interim presentation client-friendly, using straightforward language, real-world examples, data visualization, and a logical narrative flow. I realized that one of the core components of consulting is not just delivering insights, but delivering them in a way that resonates with the audience and drives decision-making. One particularly useful tool we adopted was a checkbox-style visual to show how different markets aligned with our screening criteria—an idea we drew inspiration from during cross-group feedback sessions.

4. Learning Through Peer Exchange
Another valuable learning experience has come from collaborating and exchanging ideas with classmates. Throughout the first half of the semester, we had multiple opportunities to engage in cross-group discussions. When I explained our project to students from other teams, I often gained new perspectives that helped identify blind spots in our own approach. Some groups tackled the project from entirely different angles, which pushed us to reconsider certain assumptions. Others had innovative presentation ideas—one group, for instance, used a checkbox format to walk through their market selection process. This tool immediately caught our attention and inspired us to adopt a similar method to clearly illustrate our own screening process. This interaction highlighted how peer learning can directly shape our team’s thinking and improve the quality of our output.

5. Reflecting on Personal Challenges
As our research has grown more complex, I’ve found that the difficulty of managing research activities has also increased. Compared to the early stages, this phase of the project demands more focused time, deeper analysis, and continuous iteration. This has made me realize the importance of time management in consulting projects. Without careful planning, we may risk falling short of the goals we set earlier. I noticed that as we dove deeper into technical policy comparisons across multiple countries, the research became more time-consuming than expected. Moving forward, I plan to more carefully allocate time blocks to research and synthesis to avoid last-minute bottlenecks and ensure our team stays on track.

6. Teamwork and Communication in Practice
A major part of the learning also came from working closely with my teammates, who have been incredibly committed and proactive throughout the project. Whenever someone came up with a new idea or found a useful research tool, they would immediately share it with the group. Whether it was preparing for meetings with the client, conducting market research, or fine-tuning our presentation, everyone was fully engaged and willing to contribute. We discussed everything together, from frameworks to formatting, and every suggestion was focused and constructive—there was no wasted time. The strong sense of mutual respect and shared ownership of the project made our collaboration both highly efficient and genuinely enjoyable. I feel lucky to work with such a dedicated and thoughtful team.

7. Looking Ahead
Looking ahead, our team will continue to refine our market analysis using the criteria we’ve developed. Compared to the broader approach we initially took, we are now shifting to a more focused strategy, narrowing our attention to several high-potential markets in Latin America. Countries such as Argentina, Chile, Peru, Colombia, Brazil, and Mexico are currently on our shortlist. Having already researched Ontario and Alberta, we now have a stronger sense of what to look for—and what pitfalls to avoid—when approaching new markets. As we dive deeper into these regional cases, I’m excited to see how our framework evolves and how our insights can translate into actionable recommendations for our client.