The challenges and opportunities of stylized facts for management consulting modeling and theory development

To improve the ability to influence practice for greater impact, this chapter addresses the knowledge gap for better practical and theoretical understanding of the relevance of stylized facts for management consulting. This literature review explores the usefulness of stylized facts and in the answering of our research questions we identify three definitions for stylized facts based on an economic, business or information system orientation. We discover that stylized facts are used as a classification, as a mechanism for modeling and theory development and as an emerging type of literature review. With its business-oriented theme, our discoveries map methodology and process for stylized facts practices, and observe that the stylized facts literature is riddled with challenges, strategies, goals and recommendations as utilities in the establishment of policy. The use of stylized facts, though limited in "management consulting" specific literature, is not a new phenomenon and instead we see it has become a source of competitive advantage in its technical evolution. The trend of its use is increasing, as is its usefulness.