Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

Strategic Planning: A Practical Guide to Strategy Formulation and Execution Review

Strategic Planning: A Practical Guide to Strategy Formulation and Execution
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Strategic Planning: A Practical Guide to Strategy Formulation and Execution ReviewIf you are an executive or consultant looking to conduct strategic planning for the first time, or looking for some insights on how to improve your planning process, this is a book you should read. This book is particularly useful if you feel the need to strategic plan in your organization and are having difficulty convincing others.
The book lives up to its subtitle. In my experience many more mistakes are made in the execution of strategies than in their formulation. Simerson's book touches on both providing numerous tools and examples. Plus he gets that consideration of execution needs to occur upfront of, and during the planning process, not after the plan has been created.
In today's tumultuous business and political environment, every organization needs to improve how they go about planning and executing their plan. This book will help you do that.Strategic Planning: A Practical Guide to Strategy Formulation and Execution Overview

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Cross- Functional Teams: Working with Allies, Enemies, and Other Strangers (Jossey Bass Business and Management Series) Review

Cross- Functional Teams: Working with Allies, Enemies, and Other Strangers (Jossey Bass Business and Management Series)
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Cross- Functional Teams: Working with Allies, Enemies, and Other Strangers (Jossey Bass Business and Management Series) ReviewThis book provides practical and helpful approaches to establishing cross-functional teams. The information provided by the author, Glenn Parker, is very useful for teams comprised of any discipline and in any industry. I have utilized many of the techniques and have seen results! I was able to get my teams up and running more quickly, we achieved results, and people seemed to have more fun because we functioned well together. I strongly recommend this book for team leaders and team members.Cross- Functional Teams: Working with Allies, Enemies, and Other Strangers (Jossey Bass Business and Management Series) Overview

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Why Does College Cost So Much? Review

Why Does College Cost So Much
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Why Does College Cost So Much ReviewIn the plethora of books about the "crisis" in higher education, Archibald and Feldman's book serves as a welcome relief from the sensationalism and reliance on anecdotal evidence that permeates the literature. As a college professor myself, with two children poised to enter college in a couple of years, I have read most of the recent volumes published on the sorry state of higher education (e.g., "Higher Education?", "The Five Year Party," "Real Education," among others). While many of these books make for entertaining reading in their descriptions of students who don't study, professors who don't teach, and administrators who line their pockets with exorbitant salaries, what has been missing for a long time in the higher education debate is a reasoned analysis based on empirical data.
"Why does college cost so much?" provides exactly that reasoned analysis. I won't repeat the details of their argument here, but essentially Archibald and Feldman present a compelling argument that--contrary to public opinion--college costs have not escalated wildly out of control but rather track closely the increases in prices for services offered by highly skilled providers, an increase that is inextricably linked to the gains in labor productivity in other domains (a phenomenon termed "cost disease"). Much of the book is devoted to making that argument a heck of a lot clearer than I just did in that one-sentence summary, as well as offering ample empirical data to back their argument up.
There were several major conclusions from this book that I found particularly important--and reassuring: First, while tuition at a handful of very elite schools are indeed alarmingly high, there are literally hundreds, if not thousands, of fine colleges and universities that are actually quite affordable in today's dollars. Although Archibald and Feldman do not say this in so many words, basically one of their messages is that it is NOT a public crisis if little Johnny can't attend Harvard while paying Obscure State U. prices. Second, the sticker shock a prospective parent sees when reading the brochures of fancy colleges does not reflect the often substantial degrees of tuition discounting that goes on. A relatively few families pay full price for their children at selective institutions (and these families do not need to read a book about college costs), but most families receive at least some form of discounting in terms of grants or low-interest loans, a discounting that helps to make college even more affordable. Last but definitely not least, I found their recommendation in chapter 14 of simplifying the college financial aid system by establishing universal college-savings accounts that would be federally subsidized to be highly insightful, and I hope that their policy recommendations are heard by the powers-that-be and enter into the public and governmental debate about higher education.
I was also particularly intrigued by the chapter looking at the increasing role of distance and online learning in higher education, as I have seen in my own institution and other colleges a definite push by college administrators to expand online education as a way of increasing tuition revenues at relatively low cost. Archibald and Feldman dispassionately discuss the economic advantages of distance education, as well as the factors that seem likely to prevent distance education from supplanting traditional college education entirely in the future.
Books that describe drinking binges among students and faculty who only show up for 3 hours a week to teach a class will certainly be more entertaining than the present volume, and they'll get the public's dander up more. But this book goes beyond anecdotal cherry-picking to describe the empirical state of higher education costs, and it offers important policy recommendations that deserve serious attention.
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The Black Book of Outsourcing: How to Manage the Changes, Challenges, and Opportunities (Wiley Desktop Editions) Review

The Black Book of Outsourcing: How to Manage the Changes, Challenges, and Opportunities (Wiley Desktop Editions)
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The Black Book of Outsourcing: How to Manage the Changes, Challenges, and Opportunities (Wiley Desktop Editions) ReviewAn excellent source for information and guidance. The book's three main parts cover: how to plan, lead and manage outsourcing initiatives; a guide to finding an outsourcing career; and a guide for outsourcing entrepreneurs. Some specific topics include: making decisions to outsource; what is needed to be known before starting; assessing cost, benefit, and risk; outsourcing options; selecting suppliers and vendors; and much more. Includes an annotated, extensive vendor directory. Offers a wealth of information and insights.The Black Book of Outsourcing: How to Manage the Changes, Challenges, and Opportunities (Wiley Desktop Editions) Overview

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Power Mentoring: How Successful Mentors and Proteges Get the Most Out of Their Relationships Review

Power Mentoring: How Successful Mentors and Proteges Get the Most Out of Their Relationships
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Power Mentoring: How Successful Mentors and Proteges Get the Most Out of Their Relationships ReviewTo demonstrate how "power mentoring" works in practice, authors Ellen Ensher and Susan Murphy provide down-to-earth interviews with about 50 pairs of high-powered mentors and their protégés. The conversations offer useful nuggets of insight about office politics, job advancement and successful networking. In addition, unlike many books on the topic, this one provides a useful snapshot of the issues, dramas and special challenges women and minorities in the modern workplace face - and the picture is not always pretty. The book's biggest flaws are its redundancy and use of boardroom clichés. Still, we recommend this personalized, practical book to potential mentor-protégé teams.Power Mentoring: How Successful Mentors and Proteges Get the Most Out of Their Relationships Overview

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A Question of Intent : A Great American Battle With A Deadly Industry Review

A Question of Intent : A Great American Battle With A Deadly Industry
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A Question of Intent : A Great American Battle With A Deadly Industry ReviewIt's funny that when I purchased this book, I never really suspected that it would be quite the page-turner that it is. In this book, David Kessler (former head of the FDA) speaks first of his agency's enlightenment that it COULD and SHOULD fight Big Tobacco and then of the fight itself. This is gripping and compelling a story that public policy has to offer: it's hard to remember that ten years ago, the tobacco industry still held that nicotine a)was not addictive and b)did not cause cancer; this book shows how these myths were finally put to bed in the public sphere. Second, this is a neat story. Kessler has much more of a knack for putting words down on a page than one would expect for a medical doctor (perhaps his wife, whom he declares was a fan of Anthony Trollope, rubbed off on him!) He puts together a story that is worthy of John Grisham; seeing that Erin Brockovich became one of the big pictures of the past twelve months, this fella might have something going for himself here....
Setting all of these aside, this book has something to offer for people interested in how the American political system works. In much the same way as books like 'Boomerang!' chronicled the downfall of the centrally-funded health care system also circa the early Clinton-era, this book deals with one of the great succeses (or a part thereof) of the same period. This is a great read and entirely worth buying in hardcover....
Please buy this book....A Question of Intent : A Great American Battle With A Deadly Industry Overview

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Contemporary Behavior Therapy Review

Contemporary Behavior Therapy
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Contemporary Behavior Therapy ReviewContemporary Behavior Therapy by Michael D. Spiegler and Dave C. Guevremont is a thorough overview of one of the most effective therapies known to modern psychology. It is a very well written, well organized, and easy to understand book. It breaks down and clearly demarcates all concepts related to the theoretical constructs defining this ever-important behavioral paradigm. This book is also an excellent read for anyone desiring to learn more about the cutting edge concepts operating in modern psychology today. If you are a serious student of psychology, you will not want to sell this one back.Contemporary Behavior Therapy Overview

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Investment Titans: Investment Insights from the Minds that Move Wall Street Review

Investment Titans: Investment Insights from the Minds that Move Wall Street
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Investment Titans: Investment Insights from the Minds that Move Wall Street ReviewThis book is the nonmath, condensed books version of much of the financial theory written by academics about stock investing, plus some perspectives by outstanding practitioners. If you can understand the math, you will learn a lot more by reading the original works. If you cannot, these side-by-side comparisons are not examined in enough depth to help you understand who's right and who's out of date. The book is well written though, for what it is. The book's concept is simply mistargeted from what investors need to know.
Of the thinkers who were interviewed for this book, the most useful information comes from John Bogle, Gary Brinson, Richard Thaler, Joseph Lakonishok, and Jeremy Siegel. You can read any of several books by John Bogle that are more helpful than this book, such as Bogle on Mutual Funds or Common Sense about Mutual Funds. Jeremy Siegel's Stocks for the Long Run is a classic that anyone can learn from. The Lakonishok studies suggest lots of inefficiency in the markets that Brinson talks about. Thaler's work is cutting edge in helping people understand the systematic tendency for professional and amateur investors to make mistakes.
If you ignore the Markowitz, Samuelson, Bernstein, and Sharpe material in the book, you will have missed relatively little.
Modern financial practice has moved well beyond the original academic perspectives built around the theoretical assumption of a perfectly informed and rational market composed of identically-minded investors. Those useful research-based distinctions are not made here.
If you want to understand what you should be doing as an investor, I would suggest looking elsewhere. Depending on your goals and circumstances, different paths may make sense for you. If you are between 46 and 56, I suggest that you start with Charles Schwab's new book, You're 50 -- Now What?
Of the key lessons in the book, you should pay most attention to the advice to diversify, hold as much in common stocks as your risk profile allows you to do, stay invested all the time, keep costs down (taxes, fees, and trading charges), focus on indexes of sectors that have historically outperformed (such as small cap, value stocks), start investing as soon as you can, add to your investments as much as possible, and . . . leave well enough alone (forget about chasing the latest hot stock or manager to try to beat the averages -- past performance is not an indicator of what will come next).
If you do decide to read this book, check your behavior against the principles I have just listed above. Most people violate these concepts, and have missed the chance to make more money.
May you achieve all of your financial goals!Investment Titans: Investment Insights from the Minds that Move Wall Street Overview

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Managerial Economics: A Problem-Solving Approach (Cengage South-Western's MBA Series in Economics) Review

Managerial Economics: A Problem-Solving Approach (Cengage South-Western's MBA Series in Economics)
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Managerial Economics: A Problem-Solving Approach (Cengage South-Western's MBA Series in Economics) ReviewThis book is designed for decision makers and not for academics. Each chapter provides a situation a goes through the logic of what one should do. It is also a very easy read for those who hate the standard textbook.Managerial Economics: A Problem-Solving Approach (Cengage South-Western's MBA Series in Economics) Overview

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The World Is Flat: A Brief History of the Twenty-first Century Review

The World Is Flat: A Brief History of the Twenty-first Century
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The World Is Flat: A Brief History of the Twenty-first Century ReviewI'd forgotten the pleasure reading good prose brings. Friedman not only writes well, but does so on an important subject- globalization. He states, "It is now possible for more people than ever to collaborate and compete in real time with more people on more different kinds of work from more different corners of the planet and on a more equal footing than at any previous time in the history of the world."
He claims, "When the world is flat, you can innovate without having to emigrate". But, how did the world `become flat'? Friedman suggest the trigger events were the collapse of communism, the dot-com bubble resulting in overinvestment in fiber-optic telecommunications, and the subsequent out-sourcing of engineers enlisted to fix the perceived Y2K problem.
Those events created an environment where products, services, and labor are cheaper. However, the West is now losing its strong-hold on economic dominance. Depending on if viewed from the eyes of a consumer or a producer - that's either good or bad, or a combination of both.
What is more sobering is Friedman's elaboration on Bill Gates' statement, "When I compare our high schools to what I see when I'm traveling abroad, I am terrified for our work force of tomorrow. In math and science, our fourth graders are among the top students in the world. By eighth grade, they're in the middle of the pack. By 12th grade, U.S. students are scoring near the bottom of all industrialized nations. . . . The percentage of a population with a college degree is important, but so are sheer numbers. In 2001, India graduated almost a million more students from college than the United States did. China graduates twice as many students with bachelor's degrees as the U.S., and they have six times as many graduates majoring in engineering. In the international competition to have the biggest and best supply of knowledge workers, America is falling behind."
Friedman sounds the alarm with a call for diligence and fortitude - academically, politically, and economically. He sees a dangerous complacency, from Washington down through the public school system. Students are no longer motivated. "In China today, Bill Gates is Britney Spears. In America today, Britney Spears is Britney Spears -- and that is our problem."
Questions I wish Friedman had explored in further detail are:
1. When should countries do what benefits the global economy, and when should they look out for their own interests? (protectionism, tariffs, quotas, etc.)
2. What will a `flat world' mean to the world's poor? (those living in Haiti, Angola, Kazakhstan, etc.)
3. What cultural values (or absence thereof) are contributing to the West's loss of productivity, education, and excellence? (morality, truth, religion, meaning, hope?)
4. How will further globalization effect cultural distinctions? (Are we heading towards a universal melting pot?)
5. What will a `flat world' mean environmentally - particularly for those countries on the verge of an economic explosion?
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Competitive Strategy: Techniques for Analyzing Industries and Competitors Review

Competitive Strategy: Techniques for Analyzing Industries and Competitors
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Competitive Strategy: Techniques for Analyzing Industries and Competitors ReviewMichael E. Porter is a professor at Harvard Business School and a leading authority on Strategy and Competitiveness. He did his MBA and Ph.D from Harvard. He has served as an advisor to several business and government organizations. He was also a founder of the strategy and management consulting firm, Monitor Group.
Professor Porter is best known for his landmark books that defined the field of Strategy - Competitive Strategy: Techniques for Analyzing Industries and Competitors (1980) and Competitive Advantage: Creating and Sustaining Superior Performance (1985). These books are must reads at the leading business schools.
I read Competitive Strategy (1980) for a Strategy course. It starts with a bang. On the very second page of the first chapter you will find the figure for the famous Five Forces Driving Industry Competition. While Porter did not intend this framework to be used for case interviews, in reality, this is a very important framework to know for the case interviews conducted by leading strategy and management consultancy firms. All top MBAs and anybody who has ever been hired by the best strategy and management consultancy firms knows this framework, and has probably read this book. The first chapter immediately proceeds to explaining each of the five forces:
1. Threat of new entrants
2. Intensity of rivalry among existing competitors
3. Pressure from substitute products
4. Bargaining power of buyers
5. Bargaining power of suppliers
While the first chapter alone is worth the cost of this book, I recommend it for the wisdom contained in the rest of the book. The chapters are organized under three parts (General Analytical Techniques, Generic Industry Environments, and Strategic Decisions). There are several thought provoking discussions on concepts such as A Framework for Competitor Analysis (Future goals, Assumptions, Current strategy, Capabilities), Market Signals and a Strategic Analysis of Vertical Integration.
This book is the single most important book on business strategy. It is a classic - like the management classics of Peter Drucker. As with every classic, the examples are old (not to be confused with outdated). But, the competition HP faced for electronic calculators in the 70s, it still faces for computers today. There have been several changes in the players, technology, industries, globalization, etc, but the foundation built by Porter's masterpieces are still relevant today.
Porter's second book Competitive Advantage (1985) introduced another important tool - The Value Chain. This analyzes primary activities (Inbound logistics, Operations, Outbound logistics, Marketing and Sales, Services) and support activities (Procurement, Technology development, Human resource management, Firm infrastructure) that firms must analyze to create value and competitive advantage.
If my review was helpful to you, I request you to select "Yes" so that the rating is improved and more readers will get to read it.Competitive Strategy: Techniques for Analyzing Industries and Competitors Overview

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Thinking, Fast and Slow Review

Thinking, Fast and Slow
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Thinking, Fast and Slow ReviewDaniel Kahneman may have won his Nobel Prize in Economic Sciences, but his work was psychological in nature as it challenged the rational model of judgment and decision-making. He's considered one of the most important psychologists alive today, and this book doesn't disappoint with its breakthrough approach to understanding the "machinery of the mind."
Kahneman introduces two mental systems, one that is fast and the other slow. Together they shape our impressions of the world around us and help us make choices. System 1 is largely unconscious and it makes snap judgments based upon our memory of similar events and our emotions. System 2 is painfully slow, and is the process by which we consciously check the facts and think carefully and rationally. Problem is, System 2 is easily distracted and hard to engage, and System 1 is wrong as often as it is right. System 1 is easily swayed by our emotions. Examples he cites include the fact that pro golfers are more accurate when putting for par than they are for birdie (regardless of distance), and people buy more cans of soup when there's a sign on the display that says "Limit 12 per customer."
There are lots of interesting anecdotes as well as layman's summaries of psychological research that will leave you feeling fascinated by the brain. The book has 38 chapters broken into five sections. I've listed some of the chapter titles for each section to give you a feel for what it's about:
PART ONE - TWO SYSTEMS
1.The Characters of the Story
2.Attention and Effort
3.The Lazy Controller
4.A Machine for Jumping to Conclusions
5.How Judgments Happen
PART TWO - HEURISTICS AND BIASES
6.The Law of Small Numbers
7.Availability, Emotion, and Risk
8.Tom W's Specialty
9.Linda: Less is More
10.Causes Trump Statistics
11.Taming Intuitive Predictions
PART THREE - OVERCONFIDENCE
12.The Illusion of Understanding
13.The Illusion of Vanity
14.Intuitions Vs. Formulas
15.Expert Intuition: When Can We Trust It?
PART FOUR - CHOICES
16.Prospect Theory
17.Bad Events
18.Risk Policies
19.Keeping Score
PART FIVE - TWO SELVES
20.Life as a Story
21.Experienced Well-Being
The only shortcoming of this book is the lack of how-to. Emotional Intelligence 2.0 is a great one for that.
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