Book Description

Since its publication in 1983, The Marketing Imagination has been widely praised as the classic, all-inclusive "Levitt on Marketing." Now Theodore Levitt -- renowned as the Harvard Business School's "guru of marketing" -- has newly expanded his original work to recap the developing globalization debate and to respond to his critics. He has also added his famed McKinsey Award-winning essay "Marketing Myopia," and included detailed accounts of how to maximize the product life cycle and achieve the delicate balance between innovation and imitation. As before, this new edition of The Marketing Imagination shows Levitt at his best -- sharp, knowledgeable, erudite, and, yes, as imaginative as ever. ... Read more

Reviews (9)

A timeless classic
Though it was first released in 1983, I still do not believe there is a better book on marketing that The Marketing Imagination. It's not a "marketing fad of the week" kind of book, but rather a practically worded treatise on basic concepts that are more often than not overlooked or ignored by those who chase fads and wonder why they're not more successful. Chapter 4, "Differentiation---of Anything" should be tatooed on the forehead of every marketer.

Outdated, lacks substance, dwells on marketing basics
I bought this book based one some of the reviews on this site. Unfortunately, this time they failed me. The book is outdated (as it was published 20 years ago) and lacks substance. If you have little or no knowledge of marketing, this might be a decent intro for you. It is relatively easy to read and dwells on few main concepts. However, if you have taken a marketing course in college or have read much on marketing, you will likely find this book dull and uninformative, as I did. Many of the big revelations in the book seem to me to be common sense. Maybe 20 years ago it was revolutionary, but somehow I doubt it. Also, some of the arguments he makes early in the book have been proven wrong by history...All in all, I would probably avoid this book. I was hoping to get some new insights, but this book sure didn't help. If you must buy it, buy a used copy as it certainly isn't worth [the money].

The Marketing Intangible Products!
I first learnt the ¡§Intangible¡¨ when I was in secondary school. Then, I have learnt more about ¡§Tangible Product¡¨ and ¡§Intangible Product¡¨ in marketing course in the university. The course also taught me the strategies of promoting the ¡§Intangible Product¡¨ with its special characteristics.

This book also taught me about ¡§Intangible¡¨. For example, it would teach you the intangibles of the tangible products, such as the quality of salesman, delivery.

But it¡¦s really new for me that, the book explained the marketing intangible products. That is the ¡§promises¡¨. The first thing come to my mind is the ¡§Service Guarantees¡¨. The ¡§Service Guarantees¡¨ have done what is mentioned by the author, to tangibilize the intangible product. It is really important that the ¡§Service Guarantees¡¨ on one hand, gave the customers confidence that they will be satisfied from the service. On the other hand, the ¡§Service Guarantees¡¨ would also remind the customers how they benefit from our product or service. Since people would trend to form the habits after repeat the same behavior for several times. After that, they do continue to do that without pay attention to details. So, I think that it is very important for the marketer to promote benefit that customers receive from our product or service.

A classic example of educated league
It has an introduction, which is more or less easy to follow. The author tends to use intensified and complex language in his arguments which although tends to mislead the reader from the main message that the author is trying to convey, it augments to the readers understanding to the main situation in the study of marketing. The book is replete with key words, concepts and phrases that help in conveying the main message of the author. The reference to actual actions that have occurred with certain companies and his negative or positive criticizes to such actions adds to the readers understanding of the effect of marketing on the fluctuation of the status of companies and businesses that follow certain economic strategies. The author has divided his book into chapters with titles that correctly suggest the scope of his argument. This style of writing creates a chronological link between the discussed points in the book, which aid in clarifying the main point that the author is conveying

A Business "Classic" Revisited
Of the more than 27 billion books on marketing now in print, none has had a greater impact than has this one. It is truly a masterpiece. By way of background, in 1960 (in its July-August issue), The Harvard Business Review published "Marketing Myopia" in which Leavitt ties marketing "more closely to the inner orbit of business policy." Specifically, "Management must think of itself not as producing products but as providing custom-creating value satisfactions." Companies should be marketing-led rather than production-led. That will happen only if and when there is a total commitment by senior management (and especially by the CEO) to satisfying current customers so that they remain loyal, and, to attracting new customers. Only marketing creates or increases demand. Without demand, there are no customers.

In the same article, Leavitt makes an important distinction: "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs." Given this background, you can now place The Marketing Imagination in a proper context. "Marketing Myopia" is reprinted within the revised edition, first published in 1986.The chapter titles correctly suggest the scope of the subjects Leavitt discusses:

1. Marketing and the Corporate Purpose

2. The Globalization of Markets

3. The Industrialization of Service

4. Differentiation -- of Anything

5. Marketing Intangible Products and Product Intangibles

6. Relationship Management

7. The Marketing Imagination

8. Marketing Myopia

9. Exploit the Product Life Cycle

10. Innovative Imitation

11. Marketing and Its Discontents

I now ask you to re-read this list of chapter titles, keeping in mind that Leavitt's comments on each subject were formulated 15-20 years ago. That is, pre-WWW. That is, prior to the widespread understanding and appreciation of positioning, paradigms and paradigm shifts, "customized mass production", Marketing Value Added (MVA) to create Economic Value Added (EVA), brand equity, product and service differentiation, etc.

In essence, marketing means "getting and keeping customers in some acceptable proportion relative to competitors." That was true in 1986 when Leavitt wrote those words and remains true now when we read them. However, even if Leavitt and all the other major thought leaders in marketing were to collaborate, their collective genius could not create demand for shoddy goods, nor for mediocre services. The corollary is also true: neither product superiority nor operational excellence has compelling value to customers unless and until "the marketing imagination" succeeds in convincing them of it.

If you need to clarify your own thinking on key issues which include but are not limited to marketing, Arthur Leavitt can be of substantial assistance. Also, you will thoroughly enjoy the pleasure of his company. ... Read more

Book Description

Will Your Organization Still Be Here in Ten Years?

It’s a familiar story: A company rises to become an industry leader. Competitors try to emulate it. Analysts rave about it. The CEO’s picture is splashed across magazine covers. Then the company stumbles, profits erode, and the stock plummets. How does this happen? Why do good companies so often go bad? More important, what can you do to prevent it from happening to your company?

In Revival of the Fittest, Donald N. Sull takes a provocative look at corporate failure and proposes a practical new model for effecting change that can vastly increase your organization’s lifespan. Ironically, argues Sull, leaders sow the seeds of failure during a company’s most successful times, when they make a set of commitments—whether to a core strategy, a key customer, or an innovative manufacturing method—that constitute the company’s success formula. Managers become so married to the formula that they can’t divorce themselves from it when the competitive situation changes. They respond to the future by doing more of what worked in the past—a phenomenon Sull calls "active inertia."

Based on extensive global research into successful and failed transformations across many industries, Revival of the Fittest introduces a three-step model for making transforming commitments—actions that prevent managers from reinforcing old behaviors in the face of change. Sull identifies five areas in which transforming commitments can be anchored—strategic frames, processes, relationships, resources, and values—and provides diagnostic tests, hands-on tools, and real company examples to show how managers can:

• Gauge their company’s susceptibility to active inertia
• Determine which commitment is right for a specific situation
• Appoint the best person to lead the charge
• Ensure that the new commitment sticks
• Avoid common mistakes that can sabotage the transformation effort
• Weigh the personal risks associated with leading corporate change

In an unpredictable marketplace, commitments can make and break a company. But Sull shows that corporate demise is not inevitable. Through transforming commitments, revival of the fittest is possible—and managers can make the difference. ... Read more

Reviews (12)

The strong shall become weak, and the weak strong again
At some point in a great battle between good and evil, at least as portrayed in pop culture, we can expect the villain to gloatingly assert: "It is your very goodness that will make you weak and fail." Professor Donald Sull is no super-villain but makes a similar, though rather more developed, claim about the best businesses. Rather than blaming the failure of a previously excellent company on incompetence, corruption, laziness, or lack of imagination, Sull locates the problem of stumbling giants in active inertia: the tendency of management to respond to disruptive changes by accelerating activities that succeeded in the past. In Revival of the Fittest, Sull analyzes this barrier and helps managers tackle the demanding task of overcoming it.

To overcome active inertia, Sull recommends neither evolutionary nor revolutionary change typically prescribed for faltering champions. Instead he explains the power of transforming commitments. Commitments matters, he explains, in that they both enable effective management and can disable it when they no longer fit what is needed. Managers select, make, honor, and less often remake commitments or binding actions by investing capital, making personnel decisions, exiting a business, making public promises, making public promises, forging relationships with resource providers, writing contracts, or by manipulating information. Commitments are a powerful tool for creating the desired future but they also become cognitive, cultural, and structural shackles that prevent a company from changing - even when the need to change is clear to all.

Companies take shape at the beginning of the "life cycle of commitments" through defining commitments consisting of strategic frames, resources, processes, relationships, and values. The character of the organization hardens over time as managers make reinforcing commitments large and small. The best companies develop a "success formula" that becomes the envy of competitors and the source of best practices for writers and consultants. This story takes a tragic turn when, eventually and inevitably, a gap opens and widens between the nature of the company and the business environment. The only way out - if one exists at all - is through transforming commitments that require boldness, prudence, and tenacity.

Sull uses pairs of companies to show how some have spiraled down while others successfully made and kept their transforming commitments. IBM's justly famous transformation under Gerstner exemplifies the latter, though this is only one of a wide range of illuminating examples in the book. Sull casts light on the active inertia trap which can arise from the basis of any of the original defining commitments. He follows this with eight risk factors to check for and some diagnostic tests to administer. If transforming commitments fit your situation, you must then choose the right anchor. This may be a new strategic frame but may also be new resources, processes, relationships, or values. The right anchor needs to be worked on by the right person who gives the transforming commitments traction by making commitments credible, clear, and courageous.

Since commitments are powerful tools, Sull's cautious advice includes an unflinching look at seven common mistakes that can lead transformation efforts off-track. Neither does Sull allow managers to anticipate the benefits without also appreciating the personal costs. The book does not try to delve deeply into every relevant aspect of each stage, allow the book to convey vital points while remaining slim enough for busy executives to actually read.

Revival of the Fittest
I was in the author's class 11 years ago at Harvard Business School when he was getting his degree. The high quality of Don's book Revival of the Fittest is no surprise - his insights were always superior (deep, relevant, and entertaining). No one else came close.

Revival of the Fittest is built on persuasive and powerful arguments that become actionable through the mechanisms/exercises he identifies.

I'm passing the book to each member of my company's executive team - I've said that it's a must read.

I hope that the incumbent set in our industry doesn't read this. Applause for their "active inertia" while the sharp blade of significant innovation gets them in the soft underbelly. So much of the framework was relevant even for early stage organizations like ours - recognizing the active inertia enables us to take greater chances in seeking collaborative arrangements with these potential competitors. Revival of the Fittest and other recent research-based books including Creative Destruction demonstrate that change in industry after industry comes from outside the firm - and significant innovation comes from the margin of the industry. I particularly enjoyed learning how the "success formula" for an organization often mutates into blinders and millstones - early insights and truths become shibboleths.

I read business books constantly - this one is a keeper!

Successful Second Acts
F. Scott Fitzgerald wrote in 1940 that there are no second acts in American Lives. Professor Sull's witty, crystalline prose in Revival of the Fittest offers a rebuttal. Sull's case-studies of corporate rebounds and managerial reinventions provides a global array of second acts.

Contrary to the following review, Sull's wise reflections, his acute hindsight, on what separates mid-course corporate successes from failures is full of insights, though not quick-fixes or one-size-fits-all makeovers.

Rather, Sull provides an array of diagnostic tools for managers, helping them isolate the "active inertia"--a term he has coined and that is gaining currency among business theorists--and sift through the vast horizon of possibilities and risks managers in crisis must face.

A multi-disciplinary work with a global perspective, Revival of the Fittest is both informative and potentially transforming.

Disappointing - lots of hindsight with no insight
Not very impressed.

This book is based upon many interviews and observations with over 2 dozen companies around the world. However its all observation based upon hindsight of 'what' happened, with no real revelations into 'why'.

The selections are not convincing.

There's plenty of reference to Asahi Breweries in Japan who literally bet the whole Company on one idea about creating a market for Dry Beer. It paid off, but such a venture was very dangerous. Other Companies are studied that also bet everything yet didn't pay off; but there's no real insight into why the outcomes were different.

The index is poor; many Companies mentioned in the text don't appear in the Index. Compaq appears indexed under both 'failed transformations' and 'successful transformations' - so I re-read the relevant pages. It's the same anecdote, simply saying that what they did was a success 1991-98, but then caused their failing post-98? So what should they have done? If following the same action is deemed a 'fail' over 10 years, is it appropriate to still call it a 'success' over 8 years?

It's a history lesson, but with no real tools & techniques to take away for the future.

Refreshing look at the rise, fall, rebound of companies
This is an excellent, pragmatic, and thoroughly engaging book on how successful companies can find themselves at risk for failure due to what Sull coins as "active inertia". This concept is illustrated with a great set of corporate examples which are different from the ones used in many other business texts -- and this is a key feature which sets the book apart from its competitors. Sull walks the reader through some very useable steps for how companies can transform themselves and avert obsolescence. A great book, greatly written. ... Read more

Book Description

Applied Time Series Modelling and Forecasting provides a relatively non-technical introduction to applied time series econometrics and forecasting involving non-stationary data. The emphasis is very much on the why and how and, as much as possible, the authors confine technical material to boxes or point to the relevant sources for more detailed information.

This book is based on an earlier title Using Cointegration Analysis in Econometric Modelling by Richard Harris. As well as updating material covered in the earlier book, there are two major additions involving panel tests for unit roots and cointegration and forecasting of financial time series. Harris and Sollis have also incorporated as many of the latest techniques in the area as possible including: testing for periodic integration and cointegration; GLS detrending when testing for unit roots; structural breaks and season unit root testing; testing for cointegration with a structural break; asymmetric tests for cointegration; testing for super-exogeniety; seasonal cointegration in multivariate models; and approaches to structural macroeconomic modelling. In addition, the discussion of certain topics, such as testing for unique vectors, has been simplified.

Applied Time Series Modelling and Forecasting has been written for students taking courses in financial economics and forecasting, applied time series, and econometrics at advanced undergraduate and postgraduate levels. It will also be useful for practitioners who wish to understand the application of time series modelling e.g. financial brokers.

Data sets and econometric code for implementing some of the more recent procedures covered in the book can be found on the following web site www.wiley.co.uk/harris ... Read more

Reviews (1)

Petition: info about authors
Please provide brief bios of these two authors. ... Read more

Book Description

The valuation of assets, both tangible and intangible, is an important element of corporate finance.Putting a price tag on ideas is almost impossible, and in the new economy, where companies grow dependent on intangible assets all the time, market volatility can be attributed in large part to our collective ignorance of their value. There are two basic approaches to valuation: from financial statements to cash flows, and from cash flows to financial statements. The former projects historical financial statements into the future and the latter attempts to construct cash flow statements and use them in forecasting future financial statements.Established companies use the first method and start-ups the second. In Principles of Cash Flow Valuation, the authors strive to "close the gap" between these two approaches by presenting the principles of cash flow valuation and cost of capital in a clear and systematic fashion.

* Provides the only exclusive treatment of cash flow valuation
* Authors use examples and a case study to illustrate ideas
* Presentation appropriate for a range of technical backgrounds: ideas are presented clearly, full exposition is also provided
* Named among the Top 10 financial engineering titles by Financial Engineering News ... Read more

Reviews (7)

Well thought out book on project management
This book provides the basics of project management in an easy to use casual style. It proceeds step by step through building a plan and then managing a project. The chapter on project costing is good, but could use some more detail. The modern and historical examples are usefully examined. These could be expanded more later.

Overall most useful basic project management book
This book not only gives you all of the basics, but also highlights how to use the Internet for project management. Very useful material.

Modern, complete easy to use project management book
Project management for the 21st century is one of the most usable, easy to read, and complete project management books. There are good examples. Techniques are modern--better than that available in other books. This books stresses working together, sharing information, and dealing with resources that are spread among various projects. Very good reference.

Excellent general project management book
This is one of the best project management books for introducing employees to modern project management in an interesting way. Most project management books are ver dry and lack realistic examples. Thus, it is difficult to motivate people to read and use such materials. This is a very practical, down to earth book that has many guidelines that you can use immediately as you read the book. Some of the strengths of the book are: 1) best description of matrix management; 2) use of collaborative tools in managing projects; 3) how to deal with multiple projects; 4) how to share resources across several projects; 5) how to deal with risk in projects. The authors have developed a very creative and useful approach in dealing with project risk that associates project risk with unresolved issues. I highly recommend this book.

Excellent proj. mgmt. book for all levels
This book is very good for all types of projects. It covers setting up a project, organizing the work, managing a project, handling several projects at once, dealing with project issues and crises, using modern technology such as groupware and the Internet. The approach of establishing an issues data base and relating issues to specific tasks in a project is unique. It is very useful. ... Read more

Reviews (2)

Winning Ways for Planning Pilots
Strategic planning was once the sole responsibility of senior management. In today's business climate of shortened product cycles, ruthless price competition and global access to markets, the burden has spread to include middle managers. This new Portable MBA volume is the eighth in the series. It offers insights from 16 leading business school professors at Harvard, Boston University, Maryland, Northwestern, Dartmouth, Michigan, Stanford, Wharton and the Cranfield School of Management in England and five prominent consultants. Each contributor is not only an expert, but experienced putting into practice the principles and methodologies discussed in the chapter.

Whether tackling business, corporate or global strategy issues or analyzing industrial, technological, organizational and political factors, The Portable MBA in Strategy defines the planner's current vocabulary. It also offers practical solutions to implement plans in any business environment.

The book reduces a successful strategy to its four component parts -- the marketplace for the strategy; the inputs required for a successful plan, the opportunities for corporate transformation and the steps required to transfigure the plan into reality. Each chapter starts with an engaging case study to illustrate its theme. The result is a practical, readable, and comprehensive look at business strategy; appropriate whether the reader is the owner of small business or the manager of a vast global enterprise.

Best one volume introduction to this subject.
The title is misleading. The careful reader will develop a more thorough grounding in business strategy than any MBA course can provide. Especially useful for non-MBAs who want to understand the concepts that get tossed around during strategic planning. ... Read more

Book Description

The how-to companion book to The Business of Bliss, this book explains the basics of starting your own small business, from writing a business plan to finding financial help, hiring staff, and more.
... Read more

Reviews (7)

Where is Victoria Magazine?
Written by the editors of Victoria Magazine who collaborated with successful women such as author, shop owner, retired Air Force Officer and Veteran Debby DuBay this book is a must. I have tried getting in contact with Victoria Magazine to no avail, but a few of the women they highlighted are still available to mentor women like myself. I am a professional woman who wanted to turn a passion into a career and Ms DuBay has been my mentor. Thanks to this book I was able to contact her. Highly recommend this book.

Inspirational, educational, enjoyable!
Wow! If you need a guide on how to turn your passion into a profession - I recommend this book. The experts have been used to provide input, and I love Debby DuBay's story in this book and in The Business of Bliss. The information provided about the Small Business Association is the best and I received a low documentation loan following the outline in this book! I owe my success to Janet and Ms DuBay. Highly recommend this book.

Inspirational, informational, must have book!
Purchased this book in Limoges Antiques Shop, Andover, MA from one of the contributors; Debby Dubay, ret, USAF and author of her own series on collecting Limoges porcelain. This book is remarkable and if you are considering starting your own business or turning your passion into a profession this book is a must. Debby DuBay credits The Business of Bliss and Victoria Magazine for her success - but her input was invaluable with the success of this publication.

A MUST for all wanting to turn a passion into a profession!
Recently went to a book signing with author Debby DuBay; Living With Limoges, Antique Limoges at Home, Collecting Hand Painted Limoges Porcelain Boxes to Vases. DuBay expressed her contributions, use, and love of both books: The Business of Bliss, and Turning Your Passion into Profits. DuBay is a walking inspiration and after hearing her enthusiastic, motivational, inspirational talk, I purchased both books. I highly recommend these books to all women - just for the inspirational value!

Love this and THE BUSINESS OF BLISS
I love this book! It seems to me that in both of these books there is a theme: Debby DuBay, Retired United States Air Force and owner of Limoges Antiques Shop in historic Andover, MA and author of a fantastic series of books on collecting Limoges; Living With Limoges, Antique Limoges at Home and Collecting Hand Painted Limoges Porcelain, Boxes to Vases. DuBay inspired me with her story of patriotism and passion for porcelain. In addition, her insight and quotes in this book are useful and enlightening. "All of us are unique - and we should use that uniqueness to succeed" states DuBay. These words could not be better advice in the world we live in today. ... Read more

Book Description

Developed at warp-speed and designed for overwhelming victory, the Desert Storm air campaign lit up the skies of Baghdad and changed strategic thinking forever.Now, John Warden - architect of the Desert Storm air campaign - and his partner, organizational consultant Leland Russell, have applied this proven approach to success to another kind of intense competition: the fast-changing world of 21st century business.Understand why the Prometheus Process is vital in today's world of crisis.

General H. Norman Schwarzkopf gave a ringing endorsement to John Warden’s new book, Winning in FastTime, with co-author Leland Russell.David Halberstam’s new book, War in a Time of Peace, suggested Col. Warden should have been on the cover of Time following the Gulf War

The system - Prometheus - is a mindset and a method for rapid, decisive strategic action.Its essence is simple: think strategically, focus sharply and move quickly.Leaders and managers of big-cap, mid-cap and startup companies, in high-tech finance, health care, and many other industries, have successfully applied Prometheus to meet the same kinds of challenges that you face.

Now, through clear, step-by-step directions and dramatic, behind-the-scenes stories, Winning in FastTime will explain Prometheus to you.Whether you are a CEO, a manager, a project leader, of simply a dedicated employee, this book will help you:

*Transform your organization into a nimble, market-leading winner;
*Design a Grand Strategy that everyone from the boardroom to the front line can share;
*Shape tomorrow...before it shapes you.

Winning in FastTime has a powerful message.You can control your destiny...if you are willing to shed yesterday's thinking about business strategy and organization...move fast and decisively...and make the future what you want it to be.Welcome to the world of Prometheus. ... Read more

Reviews (2)

Great practical advice from America's top strategic thinker
John Warden was the architect for the most successful campaign in the 90 year history of air combat. He has brought his insights to the corporate world. A truly original thinker, Warden not only thinks outside the box but helps others do so. Highly recommended for leaders at all levels and for courses at business schools and corporate universities.

If Sun Tzu had been an entrepreneur:
If Sun Tzu had been an entrepreneur this book would have been written centuries ago.

Using a concise war-winning paradigm, Warden and Russell have successfully captured the essence of designing a business strategy that will work every time. There are three things that make this book a proverbial "must read."

- It cuts to the chase by explaining what a business strategy needs to provide to everyone in the organization and does this in way that everyone from the mail clerk to the CEO can understand.
- It proves the KISS principle doesn't have to produce a "Business for Dummies" approach.
- You can start reading the book on Monday, finish it on Tuesday, begin to institute change on Wednesday, and by Friday be making a difference.

Frankly, I think it's the best book I've read since "Thriving on Chaos" by, Tom Peters. ... Read more

Book Description

As companies look for ways to unlock shareholder value, restore investor confidence, and adapt to uncertainty, the project portfolio is a smart place to look. Why? Because companies' project initiatives have grown faster than their ability to manage them-affecting the return on trillions of investment dollars while failing to prepare companies for today's unpredictable environment.

Connecting the Dots argues that the portfolio is a company's future currency-the truest measure of organizational intent. And the best way to leverage this currency is through greater alignment.

Simply put, alignment is about better matching the company's portfolio to its objectives and the uncertain environment. Connecting the Dots employs a practical, "play the hand you are holding" approach, providing a balance of concepts and roll-up-your-sleeves guidance on how to:

* Determine how well aligned-or misaligned-an organization is today

* Apply tools that reveal opportunities to reduce portfolio risk while increasing the economics of a company's portfolio

* Instill more adaptive mind-sets to better respond to whatever future presents itself

Executives already know their portfolios are not delivering as expected. This guidebook helps "connect the dots" between an organization's objectives and its project investments, capturing hidden value today while better preparing for tomorrow.

... Read more

Reviews (11)

Insightful with practical advice....worth the read
I read about this book in CFO & CIO so I picked up a copy. For a book written by a professor and a consultant, I found it to be very practical and easy to understand. As a turnaround manager I read a lot of business books and strategy publications and was pleasantly surprised at how approachable, yet valuable the book was. I checked out the documents featured on the book's website (...) and found them to be very useful and comprehensive. In fact, I will probably use some of these documents as frameworks for a project I am currently working on for my client.

Overall, I think the book does a great job at outlining a practical framework and approach to portfolio management. What's more, the book's concepts and tools seem fairly easy to implement....which is always a good thing.

Finally a practical set of IT portfolio management tools!
Connecting the Dots is a great read for anyone working in IT management. It can help you gain better control of your capital expenditures and information technology projects - both critical success factors in our industry.

Some of the ideas in the book are new and some aren't, but the book has done a great job at simplifying these concepts (ie. portfolio management) and making them accessible and usable. Instead of the usual 'pie in the sky' statements, this book dives into a company and illustrates how the tools and frameworks can be used in a typical business. It's refreshing to find the kind of book that can help you manage the execution of these issues.

The book claims that a company's project portfolio is what moves it into the future and provides great tools and techniques that teach you how to get your company to focus on producing business results and think about the bigger picture: where all these projects are actually taking your organization. The book also does a good job at helping you bridge the technology and business sides of an organization even though I could have done without the business history lesson in Chapter 2.

This book can easily be read in two to three hours. I just read it over the weekend and was able to start applying some of the ideas.

Good book on balancing the project portfolio thru process
Many organizations approve any project that sounds like "a good idea". This "soda straw" perspective is a sure way to over-task people, make project cost and delivery unpredictable, and ensure a poor reputation for the organization executing projects. While business leaders do not set out to cripple and distract their organizations, the lack of an institutionalized process frequently yields poor results. While this book addresses the narrow space of project alignment with organizational objectives, the authors propose a framework and tools that organizations with the commitment to follow it through can use to get optimum results from their project portfolio. Specifically, the approach offered by the authors helps organizations align their project portfolio with corporate objectives, align individual projects with one another, and enable organizational flexibility.
The process provides a certain rigor, but those seeking to implement this process in their organization should consider 1) first implementing a functional basic project portfolio management process, 2) ensuring that the process proposed in this book is a good match to their organizational culture, and 3) that in implementing this process they do not over-engineer their project portfolio management process.
Those proposing this process for adoption, or who are conducting a project portfolio alignment workshop, may wish to visit the book Website (HBSP), which has Microsoft PowerPoint slide presentations and graphics available for download. This Website is a useful adjunct to the book.
This is a useful book for project portfolio managers in organizations who want more rigor in their project portfolio management process.

Utility of the Information
The value of the book, in my view, lies in the following attributes:
• The authors present complex ideas in an easy-going, not scholarly style, making the book easy to read. They use graphics to communicate concepts like frameworks and tools, and they employ a case-study approach to illustrate application.
• The framework consisting short- and long-term objectives along with organizational trait objectives provides for a balanced perspective.
• The alignment tools provide an approach to view projects in a portfolio view. This allows the portfolio management team to align projects and the portfolio with organizational direction, improve project efficiency, manage risks, and achieve flexibility.
• The framework and tools consciously align the project portfolio with organizational goals, bringing focus to the portfolio.
• Workshop attendees can use the tools to gain fresh a perspective of projects instead of a traditional, organizational alignment point of view where, say, projects are always associated with the division who sponsors the projects.
• Incorporates a change management perspective by asking how much change an organization can digest in a given time period.
• Supports and promotes program management by forcing analysis of the interdependencies of projects and project deliverables.
• Supports and promotes spiral (iterative development) through the "project chunking" perspective.
• Aids the risk management process by balancing project benefits versus risks in the project proposal and review process.
• Portfolio managers or teams can apply the framework and tools in a step-by-step fashion, reducing anxiety about "how to eat the elephant". This stepwise approach supports workshop breakout sessions.

Application of the Framework and Tools
Several questions arise when one considers if one can apply an authors approach to solving business problems; is the approach practicable.

Position of the Framework in the Larger Project Portfolio Management Context
If the project portfolio management process includes 1) understanding supply and demand (people, money and projects), alignment of decision boards with authority, project assessment, and continuous process improvement (IPS Associates and Stanford APM), this framework fits toward the end of that process spectrum. This book does not describe the overall project portfolio management process, or how to implement project portfolio management in an organization. This book really answers the question "Now that I have a project portfolio management process in place, how do I mature my portfolio alignment and balance process?"

Feasibility, Suitability and Acceptability
For organizations which have implemented project portfolio management and wish for more rigor in the project-business alignment sub-process, this book is a credible offering. One would expect that if a portfolio management team applied all the tools in this book to their portfolio that the result would be 1) a considerable time investment and 2) a better aligned portfolio. The portfolio management team must therefore be willing to take the time to 1) learn several tools and 2) apply the tools in a step-wise and iterative fashion over time.
The framework, tools and examples emphasize application in a business (for profit) context. Practitioners in governmental or other not for profit organizations will need to critically review, tailor and possibly adapt the framework and tools to their purposes.
Organizations with a small number of projects and who have portfolio management team members who are more inclined to make decisions quickly, who are not possessed with an engineering or analytical mindset may think that they do not need or have the patience for such a process. Team members may respond to this approach saying "I'll just use my business experience and common sense to achieve balance in my portfolio". While this statement may or may not be true, I would expect this response in some cultures. One approach to this may be for the portfolio management support office to compile the data, apply the tools, and make a staff recommendation to the portfolio management team for decision.
While the authors bring both academic (McFarlan is a professor) and business experience (Benko is a consultant) to this book, they cite no studies to support the effectiveness of their approach. Therefore, organizations which require empirical evidence of process effectiveness before accepting or implementing a new business process may be resistant to implementing this process.

References, Footnoting and Bibliography
This book is well referenced, footnoted and indexed. This increases the utility of the book for one who has first read and understood the book.
One can often tell when an academic was on the team of authors; the footnoting is excellent, and the Notes section (Benko and McFarlan 221-30) is a useful resource for exploring other sources of information for further research. Specifically, the notes section is ample at nine pages, the lexicon is helpful with three pages of content, and the index is well populated with nine pages of indexed words.

A workable and appealing alignment framework
Consultant Cathleen Benko and business professor McFarlan come into alignment in this tremendously practical book. Today's companies need to bring their misaligned, overlapping, and inconsistent projects into alignment through "frontier living". This means delivering results in the present while adapting for the future's business context by using four "traits" to configure your project portfolio for confusing, volatile, and unpredictable conditions.

The title of the book refers to the need to "connect the dots" between an organization's objectives and its project investments to create and balance present and future value. The book's plethora of tools combined with the easygoing writing style makes it engaging and painless to absorb. Benko and McFarlan can be forgiven for overstating the role of project alignment - that is, after all, the standard book author's tendency. It is true, however, that companies project initiatives total up into the trillions of dollars and it requires no stretch to accept the claim that those initiatives have grown faster than companies' ability to manage them. Benko and McFarlan focus on the project portfolio as the most promising key to unlocking value, arguing that the portfolio is a company's future currency. We find their underlying principle that "companies are better served by adapting themselves for the future rather than by trying to predict its destination" to be a sound one.

Alignment, in this book, specifically means aligning three drivers of business performance: a company's project portfolio with its objectives; the projects in the portfolio to each other; and the portfolio and company's objectives with the ever-changing realities of the business context. To prosper on the "information frontier", certain shifts in mind-set - "traits" - are needed. Along with operational short-term and strategic long-term objectives, these constitute the organization's *intentions*. Four traits are used throughout the book as each of the various tools are explained and applied: Eco-Driven (effective collaborations), Outside-In (looking at yourself the way others look at you), Fighting Trim (agility, coordination, and options orientation to deal with uncertainty and respond to change), and House in Order (provisioning the other traits to enable cross-enterprise collaboration).

The seven alignment tools in this book fall three groups. The Trait Meter assesses, plans, and measures trait development according to the four traits. Once this first step is completed (which includes creating an Intentions Framework), the second group of diagnostic tools comes into play: The Intentions, Sides, and Right Brain tools. These measure the nature and size of the alignment opportunity, identify organizational bias and sort projects into business activities, and identify change capacity issues. The third group of tools - Common Threads, Project Chunking, and What-If Planning - focus on building flexibility into the portfolio.

Working through the book for real will, of course, be far more challenging than merely reading it. But the authors have done a good job of clarifying important issues of alignment and have provided a workable and appealing framework and toolset for tackling those issues.
(3 stars from me is good. 4-star ratings are given too easily.)

Strong, simple decision making for your services portfolio
The strength of this book is it's simplicity and graphical representation of decision frameworks. For most companies this is a strong tool for internal development planning and compliment to Six Sigma initiatives. For consultants, this can be used to plan your services portfolio. Well written and an enjoyable read. ... Read more

Book Description

Reviews (1)

Packed with Knowledge!
Balancing the needs of a business and the family that controls it might seem like an overwhelming task, unless you tackle the challenge with a clear-headed plan. Randel S. Carlock and John L. Ward provide just such an approach by mapping out the strategies and structures needed to make a family business run smoothly. In so doing, they address family conflict, executive succession, ownership schemes and a host of other issues that can make or break a family business. We from getAbstract highly recommend this book too for its practical and applicable methods of striking a balance between the needs of business and the needs of family. ... Read more

Book Description

Conventional wisdom once told us big companies are unbeatable... and eat smaller competitors for breakfast.

Not anymore. These days It's Not the Big that Eat the Small... It's the FAST that Eat the Slow!

Jason Jennings and Laurence Haughton discovered what separates today's icons of speed from everybody else.

They asked questions like:

• What is the difference between speed and haste?
• Where does business go to spot trends before the competition?
• How can leaders help people stop dreading high velocity and rediscover the thrill of deciding, acting and staying fast?

And studied the world's fastest companies like:

• H&M Europe's fast fashion phenomenon now poised to threaten apparel stores in America.
• AOL who gulped down Netscape and Time Warner in record time.
• Charles Schwab the new dominant name in discount and on-line financial services.

The results are in this sensational book... a national bestseller, translated all over the globe and universally praised.

Would you like to make speed a competitive tool in your business? Here's your roadmap!

Reviews (28)

Simple management philosophy that worths a read
I think most people understand the importance of "speed" in the marketplace. The problem lies in "how" to incorporate this element into their daily business before they or their companies had been eaten by someone else. I am sorry that the author had not done a good job in this respect. He said a lot about the advantages of being speedy, but not practical methods of pushing it through bureaucracy, redtape, human resistance to change, the long term committment of top management......... Perhaps I had demanded too much from such a small book. However, I really believe the author is capable of giving us more, judged by his smooth and intelligent writing skills and choice of words.

Below please find some copy and paste for your reference.

Speed, merely for the sake of moving fast, without a destination inmind, is haste. Eventually, out of control, speed will land you in big trouble. But imagine how many more races you would win if you had a big head start. Think about the advantage you would have if you knew what the future was going to look like and were able to spot trends before the competition. Consider the power of being able to think about things quickly and accurately, tackling in minutes the same big issues and questions the competition would be processing for weeks. pg 9

Question everything...all the time. If you want to hone your anticipatory skills, accept nothing. Question everything. Ask how and why of everything that's presented to you. pg 19

A fund manager's best year will likely be his or her first. He or she is without a need to defend the previous year's choices and is able to ruthlessly assess the viability and potential performance of holdings in the fund. Dr. Richard Geist, professor of psychiatry at the Harvard Medical School. pg 101

It's not the strongest nor most intelligent of the species that survive; it is the one most adaptable to change. Charles Darwin pg 111

When you refuse to abandon, bad things always seem to happen.

p.s. The main book title is very interesting. I think if the author did add one more word "idiot" in the end, the impact will be even bigger.

Speed Plus Torque = Victory!
This is the first of two books by Jennings which I have recently read. (The other is Less Is More.) It was written in collaboration with Laurence Haughton. The subtitle reveals their core assertion: "How to Use Speed as a Competitive Tool in Business." Correctly, they stress the importance of using speed to achieve and then sustain a decisive competitive advantage. They also realize that there are times for an organization to be a sprinter but other times to proceed as if in a marathon.

In the Prologue, Jennings and Haughton explain that they "began with a blank canvas. No points to prove, no axes to grind, and no one to impress. We truly wanted to figure this 'speed thing' out and boil it down into easy-to-replicate tactics." They developed criteria for selecting the fastest companies and then focused on them: Charles Schwab, Clear Channel Communications, AOL, H&M, Hotmail, Telepizza, and Lend Lease. The book presents a number of real-life lessons from these high-speed companies and their full-throttle executives. The authors also provide "time-proven instructions on becoming faster than anyone else."

The material is organized within four Parts: Fast Thinking, Fast Decisions, Get to Market Faster, and finally, Sustaining Speed. In their Epilogue, the authors observe that, early on in their research, they discovered that "truly fast companies that have demonstrated the ability to maintain momentum aren't naturally any faster than their slower-moving rivals. But they are smarter." What's the difference? The truly fast companies avoid, "blow up," or get past various "speed bumps," refusing to be delayed or prevented from getting to where they want to be.

As I read this book, I began to think of an organization as a vehicle. As such, what are its requirements? First, a specific and appropriate destination. Next, a capable driver. Then, a sufficiently powerful engine and enough fuel to keep it running. Also, a transmission with different gears (including reverse), shock absorbers, and brakes. Gauges keep the driver fully informed of available fuel, oil pressure, speed, time, etc. Jennings and Haughton discuss "speed bumps" and could have just easily included a discussion of terrain and weather. A number of organizations -- S&Ls 15-20 years ago and dot coms more recently -- have failed because they could not cope with "rough roads" and "foul weather." In several instances, imprudent speed was a factor in their demise. I want to stress this point because Jennings and Haughton do not glorify speed per se. In certain situations, however, speed is the determinant insofar as success and failure are concerned. Rapid response to customers' needs, for example, or to a new business opportunity. To extend the vehicle metaphor, executives also need a multi-gear "transmission" as well as an accelerator and brakes...and the skill to use each as well as the wisdom to know when.

Jennings and Haughton have a Snap! Crackle! and Pop! writing style which is eminently appropriate to the subject. They also have a delightful sense of humor which substantially increases the entertainment value of their work even as they focus on an especially serious subject: business competition in an age and at a time when it has never before been so intense and when prudent speed frequently determines the difference between organizational life or death. This is a brilliant achievement.

Those who share my high regard for this book are urged to check out Jennings' Less Is More as well as Curt Coffman and Gabriel Gonzalez-Molina's Follow This Path.

Good
Lots of good stuff. Some you'll have read in other books, but that's not a negative if such info is presented in a new way, as it is here. I do think the choices of AOL and Hotmail as fast company examples were dumb choices, since Hotmail never actually turned a profit, it just grew to become an enticing buy for Microsoft, which is when the owners cashed in. AOL's troubled history is famous enough I need not repeat it here. But the other companies chosen (Charles Schwab, Clear Channel, among others) as examples are "legitimate" companies, aiming for profit and succeeding while growing quickly. And it's because of those examples I recommend this book.

Some flaws, but overall a good value
There is an old story about the two fellows who went lion hunting in Africa. They searched for days to no avail, then suddenly-right in front of them-was a huge lion!
The lion saw them, too, and thought, "lunch!" One of the men reached into his knapsack, retrieved his running shoes, and began putting them on. His friend, incredulous, mocked, "You'll never outrun that lion." The first man responded, "I don't have to outrun the lion; I just have to outrun you!"

The speed of business has increased, along with the speed of change. Today, and in the years ahead, the prizes will go to the companies that anticipate the trends, then move most quickly and wisely to put themselves in the right place at the right time. Those firms that allow any employee-at any level-to tie them to tradition or to get in the way of progress risk extinction. Given the title, we'd expect to find the secrets in the pages of this book. Readers will find quite a few tips, some great lessons, snappy writing, and valuable summary lists at the end of each chapter. There's a lot of good content here, but also some annoying redundancy.

This well-organized book moves steadily and deliberately through a collection of strategies that stimulate thinking and action. A number of examples are offered to illustrate fast movement and not-fast-enough movement. Many of the anecdotes and case studies come from the same companies, which is both good and bad. We see deeper into these companies, but miss the opportunity to appreciate the strategies and actions of a wider range of organizations. Hearing about the same companies over and over again made me wonder if the authors had investigated any other examples. The sameness got old.

Toward the end of the book, the reader may sense some repetition, as if the authors forgot they had mentioned these things or were looking for filler to complete the manuscript at the end of their writing process. I sensed some redundancy in the main body of the book, but as the manuscript drew to a close I almost lost interest because I was reading words I'd already read.

There's a lot of good content in this volume, so I'll still recommend it. Look for the tips, the advice, and the strategies that will inspire you to make notes, turn down pages, and highlight various sections. While the book wasn't 100% for me, there are a lot of valuable and thought-provoking lessons in these pages. Many of the ideas and observations are sufficiently thought-provoking to stimulate change in the way you do things, particularly if you perceive yourself to be in a competitive environment.

This review refers to the hardcover edition.

Average Book
If you did not read many books of management, you will certainly profit from reading this book. There'a a total lack of care for personel but a lot of good ideas.
Read a book on Emotional Intelligence together with this one, mix them both and get to work! ... Read more

Reviews (2)

Very good book, plus...
This is a very good book. In addition, I recommend "Strategic Organizational Change" by Michael Beitler.

A handy, no-frills guide to kick-start your planning!
Of so many business planning books, which I hold in high regard, this one is the simplest to read and follow, and yet still packed with useful tools and powerful tips. To some extent, I would consider it to be a no-frills, straight-to-the-point, hands-on kind of planning book.

In a nut shell, it provides a step by step approach, with a total of 9 steps, and involves 3 critical stages: gathering information, formulating ideas, and planning actions.

In fact, it has many thought-provoking Prompt Questions and clearly-defined Checklists to help you execute your thinking and planning work - starting from scanning the environment (to find out what's out there), measuring your organisational health, creating more options, right up to implementing an action plan with a monitoring system, using Gantt Charts. These unique features are intended to stimulate and guide all your thinking processes, with each of the nine steps involving a different thinking process.

As a mater of fact, by the time you have gone through all the Prompt Questions and completed all the Checklists, you would have already thought through analytically, numerically, reflectively, predictively, imaginatively, visually, creatively, critically, empathetically, ethically, pragmatically and politically. Also, they have been structured in such a way that you would have developed strategic conversations skills with your people across all levels of the organisation, in the course of the planning exercise.

From a strategic thinking standpoint, this book really scores high marks from me, in spite of its simplicity. When reading this book, it reminds me of two other good business planning books with practical "hands-on" features: 'Breakaway Planning,' by Paul Levesque, whose book I have also reviewed earlier. In comparison, 'Breakaway Planning' gives a more detailed treatment. The other is 'Putting It All Together: A Guide to Strategic Thinking,' by William Rothschild, whose book also gives a more detailed treatment.

This book also comes with a CD-Rom, which provides a business case example, using the 9-step approach.

My only 'adverse' comment about the book - it would have been more complete if the authors have crafted a global flow chart at the end pages, showing all the 9 steps in sequence within the 3 prescribed stages, in concert with all the applicable thinking processes and resulting action possibilities. This would have been a superb feature for more visually-oriented readers, like me.

In summing up, if you do not have much time to read, and want a proven tool to help kick-start your planning, this one is for you. ... Read more

Reviews (4)

Required reading for all project managers and sponsors
This volume may be the best one I have ever read on the subject of risk in the project arena. Kendrick has captured the best of current practical thinking on project risk and how to identify and manage it. And the author has carefully linked theory and practice to the Project Management Institute's "Project Mangement Body of Knowledge." In addition this book is exceedingly well written and very readable (a rarity in this genre).
Kendrick approaches risk identification from the perspective of the project manager in the areas of scope (project deliverables and product), resources (people, materials, and money), and schedule (time). He addresses each area in a separate chapter with practical advice on how to identify and document potential risks. An aspect of these three chapters I particularly appreciate is the depth of information that allows the reader to address each area of risk at different levels. Kendrick does this by providing an array of analytical tools. For example in Chapter 4, "Identifying Project Schedule Risks," the reader could use the list of common schedule risks and probably account for 80% of the schedule risks for their project, or move to a deeper analysis of risks associated with delays, dependencies, and errors in estimation. In the area of estimation the reader is presented with an array of estimating techniques that can be used as appropriate to detect potential risks in estimation.
Chapter seven on "Quantifying and Analyzing Activity Risk" appears just in time. After reading the first six chapters the reader may throw up their hands and declare "I can't manage all of this!" As an experienced project manager, Kendrick gives us tools to help select the risks to manage. All potential risks on a project are not manageable or worth the time and effort to manage. This chapter gives sage advice on how to select the vital few.
A key element in Kendrick's approach is distinguishing what he calls "activity risk" from "project risk." It is easy for the project manager to focus on risks associated with various activities and forget the larger picture. In fact there may be times when the risks associated with each activity seem minor but when the project is viewed as a whole the project is very risky. Kendrick provides tools for quantifying and analyzing risk at the project level as well as a chapter on managing project level risk.
I end this review with three overall comments. First, pages 17-24 should be required reading for all senior managers and anyone who sponsors a project and there should be a test at the end. The biggest risk for too many projects is unknowing, unthinking, or uncaring managers who are driven by near term profits and stock prices. Second, readers should not be put off by Kendrick's inclusion of statistical and mathematical information. Such information comprises less than 5% of this book and it would be a shame to miss the other 95% due to a fear and loathing of numbers. Finally, if you can't find any other reason to read this gem, read it for the intriguing history of the building of the Panama Canal. If Kendrick ever decides to stop managing projects, he has a bright future as a writer of interesting history.

Project Risks
This book is very useful - - the combination of practical examples and user-friendly tools make application of the concepts possible. I like the High-Level Risk Assessment tool and appreciate the real-life examples that help illustrate the key points. Mr. Kendrick's book is a must read for anyone serious about project managment.

Practical Risk Management
Reviewed by Al DeLucia
Director
Project Management Division
GSA, Philadelphia

Anyone who - like me -- has struggled to relate the abstract discussion of Risk Management in the PMBOK to actual project management practice will welcome this down-to-earth presentation. This book shows how to incorporate risk management into the planning of your project along the way - the entire way -- of the project development sequence.

Mr. Kendrick had many years of practical project management experience with Hewlett- Packard and headed their in-house project management training and consulting program. Over a period of 10 years, he trained hundreds of project managers at HP, in other organizations world-wide, and at the University of California at Berkeley and systematically collected information about the most significant risks they had encountered in their projects. The result is a database called PERIL (Project Experience Risk Information Library), that contains 222 projects sorted into risk categories based on type and impact. In this book, these results are integrated with the PMBOK processes of project development in a way that shows what project management is really all about.

Anecdotes from the construction of the Panama Canal are interestingly presented at the ends of the chapters. These describe how the concepts of each chapter were applied - or not - first by the French in their failed attempt to build the canal, and then by the Americans in their successful endeavor under the sponsorship of Teddy Roosevelt.

The Science and Art of Project Management
This book addresses both the science and the art of project management. It is a great read for both new and experienced project managers, as well as aspiring project managers. The Panama Canal example provided discerning insights into why some projects fail and others succeed. I couldn't wait to read about how that project ultimately turned out! ... Read more

Book Description

The #1 New York Times bestselling authors of the Rich Dad Poor Dad series deliver a financial plan to help Baby Boomers survive an impending economic crash. Anyone with a 401K knows that investing in mutual funds is not safe, or so claim Kiyosaki and Lechter. Even worse, they warn that a devastating economic crash is imminent because Baby Boomers will soon be required by law to drain trillions of dollars stashed in 401Ks, IRAs, SEPs, and other mutual-fund savings accounts as they start to retire. In short, the country's financial system won't withstand the drain, and relying on a 401K and Social Security will mean financial disaster. Here, Kiyosaki and Lechter provide a financial roadmap for readers to prosper during these troubled times. ... Read more

Reviews (94)

Prophecy: Timely and Scary for Majority of Baby Boomers
I did not expect to get much out of this book. I expected the usual litany of admonitions and suggestions available in hundreds of articles and basic books on finance for the masses. Despite that low expectation, the first chapter had me hooked.

With an aging population, turmoil in the stock markets, and lack of knowledge about how much money is needed for retirement, author Robert Kiyosaki gives specifics to support his theory about predictable problems facing those who hope to retire.

The book won't appeal to people who are satisfied with their current job and have no plans to change in the future. But for those who care about government policy and how these policies and demographics are impacting our society, the book is eye-opening as well as easy-to read.

The "rich dad, poor dad" vehicle gets old but is stiff an effective and sometimes entertaining vehicle for conveying information.

Definitely a must read.
Rich Dad's Prophecy is most certaintly a must read book for anyone who has money invested, especially in 401 (k) plans.

While some of the information in RDP is similiar to Kiyosaki's earlier books, the pension, retirement and 401 (k) is fresh, startling and hopefully alarming to anyone who plans on investing their money between now and 2016.

2016 is the year when the bulk of the baby boomers will be forced to liquidate their retirement funds. When this happens, a major stock market crash is expected (no kidding!) that surpass the bear market from 2000 to 2002.

Another problem is what kind of money will current savers have in their 401 (k)s? For example, before going into self employment, I worked in a local office for one of the top 6 banks in the USA and had been putting all I could into my 401 (k) savings plan. Despite this being one of the "Big 6" Banks, matching by the bank was about average (and any matching reflected in reduced wages), options to invest in were patheticly weak and the bank would match us only with shares of Bank One stock.

After reading RDP and going into self employment, I rolled my 401 (k) into a self directed IRA with a brokerage firm. I now choose my investments between stocks, mutual funds and bonds or even Tax Liens, Discounted Mortgages and Real Estate. I'm in control, not my employer.

The only real benefit of a 401 (k) is the borrowing provision which unfortunately too many so called fiancial experts discourage.

And after the Enron issue, who wants