Business, Finance & Law Books

Book SynopsisThis thoroughly revised and updated edition of The Secrets of Facilitation delivers a clear vision of facilitation excellence and reveals the specific techniques effective facilitators use to produce consistent, repeatable results with groups.Table of ContentsIntroduction to the Second Edition xvii What’s New in the Second Edition? xviii Case Study: The Secrets in Action—How Two Practitioners Have Put the Secrets to Work xx Introduction: a Powerful Secret xxiii Case Study: Learning the Powerful Secret xxiii Secret #1—The Fundamental Secret of Facilitation xxiv Case Study: The Sanitation Workers xxiv Learning to Apply the Fundamental Secret xxvi The Principles of SMART Facilitation xxviii More Ways to Apply the Secret xxxix What This Book Will Do for You xxxix Where to Start xl I. What Is the Role of a Facilitator? 1 Questions Answered in This Chapter 1 Case Study: The Facilitator’s Role in Civic Leadership Groups 1 Sample Scenarios: Group Solutions Needed 3 When Is Facilitation Appropriate? 4 Secret #2—The Secret of When to Use Facilitation 5 Definition: What Is a Facilitated Session? 5 What Are the Responsibilities of a Facilitator? 6 The Soul of a Facilitator 7 When Is Facilitation Not Appropriate? 8 Facilitation: Where Is the Industry Today? 10 What’s Next for Facilitation? 11 Applying the Secrets to Gain Buy-In to a Strategic Plan 13 Facilitator’s Checklist for Understanding Facilitation and the Roles of a Facilitator 14 Exercise Your Skills 15 II. The Secrets to Questioning: Design Your Questions to Get Better Answers 17 Questions Answered in This Chapter 17 Case Study: Starting Questions 17 The Starting Question 18 Secret #3—The Secret of the Starting Question 20 Case Study: The Starting Question to Engage the VP’s Number Two 26 The Reacting Questions 27 Secret #4—The Secret to Guiding a Group 28 Floating an Idea 29 Secret #5—The Secret to Influencing Idea Ownership 30 Applying the Questioning Techniques 32 A Final Note on Questioning 34 Facilitator’s Checklist for Questioning 34 Exercise Your Skills 35 III. The Secrets to Preparing: Know Your 5 Ps 37 Questions Answered in This Chapter 37 Case Study: The Principals’ Conference 37 The 5 Ps of Preparation 38 Secret #6—The Secret to Preparation: The 5 Ps 38 It’s All About Purpose 39 Secret #7—The Secret Power of Purpose 40 Defining the Product 41 Secret #8—The Secret to Defining the Session Product: The 3 Hs 42 Selecting Participants 42 Identifying the Probable Issues 45 Preparing the Process 46 The Meeting Notice 46 Case Study: Preparing for Vision Councils 47 Special Topic: Managing a Sponsor 48 Secret #9—The Secret to Managing a Sponsor’s Presence 51 Applying the 5 Ps 53 Facilitator’s Checklist for Preparing 54 Exercise Your Skills 55 IV. The Secrets to Starting: Inform, Excite, Empower, Involve 57 Questions Answered in This Chapter 57 Case Study: Kicking off Vision 2020 57 Opening the Session 58 Secret #10—The Secret to a Strong Opening 59 Secret #11—The Secret to Exciting in the Opening 62 Gaining Buy-In to the Agenda 63 Secret #12—The Secret to Gaining Agenda Buy-In 63 Using Ground Rules 65 Secret #13—The Secret to Using Ground Rules 65 Case Study: Avoiding the Executive Feeding Frenzy 68 Using Parking Boards 70 Secret #14—The Secret to Parking Boards 70 Effective Introductions 71 Secret #15—The Secret to Effective Introductions 72 Opening Nonfacilitated Meetings 73 When Should You Arrive for the Meeting? 73 Getting Started on Time 74 Secret #16—The Secret to Starting on Time 74 Applying the Secrets to Starting 75 Facilitator’s Checklist for Getting the Session Started 76 Exercise Your Skills 77 V. The Secrets to Focusing: Establish the Course, Avoid Detours 79 Questions Answered in This Chapter 79 Case Study: Facilitating the Senator and the Chief of Staff 79 Secret #17—The Secret to Using Checkpoints 79 Focusing the Group: Using Checkpoints 79 The Extended Checkpoint 83 Warming Up a Group 84 Secret #18—The Secret to Warming Up a Group 84 Delivering Accurate, Clear, and Concise Directions (PeDeQs) 85 Secret #19—The Secret to Giving Clear Directions 85 Keeping a Group on Track 88 Secret #20—The Secret to Keeping a Group on Track 88 Managing Breakout Groups 90 Secret #21—The Secret to Effective Breakout Groups 90 Secret #22—The Secret to Rotating Flip Charts 95 Applying the Secrets to Focusing 97 Facilitator’s Checklist for Focusing a Group 97 Exercise Your Skills 99 VI. The Secrets to Recording: the Power of the Pen—use It, Don’t Abuse It, Make It Theirs 101 Questions Answered in This Chapter 101 Case Study: Public Safety Collaborative 101 How Facilitators Abuse the Pen 102 Using, Not Abusing the Pen 104 Secret #23—The Secret to Using, Not Abusing, the Power of the Pen 104 Case Study: The Power of the Pen, ELMO, and Parking Boards 107 Knowing What to Record 107 Secret #24—The Secret to Knowing What to Record 108 Managing the Recording Process 110 Secret #25—The Secret to Keeping the Recording Concise 112 Using Strategies to Avoid Lulls While Writing 113 Secret #26—The Secret to Avoiding Lulls While Writing 114 Additional Techniques for Recording 116 The Seven Deadly Sins of Facilitation 118 Applying the Secrets to Recording 119 Facilitator’s Checklist for Recording 119 Exercise Your Skills 120 VII. The Secrets to Information Gathering: Know Your Tools and How to Use Them 123 Questions Answered in This Chapter 123 Case Study: The Retailing Conference 123 Understanding the Major Information Gathering and Processing Functions 125 Understanding Processing Groups 126 Understanding Processing Order 127 Gathering and Processing Information 127 Secret #27—The Secret to Gathering Information 127 Gathering Facts 128 Secret #28—The Secret to Getting the Details 129 Categorizing 130 Secret #29—The Secret to Categorizing 130 Inquiring 133 Secret #30—The Secret to Q&A Sessions 133 Generating Ideas 136 Secret #31—The Secret to Generating Ideas 136 Prioritizing 138 Secret #32—The Secret to Prioritizing 139 Reporting 143 Secret #33—The Secret to Reporting Back 144 Getting Feedback 145 Secret #34—The Secret to Getting Quality Feedback 145 Additional Information Gathering and Processing Strategies 147 Applying the Secrets to Information Gathering 150 Case Study: Facilitation in the Classroom 151 Facilitator’s Checklist for Information Gathering 152 Exercise Your Skills 153 VIII. the Secrets to Closing: Review, Define, Evaluate, End, Debrief 155 Questions Answered in This Chapter 155 Case Study: Polling for Agreement at the Close 155 Secret #35—The Secret to a Strong Close 157 Reviewing Activities Completed and Personal Objectives 157 Confirming Commitment to Decisions Made 158 Secret #36—The Secret to Confirming Commitment to Decisions 158 Clearing the Issues List 163 Secret #37—The Secret to Clearing the Issues List 163 Assigning Actions 164 Secret #38—The Secret to Assigning Actions 164 Defining What Can Be Communicated About the Session 165 Evaluating the Session 167 Ending the Session 169 Debriefing 169 What If the Session Is Running Behind? 170 What If the Session Is Going to Run Over? 171 Delivering a Partial Close 171 Facilitator’s Checklist for Closing 172 Exercise Your Skills 173 IX. The Secrets to Managing Dysfunction: Conscious Prevention, Early Detection, Clean Resolution 175 Questions Answered in This Chapter 175 Case Study: The Chairman and the COO 175 Dysfunctional Behavior—What Is It? 177 Secret #39—The Secret to Understanding Dysfunction 178 Techniques for Conscious Prevention 180 Secret #40—The Secret to Preventing Dysfunction 180 Techniques for Early Detection 183 Secret #41—The Secret to Detecting Dysfunction 183 Techniques for Clean Resolution 185 Secret #42—The Secret to Resolving Dysfunction 185 Recommended Responses to Various Dysfunctions 188 When the Unexpected Happens 196 Secret #43—The Secret to Responding When the Unexpected Happens 197 Responding to Mistakes and Attacks 198 Case Study: Making a Mistake as the Facilitator 198 Secret #44—The Secret to Responding to Mistakes and Attacks 199 Rewarding Functional Behavior 201 Lesson Learned 201 Applying the Secrets to Managing Dysfunction 203 Facilitator’s Checklist for Managing Dysfunction 205 Exercise Your Skills 207 X. The Secrets to Consensus Building: Create and Maintain a Consensus-focused Process 209 Questions Answered in This Chapter 209 Case Study: Consensus on Values 209 Defining Consensus 210 Secret #45—The Secret to Understanding Consensus 211 Deciding How to Decide 212 Secret #46—The Secret of Five-Finger Consensus 214 Understanding Why People Disagree 215 Secret #47—The Secret to Understanding Disagreement 215 Secret #48—The Secret to Resolving a Level 3 Disagreement 221 Filling Your Toolbox of Consensus Building Techniques 223 Secret #49—The Secret to Resolving a Level 1 Disagreement 224 Secret #50—The Secret to Resolving a Level 2 Disagreement 231 Case Study: Improving Customer Delivery Times 234 Secret #51—The Secret to Using Weighted Scoring 236 Revisiting the Family Vacation 241 Applying the Secrets to Consensus 242 Secret #52—The Secret to Gaining Consensus on Wording 242 Facilitator’s Checklist for Consensus Building 244 Exercise Your Skills 245 XI. The Secrets to Energy: Set the Pace, Anticipate the Lulls, React Accordingly 247 Questions Answered in This Chapter 247 Case Study: Learning the Impact of Energy 247 Understanding the Impact of Energy 248 Secret #53—The Secret of Energy: The Three Es 248 Projecting Energy from the Start 250 Secret #54—The Secret to Starting with Energy 250 Case Study: The Low-Key Facilitator 253 Adjusting to the Lullaby Times 253 Secret #55—The Secret to Adjusting to the Lullaby Times 254 Maintaining Energy During the Session 254 Secret #56—The Secret to Maintaining Energy 255 Case Study: A Team Building Mistake 258 Using Team Building Activities 259 Secret #57—The Secret to Using Team Building Activities 259 Crossing the River: My Favorite Team Building Exercise 260 Facilitator’s Checklist for Energy 264 Exercise Your Skills 265 XII. The Secrets to Agenda Setting: Adapt Your Agenda to Address the Need 267 Questions Answered in This Chapter 267 Case Study: Pay for Performance 267 Understanding Process 268 Using Standard Agendas 269 Secret #58—The Secret of Standard Agendas 269 Customizing the Agenda 273 Secret #59—The Secret to Customizing the Agenda 274 Developing an Agenda from Scratch 275 Secret #60—The Secret to Developing an Agenda from Scratch 275 Knowing Your Process Cold: The Facilitation Guide 277 Secret #61—The Secret to Knowing Your Process Cold 277 Estimating and Tracking Time 279 Secret #62—The Secret to Estimating Time 279 Applying the Secrets to the First Meeting of a Task Force 281 Facilitator’s Checklist for Agenda Setting 284 Exercise Your Skills 285 XIII. The Secrets to Facilitating Virtual Meetings: Keep Everyone Focused and Engaged 287 Questions Answered in This Chapter 287 Case Study: The Virtual Strategy Monitoring Session 287 Secret #63—The Secret to Preparing for a Virtual Meeting 293 Choosing and Preparing Your Technology 293 Preparing for the Meeting 294 Starting the Meeting 295 Running the Meeting 296 Secret #64—The Secret to Engaging People Virtually 297 Special Cases 298 Facilitator’s Checklist for Virtual Meetings 300 Exercise Your Skills 302 XIV. The Secrets to Facilitating Large Groups and Conferences: Use the Power of Process to Guide and Engage 303 Questions Answered in This Chapter 303 Case Study: Facilitating a Thousand People 303 Facilitating Large Groups 305 Secret #65—The Secret to Facilitating Large Groups 305 Facilitating Conferences 307 Case Study: Facilitating a Conference on Spirituality 307 Secret #66—The Secret to Facilitating Conferences 310 Secret #67—The Secret to Managing Time with Speakers 312 Facilitator’s Checklist for Facilitating Large Groups and Conferences 314 Exercise Your Skills 315 XV. The Secrets to Facilitating Cross-cultural Groups: Recognize Your Own Biases to Better Adapt to the Culture of Others 317 Questions Answered in This Chapter 317 Introduction 317 Understanding Cultural Competency 318 Secret #68—The Secret to Facilitating Cross-Cultural Groups 323 Applying the Secrets to Cross-Cultural Groups 333 Case Study: What Is the Objective? 334 Case Study: Facilitating the Strategic Plan for a Caribbean Government 336 Case Study: Facilitating for Morehouse 347 Interrupting the Effects of Institutional Power Through Facilitation 351 Facilitator’s Checklist for Facilitating Cross-Cultural Groups 364 Exercise Your Skills 366 XVI. The Secrets to Building an Internal Facilitator Capability: Build the Case, Raise Awareness 369 Questions Answered in This Chapter 369 Introduction 369 Case Study: The Pull Strategy at Hydro One 370 Case Study: From Training to Something Bigger at Direct Supply 377 Case Study: The Facilitator Development Program at Saudi Aramco 379 Best Practice Strategies 385 Secret #69—The Secret to Establishing an Internal Facilitator Cadre 386 Exercise Your Skills 394 XVII. Special Topics 395 Questions Answered in This Chapter 395 Apply the Secrets to Running a Simple Meeting 395 Applying the Secrets as a Meeting Participant 402 Secret #70—The Secret to Guerrilla Facilitation 402 Applying the Secrets to Very Small Groups 404 Applying the Secrets as a Consultant or Subject Matter Expert 405 Case Study: The Strategy Firm and the Nonprofit 406 Becoming a Certified Facilitator 408 Facilitator Neutrality: Fact or Fiction? 412 Epilogue 417 Resource Guide for Facilitators 419 Leadership Strategies—The Facilitation Company 419 The FindaFacilitator Database 420 The International Association of Facilitators 420 The International Institute for Facilitation 420 Training Courses in Facilitation 420 Recommended Books 424 70 Secrets of Facilitation 427 Acknowledgments 431 The Author 433 Index 435

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Book SynopsisAn updated and revised version of the business classic Power Base Selling Power Base Selling, originally published in 1990, left readers with an understanding of and language for gaining political advantage within accounts.Table of ContentsForeword Bill McDermott xvii Acknowledgments xix Part 1 Sales as a Management Science 1 Chapter 1 Seeing the Invisible 3It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change. Chapter 2 The MBA of Selling 13Learning is like rowing upstream; not to advance is to drop back. Part 2 Politics 29 Chapter 3 Influence and Authority 31The secret of my influence has always been that it remained secret. Chapter 4 Foxes: The Heart of the Power Base 45With foxes we must play the fox. Chapter 5 Power Base Types and Implications 61Sticks in a bundle are unbreakable. Chapter 6 Fox Hunting and Power Base Mapping 73Nothing has such power to broaden the mind as the ability to investigate systematically. Chapter 7 Gaining Political Advantage 93Recognition is the greatest motivator. Part 3 Unexpected Value 113 Chapter 8 Moving Up the Sales Value Chain 115Now my eyes are turned from the South to the North, and I want to lead one more expedition. This will be the last . . . to the North Pole. Chapter 9 Building Expressions of Customer Value 123Make no little plans; they have no magic to stir men’s blood. Chapter 10 Creating Demand to Displace Competitors 139A wise man will make more opportunities than he finds. Part 4 Strategy 157 Chapter 11 Introduction to Compete Strategy 159All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved. Chapter 12 Competitive Differentiation 165If you know the enemy and know yourself, your victory will not stand in doubt. Chapter 13 The Direct Strategy: Traditional and Nontraditional Application 179The truly wise can perceive things before they have come to pass. Chapter 14 The Indirect Strategy: Changing the Ground Rules 187Appear where you are not expected. Chapter 15 The Divisional Strategy: Peaceful Coexistence 199If the enemy’s forces are united, separate them. Chapter 16 The Containment Strategy: Transition Back to Indirect 207Though the enemy be stronger in numbers, we may prevent him from fighting. Epilogue Helping Others Elevate the Sales Profession 217Lead me, follow me, or get out of my way. Index 223

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Book SynopsisHow to start, grow, and succeed in the food truck business. Food trucks have become a wildly popular and important part of the hospitality industry. Consumers are flocking to these mobile food businesses in droves, inspiring national food truck competitions and even a show dedicated to the topic on The Food Network.Table of ContentsForeword xiiiMatthew Geller Preface xvii Acknowledgments xi Introduction 1 Plan: Preparing for Success 7 Is the Trucker’s Life for Me? 9 Foundations for Success 18 Playing by the Rules 25 Picking a Concept 31 Assembling a Winning Team 49 The Business Plan 51 Raising Money 63 Start: Making It Happen 67 Administrative Necessities 69 Finalizing the Menu 78 Lay Out Your Kitchen 82 Procuring a Truck 87 Picking a Commissary 99 Branding Fundamentals 103 Hiring 109 Picking Vending Locations 112 The Opening Schedule 117 Succeed: Doing One Truck Right 121 Responsible Vending 123 Vending Locations 126 Managing the Team 132 Put It on Paper 135 Watching the Numbers 137 Refining the Menu 142 Social Media 145 Connecting with Customers 150 Seasonality 153 Maintenance 155 Grow: Moving beyond the Truck 157 Growth Opportunities 164 Contract Packing 171 Building the Right Infrastructure 174 Technology 176 Exiting the Food Truck Industry 179 Afterword 183 Appendix A Templates and Worksheets 185 Appendix B Food Truck Regulations, by City 205 Appendix C Social Media Guides 229 Appendix D Interviews with Food Truck Entrepreneurs 233 Notes 263 About the Author 265 Index 267

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Book SynopsisThe guide to creating engaging web content and building a loyal following, revised and updated Blogs, YouTube, Facebook, Twitter, Google+, and other platforms are giving everyone a voice, including organizations and their customers. So how do you create the stories, videos, and blog posts that cultivate fans, arouse passion for your products or services, and ignite your business? Content Rules equips you for online success as a one-stop source on the art and science of developing content that people care about. This coverage is interwoven with case studies of companies successfully spreading their ideas onlineand using them to establish credibility and build a loyal customer base. Find an authentic voice and craft bold content that will resonate with prospects and buyers and encourage them to share it with others Leverage social media and social tools to get your content and ideas distributed as widely as possible Understand why yoTable of ContentsForeword xi Acknowledgments xv Big Fat Overview (Sometimes Called an Introduction) xvii Part One The Content Rules 1 Chapter 1 The Case for Content 3 Chapter 2 The Content Rules 13 Chapter 3 Insight Inspires Originality: Who Do You Want to Attract? 21 Chapter 4 Who Are You? 31 Chapter 5 Reimagine; Don’t Recycle: Anatomy of a Content Circle of Life 55 Chapter 6 Share or Solve; Don’t Shill 69 Chapter 7 Stoke the Campfire 95 Chapter 8 Create Wings and Roots 101 Chapter 9 The Care and Feeding of Fans 115 Chapter 10 Attention B2B Companies: This Is the Chapter You Are Looking For 121 Part Two The How-To Section 141 Chapter 11 A Blog as a Hub of Your Online Content 143 Chapter 12 If Webinars Are Awesome Marketing Tools, Why Do Most of Them Suck? 155 Chapter 13 What’s the Difference between an E-book and a White Paper? (And When Should You Use Them?) 171 Chapter 14 The Single Biggest Secret to Creating a Compelling Customer Success Story (Formerly Known as a Case Study) 183 Chapter 15 From Dumpy to Sexy: An FAQs Makeover 189 Chapter 16 Video: Show Me a Story 197 Chapter 17 Podcasting: Is This Thing On? 207 Chapter 18 Photographs: The Power of Pictures 211 Part Three Content that Converts: Success Stories (with Ideas You Can Steal!) 219 Chapter 19 Reynolds Golf Academy: 221 Greensboro, Georgia Chapter 20 The Cool Beans Group: 227 Greensboro, North Carolina Chapter 21 U.S. Army: Fort Knox, Kentucky; 231Fort Monroe, Virginia Chapter 22 AskPatty.com, Inc.: Thousand 235 Oaks, California Chapter 23 Qvidian: Lowell, Massachusetts 239 Chapter 24 HubSpot: Cambridge, Massachusetts 243 Chapter 25 Kodak: Rochester, New York 251 Chapter 26 Boeing Company: Chicago, Illinois 257 Chapter 27 Indium Corporation: Clinton, New York 263 Chapter 28 PinkStinks: London, England 267 Part Four This Isn’t Goodbye 271 Chapter 29 This Isn’t Goodbye, and a Gift for You 273 About the Illustrator: Sean Tubridy 275 Index 277

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Book SynopsisPepall's Industrial Organization: Contemporary Theory and Empirical Applications, 5th Edition offers an accessible text in which topics are organized in a manner that motivates and facilitates progression from one chapter to the next. It serves as a complete, but concise, introduction to modern industrial economics.Table of ContentsAbout the Authors v Preface to the Fifth Edition vii Part One Foundations 1 1 Industrial Organization: What, How, and Why 2 2 Basic Microeconomics 19 3 Market Structure and Market Power 47 4 Technology and Cost 64 Part Two Monopoly Power in Theory and Practice 91 5 Price Discrimination and Monopoly: Linear Pricing 92 6 Price Discrimination and Monopoly: Nonlinear Pricing 119 7 Product Variety and Quality Under Monopoly 142 8 Commodity Bundling and Tie-In Sales 173 Part Three Strategic Interaction and Basic Oligopoly Models 213 9 Static Games and Cournot Competition 214 10 Oligopolistic Price Competition 242 11 Dynamic Games and First and Second Movers 264 Part Four Anticompetitive Behavior and Antitrust Policy 283 12 Entry Deterrence and Predation 284 13 Predatory Conduct: More Recent Developments 316 14 Price Fixing, Repeated Games, and Antitrust Policy 349 Part Five Contractual Relations Between Firms 385 15 Horizontal Mergers 386 16 Vertical and Conglomerate Mergers 427 17 Vertical Price Restraints 459 18 Non-Price Vertical Restraints 486 Part Six Non-Price Competition 515 19 Advertising, Market Power, and Information 516 20 Research and Development 548 21 Patents and Patent Policy 578 Part Seven Networks, Auctions, and Strategic Policy Commitment 611 22 Network Issues 612 23 Auctions: Basic Theory and Applications 637 24 Strategic Commitments and International Trade 661 Answers to Practice Problems 677 Index 695

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Book SynopsisThe need for realism in reform of its monetary system is what makes Bernstein's story of the Power of Gold so timely. It is a compelling reminder that maintaining a fixed price for gold and fixed exchange rates were difficult even in a simpler financial environment.Peter Bernstein was reluctant to project the story of gold into the future. But to me his message was clear. Yes, gold will be with us, valued not only for its intrinsic qualities but as a last refuge and store of value in turbulent times. But its days as money, as a means of payment and a fixed unit of account are gone. From the New Foreword by Paul Volcker This bestselling book reveals a record of human nature in the ubiquity of gold with a new foreword by Paul Volcker In this exciting book, the late Peter L. Bernstein tells the story of history''s most coveted, celebrated, and inglorious asset: gold. From the ancient fascinations of Moses and Midas through the modern convulsions caused by thTrade Review"Bernstein's book is a fascinating read, especially in light of the recent run-up in the price of gold. Should gold once again be viewed as a currency, as so many commentators have suggested? Were he still alive, Bernstein might laconically answer, 'Read my book.'" (Seeking Alpha, May 2012)Table of ContentsForeword ix Acknowledgments xiii Prologue: The Supreme Possession 1 A Metal for All Seasons 1. Get Gold at All Hazards 9 2. Midas’s Wish and the Creatures of Pure Chance 18 3. Darius’s Bathtub and the Cackling of the Geese 38 4. The Symbol and the Faith 52 5. Gold, Salt, and the Blessed Town 66 6. The Legacy of Eoba, Babba, and Udd 74 7. The Great Chain Reaction 85 8. The Disintegrating Age and the Kings’ Ransoms 96 9. The Sacred Thirst 114 The Path to Triumph 10. The Fatal Poison and Private Money 135 11. The Asian Necropolis and Hien Tsung’s Inadvertent Innovation 158 12. The Great Recoinage and the Last of the Magicians 175 13. The True Doctrine and the Great Evil 198 14. The New Mistress and the Cursed Discovery 219 15. The Badge of Honor 239 16. The Most Stupendous Conspiracy and the Endless Chain 260 The Descent From Glory 17. The Norman Conquest 283 18. The End of the Epoch 306 19. The Transcending Value 328 20. World War Eight and the Thirty Ounces of Gold 346 Epilogue: The Supreme Possession? 367 Notes 373 Bibliography 397 Index 409

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Book SynopsisJeffrey Hirsch discusses how to capture market-beating returns by following specific stock market cycles While predicting the direction of the stock market at any given point is difficult, it's a fact that the market exhibits well-defined and sometimes predictable patterns.Trade Review"The Little Book of Stock Market Cycles is ideally suited for fans of the Hirsch almanacs as well as for those who have never been exposed to seasonal statistics and who have a hunch that they may have missed something useful." (SeekingAlpha.com, August 2012) ‘…a nice primer on cycle research and an excellent starting point for further research…he has given us an insightful collection of market observations and plenty of food for thought. I recommend you add it to your winter reading list.’ (ForexPros, November 2012)Table of ContentsForeword ix Introduction xiii Chapter One Cutting through the Bull 1 Chapter Two War and Peace 11 Chapter Three A Century of Booms and Busts 23 Chapter Four The Coming Boom 47 Chapter Five Your Portfolio Gets Political 69 Chapter Six Open Season for Stocks 95 Chapter Seven Aura of the Witch 105 Chapter Eight Autumn Planting 115 Chapter Nine Winter of Content 127 Chapter Ten Spring Harvest 149 Chapter Eleven Summer Doldrums 159 Chapter Twelve Celebrate Good Times 169 Chapter Thirteen Don’t Sell on Friday 187 Chapter Fourteen Picking the Ripe Trade 197 Acknowledgments 217

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Book SynopsisGo from ZERO to $10,000 a month in 28 days and discover financial freedom online! Every day thousands of people are losing their jobs, their income, and their securityperhaps you are one of them. However, with the right strategies, you can easily achieve financial independence. The Laptop Millionaire provides easy to follow step-by-step strategies you can use to make real money online. Author Mark Anastasi reveals the exact strategies he used to make millions and includes the success stories of other millionaire Internet entrepreneurs. Whether you need an extra hundred dollars a day or want to start an Internet Empire, this book gives you the tools and advice you need. His no-fluff, no-filler strategies provide a blueprint to online success allowing you to discover the laptop lifestyle for yourself. How anyone can make $700-3,000 a week thanks to Twitter, Facebook, YouTube, and other Social Media sites The simple steps to creating anTable of ContentsPreface to Third Edition ix 1 The Nature of Ideology 1 2 Liberalism 23 3 Conservatism 56 4 Socialism 83 5 Anarchism 111 6 Fascism 136 7 Feminism 165 8 Ecologism 198 9 Nationalism 226 10 Fundamentalism 261 11 Icons and Iconoclasm 292 Notes 294 Glossary 331 Bibliography 343 Index 371

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Book SynopsisTrain your mind to achieve new levels of success! Professionals and entrepreneurs do a great job of keeping up appearances. But if they're honest with themselves, they're short on living the life they really want.Table of ContentsForeword Eric Plantenberg vii Introduction How to Break Records ix Section 1 Your Learning Foundations 1 Learning Foundation #1 Your Instant Recall Memory 3 1 Discovering Your Memory Power 5 2 Learn to Speak the Language of Your Memory! 17 3 Using Your New Mental Files with This Book and Beyond 31 Learning Foundation #2 Your Smart Reading Capacity 47 4 Why You Read Like a Sixth-Grader and What to Do about It 49 5 Your Smart Reading Tools for Improved Focus and Speed 59 6 Your Smart Reading Tools for Enhanced Comprehension and Retention 71 Section 2 The Components of Your Record-Breaking Life 79 Component #1 Having Energizing Goals 81 7 Five Characteristics of an Energizing Goal 83 8 Heighten Your Focus with Your Keystone Goal 93 9 Overcoming Barriers 105 Component #2 Being Fully Present: Using Time as It’s Meant to Be Used 117 10 Common Myths of Time Management and How to Use Time as It’s Meant to Be Used 119 11 The Two-Hour Solution: How to Create a Record-Breaking Schedule 129 12 Top Tips for Supercharging Your Productivity 143 Component #3 Be Brilliant with the Basics 157 13 The Basics of You Part 1: Your Personal Core Values 159 14 The Basics of You Part 2: Purpose and Vision 173 Record-Breaking Component #4 Aggressive Mental Care 187 15 The Most Basic Piece: Energy 189 16 Your Energy Management Tools 201 17 The Power Hour: Your Daily Energy Management Practice 217 Conclusion What to Do with What You’ve Learned 229 About the Author 231 Index 233

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Book SynopsisValuation is the key to smart investing this book shows you how The Little Book of Investing Like the Pros gives individual investors a crash course in the tools and techniques used on Wall Street.Table of ContentsAbout the Authors ix Foreword by Howard Marks xv Acknowledgments xix Disclaimer xxv Introduction 1 Chapter One Step I: Idea Generation 19 Screens 22 Bottom-Up Approach 24 Top-Down Approach 59 Chapter Two Step II: Identifying the Best Ideas 71 Idea Review Framework 73 Investment Thesis 77 Business Overview 82 Management 91 Risks & Considerations 96 Financials & Valuation 99 Chapter Three Step III: Business & Financial Due Diligence 121 Business Due Diligence 123 Financial Due Diligence 148 Chapter Four Step IV: Valuation & Catalysts 171 Valuation 173 Market and Intrinsic Valuation 174 Buyout Valuation 194 Catalysts 206 Setting the Price Target 227 Chapter Five Step V: Investment Decision & Portfolio Management 233 Making the Investment Decision 236 Monitor the Investment 243 Portfolio Construction 250 Portfolio & Risk Management 263 Post-Mortem: Delphi Automotive 279 Bibliography & Recommended Reading 289

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Book SynopsisA compendium of tools and techniques that every innovator needs The Innovator''s Toolkit is an essential companion for every innovator, innovation team leader, operations manager, and corporate change agent who needs to drive organic growth. Written and presented in an easy-to-use reference format, the book helps users understand why, when, and how to apply each technique for maximum benefits and results. The fifty-plus tools and techniques in this book are organized around a framework for identifying innovation opportunities, generating new and unusual ideas, selecting the best ideas for further refinement, and implementing new solutions that better meet customer expectations. This revised second edition includes significant updates to nearly two dozen techniques Also offers several brand new techniques, including Idea Harvesting and Treatment, Seventy-six Standard Solutions, and Six Thinking Hats This updated and revised edition oTable of ContentsDOWNLOADABLE EXHIBITS xiii PREFACE xv INTRODUCTION xvii P A R T I Define the Opportunity 1 TECHNIQUE 1 Jobs to be Done 3 Highlight the human need you’re trying to fulfill TECHNIQUE 2 Job Mapping 13 Determine how customers are getting jobs done TECHNIQUE 3 Outcome Expectations 20 Give customers more of what they desire TECHNIQUE 4 Value Quotient 27 Identify opportunity gaps in the marketplace TECHNIQUE 5 Ethnography 34 Observe your customers to uncover unarticulated needs TECHNIQUE 6 Scenario Planning 41 Paint visions of possible change TECHNIQUE 7 Heuristic Redefinition 49 Draw a picture of your system and its parts to focus ideation TECHNIQUE 8 Nine Windows 57 Looking at your opportunity through nine different lenses TECHNIQUE 9 Job Scoping 64 Broaden or narrow your innovation focus TECHNIQUE 10 Stakeholder Management 68 Get key influencers involved and on your side TECHNIQUE 11 Cognitive Style 74 Leverage the diversity of your exploiters and explorers TECHNIQUE 12 Project Charter 82 Keep your innovation team focused and on track TECHNIQUE 13 Innovation Financial Management 90 Constantly improve your assumption-to-knowledge ratio P A R T II Discover the Ideas 99 TECHNIQUE 14 Resource Optimization 101 Make sure you use all available resources TECHNIQUE 15 Functional Analysis 108 Scrutinize your system for innovation TECHNIQUE 16 Trend Prediction 115 Learn from evolution’s genetic code TECHNIQUE 17 Creative Challenge 125 Sacrifice the sacred cows TECHNIQUE 18 HIT Matrix 130 Compare existing solutions to spark new breakthroughs TECHNIQUE 19 SCAMPER 133 Ask eight important questions TECHNIQUE 20 Brainwriting 6-3-5 137 Encourage equal opportunity ideation TECHNIQUE 21 Imaginary Brainstorming 140 Get silly for the sake of creativity TECHNIQUE 22 Concept Tree 144 Leverage current ideas to generate many ideas TECHNIQUE 23 Random Stimulus 147 Use an unrelated picture or word to spawn new ideas TECHNIQUE 24 Provocation and Movement 153 Bust through the roadblocks in your thinking TECHNIQUE 25 Forced Association 159 Hone in on solutions from other industries TECHNIQUE 26 Structured Abstraction 164 Guide your innovation using 40 proven principles TECHNIQUE 27 Separation Principles 173 Split your innovation problem in four ways TECHNIQUE 28 Substance Field Analysis 179 Learn how substances interact with fields to form solutions TECHNIQUE 29 Biomimicry 189 Seek nature’s eons of experience to find answers TECHNIQUE 30 KJ Method 195 Group and organize ideas by their natural affinities TECHNIQUE 31 Idea Sorting and Refinement 199 Organize and shape ideas to improve their yield TECHNIQUE 32 Six Thinking Modes 206 Evaluate your solution ideas in six different ways P A R T III Develop the Designs 215 TECHNIQUE 33 Functional Requirements 217 Identify what customers want in your solution TECHNIQUE 34 Axiomatic Design 223 Transform what customers want into the best products and services TECHNIQUE 35 Function Structure 231 Identify how the solution functions in its whole and its parts TECHNIQUE 36 Morphological Matrix 236 Generate solution concepts by combining design alternatives TECHNIQUE 37 TILMAG 241 Pair ideal solution elements to create new design concepts TECHNIQUE 38 Work Cell Design 245 Configure the workspace for flow and optimization TECHNIQUE 39 Paired Comparison Analysis 253 Rank design concepts against each other in pairs TECHNIQUE 40 Pugh Matrix 257 Evaluate all your design concepts to create the invincible solution TECHNIQUE 41 Process Capability 262 Predict the performance of your new solution TECHNIQUE 42 Robust Design 268 Make your design insensitive to uncontrollable influences TECHNIQUE 43 Design Scorecards 273 Develop a dashboard to track your design and its underlying processes TECHNIQUE 44 Design Failure Mode and Effects Analysis 285 Anticipate what can go wrong with your solution before it does TECHNIQUE 45 Mistake Proofing 293 Install measures to prevent human and system error TECHNIQUE 46 Discrete Event Simulation 301 Visualize and test your innovation through computer modeling TECHNIQUE 47 Rapid Prototyping 308 Make a fast 3D model of your solution to explore its viability P A R T IV Demonstrate the Innovation 315 TECHNIQUE 48 Prototyping 317 Make a fully functioning model of your new product to test and perfect it TECHNIQUE 49 Piloting 322 Implement your solution on a limited basis to work out any problems TECHNIQUE 50 SIPOC Map 328 Identify the key inputs and outputs of your process TECHNIQUE 51 Process Map/Value Stream Map 333 Flesh out the details of your process TECHNIQUE 52 Measurement Systems Analysis 340 Make sure you know your measurements are valid TECHNIQUE 53 Design of Experiments 348 Analyze input and output variables to identify the critical few TECHNIQUE 54 Conjoint Analysis 354 Compare solution attributes to cull out customer preferences TECHNIQUE 55 Process Behavior Charts 360 Monitor process performance to keep the new solution in control TECHNIQUE 56 Cause & Effect Diagram 367 Investigate the root causes of performance problems TECHNIQUE 57 Cause & Effect Matrix 371 Identify the key input-output relationships in need of attention TECHNIQUE 58 Control Plan 374 Ensure that your new solution becomes commercialized as planned ACKNOWLEDGMENTS 381 INDEX 383

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Book SynopsisBecome a savvy trader with a mindful edge... TraderMind is an essential resource for understanding and applying mindfulness-based approaches that help to enhance an individual trader''s overall performance. Based upon extensive research and practical application in the real world of the trading floor, TraderMind includes methods, tactics and techniques to build and enhance awareness and insight, which help manage thoughts and emotions and maximize trading performance. The author demonstrates how to overcome habitual or impulsive trading behaviours, manage energy levels, become more attuned to and responsive to the market, more situationally aware and build patterns of effective trading behaviour. By developing these skills and good behaviours, traders can overcome inherent biases and, ultimately, improve their trading decisions. The techniques outlined in TraderMind can be utilized as core competencies of trading psychology or can be used to coTable of ContentsAbout the Author ix Foreword by Linda Raschke xi Acknowledgements xiii Introduction: The Evolution of TraderMind xv 1 What is Mindfulness? 1 2 Developing Your Mindfulness Muscle 23 3 The Attention and Awareness Advantage 43 4 Thinking About Thinking 59 5 Embracing Emotions 83 6 Managing Urges and Impulses 105 7 Trading With the Body in Mind 119 8 Habits, Behaviour, Action 141 9 Turning Towards Difficulty 161 10 The Mindful Trader and Investor 185 TraderMind: Mindfulness‐Based Trading and Investing Training Programme 191 References 199 Index 209

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Book SynopsisA fully revised second edition of the best guide to high-frequency trading High-frequency trading is a difficult, but profitable, endeavor that can generate stable profits in various market conditions. But solid footing in both the theory and practice of this discipline are essential to success. Whether you''re an institutional investor seeking a better understanding of high-frequency operations or an individual investor looking for a new way to trade, this book has what you need to make the most of your time in today''s dynamic markets. Building on the success of the original edition, the Second Edition of High-Frequency Trading incorporates the latest research and questions that have come to light since the publication of the first edition. It skillfully covers everything from new portfolio management techniques for high-frequency trading and the latest technological developments enabling HFT to updated risk management strategies and how to safeguard iTable of ContentsPreface xi Acknowledgments xiii Chapter 1 How Modern Markets Differ from Those Past 1 Media, Modern Markets, and HFT 6 HFT as Evolution of Trading Methodology 7 What Is High-Frequency Trading? 13 What Do High-Frequency Traders Do? 15 How Many High-Frequency Traders Are There? 17 Major Players in the HFT Space 17 Organization of This Book 18 Summary 18 End-of-Chapter Questions 19 Chapter 2 Technological Innovations, Systems, and HFT 21 A Brief History of Hardware 21 Messaging 25 Software 33 Summary 35 End-of-Chapter Questions 35 Chapter 3 Market Microstructure, Orders, and Limit Order Books 37 Types of Markets 37 Limit Order Books 39 Aggressive versus Passive Execution 43 Complex Orders 44 Trading Hours 45 Modern Microstructure: Market Convergence and Divergence 46 Fragmentation in Equities 46 Fragmentation in Futures 50 Fragmentation in Options 51 Fragmentation in Forex 51 Fragmentation in Fixed Income 51 Fragmentation in Swaps 51 Summary 52 End-of-Chapter Questions 52 Chapter 4 High-Frequency Data 53 What Is High-Frequency Data? 53 How Is High-Frequency Data Recorded? 54 Properties of High-Frequency Data 56 High-Frequency Data Are Voluminous 57 High-Frequency Data Are Subject to the Bid-Ask Bounce 59 High-Frequency Data Are Not Normal or Lognormal 62 High-Frequency Data Are Irregularly Spaced in Time 62 Most High-Frequency Data Do Not Contain Buy-and-Sell Identifiers 70 Summary 73 End-of-Chapter Questions 74 Chapter 5 Trading Costs 75 Overview of Execution Costs 75 Transparent Execution Costs 76 Implicit Execution Costs 78 Background and Definitions 82 Estimation of Market Impact 85 Empirical Estimation of Permanent Market Impact 88 Summary 96 End-of-Chapter Questions 96 Chapter 6 Performance and Capacity of High-Frequency Trading Strategies 97 Principles of Performance Measurement 97 Basic Performance Measures 98 Comparative Ratios 106 Performance Attribution 110 Capacity Evaluation 112 Alpha Decay 116 Summary 116 End-of-Chapter Questions 116 Chapter 7 The Business of High-Frequency Trading 117 Key Processes of HFT 117 Financial Markets Suitable for HFT 121 Economics of HFT 122 Market Participants 129 Summary 130 End-of-Chapter Questions 130 Chapter 8 Statistical Arbitrage Strategies 131 Practical Applications of Statistical Arbitrage 133 Summary 144 End-of-Chapter Questions 144 Chapter 9 Directional Trading Around Events 147 Developing Directional Event-Based Strategies 148 What Constitutes an Event? 149 Forecasting Methodologies 150 Tradable News 153 Application of Event Arbitrage 155 Summary 163 End-of-Chapter Questions 163 Chapter 10 Automated Market Making—Naïve Inventory Models 165 Introduction 165 Market Making: Key Principles 167 Simulating a Market-Making Strategy 167 Naïve Market-Making Strategies 168 Market Making as a Service 173 Profitable Market Making 176 Summary 178 End-of-Chapter Questions 178 Chapter 11 Automated Market Making II 179 What’s in the Data? 179 Modeling Information in Order Flow 182 Summary 193 End-of-Chapter Questions 193 Chapter 12 Additional HFT Strategies, Market Manipulation, and Market Crashes 195 Latency Arbitrage 196 Spread Scalping 197 Rebate Capture 198 Quote Matching 199 Layering 200 Ignition 201 Pinging/Sniping/Sniffing/Phishing 201 Quote Stuffing 201 Spoofing 202 Pump-and-Dump 202 Machine Learning 207 Summary 208 End-of-Chapter Questions 208 Chapter 13 Regulation 209 Key Initiatives of Regulators Worldwide 209 Summary 222 End-of-Chapter Questions 223 Chapter 14 Risk Management of HFT 225 Measuring HFT Risk 225 Summary 244 End-of-Chapter Questions 244 Chapter 15 Minimizing Market Impact 245 Why Execution Algorithms? 245 Order-Routing Algorithms 247 Issues with Basic Models 258 Advanced Models 262 Practical Implementation of Optimal Execution Strategies 269 Summary 269 End-of-Chapter Questions 270 Chapter 16 Implementation of HFT Systems 271 Model Development Life Cycle 271 System Implementation 273 Testing Trading Systems 283 Summary 286 End-of-Chapter Questions 287 About the Author 288 About the Web Site 290 References 291 Index 303

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Book SynopsisAs today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, one gains by losing and loses by gaining.Trade Review"Spitznagel has written an essential new book. Indeed, might be one of the most important books of the year, or any year for that matter."—Forbes "The Dao of Capital: Austrian Investing In A Distorted World by Mark Spitznagel (Wiley, 2013) is a beautifully crafted book, one I can recommend to readers of all political/economic persuasions… it is impossible not to be shaped by its carefully presented history and logic."—Seeking Alpha "There is no shortage of market bears who take a grim view of the stock market. But Mr. Spitznagel has gained credibility in the investment world by predicting two market routs in the past decade, first in 2000 and then in 2008. Still, Mr. Spitznagel's approach is unusual for a money manager."—The New York Times "A fascinating and radical break from the investment dogma of the past several decades"—Fortune "While The Dao of Capital makes for demanding reading, it repays the effort as a heady historical and intellectual feast."—Barron's "Spitznagel could simply have written that investors need patience and must avoid the temptation of the quick profit; that building a successful strategy, and life, involves a longer-term approach foregoing instant gratification; that establishing a solid foundation while appearing not to create progress puts you in position for much greater success later on. He did not do that. Instead, he takes you on a tour of history and nature that illuminates these long held truths. In the end his message is simple, but by providing the historical underpinnings he brings them to life in a much more vibrant way."—Futures Magazine Among the "12 Books That Every Investor Should Read... deeply informative and will leave an impact on you."—Business Insider "A memoir and free market manifesto... that bring(s) theoretical concepts down to the practicallevel."—Institutional Investor "I applaud the book as a look into the thinking process of a great investor, especially one that has a clear and consistent understanding of the market process, the dangers of government intervention, and the benefits of Austrian economics."—Ludwig von Mises InstituteTable of ContentsForeword xvii Introduction xxiii Chapter One: The Daoist Sage Klipp’s Paradox 1 The Old Master 3 The Soft and Weak Vanquish the Hard and Strong 6 Into the Pit 9 The Privileges of a Trader 12 Robinson Crusoe in the Bond Pit 15 Fishing in “McElligot’s Pool” 18 Enter the Austrians: A von Karajan Moment 18 A State of Rest 21 Guiding into Emptiness 23 Moving On 26 The Wisdom of the Sages 29 Chapter Two: The Forest in the Pinecone The Roundabout and the Logic of Growth 33 The Forest and the Tree 36 The Slow Seedling 39 Wildfire and Resource Reallocation 41 The Conifer Effect 43 A Logic of Growth 49 Chapter Three: SHI The Intertemporal Strategy 51 The Dao of Sun Wu 56 Shi and the Crossbow 58 Li—The Direct Path 59 Shi and Li at the Weiqi Board 60 A Common Thread, from East to West 64 An Attack of Misunderstanding 68 On War—An Indirect Strategy 70 Shi, Ziel, Mittel, und Zweck 74 Chapter Four: The Seen and the Foreseen The Roots of the Austrian Tradition 75 That Which Must Be Foreseen 78 At the Viennese Crossroads Between East and West 85 The Teleology of Baer’s Butterfly 88 Menger Establishes the Austrian School 89 Tutor to the Prince 93 Methodenstreit 97 Österreichische Schule 101 Chapter Five: UMWEG The Roundabout Path of the Unternehmer 103 Postulating the “Positive” 105 Produktionsumweg 108 Böhm-Bawerk, the Bourgeois Marx 113 Faustmann’s Forest Economy 116 Rings of Capital 122 Henry Ford: The Roundabout Unternehmer 125 The Roundabout of Life 134 Chapter Six: Time Preference Overcoming That Humanness About Us 139 “Radical” Böhm-Bawerk and the Psychology of Time Preference 145 The Curious Case of Phineas Gage 149 The Shi and Li Brain 151 The Subjectivity of Time 153 The Trade-Off of an Addict 158 No Zeal for Ziel on Wall Street 161 Adapting to the Intertemporal 164 Chapter Seven: “The Market is a Process” 167 The Man Who Predicted the Great Depression 169 Fleeing the Nazis 173 Human Action 175 Unternehmer in the Land of the Nibelungen 179 Genuine Change Is Afoot in Nibelungenland—A Market-Induced Drop in Interest Rates 187 Distortion Comes to Nibelungenland—The Central Bank Lowers Rates 190 Time Inconsistency and the Term Structure 194 The Day of Reckoning Comes to Nibelungenland 198 The Austrian View 199 The Market Process Prevails 201 Chapter Eight: Homeostasis Seeking Balance in the Midst of Distortion 203 The Teleology of the Market 205 The Yellowstone Effect 207 Lessons from the Distorted Forest 209 Market Cybernetics 213 How Things “Go Right” 216 Spontaneous Order 217 Distortion 219 The Sand Pile Effect 220 Distortion’s Message: “Do Nothing” 222 The Shi of Capital 223 Chapter Nine: Austrian Investing I: The Eagle And The Swan Exploiting Distortion with Misesian Tools 227 Homeostasis en force 229 Witness to the Distortion 231 An Initial Misesian Investment Strategy 236 The Eagle and the Swan 240 Case Study: Prototypical Tail Hedging 244 The Ziel and the Zweck: Central Bank Hedging 248 The Roundabout Investor 251 Chapter Ten: Austrian Investing II: Siegfried Exploiting the Böhm-Bawerkian Roundabout 253 Siegfried, the Dragon Slayer 255 Case Study: Buying the Siegfrieds 263 Value Investing: Austrian Investing’s Estranged Heir 269 A Zweck Finally Attained 275 Epilogue: The SISU Of The Boreal Forest 277 The World Learns Sisu from the Victorious Finns 278 Sisu—Of Character and Character-Building 284 Notes 293 Acknowledgments 309 About the Author 311 Index 313

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Book SynopsisPopular guide to options pricing and position sizing for quant traders In this second edition of this bestselling book, Sinclair offers a quantitative model for measuring volatility in order to gain an edge in everyday option trading endeavors.Table of ContentsAcknowledgments xi Introduction to the Second Edition xiii Chapter 1 Option Pricing 1 The Black-Scholes-Merton Model 1 Modeling Assumptions 7 Conclusion 11 Summary 11 Chapter 2 Volatility Measurement 13 Defining and Measuring Volatility 13 Definition of Volatility 14 Alternative Volatility Estimators 20 Using Higher-Frequency Data 29 Summary 33 Chapter 3 Stylized Facts about Returns and Volatility 35 Definition of a Stylized Fact 35 Volatility Is Not Constant 36 Characteristics of the Return Distribution 40 Volume and Volatility 43 Distribution of Volatility 45 Summary 46 Chapter 4 Volatility Forecasting 49 Absence of Transaction Costs 50 Perfect Information Flow 50 Agreement about the Price Implications of Information 50 Maximum Likelihood Estimation 54 Volatility Forecasting Using Fundamental Information 60 The Variance Premium 62 Summary 65 Chapter 5 Implied Volatility Dynamics 67 Volatility Level Dynamics 70 The Smile and the Underlying 80 Smile Dynamics 82 Term Structure Dynamics 90 Summary 91 Chapter 6 Hedging 93 Ad Hoc Hedging Methods 95 Utility-Based Methods 96 Estimation of Transaction Costs 109 Aggregation of Options on Different Underlyings 113 Summary 115 Chapter 7 Distribution of Hedged Option Positions 117 Discrete Hedging and Path Dependency 117 Volatility Dependency 123 Summary 129 Chapter 8 Money Management 131 Ad Hoc Sizing Schemes 131 The Kelly Criterion 133 Time for Kelly to Dominate 143 Effect of Parameter Mis-Estimation 144 What is Bankroll? 146 Alternatives to Kelly 148 Summary 161 Chapter 9 Trade Evaluation 163 General Planning Procedures 164 Risk-Adjusted Performance Measures 171 Setting Goals 178 Persistence of Performance 180 Relative Persistence 180 Summary 184 Chapter 10 Psychology 187 Self-Attribution Bias 191 Overconfidence 193 The Availability Heuristic 197 Short-Term Thinking 199 Loss Aversion 199 Conservatism and Representativeness 201 Confirmation Bias 203 Hindsight Bias 206 Anchoring and Adjustment 207 The Narrative Fallacy 208 Prospect Theory 209 Summary 212 Chapter 11 Generating Returns through Volatility 213 The Variance Premium 214 Reasons for the Variance Premium 220 Summary 222 Chapter 12 The VIX 223 The VIX Index 224 VIX Futures 225 Volatility ETNs 227 Other VIX Trades 229 Summary 230 Chapter 13 Leveraged ETFs 231 Leveraged ETFs as a Trade-Sizing Problem 234 A Long-Short Trading Strategy 234 Options on Leveraged ETFs 235 Summary 237 Chapter 14 Life Cycle of a Trade 239 Pretrade Analysis 239 Posttrade Analysis 245 Summary 247 Chapter 15 Conclusion 249 Summary 252 Resources 253 Directly Applicable Books 253 Thought-Provoking Books 256 Useful Websites 257 References 261 About the Website 273 About the Author 279 Index 281

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Book SynopsisYour hands-on introduction to modern business and business education Whether you're deciding on a course of study, headed to university, or settling down to your first year, Business Studies For Dummies provides you with a thorough overview of the subjects that form the foundation of a business studies degree.Table of ContentsIntroduction 1 Part I: What Is Business? 5 Chapter 1: Understanding Business and Business Studies 7 Chapter 2: Identifying the Internal and External Influences on Business 21 Chapter 3: Using Business Analyses 37 Chapter 4: Making Decisions 61 Part II: How Business Works 75 Chapter 5: Structuring and Evolving Organisations 77 Chapter 6: Meeting Stakeholder Demands 91 Chapter 7: Organising for Success 103 Part III: How to Be a Business and Do Business 119 Chapter 8: Understanding Business Strategy 121 Chapter 9: Creating Great Products and Services 137 Chapter 10: Marketing Your Products or Services 151 Part IV: Money, Money, Money 171 Chapter 11: Understanding Finance 173 Chapter 12: Structuring Accounts 193 Chapter 13: Investing in the Present and in the Future 211 Chapter 14: Using Numbers in Business 231 Part V: The Awkward Bit: The People! 245 Chapter 15: Knowing People 247 Chapter 16: Managing Human Resources 269 Chapter 17: Handling Employee Relations 289 Part VI: Putting It All Together 307 Chapter 18: Examining Operations 309 Chapter 19: Delivering Great Projects 327 Chapter 20: Using Technology to Your Best Advantage 341 Part VII: The Part of Tens 357 Chapter 21: Ten Tips for Succeeding at Business School 359 Chapter 22: Ten Ways to Put Your Knowledge to Work Outside the Classroom 367 Index 375

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Book SynopsisHelping tech-savvy marketers and data analysts solve real-world business problems with Excel Using data-driven business analytics to understand customers and improve results is a great idea in theory, but in today's busy offices, marketers and analysts need simple, low-cost ways to process and make the most of all that data.Table of ContentsIntroduction xxiii I Using Excel to Summarize Marketing Data 1 1 Slicing and Dicing Marketing Data with PivotTables 3 Analyzing Sales at True Colors Hardware 3 Analyzing Sales at La Petit Bakery 14 Analyzing How Demographics Affect Sales 21 Pulling Data from a PivotTable with the GETPIVOTDATA Function 25 Summary 27 Exercises 27 2 Using Excel Charts to Summarize Marketing Data 29 Combination Charts 29 Using a PivotChart to Summarize Market Research Surveys 36 Ensuring Charts Update Automatically When New Data is Added 39 Making Chart Labels Dynamic 40 Summarizing Monthly Sales-Force Rankings 43 Using Check Boxes to Control Data in a Chart 45 Using Sparklines to Summarize Multiple Data Series 48 Using GETPIVOTDATA to Create the End-of-Week Sales Report 52 Summary 55 Exercises 55 3 Using Excel Functions to Summarize Marketing Data 59 Summarizing Data with a Histogram 59 Using Statistical Functions to Summarize Marketing Data 64 Summary 79 Exercises 80 II Pricing 83 4 Estimating Demand Curves and Using Solver to Optimize Price 85 Estimating Linear and Power Demand Curves 85 Using the Excel Solver to Optimize Price 90 Pricing Using Subjectively Estimated Demand Curves 96 Using SolverTable to Price Multiple Products 99 Summary 103 Exercises 104 5 Price Bundling 107 Why Bundle? 107 Using Evolutionary Solver to Find Optimal Bundle Prices 111 Summary 119 Exercises 119 6 Nonlinear Pricing 123 Demand Curves and Willingness to Pay 124 Profit Maximizing with Nonlinear Pricing Strategies 125 Summary 131 Exercises 132 7 Price Skimming and Sales 135 Dropping Prices Over Time 135 Why Have Sales? 138 Summary 142 Exercises 142 8 Revenue Management 143 Estimating Demand for the Bates Motel and Segmenting Customers 144 Handling Uncertainty 150 Markdown Pricing 153 Summary 156 Exercises 156 III Forecasting .159 9 Simple Linear Regression and Correlation 161 Simple Linear Regression 161 Using Correlations to Summarize Linear Relationships 170 Summary 174 Exercises 175 10 Using Multiple Regression to Forecast Sales 177 Introducing Multiple Linear Regression 178 Running a Regression with the Data Analysis Add-In 179 Interpreting the Regression Output 182 Using Qualitative Independent Variables in Regression 186 Modeling Interactions and Nonlinearities 192 Testing Validity of Regression Assumptions 195 Multicollinearity 204 Validation of a Regression 207 Summary 209 Exercises 210 11 Forecasting in the Presence of Special Events 213 Building the Basic Model 213 Summary 222 Exercises 222 12 Modeling Trend and Seasonality 225 Using Moving Averages to Smooth Data and Eliminate Seasonality 225 An Additive Model with Trends and Seasonality 228 A Multiplicative Model with Trend and Seasonality 231 Summary 234 Exercises 234 13 Ratio to Moving Average Forecasting Method 235 Using the Ratio to Moving Average Method 235 Applying the Ratio to Moving Average Method to Monthly Data 238 Summary 238 Exercises 239 14 Winter’s Method 241 Parameter Definitions for Winter’s Method 241 Initializing Winter’s Method 243 Estimating the Smoothing Constants 244 Forecasting Future Months 246 Mean Absolute Percentage Error (MAPE) 247 Summary 248 Exercises 248 15 Using Neural Networks to Forecast Sales 249 Regression and Neural Nets 249 Using Neural Networks 250 Using NeuralTools to Predict Sales 253 Using NeuralTools to Forecast Airline Miles 258 Summary 259 Exercises 259 IV What do Customers Want? 261 16 Conjoint Analysis 263 Products, Attributes, and Levels 263 Full Profile Conjoint Analysis 265 Using Evolutionary Solver to Generate Product Profiles 272 Developing a Conjoint Simulator 277 Examining Other Forms of Conjoint Analysis 279 Summary 281 Exercises 281 17 Logistic Regression 285 Why Logistic Regression Is Necessary 286 Logistic Regression Model 289 Maximum Likelihood Estimate of Logistic Regression Model 290 Using StatTools to Estimate and Test Logistic Regression Hypotheses 293 Performing a Logistic Regression with Count Data 298 Summary 300 Exercises 300 18 Discrete Choice Analysis 303 Random Utility Theory 303 Discrete Choice Analysis of Chocolate Preferences 305 Incorporating Price and Brand Equity into Discrete Choice Analysis 309 Dynamic Discrete Choice 315 Independence of Irrelevant Alternatives (IIA) Assumption 316 Discrete Choice and Price Elasticity 317 Summary 318 Exercises 319 19 Calculating Lifetime Customer Value 327 Basic Customer Value Template 328 Measuring Sensitivity Analysis with Two-way Tables 330 An Explicit Formula for the Multiplier r 331 Varying Margins 331 DIRECTV, Customer Value, and Friday Night Lights (FNL) 333 Estimating the Chance a Customer Is Still Active 334 Going Beyond the Basic Customer Lifetime Value Model 335 Summary 336 Exercises 336 20 Using Customer Value to Value a Business 339 A Primer on Valuation 339 Using Customer Value to Value a Business 340 Measuring Sensitivity Analysis with a One-way Table 343 Using Customer Value to Estimate a Firm’s Market Value 344 Summary 344 Exercises 345 21 Customer Value, Monte Carlo Simulation, and Marketing Decision Making 347 A Markov Chain Model of Customer Value 347 Using Monte Carlo Simulation to Predict Success of a Marketing Initiative 353 Summary 359 Exercises 360 22 Allocating Marketing Resources between Customer Acquisition and Retention 347 Modeling the Relationship between Spending and Customer Acquisition and Retention 365 Basic Model for Optimizing Retention and Acquisition Spending 368 An Improvement in the Basic Model 371 Summary 373 Exercises 374 VI Market Segmentation 375 23 Cluster Analysis 377 Clustering U.S. Cities 378 Using Conjoint Analysis to Segment a Market 386 Summary 391 Exercises 391 24 Collaborative Filtering 393 User-Based Collaborative Filtering 393 Item-Based Filtering 398 Comparing Item- and User-Based Collaborative Filtering 400 The Netflix Competition 401 Summary 401 Exercises 402 25 Using Classification Trees for Segmentation 403 Introducing Decision Trees 403 Constructing a Decision Tree 404 Pruning Trees and CART 409 Summary 410 Exercises 410 26 Using S Curves to Forecast Sales of a New Product 415 Examining S Curves 415 Fitting the Pearl or Logistic Curve 418 Fitting an S Curve with Seasonality 420 Fitting the Gompertz Curve 422 Pearl Curve versus Gompertz Curve 425 Summary 425 Exercises 425 27 The Bass Diffusion Model 427 Introducing the Bass Model 427 Estimating the Bass Model 428 Using the Bass Model to Forecast New Product Sales 431 Deflating Intentions Data 434 Using the Bass Model to Simulate Sales of a New Product 435 Modifications of the Bass Model 437 Summary 438 Exercises 438 28 Using the Copernican Principle to Predict Duration of Future Sales 439 Using the Copernican Principle 439 Simulating Remaining Life of Product 440 Summary 441 Exercises 441 29 Market Basket Analysis and Lift 445 Computing Lift for Two Products 445 Computing Three-Way Lifts 449 A Data Mining Legend Debunked! 453 Using Lift to Optimize Store Layout 454 Summary 456 Exercises 456 30 RFM Analysis and Optimizing Direct Mail Campaigns 459 RFM Analysis 459 An RFM Success Story 465 Using the Evolutionary Solver to Optimize a Direct Mail Campaign 465 Summary 468 Exercises 468 31 Using the SCAN*PRO Model and Its Variants 471 Introducing the SCAN*PRO Model 471 Modeling Sales of Snickers Bars 472 Forecasting Software Sales 475 Summary 480 Exercises 480 32 Allocating Retail Space and Sales Resources 483 Identifying the Sales to Marketing Effort Relationship 483 Modeling the Marketing Response to Sales Force Effort 484 Optimizing Allocation of Sales Effort 489 Using the Gompertz Curve to Allocate Supermarket Shelf Space 492 Summary 492 Exercises 493 33 Forecasting Sales from Few Data Points 495 Predicting Movie Revenues 495 Modifying the Model to Improve Forecast Accuracy 498 Using 3 Weeks of Revenue to Forecast Movie Revenues 499 Summary 501 Exercises 501 34 Measuring the Effectiveness of Advertising 505 The Adstock Model 505 Another Model for Estimating Ad Effectiveness 509 Optimizing Advertising: Pulsing versus Continuous Spending 511 Summary 514 Exercises 515 35 Media Selection Models 517 A Linear Media Allocation Model 517 Quantity Discounts 520 A Monte Carlo Media Allocation Simulation 522 Summary 527 Exercises 527 36 Pay per Click (PPC) Online Advertising 529 Defining Pay per Click Advertising 529 Profitability Model for PPC Advertising 531 Google AdWords Auction 533 Using Bid Simulator to Optimize Your Bid 536 Summary 537 Exercises 537 X Marketing Research Tools 539 37 Principal Components Analysis (PCA) 541 Defining PCA 541 Linear Combinations, Variances, and Covariances 542 Diving into Principal Components Analysis 548 Other Applications of PCA 556 Summary 557 Exercises 558 38 Multidimensional Scaling (MDS) 559 Similarity Data 559 MDS Analysis of U.S. City Distances 560 MDS Analysis of Breakfast Foods 566 Finding a Consumer’s Ideal Point 570 Summary 574 Exercises 574 39 Classification Algorithms: Naive Bayes Classifier and Discriminant Analysis 577 Conditional Probability 578 Bayes’ Theorem 579 Naive Bayes Classifier 581 Linear Discriminant Analysis 586 Model Validation 591 The Surprising Virtues of Naive Bayes 592 Summary 592 Exercises 593 40 Analysis of Variance: One-way ANOVA 595 Testing Whether Group Means Are Different 595 Example of One-way ANOVA 596 The Role of Variance in ANOVA 598 Forecasting with One-way ANOVA 599 Contrasts 601 Summary 603 Exercises 604 41 Analysis of Variance: Two-way ANOVA 607 Introducing Two-way ANOVA 607 Two-way ANOVA without Replication 608 Two-way ANOVA with Replication 611 Summary 616 Exercises 617 XI Internet and Social Marketing 619 42 Networks 621 Measuring the Importance of a Node 621 Measuring the Importance of a Link 626 Summarizing Network Structure 628 Random and Regular Networks 631 The Rich Get Richer 634 Klout Score 636 Summary 637 Exercises 638 43 The Mathematics Behind The Tipping Point 641 Network Contagion 641 A Bass Version of the Tipping Point 646 Summary 650 Exercises 650 44 Viral Marketing 653 Watts’ Model 654 A More Complex Viral Marketing Model 655 Summary 660 Exercises 661 45 Text Mining 663 Text Mining Definitions 664 Giving Structure to Unstructured Text 664 Applying Text Mining in Real Life Scenarios 668 Summary 671 Exercises 671 Index 673

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Book SynopsisThe economic crisis was not just caused by a failure of regulation or economic policy; it was a story of the failure of management in a fundamental sensea deeply flawed approach to management that encouraged bankers to pursue opportunities without regard for their long-term consequences, and to put their own interests ahead of those of their employers and their shareholders. The revised edition of this best-selling book shows convincingly that many of today's major economic problems in the west can be traced to a failure of management. In this updated edition the author draws our attention to new examples of failed management, from Rupert Murdoch's News Corp, and the disaster at BP, to the ongoing problems in financial services companies such as UBS and RBS. Throughout the book the references and statistics have been updated, to make this a current, highly relevant analysis of the problems besetting modern business and how managers need to tackle them.Table of ContentsPreface ix Acknowledgements xiii About the Author xvii Chapter 1 Why Management Failed 1 Chapter 2 What’s Your Management Model? 27 Chapter 3 Coordinating Activities: From Bureaucracy to Emergence 53 Chapter 4 Making and Communicating Decisions: From Hierarchy to Collective Wisdom 85 Chapter 5 Setting Objectives: From Alignment to Obliquity 119 Chapter 6 Motivating Employees: From Extrinsic to Intrinsic Motivation 145 Chapter 7 Four Models of Management 173 Chapter 8 The Change Agent’s Agenda 205 Chapter 9 The Leader’s Agenda 225 Epilogue Broadening the Debate on Reinventing Management 251 Notes 263 Index 283

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Book SynopsisRe-focus your business plan and achieve the success your business deserves Business owners, and their teams, often lose their way in the midst of the day-to-day stress of generating sales and profits.Table of ContentsIntroduction ix Chapter 1 The End of Your Business 1 Chapter 2 Confirming the Opportunity 15 Chapter 3 Goals and Milestones 27 Chapter 4 Achieving Your Financial Metric Goals 37 Chapter 5 Achieving Your Business Asset Goals 47 Chapter 6 Systematizing Your Business 57 Chapter 7 How to Out-Market Your Market 73 Chapter 8 Securing and Locking Up Your Customers 89 Chapter 9 Developing Your HR Plan 117 Chapter 10 Documenting Your Strategic Plan 133 Chapter 11 How to Progress Even Faster 145 Chapter 12 Becoming a Better Leader 167 Chapter 13 Multiplier Tactics 187 Conclusion 205 Acknowledgments 209 About the Author 213 Index 215

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Book SynopsisAn accessible, thoroughly engaging look at how the economy really works and its role in your everyday life Not surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before.Trade Reviewa handy primer for those not well versed in the subject (Irish Times, March 2013)Table of ContentsForeword xiii Introduction xix Chapter One The Secrets of Success 1 Chapter Two Economic Bungee Jumping 25 Chapter Three In-Flight Monitor 37 Chapter Four Labor Pains 53 Chapter Five Fire and Ice 71 Chapter Six Drop the Puck! 93 Chapter Seven All the World’s an ATM 111 Chapter Eight The Price of Economic Freedom 123 Chapter Nine All the President’s Men 141 Chapter Ten The Buck Starts Here 155 Chapter Eleven White Smoke over the Washington Mall 167 Chapter Twelve When the World Needs a Fireman 187 Chapter Thirteen The Elephant in the Economy 201 Chapter Fourteen Good Debt, Bad Debt 219 Chapter Fifteen Love-Hate Relationship 237 Acknowledgments 257 About the Author 259

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Book SynopsisDiscover an insightful examination of the property investment appraisal process from leaders in the industry This book explains the process of property investment appraisal: the process ofestimating both the most likely selling price (market value) and the worth of property investments to individuals or groups of investors (investment value). Valuations are important.They are used as a surrogate for transactions in the measurement of investment performance and they influence investors and other market operators when transacting property. Valuations need to be trusted by their clients and valuers need to produce rational and objective solutions. Appraisals of worth are even more important, as they help to determine the prices that should be paid for assets, even in times of crisis, and they can indicate market under- or over-pricing. In a style that makes the theory as well as the practice of valuation accessible to students and practitioners, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods. They explain how such valuation models are constructed and give useful examples throughout. They also show how these contemporary cash-flow methods connect market valuations with rational appraisals. The UK property investment market has been through periods of both boom and bust since the first edition of this text was produced in 1988. As a result, the book includes examples generated byvastly differentmarket states.Complex reversions, over-rented properties and leaseholds areall fullyexamined by the authors. This Fourth Edition includes new material throughout, including brand new chapters on development appraisals and bank lending valuations, heavily revised sections on discountedcash flow modelswith extended examples, and on the measurement and analysis of risk at an individual property asset level. The heart of the book remains the critical examination of market valuation models,whichno other book addressesin such detail.Table of ContentsPreface xi 1 Property Investment Appraisal in its Context 1 1.1 What is Appraisal? 1 1.2 The Appraisal Process 4 1.3 What Makes a Good Appraisal? 5 1.3.1 Accuracy, Bias, Smoothing, and Lagging of Valuations 6 1.3.2 Client Influence on Valuations 11 1.4 Conventional and Discounted-Cash-Flow Approaches to Appraisal 12 2 Principles of Investment Analysis 15 2.1 Introduction 15 2.2 Types of Investments 16 2.2.1 Cash Deposits 16 2.2.2 Fixed-Interest Securities 17 2.2.3 Index-Linked Securities 19 2.2.4 Ordinary Shares (Equities) 20 2.2.5 Property 22 2.2.6 Summary of Investment Types 24 2.3 Qualities of Investments 25 2.3.1 Income and Capital Growth 27 2.3.2 Operating Expenses 28 2.3.3 Liquidity, Marketability, and Transfer Costs 28 2.3.4 Real Options 29 2.3.5 Leverage 30 2.3.6 Tax Efficiency 31 2.4 Sources of Risk 31 2.4.1 Business and Financial Risk 32 2.4.2 Nominal and Real Risk 33 2.4.3 Systematic and Specific Risk 34 2.4.3.1 Systematic Risks 35 2.4.3.2 Specific Risks 35 2.4.3.3 International Investment Risks 37 2.4.4 Diversifying Risk 37 2.5 Comparing Investments: NPV and IRR 41 2.6 Initial Yield Analysis and Construction 46 2.7 Summary 48 3 The DCF Appraisal Model 51 3.1 The Cash Flow Model 51 3.2 The Inputs 51 3.2.1 The Holding Period 53 3.2.2 The Lease and Lease Events 54 3.2.3 Depreciation, Refurbishment and Redevelopment 55 3.2.4 Forecasting Rental Growth 57 3.2.5 The Resale Price 58 3.2.6 Exit Capitalisation Rate 58 3.2.7 Expenses 59 3.2.8 Void (Vacancy) Allowances 60 3.2.9 Transaction Costs 60 3.2.10 Taxes 61 3.2.11 Debt Finance 61 3.3 The Discount Rate 62 3.3.1 The Risk-Free Rate 63 3.3.2 The Risk Premium 64 3.4 Examples 66 3.5 Summary 82 4 The Evolution of Freehold Market Valuation Models 83 4.1 Introduction 83 4.2 The Evolution of Conventional Techniques 84 4.2.1 The Changing Perception of Investors 84 4.2.2 Historical Application of the Basic Valuation Model 88 4.3 Rationale of the Pre-1960 Appraisal Approach 90 4.4 The Post-1960 Conventional Market Valuation Model 94 4.4.1 The Fully Let Freehold 95 4.4.2 The Reversionary Freehold 95 4.4.3 Over-Rented Properties 102 4.5 Conclusions 107 5 Contemporary Freehold Market Valuations 109 5.1 Introduction 109 5.2 Analysing Transactions 111 5.2.1 Implied Rental Growth Rate Analysis 111 5.2.2 Calculation of the Implied Rental Growth Rate 111 5.2.3 Implied Target Rate Analysis 113 5.3 Full Explicit and Short-cut DCF Valuation Models 114 5.3.1 Introduction 114 5.3.2 An Explicit Cash-Flow Model Including Short Cut DCF 114 5.3.3 DCF by Formula 117 5.4 Alternatives to DCF 118 5.4.1 Introduction 118 5.4.2 Real Value 119 5.4.3 Arbitrage Model 124 5.5 Reversionary Freehold Valuations 127 5.5.1 Analysis of Transactions 127 5.5.2 Short Cut DCF 128 5.5.3 Real Value 128 5.5.4 Arbitrage 129 5.6 Over-rented Contemporary Model Valuations 130 5.6.1 Analysis of Transactions 130 5.6.2 Short Cut DCF 131 5.6.3 Real Value 131 5.6.4 Arbitrage 132 5.7 Summary 133 6 Freehold Market Valuations – Applications 135 6.1 Introduction 135 6.2 Analysis of Transactions 136 6.3 Rack Rented or Vacant Property Investments 139 6.3.1 Conventional Model 139 6.3.2 DCF by Formula 140 6.3.3 Explicit DCF (Assuming a Nine-Year Holding Period) 140 6.3.4 Arbitrage/Real Value 141 6.4 Two-Stage Reversionary Freeholds 142 6.4.1 Basic Two-Stage Reversionary Freeholds 142 6.4.2 Long Reversions 143 6.4.3 Over-rented Properties 146 6.5 More Complex Reversionary Freeholds 153 6.5.1 Lease Events and the Valuation of Multi-let Property 153 6.5.2 Alternative Review Forms: Indexation and Fixed Increases 162 6.5.3 Summary 166 6.6 Comparing Conventional and Contemporary Techniques 167 6.6.1 Defending Conventional Techniques 167 6.6.2 Target-Rate Choice 167 6.6.3 Fully Let Freeholds: Contemporary Versus Conventional Valuations 168 6.6.4 Reversionary Freeholds: Contemporary Versus Conventional Valuations 169 6.7 Taxation and Market Valuation 178 6.8 Conclusions 182 7 Leasehold Valuations 185 7.1 Introduction 185 7.2 The Evolution of Conventional Leasehold Valuations 185 7.3 Contemporary Leasehold Valuations 194 7.3.1 Fixed Leasehold Profit Rents 195 7.3.2 Geared Leasehold Profit Rents Reviewable Rent Received, Fixed Rent Paid 196 7.3.3 Synchronised Reviews in Head- and Sub-leases 200 7.3.4 Reversionary Leaseholds Reviewable Rent Received, Fixed Rent Paid 200 7.3.5 Reviewable Rent Received, Unsynchronised Reviewable Rent Paid 202 7.3.6 Over-rented Leaseholds 204 7.4 Conventional Versus Contemporary Techniques 206 7.5 The Limitations of the Contemporary Models for Leaseholds 209 7.5.1 Analysis and Valuation Using Leasehold Comparables 209 7.5.2 Analysis and Valuation Using Freehold Comparables 212 7.6 Taxation and the Market Valuation of Leaseholds 215 7.7 Conclusions 216 8 Measurement and Pricing of Risk in Appraisals 217 8.1 Introduction 217 8.2 Nature and Sources of Risk 218 8.3 Measuring Risk 220 8.3.1 Risk-Adjusted Discount Rate 222 8.3.2 Sensitivity Analysis 224 8.3.3 Scenarios 228 8.3.4 Simulations 229 8.4 Risk Pricing 232 8.4.1 Assessing the Risk Premium 233 8.4.2 Certainty-Equivalent Cash Flows 234 8.4.3 The Sliced-Income Approach 235 8.5 Summary 238 9 Development Appraisal 241 9.1 Introduction 241 9.2 Valuation Methods 242 9.2.1 Basic Residual Method 242 9.2.2 Discounted Cash Flow Residual Method 243 9.3 Developer’s Profit 250 9.4 Changes in Costs and Values and Phasing of Developments 253 9.5 Finance 253 9.6 Conclusion 254 10 Bank Lending Appraisals 259 10.1 Introduction 259 10.2 The Bank Lending Valuation Problem 260 10.3 Market Value 261 10.4 Mortgage Lending Value 261 10.5 Basel III Definition of Long-term Value 263 10.6 Investment Value 264 10.7 Illustration of the Three Established Approaches 264 10.7.1 Market Value (Equivalent Yield 6.5%) 265 10.7.2 Mortgage Lending Value 266 10.7.3 Investment Value 267 10.8 Performance of the Three Valuation Bases over the Last Two Property Market Downturns in the UK 268 10.9 Summary and Conclusions 271 11 Conclusions 273 Bibliography 277 Index 291

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Book SynopsisShare Thisis a practical handbook to the biggest changes taking place in the media and its professions by the Chartered Institute of Public Relations (CIPR) Social Media Panel. The book was conceived and written by more than 20 public relations practitioners representing a cross-section of public, private and voluntary sector expertise using many of the social tools and techniques that it addresses. The book is split into 26 chapters over eight topic areas covering the media and public relations industry, planning, social networks, online media relations, monitoring and measurement, skills, industry change and the future of the industry. It's a pragmatic guide for anyone that works in public relations and wants to continue working in the industry. Share This was edited by Stephen Waddington with contributions from: Katy Howell, Simon Sanders, Andrew Smith, Helen Nowicka, Gemma Griffiths, Becky McMichael, Robin Wilson, Alex Lacey, Matt Appleby, Dan Tyte, STrade Review'A comprehensive handbook, which would be useful for anyone looking to get to grips social media. (Talk Business, October 2012) a pragmatic guide and an invaluable insight for anyone working in the challenging world of public relations today (Flybe, December 2012)Table of ContentsList of Contributors x Foreword by Jane Wilson xi Introduction by Stephen Waddington xiii Part I Changing Media, Changing PR 1 1 An Introduction to Social Networks 3Katy Howell Part II Planning 13 2 Kick‑Start Your Social Media Strategy 15Simon Sanders 3 What has Google Ever Done for PR? 23Andrew Smith 4 Integrating Traditional and Social Media 31Helen Nowicka 5 Social Media Guidelines: Creating Freedom Within a Framework 39Gemma Griffiths 6 Open Communication: Psychology, Ethics and Etiquette 49Becky McMichael Part III Networks 59 7 Facebook: A Way to Engage with Your Audiences 61Robin Wilson 8 Twitter: The Unstoppable Rise of Microblogging 71Alex Lacey 9 LinkedIn: Social Networking for Professionals 79Matt Appleby 10 Google+: Better than Buzz? 87Dan Tyte 11 The Business of Blogging 93Stephen Waddington Part IV Online Media Relations 101 12 Modern Media Relations and Social Media Newsrooms 103Stuart Bruce 13 Brands as Media 113Rob Brown 14 The Future of Broadcast 121Russell Goldsmith 15 Media Relations Modernised 129Adam Parker 16 Pitching Using Social Media 137Julio Romo Part V Monitoring and Measurement 145 17 Real-Time Public Relations 147Philip Sheldrake 18 Social Media Monitoring 157Andrew Smith 19 Measuring Social Media 163Richard Bagnall Part VI Skills 175 20 Skilling Up for the Future 177Daljit Bhurji 21 The Future of PR Education 185Richard Bailey Part VII Industry Change 193 22 Employee Engagement: How Social Media are Changing Internal Communication 195Rachel Miller 23 Back to the Future for Public Sector Communications 205Mark Pack 24 Modernising Public Affairs for the Digital Age 213Stuart Bruce 25 Social Media and the Third Sector 221Simon Collister Part VIII The Future 229 26 Here Comes Web 3.0 and the Internet of Things 231Philip Sheldrake Index 237

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Book SynopsisThis Third Edition of the groundbreaking book Designing Organizations offers a guide to the process of creating and managing an organization (no matter how complex) that will be positioned to respond effectively and rapidly to customer demands and have the ability to achieve unique competitive advantage.Table of ContentsList of Figures and Tables ix Preface xiii 1. Introduction 1 2. The Star Model 15 3. Single-Business Strategy and Functional Organization 57 4. Designing the Lateral Organization 89 5. Types of Single-Business Strategy 107 6. The Reconfigurable Functional Organization 131 7. Designing the Network Organization 149 8. Multibusiness Strategy and Organization 185 9. The Mixed Model 205 10. Adding Value 217 11. The Value-Adding Conglomerates 235 12. Synergy Portfolio Strategies 255 13. Organizational Design Challenges and Opportunities Resulting from Big Data 285 Bibliography 301 About the Author 307 Index 309

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Book SynopsisHelps you make sense of complex business concepts and explains to you in plain English how Managerial Economics enhances analytical skills, assists in rational configuration, and aids in problem-solving.Table of ContentsIntroduction 1 Part I: The Nature of Managerial Economics 9 Chapter 1: Managerial Economics: Taking Care of Business 11 Chapter 2: Supply and Demand: You Have What Consumers Want 23 Chapter 3: Calculus, Optimization, and You 39 Part II: Considering What Side You’re On in the Decision-Making Process 55 Chapter 4: Using the Elasticity Shortcut 57 Chapter 5: Consumer Behavior: A Market for Anything? 73 Chapter 6: Production Magic: Pulling a Rabbit Out of the Hat 91 Chapter 7: Innovation and Technological Change: The Future Is Now 109 Chapter 8: Production Costs: Where Less Is More 121 Part III: Recognizing Rivals: Market Structures and the Decision-Making Environment 137 Chapter 9: Limited Decision-Making in Perfect Competition 139 Chapter 10: Monopoly: Decision-Making Without Rivals 161 Chapter 11: Oligopoly: I Need You 181 Chapter 12: Game Theory: Fun Only if You Win 203 Chapter 13: Monopolistic Competition: Competitors, Competitors Everywhere 223 Chapter 14: Increasing Revenue with Advanced Pricing Strategies 235 Part IV: Anticipating Surprises: Risk and Uncertainty 261 Chapter 15: Risk Analysis: Walking Through the Fog 263 Chapter 16: Using Capital Budgeting to Prepare for the Future 285 Chapter 17: Principal–Agent Issues and Adverse Selection: Can Everyone Agree? 299 Chapter 18: Rules, Rules Everywhere: Government and Managerial Decision-Making 315 Part V: The Part of Tens 333 Chapter 19: Ten Critical Concepts 335 Chapter 20: Ten Managerial Mistakes and How to Avoid Them 343 Index 351

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Book SynopsisThe key to understanding how your manager calculates your real value and how to boost it More than anything else, you need to understand exactly how your employer evaluates you, and your annual performance review doesn't tell the whole story.Trade Review#7 New York Times Best Seller (Hardcover Advice, How-To, and Miscellaneous) #5 New York Times Best Seller (Hardcover Business) #2 Wall Street Journal Best Seller (Hardcover Business) #10 Publishers Weekly Best Seller (Hardcover Nonfiction) #7 USA Today Best Seller (Money) #10 Chicago Sun-Times Best Seller (Nonfiction) "The best way to be valued at work is to add a ton of value, and Cy Wakeman shows you exactly how to do it in today's fast-moving, technology-fueled workplace. She'll also guide you to getting your MOJO back as an employee. An invaluable tool for those who want success at work and at home." —Marshall Goldsmith, New York Times bestselling author, MOJO and What Got You Here Won't Get You There "I don't know how she topped Reality-Based Leadership, but she did. This is, simply put, a GREAT book! Every business needs to buy every employee a copy of it." —Larry Winget, New York Times bestselling author, Shut Up, Stop Whining and Get A Life and It's Called Work for a Reason! "Cy Wakeman's approach and methodology have made a profound difference with myself and my team. If you are interested in taking back control of your personal business success, read The Reality-Based Rules of the Workplace. Every person within an organization can reclaim his or her ability to add significant value, and she will show you how." —John McVeigh, president, O.C. Tanner Recognition Company Limited "This book is a must-read for anyone who has ever felt dissatisfied, unappreciated, or fed up with his or her job. In The Reality-Based Rules of the Workplace, Cy Wakeman delivers (with tough love and humor) an incredibly liberating reality check: you are the cause of your own suffering, and only you have the power to end it. Wakeman compels readers to ditch the excuses, take back control of their happiness at work, and discover that the jobs they've always wanted were there all along." —Chris Powell, executive vice president, human resources, Scripps Networks Interactive "It gets more challenging every year to ensure employees are highly engaged, and it's a critical concern for leaders in nearly every organization today. The Reality-Based Rules of the Workplace reveals what's been missing from well-intentioned, yet often ineffective, engagement programs: an expectation that employees have significant responsibility for their happiness at work. Once we embrace the reality that engagement is tied to personal accountability, organizations will have a happier, more engaged workforce, and healthier bottom lines." —Caroline Stockdale, senior vice president, human resources, Medtronic "In The Reality-Based Rules of the Workplace, Cy Wakeman challenges us to take a look in the mirror, give up our self-defeating stories, and accept responsibility for our own success. With her quick wit and compelling stories, Wakeman turns doubters into believers who demonstrate their value and find happiness at work. She's the straight-shooting yet empowering mentor you wish you had." —Philip Wilner, vice president and medical director, behavioral health, New York–Presbyterian Hospital/Weill Cornell Medical Center "Cy Wakeman's new book is for every member of the workforce who wants to elevate his or her performance to a higher level. The Reality-Based Rules of the Workplace provides invaluable tools for converting the energy spent on feelings of frustration, complacency, and hopelessness into fuel for finding happiness and achieving your fullest potential. Cy’s philosophy and tools have been invaluable in helping our leaders learn to embrace accountability, and the positive response from employees has been overwhelming." —Alyson Guthrie, chief human resources officer, Crowell & Moring "One of my biggest disappointments as a CEO is the significant number of good employees we have lost because some incident changed their attitude almost overnight. It is great to finally have a book that helps employees understand how management views them and that they can totally control that perception. The greatest benefit to The Reality-Based Rules of the Workplace is that it teaches us all how to be more accountable in our own careers. Every college student should read this to prepare them for the real world and how to thrive in it." —Mike Rydin, president and CEO, HCSS "In The Reality-Based Rules of the Workplace, Cy Wakeman reveals that the key ingredient to both high performance and happiness is simple: personal accountability. With a no-holds-barred approach and practical tools, Wakeman helps employees discover a newfound sense of happiness and control in their work." —Kim Ferrarie, senior vice president, human resources, Air Liquide "Cy Wakeman's newest book is for every member of the workforce who wants to elevate his or her performance to a higher level of greatness. The Reality-Based Rules of the Workplace provides tools for converting any disengagement you are feeling toward your current company into powerful action to re-engage and achieve your fullest potential. We are using Cy’s philosophy and tools in our leadership development programs, and the response has been overwhelming! I highly recommend this book if you are ready to challenge yourself to let go of any blockers that are preventing you from being your best." —Ken Myers, senior vice president and chief human resources officer, Hospira, Inc. "The Reality-Based Rules of the Workplace is an essential guide to facing the real challenges you deal with every day and seizing the opportunities they represent, instead of feeling victimized. Cy Wakeman shows how you can adopt a no-nonsense approach to owning your career and becoming the kind of employee no organization would want to lose." —Ed Bjurstrom, general manager, Gilead Sciences "The Reality-Based Rules of the Workplace is spot on! It provides a suite of tangible tools that empower employees to take control of their work life. We all want to determine our own destiny, how we contribute at work, and how we feel about it. This book is key to moving forward! The messages Cy provides are easy to understand and apply across environments." —Shannon Bell, executive coach and organizational development consultant "If you are an employee or you have employees, The Reality-Based Rules of the Workplace is a must-read for thriving in today’s marketplace. Cy provides simple steps to developing a culture where employees are contributors and drivers of your basic operating principles, and she provides tips on how to enhance business results by creating relationships that are meaningful and success-filled for employees, coworkers, and your business." —Cindy Williams, organizational development specialist, Bayer CropScience "The Reality-Based Rules of the Workplace is a gem for anyone holding a job, and for those who evaluate the work of other people. Totally engaging, funny at times, and an easy read. This book is packed with questions to ask yourself and guidance toward the best, most productive answers to drive success for yourself, your coworkers, and your business. Cy has hit this one out of the park!" —Gordon Whitten, serial entrepreneur and innovation expertTable of ContentsIntroduction: The New Rules of the Game 1 Part One The New Value Equation 15 1 Your Current Performance 17 2 Your Future Potential 37 3 Your Emotional Expensiveness 61 Part Two The Five Reality-Based Rules of the Workplace 75 4 Rule #1: Your Level of Accountability Determines Your Level of Happiness, so Don’t Hope to Be LUCKY. CHOOSE TO BE HAPPY 77 5 Rule #2: Suffering is Optional, so DITCH THE DRAMA! 97 6 Rule #3: Buy-In is Not Optional. YOUR ACTION, NOT OPINION, ADDS VALUE. 123 7 Rule #4: Say ‘‘Yes’’ to What’s Next. CHANGE IS OPPORTUNITY. 137 8 Rule #5: You Will Always Have Extenuating Circumstances. SUCCEED ANYWAY. 149 Call to Action Put the New Rules to Work 165 Notes 173 Acknowledgments 175 About the Author 179 Index 181

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Book SynopsisLearn how to use stories and visuals to make topnotch presentations It's called CAST (Content, Audience, Story, & Tell) and it's been a quiet success, until now. Developed over a twelve year period as a presentation method to help Enterprise Architects, it was adopted by Microsoft Enterprise Architecture teams and filtered from IT managers to Sales, and beyond to major organizations around the world. Now, thanks to this unique book from an expert author team that includes two Microsoft presentation experts, you can learn how to use this amazing process to create and make highimpact presentations in your own organization. The book helps you build complete visual stories, step by step, by using the CAST method to first create a Story Map and from there, a compelling presentation. It includes sample Story Maps, templates, practical success stories, and more. You'll discover how to go beyond PowerPoint slides to create presentations that influence your peers and effect change. Explains the secrets of making presentations and effecting change using CAST to create Story Maps and from there, highimpact and visual presentations that tell a storyCovers how to apply a range of techniques and what the results look like, using screenshots of presentations, one page hand outs, and basic delivery with whiteboardsCoauthored by Microsoft experts and a visual design guru who have years of experience training professionals in these methodsIncludes sample Story Maps, templates, practical success stories, and more Learn how to sell your ideas and trigger change in your company with Stories That Move Mountains: Storytelling and Visual Design for Persuasive Presentations.Table of Contents1 The Power of Stories 2 Visual Stories 5 Should We Blame the Tools? 6 Finding the Right Tool for the Job 6 To Be Effective, You Have to Affect People 7 Convincing Evidence 10 2 Cast and the Visual Story Map 12 The Visual Story Map 12 3 Using Cast to Tell Stories 22 Use the Visual Story Map 23 Learn From Our Experience 24 Examples of Using CAST 25 Build Your Own Example 25 Example 1: Personal Trainer. 26 Example 2: City University Hospital 27 Tell the Right Story 29 Tell the Story Right 29 4 Why 34 The Three Big Whys 35 Focusing First on “Why” 36 All Motivation is Personal 37 Techniques for Discovering Whys 37 Five Whys 38 Pain Chain 40 Outcome Mapping 41 5 What 48 Elements of Change. 50 Brainstorming the Changes 52 Filter and Focus 53 6 How 62 Traceability and Milestones 64 Finding the “How” 65 Understanding the Dependencies 68 Cum hoc ergo propter hoc 70 7 What if 76 Walking Backward Through the Story 78 Alternative Scenarios 80 Final Thoughts on the Story Content 89 8 Who 92 Finding the Common Ground 96 Creating a Power Map 98 9 Learning and Decision Styles 108 Categorizing Your Audience. 109 Preferences, Not Prescriptions 109 Learning Styles 110 Decision Styles 112 10 Structure 122 Plot Structure 123 Nesting and Embedding (or How to Tell Many Stories at the Same Time) 139 Using Reality and Fiction 139 Hope’s Story 141 Putting All the Parts Together 141 In a Hurry? 143 11 Character 148 The Hero and the Villain 150 Character Associations 152 Believability 153 The Cast of Characters 154 Personification 154 12 Sense of Urgency 164 The Enemies of Change: Complacency and Distraction 165 Common Factors Creating a Sense of Urgency 166 Success Is a Decision 168 Success Is a Commitment 168 13 Delivery Plan 174 Decisions Take Time 176 Planning for Scale 178 Hook, Line, and Sinker 179 City University Hospital 180 Delivery Tips 186 14 Design 192 Intentional Design 193 Many Formats, One Root 196 The Infographic 197 Ideation 198 Composition 200 Content Coding 209 Writing 214 15 Test 222 Testing and Rehearsals 223 Opening, Closing, and Timing 224 Repetition 225 Retention 225 The Six Key Tests 226 16 Cast Example: What a Difference A Day Can Make 232 17 Afterword: Improving Your Visual Storytelling 242 Practice Makes Perfect 242 Use Your Tools 243 References 246 Index 252

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Book SynopsisWhat you experience is what you remember. The more emotional the experience, the deeper it is branded into your memory. Experience has a massive impact on buying decisions. Every touch point, every time you or someone in your company engages a customer, it creates an experience - something they remember.Table of ContentsAbout the Author ix Chapter 1 What’s Love Got to Do with It 1 Chapter 2 The Seven Essential Principles of Customer Engagement 19 Chapter 3 The Five Levers of Customer Experience 33 Chapter 4 Put Customers First 41 Chapter 5 Connect 73 Chapter 6 Solve Problems 97 Chapter 7 Build Trust 125 Chapter 8 Create Positive Emotional Experiences 149 Chapter 9 Make Breaking Up Hard to Do 163 Acknowledgments 181

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Book SynopsisA new and simple system to understanding and controlling the behavior of others Noted body language, behavior and communication expert Mark Bowden offers a totally practical, easy-to-read guide to understanding the impulsive actions of others, along with the best tools to manage them.Table of ContentsAcknowledgments ix Preface xi Introduction 1 Week One You 9 Day One Shared Instincts 11 Day Two Snap Judgments 22 Day Three Default to the Negative 32 Day Four Best-Fit Thinking 40 Day Five Friend, Enemy, Sexual Partner, or Indifferent 49 Day Six Moods and Emotions 59 Day Seven The Spice of Life 73 Week Two Relationships 85 Day Eight Relationships Are Dyadic 87 Day Nine Opposites Attract 95 Day Ten BFFs 105 Day Eleven Enemies 114 Day Twelve Indifference 125 Day Thirteen Moods Are Contagious 132 Day Fourteen The Four Stages of Relationship 141 Week Three Tribe 151 Day Fifteen We Are Tribal 153 Day Sixteen Tribal Nurture 161 Day Seventeen Hierarchy 168 Day Eighteen Tension 176 Day Nineteen Values 187 Day Twenty Diversity 196 Day Twenty-One Changing Tribes is Expensive 206 Week Four New You 215 Day Twenty-Two Suspend Judgment 217 Day Twenty-Three Be Curious 225 Day Twenty-Four Open Your Heart 235 Day Twenty-Five Give 243 Day Twenty-Six Manage Your Disappointment 250 Day Twenty-Seven Values Trump Rules 257 Day Twenty-Eight Expand Your Tribe 267 Conclusion 275 Further Reading and Resources 278 About the Author 282 Index 283

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Book SynopsisThe 5th edition of Model Building in Mathematical Programming discusses the general principles of model building in mathematical programming and demonstrates how they can be applied by using several simplified but practical problems from widely different contexts. Suggested formulations and solutions are given together with some computational experience to give the reader a feel for the computational difficulty of solving that particular type of model. Furthermore, this book illustrates the scope and limitations of mathematical programming, and shows how it can be applied to real situations. By emphasizing the importance of the building and interpreting of models rather than the solution process, the author attempts to fill a gap left by the many works which concentrate on the algorithmic side of the subject. In this article, H.P. Williams explains his original motivation and objectives in writing the book, how it has been modified and updated over the years, whTable of ContentsPreface PART 1 1 Introduction 1.1 The Concept of a Model 1.2 Mathematical Programming Models 2 Solving Mathematical Programming Models 2.1 Algorithms and Packages 2.2 Practical Considerations 2.3 Decision Support and Expert Systems 2.4 Constraint Programming 3 Building Linear Programming Models 3.1 The Importance of Linearity 3.2 Defining Objectives 3.3 Defining Constraints 3.4 How to Build a Good Model 3.5 The Use of Modelling Languages 4 Structured Linear Programming Models 4.1 Multiple Plant, Product, and Period Models 4.2 Stochastic Programming Models 4.3 Decomposing a Large Model 5 Applications and Special Types of Mathematical Programming Model 5.1 Typical Applications 5.2 Economic Models 5.3 Network Models 5.4 Converting Linear Programs to Networks 6 Interpreting and Using the Solution of a Linear Programming Model 6.1 Validating a Model 6.2 Economic Interpretations 6.3 Sensitivity Analysis and the Stability of a Model 6.4 Further Investigations Using a Model 6.5 Presentation of the Solutions 7 Non-linear Models 7.1 Typical Applications 7.2 Local and Global Optima 7.3 Separable Programming 7.4 Converting a Problem to a Separable Model 8 Integer Programming 8.1 Introduction 8.2 The Applicability of Integer Programming 8.3 Solving Integer Programming Models 9 Building Integer Programming Models I 9.1 The Uses of Discrete Variables 9.2 Logical Conditions and Zero—One Variables 9.3 Special Ordered Sets of Variables 9.4 Extra Conditions Applied to Linear Programming Models 9.5 Special Kinds of Integer Programming Model 9.6 Column Generation 10 Building Integer Programming Models II 10.1 Good and Bad Formulations 10.2 Simplifying an Integer Programming Model 10.3 Economic Information Obtainable by Integer Programming 10.4 Sensitivity Analysis and the Stability of a Model 10.5 When and How to Use Integer Programming 11 The Implementation of a Mathematical Programming System of Planning 11.1 Acceptance and Implementation 11.2 The Unification of Organizational Functions 11.3 Centralization versus Decentralization 11.4 The Collection of Data and the Maintenance of a Model PART 2 12 The Problems 12.1 Food Manufacture 1 When to buy and how to blend 12.2 Food Manufacture 2 Limiting the number of ingredients and adding extra conditions 12.3 Factory Planning 1 What to make, on what machines, and when 12.4 Factory Planning 2 When should machines be down for maintenance 12.5 Manpower Planning How to recruit, retrain, make redundant, or overman 12.6 Refinery Optimization How to run an oil refinery 12.7 Mining Which pits to work and when to close them down 12.8 Farm Planning How much to grow and rear 12.9 Economic Planning How should an economy grow 12.10 Decentralization How to disperse offices from the capital 12.11 Curve Fitting Fitting a curve to a set of data points 12.12 Logical Design Constructing an electronic system with a minimum number of components 12.13 Market Sharing Assigning retailers to company divisions 12.14 Opencast Mining How much to excavate 12.15 Tariff Rates (Power Generation) How to determine tariff rates for the sale of electricity 12.16 Hydro Power How to generate and combine hydro and thermal electricity generation 12.17 Three-dimensional Noughts and Crosses A combinatorial problem 12.18 Optimizing a Constraint Reconstructing an integer programming constraint more simply 12.19 Distribution 1 Which factories and depots to supply which customers 12.20 Depot Location (Distribution 2) Where should new depots be built 12.21 Agricultural Pricing What prices to charge for dairy products 12.22 Efficiency Analysis How to use data envelopment analysis to compare efficiencies of garages 12.23 Milk Collection How to route and assign milk collection lorries to farms 12.24 Yield Management What quantities of airline tickets to sell at what prices and what times 12.25 Car Rental 1 How many cars to own and where to locate them 12.26 Car Rental 2 Where should repair capacity be increased 12.27 Lost Baggage Distribution Which vehicles should go to which customers and in what order 12.28 Protein Folding How a string of Amino Acids is likely to fold 12.29 Protein Comparison How similar are two proteins PART 3 13 Formulation and Discussion of Problems 13.1 Food Manufacture 1 13.2 Food Manufacture 2 13.3 Factory Planning 1 13.4 Factory Planning 2 13.5 Manpower Planning 13.6 Refinery Optimization 13.7 Mining 13.8 Farm Planning 13.9 Economic Planning 13.10 Decentralization 13.11 Curve Fitting 13.12 Logical Design 13.13 Market Sharing 13.14 Opencast Mining 13.15 Tariff Rates (Power Generation) 13.16 Hydro Power 13.17 Three-dimensional Noughts and Crosses 13.18 Optimizing a Constraint 13.19 Distribution 1 13.20 Depot Location (Distribution 2) 13.21 Agricultural Pricing 13.22 Efficiency Analysis 13.23 Milk Collection 13.24 Yield Management 13.25 Car Rental 1 13.26 Car Rental 2 13.27 Lost Baggage Distribution 13.28 Protein Folding 13.29 Protein Comparison PART 4 14 Solutions to Problems 14.1 Food Manufacture 1 14.2 Food Manufacture 2 14.3 Factory Planning 1 14.4 Factory Planning 2 14.5 Manpower Planning 14.6 Refinery Optimization 14.7 Mining 14.8 Farm Planning 14.9 Economic Planning 14.10 Decentralization 14.11 Curve Fitting 14.12 Logical Design 14.13 Market Sharing 14.14 Opencast Mining 14.15 Tariff Rates (Power Generation) 14.16 Hydro Power 14.17 Three-dimensional Noughts and Crosses 14.18 Optimizing a Constraint 14.19 Distribution 1 14.20 Depot Location (Distribution 2) 14.21 Agricultural Pricing 14.22 Efficiency Analysis 14.23 Milk Collection 14.24 Yield Management 14.25 Car Rental 1 14.26 Car Rental 2 14.27 Lost Baggage Distribution 14.28 Protein Folding 14.29 Protein Comparison References Author Index Subject Index

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Book SynopsisPacked with anecdotes of individuals who have traveled down each road to wealth, this book extracts useful lessons on how you, too, can achieve wealth, and hold onto it. It provides tools for determining what you need to do to position yourself for success and "Guideposts" and "Warning Signs" to help keep you safely on your road to success.Table of ContentsPreface: Now, More Than Ever ix Acknowledgments xxiii About the Authors xxvii Chapter 1 The Richest Road 1 Picking a Path 3 Newer or Better? 4 Built to Sell or Built to Last? 6 Bootstrap or Finance? 10 Public or Private? 11 The Big Bull’s-Eye 13 Founders Are Quitters—Just Do It 17 Chapter 2 Pardon Me, That’s My Throne 23 Gray Hair and Dues-Paying 24 A CEO-volution (Through My Father’s Eyes) 25 How to Lead 33 How to Get the Job 34 Aim Small . . . at First 36 The Big Payday 37 CEOs and Superheroes 40 The Best Part 43 Executive Education 43 Chapter 3 Along for the Ride: Ride-Alongs 47 Why Ride Along? 48 Pick the Right Firm 50 Be the Right Guy 55 Ride-Along Reading 59 Chapter 4 Rich . . . and Famous 61 The Talent Show 63 Potholes Ahead No One Sees! 67 Mogul Meandering 72 Read Your Way to Fame 78 Chapter 5 Marry Well. Really Well 81 How to Marry a Millionaire Billionaire 83 Like a Fine Wine—Well Maintained 90 Men Can Play, Too! 93 Love, Marriage, and Money 96 Do It by the Book 97 Chapter 6 Steal It—Like a Pirate, but Legally 99 Crusader or Pirate? 100 Raider’s Road 101 The Richest Legal Road 103 Tort Us and the Scare 104 Target Practice 112 When a Pirate Becomes a Villain 115 The Inside Track 117 Chapter 7 OPM—Not Opium: Where Most of the Richest Are 121 Basic OPM Career Rules 122 Steps to OPM Wealth 124 Hedge Your Bets 130 Private Equity’s Big Bucks 135 Don’t Break the Law 137 Love Capitalism, Not Social Acceptance 142 Chapter 8 Inventing Income 145 The True Inventors 146 Writing for Dollars 148 Political Pensions—and Good News 153 If You Can’t Be President . . . 155 Think Tanks Run Amok—a Sham-Scam 159 Monetized Reading 161 Chapter 9 Trumping the Land Barons 165 The Magic 166 Monetize It 166 The Fool’s Bargain 169 Flippin’s for Friggin’ Losers 171 Getting Started 172 Buy, Build, or Both? 175 Where to Be and Not to Be; That Is the Question 177 Baron Books 181 Chapter 10 The Road More Traveled 183 Income Matters 184 Saving Grace 186 Get a Good Rate of Return (Buy Stocks) 191 The Right Strategy 194 Bonds Are Riskier Than Stocks—Seriously 202 Like Hetty? 205 Reading for Dollars 206 Notes 209 Index 227

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Book SynopsisOvercome psychological obstacles to increase trading success Successful traders need to be well-versed and skilled in a wide range of business and economic areas.Table of ContentsAcknowledgments ix About the Author xi Introduction 1 Part I Understanding Your Mind 7 Chapter 1 Traders’ Mental Blind Spots 9 Chapter 2 Strong Emotions in Trading 35 Chapter 3 The Struggle to Control and Eliminate Emotions 59 Chapter 4 The Necessity of Emotions in Trading 79 Part II Using Cutting-edge Psychology 95 Chapter 5 The Traders’ Psychological Edge Lies in a Different Kind of Thinking 97 Chapter 6 Practice Mindfulness, Trade Mindfully 121 Chapter 7 Defusion: An Advanced Mindfulness Skill 145 Chapter 8 Acceptance and Committed Trading 171 Part III Maximizing Your Trading Performance 203 Chapter 9 The Trading Psychology Process: High-Quality Preparation 205 Chapter 10 The Trading Psychology Process: Effective Execution 231 Chapter 11 The Trading Psychology Process: Constructive Self-Assessment 251 Chapter 12 Final Thoughts 273 References 277 Index 285

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Book SynopsisThis first edition of Strategic Innovation Management is an exciting new addition to the established bestselling texts Managing Innovation and Innovation and Entrepreneurship written by Joe Tidd and John Bessant.Table of ContentsAbout the Authors xi Preface xiii Acknowledgements xv How to Use This Book xvii Part I Foundations of Managing Innovation 1 Chapter 1 What Is Innovation – And Why Does It Matter? 3 What Is Innovation? 3 Why Does Innovation Matter? 9 To Whom? 10 Innovation Isn’t Easy! 10 Can We Manage Innovation? 12 The Case for Strategic Innovation Management 13 Summary 16 Further Resources 16 References 17 Chapter 2 Innovation Strategy 21 Why Strategy? 21 What’s in an Innovation Strategy? 22 Strategy at Different Levels 33 Dynamic Capability 35 Summary 37 Further Resources 37 References 38 Chapter 3 Identifying Strategic Capabilities 41 The Resource-Based View 41 Distinguishing Capabilities from Resources 42 Assessing Capabilities 46 Creating and Capturing Value 53 Beware of Core Rigidities 55 Summary 57 Further Resources 57 References 57 Chapter 4 Leadership and Organization of Innovation 61 The Innovative Organization 61 Innovation Leadership 62 Collective and Social 65 Context and Climate 72 Summary 76 Further Resources 76 References 77 Chapter 5 Innovation as a Process 81 Beyond Spengler 81 A Map of the Process 82 Managing the Process 86 Learning to Manage Innovation 90 The Problem of Partial Models 91 Summary 94 Further Resources 94 References 96 Chapter 6 Sources of Innovation 97 Where Do Innovations Come From? 97 Knowledge Push 98 Need Pull. . . 99 Making Processes Better 101 Whose Needs? Working at the Edge 103 Crisis Driven Innovation 105 Towards Mass Customization 107 Users as Innovators 107 Watching Others – and Learning from Them 110 Recombinant Innovation 111 Regulation 111 Futures and Forecasting 112 Design-driven Innovation 113 Accidents 114 Summary 116 Further Resources 116 References 117 Chapter 7 Search Strategies for Innovation 119 Making Sense of the Sources 119 The Innovation Treasure Hunt 122 Innovation Search Strategies 127 Strategies for Searching 131 Innovation Networks 133 Knowledge Management 134 Learning to Search 135 Summary 137 Further Resources 137 References 138 Chapter 8 Forecasting Emerging Opportunities for Innovation 141 Forecasting 141 Customer or Market Surveys 143 Internal: Brainstorming 144 External: Benchmarking 145 Scenario Development 149 Summary 156 Further Resources 156 References 157 Chapter 9 Selecting Innovation Projects 159 Why is Selection a Challenge? 159 Choosing between Projects 162 Summary 178 Further Resources 178 References 179 Chapter 10 Developing New Products and Services 181 The New Product/Service Development Process 181 Success Factors 186 Service Development 188 Tools to Support New Product Development 193 Summary 199 Further Resources 199 References 200 Chapter 11 Developing Business and Talent through Corporate Venturing 203 Internal Venturing and Entrepreneurship 203 Why Do It? 205 Managing Corporate Ventures 211 Strategic Impact of Ventures 219 Summary 220 Further Resources 220 References 220 Chapter 12 Commercialization and Diffusion of Innovations 223 Why Adopt Innovations? 223 Models of Diffusion 227 Factors Influencing Adoption 230 Applying Diffusion to Innovation Strategy 237 Summary 240 Further Resources 240 References 240 Chapter 13 Exploiting Knowledge and Intellectual Property 243 Innovation and Knowledge 243 Summary 260 Further Resources 260 References 261 Chapter 14 Business Models and Capturing Value 263 What’s a Business Model? 263 Generic and Specific Business Models 267 Why Use Business Models? 268 Building a Business Model 269 Business Model Innovation 273 Summary 275 Further Resources 275 References 275 Chapter 15 Capture Value: Learning to Manage Innovation 277 The Story So Far . . . 277 Making Innovation Happen 278 Learning in Organizations 280 Innovation Auditing 281 Innovation Auditing in Practice 288 Dynamic Capability and Changing Our Routines 291 Summary 292 Further Resources 292 References 293 Part II The Innovation Frontier 295 Chapter 16 Users as Innovators 297 Users Aren’t Passive 297 Lead Users 300 Extreme Users 303 Co-development 304 Democratic Innovation and Crowdsourcing 305 Summary 308 Further Resources 308 References 309 Chapter 17 Exploiting Open Innovation and Strategic Alliances 311 Open Innovation 311 Benefits and Limits of Open Innovation 315 Joint Ventures and Strategic Alliances 323 Summary 326 Further Resources 326 References 326 Chapter 18 Exploiting Discontinuous Innovation 331 Beyond the Steady State 332 The Problem – and the Opportunity – in Discontinuous Innovation 333 Innovation Lifecycles: From Discontinuity to Steady State 335 Discontinuous Can Be Disruptive 337 Managing Discontinuous Innovation 343 Dealing with Discontinuity 344 Summary 347 Further Resources 347 References 348 Chapter 19 Social Innovation 351 What Is ‘Social Innovation’? 352 Definitions and Exploration of the Core Idea 355 The Challenge of Social Entrepreneurship 358 Enabling Social Innovation 359 Why Social Innovation? 361 Summary 367 Further Resources 367 References 368 Chapter 20 Innovation in Developing and Emerging Economies 371 Globalization and Innovation 371 Looking Back 373 Building BRICs: The Rise of New Players on the Innovation Stage 374 Developing Countries 383 Summary 387 Further Resources 387 References 388 Chapter 21 Sustainability 389 The Challenge of Sustainability-led Innovation 389 We’ve Seen This Before 391 Sustainability-led Innovation 392 Managing the Innovation Process for Sustainability 399 Responsible Innovation 402 Summary 404 Further Resources 404 References 405 Index 409

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Book SynopsisComprehensive coverage of the four major trading styles Evolution of a Trader explores the four trading styles that people use when learning to trade or invest in the stock market. Often, beginners enter the stock market by: Buying and holding onto a stock (value investing). That works well until the trend ends or a bear market begins. Then they try Position trading. This is the same as buy-and-hold, except the technique sells positions before a significant trend change occurs. Swing trading follows when traders increase their frequency of trading, trying to catch the short-term up and down swings. Finally, people try Day trading by completing their trades in a single day. This series provides comprehensive coverage of the four trading styles by offering numerous tips, sharing discoveries, and discussing specific trading setups to help you become a successful trader or investor as you journey through each style. Trade Review“The three books in this series were written for people unfamiliar with the inner workings of the stock market, but will still curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiast’s bookshelf.” —Alan Battista, Stockineer.com Book ReviewTable of ContentsPreface ix Acknowledgments xv Chapter 1 how to retire at 36 1 Chapter Checklist 4 Chapter 2 Money Management 7 Trading: How Much Money, Honey? 8 Order Types: Read the Fine Print! 10 Position Sizing: My Story 12 Position Sizing by Market Condition: Bull or Bear? 13 How Many Stocks to Hold? 15 A Better Way? Portfolio Composition 16 Hold Time: How Long is Long Enough? 18 Hold Time: My Trades 19 The Money Management Matrix 19 Should You Scale into Positions? 21 Averaging Down: Throwing Away Money or Smart Choice? 28 Scaling Out of Positions: A Profi table Mistake? 31 Dollar‐Cost‐Averaging: Good or Bad? 34 Using Leverage: An Expensive Lesson! 35 Leverage Guidelines Checklist 36 Chapter Checklist 37 Chapter 3 Do Stops Work? 41 What is Hold Time Loss? 42 Mental Stop: For Professionals Only! 44 Minor High or Low Stop: A Good Choice 45 Squaring Off Round Numbers 46 Chart Pattern Stop: Too Costly? 47 Stopped by a Moving Average 47 The Truth about Trendlines 48 Trendline Stop 49 Fibonacci Retrace Stop: Deal or Dud? 50 Fixed Percentage Trailing Stop 53 Volatility Stop 53 Chandelier Stop Leaves You Hanging 55 Testing Six Stop Types 55 What I Use 59 Chapter Checklist 61 Chapter 4 Support and Resistance 63 Types of Support and Resistance 64 Measured Move Support and Resistance 65 Minor High Resistance 66 Volume at Minor High Resistance 67 Minor Low Support 67 Volume at Minor Low Support 68 Minor High Support 68 Minor Low Resistance 69 Gaps Showing Support and Resistance 70 Myth: Tall Candle Support and Resistance 70 Horizontal Consolidation Regions 71 Another Look at Round Numbers 72 Support in Straight‐Line Runs 72 Resistance in Straight‐Line Runs 74 SAR Summary 75 Chapter Checklist 76 Chapter 5 45 Tips Every Trader Should Know 79 Determining Stock or Market Direction 97 Finding the Market Bottom 102 Visual Tips 122 Chapter Checklist 130 Chapter 6 Finding and Fixing What is Wrong 135 What Was the Market Behavior? 136 Was the Industry Trending? 137 How is the Timing? 139 Are All Entry Conditions Met? 142 Was the Position Size Proper? 144 Was an Initial Stop Used? 144 Did You Exit Before the Stop? 145 What Was the Risk/Reward Ratio? 146 Did You Average Up? 147 Did You Average Down? 147 Are You Buying Out of Season? 148 Trading Checklist 149 Chapter Checklist 151 Chapter 7 What We Learned 153 Chapter 1: How to Retire at 36 153 Chapter 2: Money Management 153 Chapter 3: Do Stops Work? 155 Chapter 4: Support and Resistance 156 Chapter 5: 45 Tips Every Trader Should Know 157 Chapter 6: Finding and Fixing| What is Wrong 161 Visual Appendix of Chart Patterns 163 Bibliography 169 Other Sites of Interest 171 About the Author 173 Index 175

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Book SynopsisExplores how leaders can support visioning and strategy formation, planning and organization change through the application of visual meeting and visual team methodologies organization wide - literally "trans-forming" communications and people's sense of what is possible. This book is suitable for all levels of leadership in organizations.Table of ContentsIntroduction Tracking a Visual Revolution xiii Part One: The Visual Leadership Advantage 1. Seven Essential Tools / Metaphors & Models, Visual Meetings, Graphic Templates, Decision Rooms, Roadmaps, Storymaps, & Video 3 2. Seeing Results in Action / Why Leaders Get Visual 11 3. How to Run Visual Meetings / What Every Manager Should Know 33 Part Two: Looking At Your Own Leadership 4. What Is Your “Operating System”? / The Power (& Peril) of Mental Models 51 5. What Kind of Organization Do You Lead? / Linking Tools to Stages of Development 61 6. Developing Your Visual IQ / How Visualizing Makes You Smarter 73 Part Three: Power Tools for Visual Leaders 7. Metaphors & Models / Helping People See What You Mean 91 8. Visual Meetings / Stimulating Engagement & Creative Contribution 107 9. Graphic Templates / Visuals for Any Kind of Planning 115 10. Decision Rooms / Making Choices in a Big Picture Context 129 11. Roadmaps & Visual Plans / Managing Milestones & Swim Lanes 139 12. Graphic Storymaps / Connecting Plans with Culture 147 13. Video & Virtual Visuals / Mobile Video, Tablets, Animation, & Panoramic Display 157 Part Four: Managing the New Media 14. Technology & Visualization / Enabling the Right Tools 171 15. Virtual Leadership / Communicating with Intention & Impact 181 Part Five: Leading Organization Change 16. Anticipating the Need to Change / Putting Visual Tools to Work 193 17. The Chrysalis Effect / Creating the Conditions for Transformation 205 Part Six: Links, Books, & Other Resources 18. Websites & Bibliography 215 Appendix / About Arthur M. Young 223 Index 224

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Book SynopsisHow to achieve wealth, happiness, and peace of mind through personal responsibility The Power of Consistency is based on the fundamental premise that private declarations dictate future actions.Table of ContentsForeword Tom Hopkins vii Acknowledgments xiii Introduction 1 Chapter One Think Inside Your Box and Get Your Mind Right 21 Chapter Two Congratulations! You’re Right! Even When You Are Wrong 43 Chapter Three Understanding the Power of Focus and Your Subconscious Mind 63 Chapter Four Step 1: Focus 75 Chapter Five Step 2: Emotional Commitment 109 Chapter Six Step 3: Action 131 Chapter Seven Step 4: Responsibility 151 Chapter Eight It’s Not a Knowledge Problem; It’s a Consistency Problem! 173 Index 191

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Book SynopsisPriceless finance advice everyone can relate to from one of the world's most respected businessmen and the most successful investor of all time Of course you know who Warren Buffett is; he's the most successful investor in the world maybe of all times.Table of ContentsThe Secret’s Out…! ix Don’t Be Afraid to Make Mistakes 1 Secret #1: Try to learn from your mistakes—better yet, learn from the mistakes of others! Don’t Borrow Money 9 Secret #2: Think twice before you either borrow money or loan money to someone—especially a friend. Love What You Do 15 Secret #3: Following your passion is the key to success. Make Time for Both Work and Play 19 Secret #4: It is important to make the right trade-offs between work and play so we live a balanced lifestyle. Listen to What Others Can Teach You 25 Secret #5: The experience of others is the best classroom you will ever find! Always Think of New Ideas 31 Secret #6: Try to come up with alternate ways of doing things. Always Have a Plan 37 Secret #7: When you fail to plan, you plan to fail. If You Fail, Try Again 43 Secret #8: Failure is not falling down; it is staying down. Protect Your Reputation 49 Secret #9: It takes years to build a reputation but only minutes to ruin it. The Customer Comes First 55 Secret #10: Take care of your customer and your customer will take care of you. Open Minds Let In Better Ideas! 61 Secret #11: Opening your mind can open the door of success. Always Promote Yourself 65 Secret #12: Successful businesses successfully promote and advertise themselves. Location is Very Important 71 Secret #13: Location is a vital part of most businesses. Don’t Be Fooled 77 Secret #14: If it seems too good to be true, it probably is. Don’t Judge Others 83 Secret #15: With businesses, like with people, you should get to know them before you judge them. Be Willing to Change Your Ideas 89 Secret #16: Chains of habit are too light to be felt until they are too heavy to be broken. Your Image is Important 95 Secret #17: Price is on the price tag; value is in the eye of the beholder. Be Thoughtful of Others 99 Secret #18: If your service is outstanding, you’ll always stand out. Pay Attention to Details 103 Secret #19: A good business is disciplined to do the little things right every day. How to Present Yourself 109 Secret #20: It’s not just the outside that counts. It’s the whole package. Your Decisions Affect Your Future 115 Secret #21: Make sure you stay in school. Failing to complete your education can lead to not achieving your dreams in the future. Save for the Future 119 Secret #22: Save money for things you need instead of spending it all on things you want! Be Someone in Demand 123 Secret #23: Prices are determined by supply and demand. Confi dence Comes with Understanding 127 Secret #24: Don’t get involved in a business you don’t understand. A Lifetime of Learning 133 Secret #25: Be smarter at the end of the day than you were at the beginning. Partners Make it Easier 139 Secret #26: Great partnerships will make any job easier. About a Squared Entertainment 145

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Book SynopsisAs with all previous editions of Project Management in Construction, this sixth edition focuses on systems theory as the approach suitable for organizing and managing people skilled in the design and completion of construction projects.Table of ContentsPreface viii 1 Introduction 1 1.1 Introduction 1 1.2 Evolution of Project Organisation 3 1.3 Management and Organisation 9 1.4 Definition of Construction Project Management 11 1.5 Objectives and Decisions 12 1.6 The Project Management Process and the Project Manager 12 1.7 Projects, Firms and Clients 14 1.8 The Contribution of Organisation Structure 18 1.9 Organisation Theory and Project Organisations 22 1.10 Relevance of Systems Theory 23 2 Organisation and the Construction Process 26 2.1 Introduction 26 2.2 The Classical Approach 27 2.3 The Behavioural Approach 30 2.4 The Socio-Technical Approach 32 2.5 The Systems Approach 33 2.6 Reconciling Diverse Approaches 42 2.7 Criticisms of the Systems Approach 44 2.8 Configuration Theory 45 2.9 Mintzberg’s Classification 46 2.10 Chaos and Complexity Theory 52 2.11 Postmodernism 56 2.12 Critical Theory 57 2.13 The Transaction Cost Approach 58 2.14 Many Paradigms 65 2.15 The Relevance of Temporary Organisations Generally to Construction Project Management 65 2.16 Virtual Organisation 68 2.17 Projects, Firms and Process 70 3 Systems Thinking and Construction Project Organisation 72 3.1 Introduction 72 3.2 Systems Concepts 76 3.3 Action of Environmental Forces 89 3.4 Negative Entropy, Adaption and Protected Environments 97 3.5 Growth, Differentiation, Interdependency and Integration 99 3.6 Feedback 101 3.7 Systems and Hierarchies 102 3.8 Increasing Challenges 104 3.9 Summary 105 4 Clients and Stakeholders 107 4.1 Introduction 107 4.2 Classification of Clients 114 4.3 Clients’ Objectives 120 4.4 Relationship of the Client’s Organisation and the Construction Process 123 4.5 Conflicting Objectives 126 4.6 Project Change 127 4.7 Role of the Client 128 4.8 Clients, Stakeholders and Sustainability 130 4.9 Practical Client Issues 132 5 The Project Team 139 5.1 Introduction 139 5.2 Firms and Project Teams 139 5.3 Relationship with the Client 144 5.4 Differentiation, Interdependency and Integration 145 5.5 Decisions and Their Effect on Structure 153 5.6 Differentiation and Integration in Practice 154 5.7 Organisational Culture 158 5.8 Partnering 163 5.9 Supply Chain Management 171 5.10 Trust between Construction Organisations Generally 175 6 A Model of the Construction Process 178 6.1 Introduction 178 6.2 Common Characteristics 178 6.3 Subsystems 184 6.4 The Operating System and the Managing System 190 6.5 The Functions of the Managing System 191 6.6 Pattern of Managing System Functions 197 6.7 Project Management Activities 199 6.8 Project Management Skills 204 6.9 Some Practical Considerations 205 6.10 Design of Organisation Structures 207 7 Authority, Power and Politics 209 7.1 Introduction 209 7.2 Authority 209 7.3 Power 212 7.4 Relationship between Authority and Power 212 7.5 The Sources of Power 213 7.6 Power and Interdependency 215 7.7 Politics in Organisations 215 7.8 Power and Leadership 218 7.9 Empowerment and Control 218 7.10 Power in Project Management 221 7.11 Politics, Projects and Firms 226 7.12 Empowerment and Projects 227 7.13 Project Managers and Power 229 8 Project Leadership 230 8.1 Introduction 230 8.2 Leadership 231 8.3 Some Research Models 232 8.4 Leadership Style 237 8.5 Transactional and Transformational Leadership 238 8.6 Leadership and the Project Manager 239 8.7 Project managers’ Perceptions 243 8.8 Leadership Qualities 245 9 Organisation Structures 248 9.1 Introduction 248 9.2 Project Management Theory and Transaction Cost Economics 249 9.3 The Components of Project Organisation Structures 257 9.4 Client/Project Team Integration 258 9.5 Design Team Organisation 259 9.6 Integration of the Construction Team 264 9.7 An Illustration of a Transaction Cost Explanation 275 9.8 Organisation Matrix 276 9.9 Public–Private Partnerships 288 9.10 Programme Management 291 10 Analysis and Design of Project Management Structures 295 10.1 Need for Analysis and Design 295 10.2 Criteria 296 10.3 Linear Responsibility Analysis and Other Techniques 296 10.4 Application of Linear Responsibility Analysis 297 10.5 Project Outcome 309 10.6 Presentation of Project Organisations 313 References 315 Index 336

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Book SynopsisDescribes the world's leading approach to art and design taught at Rhode Island School of Design (RISD). This book illuminates how RISD nurtures the creative process, from brief or prompt to outcome, along with guidance on the critical questions and research that enable making great works of art and design.Table of ContentsForeword 5John Maeda Preface 11Frank R. Wilson The Art of Critical Making: An Introduction 19Rosanne Somerson Groundwork 32Leslie Hirst Text and Context: Outward in All Directions 52Daniel Cavicchi Conversation: Drawing 74Patricia C. Phillips Thingking 94John Dunnigan Object Lessons 116Sarah Ganz Blythe Conversation: Materials 138Kelly Dobson Graphic Design, Storytelling, and the Making of Meaning 164Lucinda Hitchcock The Nature Imperative 190Neal Overstrom Conversation: Critique 210Eva Sutton Acting into the Unknown 230Pradeep Sharma Afterword 245Mara L. Hermano Acknowledgments 251 Contributors 253 Illustrations 261 Index 265

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Book SynopsisThis is the seventh edition of International Management Behavior, an established text for students and executives developing the knowledge, perspective and skills required for leading and managing people in global business.Table of ContentsAcknowledgments xi Introduction 1 Part 1 5 Chapter 1 The Global Manager 7 Part 2 31 Chapter 2 Understanding Culture: Through the Looking Glass 33 Chapter 3 Interpersonal Skills for International Management: The MBI Model for High Performance 71 Chapter 4 Managing Global Teams and Networks 97 Part 3 121 Chapter 5 Executing Global Strategy 123 Chapter 6 Talent Management: Selecting and Developing Global Managers 169 Chapter 7 Managing Change in Global Organizations 191Part 4 215 Chapter 8 Competing with Integrity in Global Business: Personal Integrity 217 Chapter 9 Competing with Integrity in Global Business: Corporate Sustainability 255 Index 281

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Book SynopsisThere have been few practical resources to date that address team and group coaching practices, and the requisite skills and approaches for coaches, leaders and HR professionals. Coaches hunger for deeper insights into many of the topics explored in From One to Many.Table of ContentsList of Figures and Tables ix Acknowledgments xi Introduction 1 Part I: Team and Group Coaching Defined 15 Chapter 1: Team and Group Coaching: Related Sisters 17 Chapter 2: The Fusion of Approaches, Benefits and Tricky Issues in Coaching Many 39 Chapter 3: Core Skills for Team and Group Coaching 61 Part II: Team and Group Coaching Foundations and in Action 91 Chapter 4: Design Principles and Practices for Coaching Many 93 Chapter 5: Group Coaching Foundations 115 Chapter 6: Team Coaching Foundations 137 Chapter 7: Virtual Design and Delivery 167 Chapter 8: Creating Connection and Fostering Engagement in Team and Group Coaching 195 Part III: Expanding Our View of Coaching Many 219 Chapter 9: Capacity Development: Mentoring, Coaching, Supervision, Leader as Coach and Peer Coaching 221 Chapter 10: Developing a New Cohort of Leaders 249 Chapter 11: Co-facilitation, Partnering and Collaboration: Who Has Your Back? 267 Chapter 12: Trends in Team and Group Coaching 283 Appendix: Exercises, Tools and Resources for Team and Group Coaching 293 About the Author 331 Index 333

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Book SynopsisThe latest edition of Project Management has been significantly revised to include important new developments in the field. The previous editions of this best-selling book have been widely used on university degree programmes, executive management training courses, planning software courses and professional certification. Features: Reflects changes in the new versions of the bodies of knowledge of the PMI (American Project Management Institute) and the APM (British Association for Project Management) 7 additional chapters including expanded coverage of project methodology, project management process and knowledge area trade-offs New case studies from different industries to indicate broad use of project management techniques Includes numerous worked examples and practical exercises, which introduce the reader to the latest planning and control techniques Table of ContentsAbbreviations xiii Foreword xv Author’s Note xvii PART I Key Principles, Processes and Methodologies 1 1 Introduction to Project Management Techniques 3 1. What is a Project? 5 2. Types of Projects 6 3. What is Project Management? 10 4. Different Types of Management 12 5. Role of the Project Sponsor 14 6. Role of the Project Manager 16 7. Role of the Project Steering Board 18 8. Project Success 20 2 Project Lifecycle 23 1. What is a Project Lifecycle? 24 2. Project Lifecycle (4 Phases) 25 3. What is a Project Phase? 27 4. Level of Effort 27 5. Level of Infl uence vs. Cost of Changes (Front-End Importance) 29 6. Product Lifecycle (10 Phases) 30 7. Project Lifecycle Costing 32 8. Project Lifecycle Contracts 35 3 Project Management Process 36 1. Summary of the Management Process 37 2. What is a Process? 37 3. Eastonian Process 38 4. Fayol’s Management Process 40 5. Project Management Process 41 4 Project Methodology 44 1. What is a Project Methodology Systems Approach? 45 2. Project Methodology Systems Approach 46 3. Initiation Process – Initiate the Phase 48 4. Planning Process – Plan the Phase 49 5. Execution Process – Execute the Phase 50 6. Closing Process – Close the Phase 50 7. Extent of Corporate and Project Responsibility 51 5 Project Stakeholder Management 54 1. Who is a Project Stakeholder? 55 2. Project Stakeholders vs. Project Lifecycle 57 3. Identify Stakeholders and Interested Parties 57 6 Project Selection 64 1. Project Selection Models 65 2. Numeric Models 68 3. Payback Period 68 4. Return on Investment (ROI) 69 5. Discounted Cash Flow (DCF) 71 6. Net Present Value (NPV) 71 7. Internal Rate of Return (IRR) 74 8. Net Present Value (NPV) Using Variable Interest Rates 77 9. Scoring Models 78 10. Cost Breakeven Analysis 80 11. Project Lifecycle Cash Flow 81 PART II Content and Processes 83 7 Corporate Strategy Phases 85 1. Corporate Strategy Phases vs. Project Lifecycle 86 2. Corporate Vision 87 3. Corporate Values (Governance) 89 4. Corporate Requirements 91 5. Business Case 93 8 Project Feasibility Phase 96 1. Feasibility Phase vs. Project Lifecycle 97 2. Project Feasibility Study 97 3. Project Charter 98 4. Defi ne the Client’s Corporate Requirements 104 5. Internal Project Constraints 106 6. Internal Operational Constraints 107 7. External Constraints 109 9 Project Defi nition Phase 112 1. Project Defi nition Phase vs. Project Lifecycle 113 2. What is a Project Design? 113 3. Project Design Process 114 4. Project Design Philosophy 115 5. Model Testing 117 6. Prototypes 118 7. Computer Simulation 118 8. Operational Confi guration 119 10 Project Execution Phase 120 1. Project Execution Phase vs. Project Lifecycle 121 2. What is Project Execution? 121 3. Project Build-Method 122 4. Project Execution Strategy 125 11 Project Commissioning and Handover Phase 130 1. Project Commissioning and Handover Phase vs. Project Lifecycle 131 2. What is Project Commissioning? 131 3. Receive the Deliverables 132 4. Verify the Scope of Work 133 5. Test and Commission the Project 133 6. Handover Process 135 7. Terminate the Project 136 8. Project Closeout 137 9. Closeout Report Questionnaire 138 12 Operational Phases 141 1. Operation Phases vs. Project Lifecycle 142 2. What are the Operational Phases? 143 3. Operational Start-Up Phase 143 4. Project Upgrade Phase 144 5. Project Disposal Phase 146 PART III Content, Tools and Techniques 151 13 Project Plan 153 1. Project Plan (Flow Chart) 154 2. Project Plan (Spiral) 155 3. Trade-Offs 158 4. Closing Comments 161 14 Project Scope Management 162 1. What is Scope Management? 163 2. Project Scope Management vs. Project Lifecycle 164 3. Scope Defi nition 166 4. Scope Change Control 168 5. Scope Verifi cation and Validation 172 15 Work Breakdown Structure (WBS) 174 1. What is the Work Breakdown Structure (WBS)? 175 2. Product Breakdown Structure (PBS) 176 3. Work Breakdown Structure (WBS) 178 4. Methods of Subdivision 180 5. Numbering System 183 6. WBS Templates 184 7. PBS, WBS, CBS, OBS Interface 185 8. Spreadsheet Presentation 186 16 Project Time Management 188 1. Project Management Plan 189 2. Defi nition of an Activity 190 3. WBS – Activity List 192 4. Calendar (Work Pattern) 193 5. Estimating an Activity’s Duration 194 6. Time Trade-Off with other Knowledge Areas 196 17 Critical Path Method (CPM) 199 1. What is the Critical Path Method (CPM)? 200 2. Network Diagram 201 3. Activity Logic – Tabular Reports 203 4. Critical Path Method Steps 204 5. Forward Pass 204 6. Backward Pass 209 7. Activity Float 212 18 Gantt Charts 215 1. What is a Gantt Chart? 216 2. How to Draw a Simple Gantt Chart 216 3. Tabular Reports 217 4. Activity Float 218 5. Select and Sort Functions 219 6. Hammock Activities 221 7. Events, Key Dates, Milestones and Deadlines 222 8. Rolling Horizon Gantt Chart 223 9. Revised Gantt Chart 224 19 Project Procurement Management 227 1. What is Project Procurement Planning? 228 2. Project Procurement Process 229 3. Just-In-Time 233 4. Procurement Schedule 234 5. Procurement Expediting 236 20 Project Resource Management 238 1. How to Draw the Resource Histogram 239 2. Resource Loading 241 3. Resource Smoothing 241 4. Time-Limited Resource Scheduling 242 5. Resource-Limited Resource Scheduling 243 6. How to Increase the Project’s Resources 245 7. How to Reduce the Project’s Resources 246 21 Project Cost Management 248 1. What is Project Cost Management? 249 2. Estimating Continuum 250 3. Top-Down and Bottom-Up Estimating 251 4. Estimating Costs 252 5. Establishing Budgets 257 6. Budget Format 259 7. Cost Trade-Off with other Knowledge Areas 259 22 Project Cash Flow 262 1. What is a Project Cash Flow Statement? 263 2. Project Cash Flow Example 1 263 3. Cash Flow Timing 265 4. Project Cash Flow Example 2 267 5. Project Cash Flow Example 3 268 6. Invoicing 270 7. Cost-to-Complete 271 8. How to Draw an Expense ‘S’ Curve (PV, Planned Value) 272 9. Project Cash Flow Response 273 10. Performance Bonds and Retention 274 11. Benefi ts of Using Project Cash Flow 274 23 Project Control 277 1. Project Control Cycle 278 2. Monitor Progress (Data Capture) 280 3. Problem Solving 283 4. Decision-Making 286 5. How to Apply Project Control 288 6. Acceleration 290 7. Crashing Steps 290 8. Time–Cost Trade-Off Theory 291 9. Acceleration (Crash) Cost Priority Table 295 24 Earned Value 297 1. The Need for Earned Value 298 2. Earned Value 299 3. Earned Value Table 312 4. Project Control 312 5. Client’s View of Earned Value 313 6. Earned Value Reporting 313 25 Project Quality Management 315 1. What is Project Quality Management? 316 2. Quality Planning 317 3. Quality Assurance Plan 318 4. Quality Control Plan 319 5. Continuous Improvement 322 6. Quality Trade-Off with other Knowledge Areas 324 26 Project Risk Management 327 1. What is Risk Management? 328 2. Risk Management vs. Project Lifecycle 329 3. Risk Identifi cation 332 4. Risk Quantifi cation 336 5. Risk Response 337 6. Contracting 338 7. Response to an Opportunity 341 8. Risk Control 341 27 Project Communication Management 343 1. What is Project Communication? 344 2. Communication Plan 345 3. Project Meetings 347 4. Project Reporting 349 5. Document Control 352 6. Communication Trade-Off with other Knowledge Areas 353 28 Project Leadership 355 1. What is Project Leadership? 356 2. Situational Leadership 356 3. Leadership Traits 359 4. Leadership Power (Responsibility – Authority Gap) 360 5. Action Centred Leadership 361 6. Decision-Making Continuum 363 7. Herzberg’s Motivation and Hygiene Factors 365 8. Maslow’s Hierarchy of Needs 366 9. Confl ict 368 10. Delegation 369 29 Project Teams 372 1. What is a Project Team? 373 2. Team Charter 374 3. Team Development Phases 377 4. Team Building Techniques 379 5. Levels of Team Building 380 6. Why Companies Use Project Teams 381 7. Benefi ts of Using Project Teams 381 30 Project Organization Structure 383 1. What is a Project Organization Structure? 384 2. Functional Organization Structures 385 3. Matrix Organization Structure 388 4. Pure Project Organization Structure 390 Glossary 393 Index 403

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Book SynopsisThis thoroughly revised and updated edition of Becoming a Strategic Leader contains a wealth of strategies for enhancing an individual manager's ability to exercise effective strategic leadership in organizations by providing a distinctive and systematic approach.Table of ContentsPreface ix Acknowledgments xiii About the Authors xvii Introduction 1 1. What Is Strategic Leadership? 9 2. Strategic Thinking 53 3. Strategic Acting 105 4. Strategic Influence 145 5. Strategic Leadership Teams 197 6. Leadership Strategies for Superior Performance 229 7. Developing Strategic Leadership 259 Appendix A: Strategic Driver Paired-Voting Form 283 Appendix B: STRAT: Strategic Team Review and Action Tool 285 Appendix C: Using STRAT to Develop Your Strategic Leadership Team 291 Appendix D: STRAT Norm Data 299 Appendix E: Talent Sustainability Requirements 303 Appendix F: Leadership Strategy Plan Template 305 Appendix G: Action Learning Projects Criteria for Project Selection 309 References 311 Index 319 About the Center for Creative Leadership 327

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Book SynopsisPraise for INTERMARKET ANALYSIS John Murphy has done it again. He dissects the global relationships between equities, bonds, currencies, and commodities like no one else can, and lays out an irrefutable case for intermarket analysis in plain English. This book is a must-read for all serious traders. -Louis B. Mendelsohn, creator of VantagePoint Intermarket Analysis software John Murphy''s Intermarket Analysis should be on the desk of every trader and investor if they want to be positioned in the right markets at the right time. -Thom Hartle, President, Market Analytics, Inc. (www.thomhartle.com) This book is full of valuable information. As a daily practitioner of intermarket analysis, I thought I knew most aspects of this invaluable subject, but this book gave me several new ideas. I thoroughly recommend it for beginners and professionals. -Martin Pring, President of Pring.com and editor of the Intermarket Review NewsletterTable of ContentsAcknowledgments ix Introduction to Intermarket Analysis xi 1. A Review of the 1980s 1 2. 1990 and the First Persian Gulf War 17 3. The Stealth Bear Market of 1994 33 4. The 1997 Asian Currency Crisis and Deflation 51 5. 1999 Intermarket Trends Leading to Market Top 65 6. Review of Intermarket Principles 81 7. The NASDAQ Bubble Bursts in 2000 97 8. Intermarket Picture in Spring 2003 115 9. Falling Dollar During 2002 Boosts Commodities 131 10. Shifting from Paper to Hard Assets 145 11. Futures Markets and Asset Allocation 159 12. Intermarket Analysis and the Business Cycle 179 13. The Impact of the Business Cycle on Market Sectors 199 14. Diversifying with Real Estate 217 15. Thinking Globally 235 Appendix 247 Index 263

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Book SynopsisA comprehensive, practical introduction to one of the most important new trends in manufacturing, globally The delivery of a service component as an added value when providing products, servitization is all the rage in the manufacturing sector around the world.Trade Reviewthis work provides valuable insights into servitisation in general, as well as a series of strategies that can also be applied to smaller product manufacturing firms I would recommend it to academics, manufacturers and consultants who strive to grasp the world of services better. (Production Planning and Control: The Management of Operations, August 2014)Table of ContentsPreface xi Foreword xv 1. Introduction 1 1.1 Terminology and Scope 4 1.2 Knowledge Base 10 1.3 What’s New Here? 14 1.4 Navigating This Book 16 Part 1: Business Context 19 2. Business Context for Servitization 23 2.1 An Economic Perspective 24 2.2 An Environmental Perspective 30 2.3 A Market and Social Perspective 37 2.4 A Technology Innovation Perspective 39 2.5 A Knowledge Perspective 42 2.6 Summarizing the Business Context 49 Part 2: Competing Through Services 51 3. Elements of Servitization 55 3.1 The Challenge of Visualizing What it Can Mean to Servitize 57 3.2 A Process of Servitization 61 3.3 Defining Base, Intermediate and Advanced Services 64 3.4 Features Commonly Coupled to Advanced Services 69 3.5 A Summary of Advanced Services 76 4. Business Implications of Advanced Services 79 4.1 Setting Out to Explore Financial Performance 80 4.2 Services, Revenues and Profitability 82 4.3 Motivations of Manufacturers Providing Advanced Services 87 4.4 Motivations of Customers Adopting Advanced Services 94 4.5 A Roadmap of Servitization and Advanced Services 100 Part 3: Service Delivery System 103 5. Delivery of Advanced Services 107 5.1 Searching for Leaders 107 5.2 A Perspective Against the World of Production 110 5.3 Advanced Services and Product–Service Systems 112 5.4 Service Delivery System for Advanced Services 116 5.5 Key Capabilities of a Service Delivery System 119 5.6 Chapter Summary 122 6. Performance Measures and Demonstration of Value 123 6.1 A Pyramid of Performance Measures 124 6.2 Customer Facing Measures of Performance 126 6.3 Macro Internal Measures of Performance 128 6.4 Local Internal Measures and Indicators of Performance 131 6.5 Demonstration of Value 134 6.6 Chapter Summary 138 7. Facilities and Their Location 143 7.1 Facilities in the Delivery of Advanced Services 144 7.2 Impact of Facilities and Their Location 148 7.3 Mitigating the Need for Co-Location 149 7.4 Chapter Summary 151 8. Vertical Integration and Organizational Structure 153 8.1 Organizational Structure in the Delivery of Advanced Services 154 8.2 Vertical Integration in the Delivery of Advanced Services 159 8.3 Impact of Vertical Integration and Organizational Structure 163 8.4 Mitigating the Need for Integration 166 8.5 Chapter Summary 167 9. Information and Communication Technologies 169 9.1 ICT Architecture in the Delivery of Advanced Services 170 9.2 Monitor 173 9.3 Transmit and Store 175 9.4 Analyse and Respond 176 9.5 Impact of ICT Capabilities 178 9.6 Chapter Summary 179 10. People Deployment and Skill-Sets 181 10.1 Deployment of Staff in the Delivery of Advanced Services 183 10.2 Behaviour and Skill-Sets of Front-Office Staff 185 10.3 Culture, Leadership and Incentives in the Front Office 191 10.4 Impact of an Integrated Skill-Set 194 10.5 Chapter Summary 197 11. Business Processes 199 11.1 Services Processes in a Production Environment 200 11.2 Business Processes in the Delivery of Advanced Services 204 11.3 Proactive Processes as the Core for Advanced Services Delivery 208 11.4 Chapter Summary 211 Part 4: Readiness to Servitize 213 12. Starting a Transition 217 12.1 Summarizing Servitization, Advanced Services and their Delivery System 218 12.2 A Readiness to Servitize 221 12.3 Overcoming the Obstacles to Transformation 230 12.4 The Journey Continues 232 Appendix: Acknowledgements and Guiding Studies 235 Index 243

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Book SynopsisThe Relationship Laws that Drive Success There are powerful but invisible laws that determine whether your relationships with your clients, colleagues, and friends will thrive or wither. These relationship laws are ever-present. When you align with them, the results are dramatic. Your network will grow rapidly.Table of ContentsDownload the Free Power Relationships Planning Guide ix Chapter 1 The Missing Ingredient 1 Chapter 2 Be Audacious 7 Chapter 3 Where Were You? 13 Chapter 4 The Greatest Gift 19 Chapter 5 What’s the Agenda? 25 Chapter 6 The Billionaire and the Minister 31 Chapter 7 Beware of a Cart Pulling a Horse 37 Chapter 8 Found Guilty 43 Chapter 9 Never Steal a Bacon Sandwich 49 Chapter 10 Oops! 57 Chapter 11 Don’t Forget Your Wallet 63 Chapter 12 A Night in the Garbage Bin 69 Chapter 13 Don’t Wait 77 Chapter 14 A Little Help for Your Friends 83 Chapter 15 Make It So 89 Chapter 16 A Puppy Tale 95 Chapter 17 The Carrot and the Stick 103 Chapter 18 Draw Them In 109 Chapter 19 Color Me Pink 115 Chapter 20 Are You Clever or Wise? 121 Chapter 21 For the Sheer Joy of It 127 Chapter 22 A Tale of Two Cities 133 Chapter 23 To Die For 139 Chapter 24 Start an Epidemic 145 Chapter 25 Build It First 151 Chapter 26 A Pebble in a Pond 157 Applying the Laws 163 About the Authors 191

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Book SynopsisCredit is essential in the modern world and creates wealth, provided it is used wisely. The Global Credit Crisis during 2008/2009 has shown that sound understanding of underlying credit risk is crucial. If credit freezes, almost every activity in the economy is affected.Table of ContentsPreface xvii Part I Introduction 1 Credit Basics 3 1.1 Meaning of Credit 4 1.2 Role of Credit 6 1.3 Credit Market 6 1.4 Credit – Advantages and Disadvantages 7 1.4.1 Merits of Credit 7 1.4.2 Demerits of Credit Usage 9 1.4.3 Is Wealth Creation Through Use of Credit Easy and Simple? 10 1.5 Suppliers of Credit 11 1.6 Credit Risk Study 12 Appendix: Credit Creation 13 Questions/Exercises 14 2 Essentials of Credit Risk Analysis 15 2.1 Meaning of Credit Risk 15 2.2 Causes of Credit Risk 16 2.3 Credit Risk and Return 17 2.4 Credit Risk Analysis 17 2.5 Historical Progress of Credit Risk Analysis 19 2.6 Need for Credit Risk Analysis 19 2.7 Challenges of Credit Risk Analysis 22 2.7.1 The Art and Science of Credit Risk Analysis 22 2.8 Elements of Credit Risk Analysis 24 Questions/Exercises 25 3 Credit Risk Management 27 3.1 Strategic Position of Credit Risk Management 27 3.2 Credit Risk Management Context 28 3.3 Credit Risk Management Objectives 28 3.4 Credit Risk Management Structure 29 3.5 Credit Risk Culture 29 3.6 Credit Risk Appetite 30 3.7 Credit Risk Management in Non-Financial Firms 31 3.8 Credit Risk Management in Financial Intermediaries 31 3.8.1 Stages of Credit Risk Management in Financial Intermediaries 31 3.8.2 Credit Risk Management Process 33 Questions/Exercises 34 Part II Firm (or) Obligor Credit Risk 4 Fundamental Firm/Obligor-Level Risks 37 4.1 Firm (or) Obligor Risk Classification 37 4.1.1 Business Risks or Operating Risks (OR) 37 4.1.2 Financial Risks (FR) 38 4.2 Risk Matrix 39 4.3 Different Risk Levels 39 4.3.1 Low Operating Risk and Low Financial Risk 39 4.3.2 Low Operating Risk and Medium Financial Risk 39 4.3.3 Low Operating Risk and High Financial Risk 40 4.3.4 Medium Operating Risk and Low Financial Risk 40 4.3.5 Medium Operating Risk and Medium Financial Risk 40 4.3.6 Medium Operating Risk and High Financial Risk 40 4.3.7 High Operating Risk and Low Financial Risk 40 4.3.8 High Operating Risk and Medium Financial Risk 41 4.3.9 High Operating Risk and High Financial Risk 41 Questions/Exercises 42 5 External Risks 43 5.1 Business Cycle 43 5.1.1 Benefits of Study of Business Cycles 45 5.1.2 Credit Risk in the Business Cycle 46 5.2 Economic Conditions 46 5.2.1 Private Consumption 47 5.2.2 Government Spending 47 5.2.3 Investment 48 5.2.4 Imports and Exports 48 5.2.5 How to Link NI Components to the Firm 48 5.2.6 Benefits of Study of National Income 49 5.3 Inflation and Deflation 50 5.4 Balance of Payments and Exchange Rates 51 5.5 Political 52 5.6 Fiscal Policy 53 5.7 Monetary Policy 53 5.8 Demographic Factors 54 5.9 Regulatory Framework 55 5.10 Technology 55 5.11 Environment Issues 55 5.12 International Developments 56 5.13 Others 56 5.14 Monitoring External Risks 57 Questions/Exercises 58 6 Industry Risks 61 6.1 Understanding Obligor’s Industry or Market 61 6.1.1 Sector vs. Industry vs. Market Segment 61 6.1.2 Challenges of Industry Classification 62 6.2 Types of Industry Risks 63 6.3 Industry Life Cycle 64 6.4 Permanence of Industry 65 6.5 Government Support 65 6.6 Industry and Factors of Production 66 6.7 Industry and Business Cycles 66 6.8 Industry Profitability 67 6.8.1 Competition Among the Existing Firms Within the Industry 68 6.8.2 Threat of New Entrants 68 6.8.3 Threat of Substitute Products 69 6.8.4 Bargaining Power of Buyers 69 6.8.5 Bargaining Power of Suppliers 70 6.9 Competitor/Peer Group Analysis 71 Questions/Exercises 77 7 Entity-Level Risks 79 7.1 Understanding the Activity 80 7.2 Risk Context and Management 81 7.3 Internal Risk Identification Steps 82 7.3.1 Interviews and Questioning 82 7.3.2 Market Developments and Peer Comparison 83 7.4 SWOT Analysis 83 7.5 Business Strategy Analysis 84 7.5.1 Cost Leadership 85 7.5.2 Differentiation 86 7.5.3 Contraction 86 7.5.4 Market Penetration 86 7.5.5 New Markets 87 7.5.6 New Products/Product Synergy Diversification 87 7.5.7 Product/Market Diversification 87 7.5.8 Consolidation 87 7.5.9 Merger/Takeover 87 7.5.10 Expansion 88 7.5.11 Cost Control 88 7.5.12 Focus 88 7.6 Pitfalls in Strategy 89 7.7 Management Analysis 90 7.7.1 One-Man Rule 91 7.7.2 Joint Chairman/CEO/MGD Position 91 7.7.3 Imbalance in Top Management Team 91 7.7.4 Weak Finance Function 92 7.7.5 Lack of Skilled Managers (or Inability to Attract Skilled Managers in Key Positions) 92 7.7.6 Disharmony in Management 92 7.7.7 Change in Ownership 92 7.7.8 Cultural Rigidity 92 7.7.9 Lack of Internal Controls 93 7.7.10 Low Staff Morale 93 7.7.11 Fraudulent Management 93 7.7.12 Myopic Vision 93 7.7.13 Big Projects 93 7.7.14 Inadequate Response to Change 94 7.7.15 Poor Corporate Governance 94 7.8 Other Internal Risks 94 Questions/Exercises 97 8 Financial Risks 99 8.1 Importance of Financial Statements 99 8.2 Quality and Quantity of Financial Statements 101 8.2.1 Quality of Financial Statements 101 8.2.2 Quantity of Financial Statements 102 8.3 Role of Historical Financial Statements 102 8.4 Financial Analysis 103 8.4.1 Balance Sheet 103 8.4.2 Income Statement (or) Profit and Loss Account 104 8.4.3 Cash Flow Statement (CFS) 105 8.5 Analytical Tools 105 8.5.1 Accounting Analysis 105 8.5.2 Common Sizing Analysis (CSA) 107 8.5.3 Indexed Trend Analysis (ITA) 110 8.5.4 Ratio Analysis 113 8.6 Solvency Ratios 115 8.6.1 Liquidity Ratios 115 8.6.2 Long Term Solvency Ratios 117 8.6.3 External Finance Ratios 120 8.6.4 Dividend and Equity Ratios 120 8.6.5 Cash Flow Ratios 121 8.7 Operational Ratios 123 8.7.1 Performance Ratios 123 8.7.2 Profitability Ratios 124 8.7.3 Return on Investment (ROI) Ratios 125 8.7.4 Asset Management (or Activity) Ratios 126 8.7.5 Leverage (Operating and Financial) Ratios 128 8.7.6 Cost-Volume-Profit (CVP) Ratios 133 8.8 Encapsulated Ratios 134 8.8.1 Dupont Model 134 8.8.2 Predictive Power of Ratios 135 Questions/Exercises 143 9 Integrated View of Firm-Level Risks 147 9.1 Relevance of an Integrated View 147 9.2 Judgement 147 9.3 Identifying Significant Credit Risks 148 9.4 Risk Mitigants 150 9.5 Types of Mitigants 150 9.5.1 Qualitative Mitigants 150 9.5.2 Quantitative Mitigants 152 9.5.3 Difference between Qualitative and Quantitative Mitigants 153 9.6 Principles to be Borne in Mind While Selecting Mitigants 153 9.7 Monitoring of Credit Risk 154 Appendix: Credit Risks and Possible Mitigants 155 Questions/Exercises 158 10 Credit Rating and Probability of Default 161 10.1 Credit Risk Grading 161 10.1.1 Linking EIIF Evaluation to Credit Risk Grades 161 10.1.2 Benefits of Credit Risk Grade System 163 10.2 Probability of Default 163 10.2.1 Benefits of PD Values 165 10.2.2 PD Values and Credit Decisions 165 10.3 External vs. Internal Rating 166 10.3.1 Reliability of External Ratings 167 10.3.2 Internal Ratings 168 10.4 PD in Credit Structural Models 169 10.4.1 The Merton Model (1974) 169 Questions/Exercises 172 Part III Credit Risks – Project and Working Capital 11 Credit Risks in Project Finance 177 11.1 Distinctive Features of Project Finance 177 11.2 Types of Project Finance 178 11.3 Reasons for Project Finance 179 11.3.1 Scarce Resources 179 11.3.2 Risk Sharing 179 11.3.3 Off-Balance Sheet Debt 179 11.3.4 Avoidance of Restrictive Covenants 179 11.3.5 Tax Considerations 180 11.3.6 Extended Tenor 180 11.4 Parties Involved in Project Finance 180 11.4.1 Sponsors 180 11.4.2 Project Lenders 180 11.4.3 Project Contractors/Consultants/Lawyers/Accountants 181 11.4.4 Governments 181 11.4.5 Multilateral Agencies 181 11.5 Phases of Project and Risks 182 11.5.1 Construction Phase Risks 182 11.5.2 Start-Up Phase Risks 182 11.5.3 Operational Phase Risks 183 11.6 Project Credit Risks 183 11.6.1 EIIF Risks 183 11.6.2 Project Specific Risks 184 11.6.3 Project Financial Viability Risks 186 11.7 Financial Study 187 11.7.1 Cash Flow Forecasts 187 11.7.2 Estimation of the Economic Worth of the Project 189 11.7.3 Assessing Creditworthiness – Building a Lender’s Case 190 11.8 Project Credit Risk Mitigants 192 Questions/Exercises 202 12 Credit Risks in Working Capital 207 12.1 Definition of Working Capital 207 12.1.1 Working Capital Cycle – Finance Manager’s Key Concern 207 12.1.2 Working Capital Cycle – Lending Bank’s Point of View 208 12.2 Assessing Working Capital through the Balance Sheet 208 12.3 Working Capital Ratios 210 12.4 Working Capital Cycle 212 12.5 Working Capital vs. Fixed Capital 216 12.6 Working Capital Behaviour 216 12.6.1 Availability of Finance 217 12.6.2 Changes in Trade Terms 218 12.6.3 Changes in Business Volume 219 12.6.4 Price Changes 222 12.6.5 Others 222 12.7 Working Capital, Profitability and Cash Flows 223 12.8 Working Capital Risks 225 12.8.1 Over-trading 225 12.8.2 Diversion Risk 227 12.8.3 Inadequate Financial Management 228 12.8.4 Inflation Risk 228 12.8.5 Inadequate Provisioning of Working Capital in Original Project Costs 228 12.8.6 Losses and Reducing Profitability 228 12.8.7 Inadequate Structuring of Facilities by Banks 229 12.8.8 Unforeseen Contingencies 229 12.9 Impact of Working Capital Risks 229 12.10 Working Capital Risk Mitigants 230 12.10.1 Covenants 230 12.10.2 Cancellation/Tightening/Temporary Freeze of Facilities 230 12.10.3 Increase Pricing 231 12.10.4 Liquidation of Non-Core Assets 231 12.10.5 Owners’ Injection/Strengthening Net Working Capital 231 12.10.6 Improvement of Working Capital Management 231 12.10.7 Insure against the Risk from Unforeseen Contingencies 231 12.11 Working Capital Financing 232 Questions/Exercises 236 Part IV Credit Portfolio Risks 13 Credit Portfolio Fundamentals 241 13.1 Credit Portfolio vs. Equity Portfolio 241 13.2 Criticality of Portfolio Credit Risks 242 13.3 Benefits of Credit Portfolio Study 242 13.3.1 Active Credit Portfolio Management 242 13.3.2 Overall Credit Risk Reduction 243 13.3.3 Optimizes Liquidity 244 13.3.4 Assists Sales and Marketing 244 13.3.5 Insights into Sectoral Risk Exposures 244 13.3.6 Solves the Capital Dilemma 245 13.3.7 Portfolio Management Strategies 246 13.3.8 Credit Quality Issues 247 13.4 Portfolio Analysis 247 13.5 Credit Portfolio Risk vs. Return 249 Appendix: Organizational Conflict in Credit Risk Management 249 Questions/Exercises 251 14 Major Portfolio Risks 253 14.1 Systematic Risk 253 14.1.1 Triggers of Systematic Risk 254 14.1.2 Consequences of Systematic Risk 254 14.2 Diversifiable Risk 255 14.3 Concentration 258 14.3.1 Industry or Sector Concentration 258 14.3.2 Exposure or Name Concentration 259 14.3.3 Region/Location/Country Concentration 259 14.3.4 Foreign Currency Concentration 259 14.3.5 Collateral Risk 260 14.3.6 Maturity Risks 260 14.3.7 Funding Risk 261 14.3.8 Correlation Risks 262 14.4 Credit Portfolio Beta 263 Questions/Exercises 263 15 Firm Risks to Portfolio Risks and Capital Adequacy 265 15.1 Obligor PD and Portfolio PD 265 15.2 Migration Risk 266 15.2.1 Firm Credit Risk Migration 266 15.2.2 Portfolio Risk Migration 268 15.2.3 Benefits of Migration Risk Study 269 15.3 Default Risk 269 15.3.1 Firm-Level Defaults 269 15.3.2 Portfolio-Level Defaults 270 15.4 Loss Given Default (LGD) 270 15.5 Expected Loss (EL) 271 15.5.1 Obligor EL 271 15.5.2 Portfolio EL 271 15.6 Provisioning 272 15.6.1 Provisioning – Firm Level 272 15.6.2 Portfolio-Level Provisioning 273 15.7 Credit Loss Distribution 274 15.7.1 Characteristics of Credit Loss Distribution 275 15.7.2 Benefits of Developing a Credit Risk (or Loss) Distribution 275 15.8 Economic Capital 276 15.8.1 Regulatory Capital vs. Economic Capital 277 15.8.2 Measuring Economic Capital 278 15.8.3 Optimizing Economic Capital 279 Questions/Exercises 282 16 Credit Risk and The Basel Accords 285 16.1 Basel Accords 285 16.2 Basel I (1988) – First Basel Accord 286 16.2.1 Criticisms of Basel I 287 16.3 Basel Accord II (2006) 288 16.3.1 Alternative Approaches for Credit Risk in Basel II 289 16.3.2 Risk Weighted Assets (RWA) and Capital Adequacy in Basel II 293 16.3.3 Do Higher LGD and PD Always Translate into Higher RWA under the IRB Approach? 294 16.3.4 Criticisms of Basel II 295 16.4 Basel III 296 16.4.1 Credit Risk Measurement in Basel III 297 16.4.2 Other Key Features of Basel III 298 16.4.3 Can Basel III Prevent Future Financial/Credit Crises? 299 Appendix 300 Questions/Exercises 302 Part V Portfolio Risk Mitigants 17 Credit Risk Diversification 305 17.1 Traditional Diversification 305 17.1.1 Industry Limit 306 17.1.2 Counterparty Limit 307 17.1.3 Region-Wise Restriction 307 17.1.4 Size 308 17.2 Modern Diversification of Credit Portfolio 309 17.2.1 Portfolio Selection Theory 309 17.2.2 Application of PS in Credit Portfolio 310 17.2.3 More Tools to Study Diversification of Portfolio Risks 314 17.3 Correlations in Credit Risk Models 315 Questions/Exercises 315 18 Trading of Credit Assets 317 18.1 Syndicated Loans/Credit Assets 317 18.2 Securitization 318 18.2.1 Asset Backed Securities (ABS) 319 18.2.2 Collateralized Debt Obligations (CDO) 319 18.2.3 Downfall of CDOs (and Similar Securitized Instruments) 321 18.3 Distressed Debt 321 18.4 Factoring 322 18.5 Distressed Receivables 322 Questions/Exercises 322 19 Credit Derivatives 323 19.1 Meaning of a Credit Derivative 323 19.1.1 Credit Event 324 19.2 Credit Default Swap (CDS) 324 19.2.1 Is CDS an Insurance? 326 19.2.2 CDS and Speculation 327 19.2.3 Uses of CDS 327 19.2.4 Sovereign CDS 329 19.2.5 Criticism of CDS 329 19.3 Total Return Swap 330 19.3.1 Uses of TR Swap 331 19.4 Credit Option (CO) 332 19.5 Credit Spread Options (CSO) 333 19.6 Credit Derivative Linked Structures 333 19.7 Future of Credit Derivatives 334 19.8 Credit Derivatives and Over-the-Counter (OTC) Markets 334 Questions/Exercises 334 Part VI Credit Risk Pricing 20 Pricing Basics 337 20.1 Credit Pricing Factors 337 20.1.1 Credit Risk Premium 337 20.1.2 Portfolio Risk 339 20.1.3 Cost of Capital 340 20.1.4 Cost of Leverage 340 20.1.5 Sector Risks 340 20.1.6 Overheads 341 20.1.7 Other Factors 341 20.2 Pricing Structure 342 20.2.1 Interest Rates 342 20.2.2 Commission and Fees 344 20.3 Credit Risk Pricing Model 344 20.4 Prime Lending Rate 345 Questions/Exercises 348 21 Pricing Methods 349 21.1 RORAC (Return on Risk-Adjusted Capital) Based Pricing 349 21.2 Market Determined 351 21.3 Economic Profit Based Pricing 351 21.4 Cost Plus 353 21.5 Structured Pricing 353 21.6 Grid Pricing 354 21.7 Net Present Value (NPV) Pricing 354 21.8 RANPV (Risk-Adjusted NPV) Pricing 355 Questions/Exercises 355 Part VII The Last Line of Defence – Security 22 Security Basics 359 22.1 Need for Security 359 22.2 Merits and Demerits of a Security 360 22.2.1 Advantages to the Creditor 360 22.2.2 Disadvantages to the Creditor 360 22.2.3 Advantages to the Borrower 361 22.2.4 Disadvantages to the Borrower 361 22.3 Attributes of a Good Security 362 22.4 Security and Pricing 362 22.5 Impact of Systematic Risks on Security 364 22.6 Facility Grades 364 Questions/Exercises 366 23 Collaterals and Covenants 367 23.1 Tangible Security 367 23.1.1 Deposits (with Banks, Financial Institutions, etc.) 367 23.1.2 Stock and Shares 367 23.1.3 Property/Land 367 23.1.4 Goods 368 23.1.5 Gold or Other Precious Metals 368 23.1.6 Bank Guarantees/Letters of Credit 368 23.2 Intangible Security 369 23.2.1 Unregistered Charges 369 23.2.2 Assignment of Debtors 369 23.2.3 Corporate Guarantee 369 23.2.4 Letter of Comfort (LOC) 370 23.2.5 Letter of Awareness 370 23.2.6 Letter of Negative Pledge 370 23.3 Methods of Taking Security 371 23.3.1 Mortgage 371 23.3.2 Pledge 371 23.3.3 Hypothecation 372 23.3.4 Lien 372 23.4 Realizing Security 372 23.5 Covenants – A Trigger to Seek Additional Security 373 23.5.1 Financial Covenants 373 23.5.2 Non-Financial Covenants 376 Questions/Exercises 377 Part VIII Credit Crisis 24 Road to Credit Crisis 381 24.1 Credit and Growth 381 24.2 Role of Banks 382 24.2.1 Credit Creation 382 24.2.2 Confidence in Banking 383 24.2.3 Ultimate Use of Credit 384 24.3 Formation of Credit Bubbles 385 24.4 Types of Credit Bubble 386 24.5 Credit Bubble Explosion 387 Questions/Exercises 390 25 2008 Credit Crisis 393 25.1 Credit Asset – Prime vs. Sub-Prime 393 25.2 Securitization 394 25.2.1 Higher Risk Appetite 394 25.2.2 Availability of CDS 395 25.3 US Housing Bubble 396 25.4 Role of OTC Derivatives 398 25.4.1 Reasons for Popularity of OTC Derivatives 399 25.4.2 Complexity and Opaqueness – the Hallmark of OTC Derivatives 399 25.4.3 Systemic Risk and OTC Derivatives 400 25.5 Role of Rating Agencies 400 25.6 Why Did the Bubble Burst? 401 25.7 Consequences 402 25.7.1 2007 402 25.7.2 2008 402 25.7.3 2009 403 25.8 Impact of the Lehman Collapse 403 25.9 Housing Crisis to Credit Crisis to Economic Crisis 404 25.10 Common Factors 1929 vs. 2009 406 25.11 Lessons of the 2008 Credit Crisis 407 Questions/Exercises 410 Bibliography 411 Index 415

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