5 comments about Blind Faith: Our Misplaced Trust in the Stock Market and Smarter, Safer Ways to Invest.

1. As my client patted my hand with tears welling up in her eyes, she said thank you so much for keeping our savings safe. As a Financial Professional it is easy for one to see the incredible power and impact we have on our client's future well being.
   Edward Winslow's well documented book Blind Faith, describes the landscape and changes occuring in the contemporary stock market. He guides the Advisor to the philosophy and products perfectly suited to Retirement Savings.
   To be read and digested by Advisors and given to Clients and used as the modern day guide to Investing not gambling.
   If you sell Indexed Annuities or want to, this is a must read for the Financial Professional.



2. Before making any comment on the book, I would like to draw your attention to some points from page 16-17 of it for your reference.
   
   - In June 2001 Dalbar Inc., of Boston, released a study entitled "Quantitative Analysis of Investor Behaviour" which examined real investor returns from Jan 1984 through December 2000. It found that the individual equity mututal fund investor realized an annual return of 5.32% compared to 16.3% for S&P 500 index.
   - Charles Trzcinka, a professor of Finance at Indiana University, published a report in June 2002. The average mutual fund (in a sample of 6900 US stock mutual funds) gained 5.7% during the four year period of the study between 1998-2001, while the average investor earned only 1.0 percent.
   - Both studies reached the same conclusion. The Dalbar Research indicated that investors underperformed the market by approximately 67%. The Trzcinka Study, covering a different time period, indicated investors underperformed the funds they were invested in by about 82%.
   - Charles Ellis (the ex chairman of AIMR, the mother body of CFA) reports, in Winning the Losers Game, over 75% of professionally managed funds underperformed the S&P 500 index for the twenty five year period ending in 1997.
   
   Okay, you might already have a brief idea what the author, a CPA, CFP, CLU, ChFC boss of a financial planning company, wanted to preach. Yes, market/index based insurance products or equivalent through his service. No matter what, I am obliged to say this is quite an interesting and helpful book, in particular for investment novices who regularly underperform the market. However, I suggest those veterans who can beat the market, or "still" strive to do so to give it a pass.
   
   p.s. Below please find some of my favorite passages for your reference.
   
   Those who do not learn from history are doomed to repeat the mistakes of history. George Santayana pg 38
   
   A person's economic status tends to determine the psychological and financial meaning of gambling for that person. Higher income people see gambling as entertainment and a way to socialize with other people. Conversely, the lower the income, the more gambling is seen as a form of investment. pg 40
   
   There are two kinds of investors, be they large or small: those who dont knwo where the market is headed, and those who dont knwo that they dont know. Then again, there is a third type of investor - the investment professional, who indeed knows that he or she doesnt know, but whose livelihood depends upon appearing to know. pg 134
   
   The best way to escape from a problem is to solve it. Alan Saporta pg 139



3. I am ordering this book NOW!
   
   For years, I simply followed mutual funds' and index funds' return YTD performances on Morningstar, and used those to choose my investments. After throwing the dice on my own, I soon found out that I'd have to make AT LEAST the cost of betting (commission) back just to break even--even at cheapo Scottrade, you'd have to make that $7/trade back just to stay even in that stock. This means you'd better know something the other guy doesn't, have a red-hot stock, or plan to hang on for a mighty long time.
   
   With from-a-distance YTD performance montoring, I've consistently beat the S&P by at least 3X annually. No stress, no misinformation, no worries about missed information. I usually wait until after the first quarter before laying chips down somewhere for the year, because the first quarter tends to be squirrely with mutual fund window dressing, trends emerging, and traders deciding what's hot and not.
   
   Another clue: hot commodities and corresponding indexes/funds. If oil is hot, don't buy oil directly--buy an index fund and let IT do your hard work! A smart money manager knows he has to make a profit to keep his job, so let HIM do your work FOR you. Vanguard has been very, very good to me as far as indexes and funds go.



4. nothing new in this book, same old rant about risk is bad, Wall street is evil blah blah blah - we get it already. Very little evidence or anaylsis to support authors assertions.



5. This book takes on Wall Street, and how. The author makes the erroneous assumption that "you can't beat the market"...fortunately, we have evidence that says otherwise. The gist of the book is that the only safe places to "invest" is in equity indexed annuities, life insurance, CDs, and corporate notes. It does a wonderful job of explaining the concept of equity indexing, which I think is a great way to conservatively save money...but it's not really an investment strategy.
   
   The author assumes the efficient market hypothesis is true, even when it is not. In essence, you have the author starting from a false premise and trying to prove a point which is incorrect from the ground up.
   
   Here is my counter argument to what the author is trying to convince you of...
   
   The premise of the book is that of the Efficient Market Hypothesis or the theory that "you can't beat the stock market"...which seems valid on the surface being that 90+% of mutual fund managers fail to outperform their respective indices...but that "surface logic" just doesn't hold up under intense scrutiny:
   
   The idea of efficient markets in this book is taken to mean that no matter what you do, there is no way to beat the stock market...and if you somehow do, it was a matter of chance or luck. It is an idea that is largely harbored in academic circles and it is based on one fundamental idea:
   
   1. Stocks Reflect All Available Information
   
   If stocks reflected all available information, there would be no way to beat the market. Stocks are information sensitive, and so they are priced largely by information. If all information is already available by the time you go to buy a stock, there is no way that you can profit by buying that stock at a specific time (also known as "timing the market") or by buying one stock over another stock because information is what would give you an "edge" in the market. With all information available, there is no edge. Thus, the only "rational" way to invest is simply to invest in index mutual funds or a collection of stocks that will passively mirror the returns of the stock market as a whole.
   
   The idea rests on a theory that stock prices have one "true" value. There is only one "correct" price and that that price is determined instantaneously by the market. If and as new information becomes available, the price of the stock changes instantly and you can never make any money from it. The stock market is always right. That's why you can't beat it (consistently earn higher than average returns or higher than indexed returns).
   
   Debunking The Intrinsic Efficient Market Theory
   
   Firstly, there is no such thing as "instant repricing". Whether you are building a bridge or a company, or building an investment portfolio, it takes at least SOME time to reprice those assets.
   
   This intrinsic method is also arbitrary in the pricing of stocks. The reason for the automatically correct and instantaneously self-correcting stock market is unknown and unknowable. It apparently "just happens".
   
   The fundamental theory of the efficient market hypothesis crumbles when we realize that stocks do not in fact reflect all available information. Why? This is partially due to the illegality of insider trading, and various Government regulations. For example: Bill Gates cannot trade on his information about Microsoft because he would be considered an "insider", and would be "guilty" of insider trading if he did. This information does not get reflected in the price of a stock immediately.
   
   The stock market does not reflect the most informed traders.
   
   However, even if we were to discount insider trading eliminating information from the market, the efficient market hypothesis ignores the fact that there must be someone there to make the market efficient. Again, there must be a cause and effect relationship. Markets do not exist in a vacuum and are not arbitrary. Prices cannot be "automatically" correct without someone to make them correct. There must be someone buying and someone selling on information somewhere that causes the price to be what it is.
   
   These are the traders. This is Wall Street. It is the people exploiting the small developing patterns, the individuals acting on new information as it comes to the market, it is the savvy investors who are willing and able to buy and sell stock based on that information that creates the efficient market. In short, the reason the market is efficient is because there is money to be made.
   
   If the intrinsic efficient market theory were valid, then there would be no incentive for anyone to buy any stock because there would be no opportunity for profit. Additionally, if there was no profit to be made by selling, there would be no incentive for an individual to sell their stock. There would be no reason to invest in the stock market, and quite possibly no way to do it - not even in an index mutual fund which would be holding stocks in a stock market where no one would be willing to sell because there would be no incentive to do so. There would be no functional stock market.
   
   This book is an excellent example of why one needs to be very careful about the term "expert". A lot of fancy footwork does not make a theory correct, though the author attempts to justify his claims...he is unsuccessful.

4 comments about Vault Career Guide to Investment Management, 2nd Edition (Vault Career Library).

1. This book was great! So easy to read and interesting...I read the book from cover to cover and found so many insightful tips. I HIGHLY recommend this book for anyone looking to break into the Investment Management field--I think it'll pay dividends! Kudos to the author, Adam Epstein, for opening my eyes to this industry!



2. This book is fantastic! I went to an ivy league school, graduated top of my class and spent months perfecting interview techniques, but I must say that I would not have been prepared nearly as well for my meetings if I didn't read this book. Epstein does a fantastic job explaining investment sytles and career choices. You can clearly tell that Epstein has great experience in the industry. Thanks to this book, I aced my interviews and am prepared to embark on my sell-side career. Now if I can only get to the buy side...



3. A must read for anyone going into Investment Management. Epstein gives realistic, actionable tips for breaking through.



4. This book is a must read for anyone that wants a job in investment management. It is clear the author has extensive experience interviewing candidates for a top investment management firm, and shares his insight as how best to prepare for interviews, as well as what he looks for in candidates. Epstein gives tips such as "know what GDP is" and "follow the stock market." These tips put me over the top, and helped me get a job in this highly competitive field. As a graduating MBA at a top tier business school, I owe Epstein my signing bonus!

5 comments about PM Crash Course, Premier Edition: A Crash Course in Real-World Project Management.

1. This is a fine book to learn the essentials of project management. Cover price of $39 is a little steep. It is a quick read. The exercises are valuable and made me think before I had a chance to see what Rite wrote. This book does a good job of covering the basics of project management and in a concise way. Topics were presented in a way that a new project manager could learn how to conduct a successful project. I wish every new project manager in my company would read this book and use at least one of the ideas they get in their next project.
   
   Since I'm an experienced project manager and have read many PM books this was still an interesting book as a quick review. I recommend Neal Whitten's "No Nonsense Advice for Successful Projects" for both inexperienced and experienced project managers. It is the best project management book I know of.



2. Rita Mulcahey is one of the leading training providers in the project management profession, not to mention one of the most engaging lecturers. The book shares these features: engaging, interesting, full of information, and a good companion if you are planning on taking a PM test any time soon. Several of my staff members have benefited from the effectiveness of her programs.
   
   If you are a semi-skilled project manager who has not yet taken the PMI Certifiying exam, or who doesn't want to wade through the encyclopedic and difficult PM Body of Knowledge, then this is a very good, very easy to read overview of pretty much everything that a high-speed project manager would want to know and do.
   
   However, in my initial impression, I would assume that a "crash course" is intended for someone who does NOT have the required skills and needs to get some results in a hurry.
   
   What this book is not, is a useful guidebook for someone who is getting started in the role of project manager. It is just too complete. The new PM will despair, and those who resist PM as "overhead" will have plenty of new evidence. Mulcahey makes the point over and over that PM is about planning ahead in order to avoid failure down the road, when corrective action is expensive. This is absolutely true, yet it may be lost on a neophyte PM or their process-resistant manager who will see project management processes as just another straw on the camel's back. But who other than a new PM would _need_ a crash course as opposed to the more deliberate and thorough training that an experienced PM would need?
   
   Short version of the PMBOK - definitely.
   Review book for trained PMs - definitely. I will probably be buying some for my office for this very purpose.
   "Crash course" for people unfamiliar with the practice of project management: this baby's too hot for you to handle. Remember, the project managers you see succeeding around you are trained professionals.



3. I think this book is well written, especially once you get past the first couple of chapters. At first, I felt as though I was really being spoken down to as though I was uneducated, but by the end of the book, it easily explains many of the necessities of project management. good book.



4. This book is an easy read and puts project management into manageable segments (what every project manager wants!)...



5. I would recommend Rita's books to anyone who's seriously going for a PMP certification or who wants to continue PMP certification. 'Crash Course' is for the novice. However, it is a practical, up to date, informational study in a condensed overview of the PMPBOK methodology. Everyone has their favorites but I've found Rita's team most effective in disecting this methodology. You'll make the right choice with 'Crash Course' if you're looking for a guide to wet your appetite and give you a true introduction to the field of Project Management as it pertains not only to the PMBOK but also reality.

5 comments about Warren Buffett Wealth: Principles and Practical Methods Used by the World's Greatest Investor.

1. I've read a lot of books on Warren Buffett and this one is the best reading on the topic available. Robert Miles shares some unique insights into the strategies of this brilliant investor.



2. Warren Buffett is a legendary financial wizard who has built a fortune based on the principles of value investing. Many volumes have been written about his investing approach, but Robert P. Miles' treatise is a bit different from most of the others. The author is obviously a great fan of Buffett - at times, the book borders on plutocratic hagiography - but his all-encompassing admiration lends his work a distinctive tone. Reading this exposition is like hearing a star-struck fan discuss the techniques of a favorite movie star. Dazed admiration helps Miles see patterns, connections and details about Warren Buffett that you might not find in a more objective or more focused tome. If you want a nitty-gritty, pros and cons analysis of Buffett's investing style, go elsewhere. If a down-home and frankly admiring analysis, complete with investing advice based on Buffett's principles, is more your style, we assure you, you've come to the right place. No naysayers allowed.



3. Design of book:
   Chapters headings and sections headings are structured to be captivating and clear, making it easy to convey the purposes and meanings of the principles.
   
   Content:
   The initial chapters of the book build on some of Buffett's stories and are intended to persuade the reader into following Buffett's principles of investing. You will unfold more of Buffett ways as you read, but most of the essential tips are already mentioned in the first half of the book. The later chapters merely serve as unnecessary elaborations. Principles and examples are also recycled at the later chapters giving readers a feeling that they were reading the book again, before they finished reading.
   
   Buffett debunks the Efficient Market Theory (EMT) by emphasizing on knowing the stocks you buy, buying at a discount and his track records. He also believes that knowledge of basic finances and accounting (GAAP) are necessary to value businesses. However, it will be hard to replicate his success given the difficulties of finding under-valued firms and attaining his wealth of experiences in interpreting annual reports.
   
   For who:
   More for first-time readers of Buffett's principles and books, though the author suggests that readers of other Buffett books would find it beneficial as well. Like most books, its persuasive content might not be relevant for readers who are already believers of his principles.
   
   This is also not a `get-rich at once' book. Further readings like The Intelligent Investor and Security Analysis (both written by Benjamin Graham) are necessary for savvy investing. Discipline, morals and experiences are also vital when following his principles.
   
   Readers should also have the mature mindset to determine the usefulness of some principles, which might be out-dated in today's context. In fact, the reason behind the popularity of Buffett and his principles are due to his simple and conservative approach towards investing, something which simple people are attracted to at the start.



4. It gives a lot of facts on the accomplishments of Warren's life. Some may be a bit repetative, but are used to engrain the theme of value. If you read it and take the ideas to heart about value in stocks, doing your own research, making good purchases in life (i.e. your home/car in addition to stocks), etc. you can walk away with a lot.



5. i've read all the Buffett books and this is the best of the lot. Also check out Rich Dad, Poor Dad.Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

5 comments about Spend Analysis: The window into strategic sourcing.

1. This book covers both the basic and advanced areas of Spend Analysis. Based on what I saw in the 4 years of working in this area, there are various complexities involved in rationalizing and enriching transactional data. The authors have discussed these challenges and their possible solutions in the context of data analysis. The first part of the book discusses the business case for Spend Analysis and why it is important. Overall, the book will be valuable to anyone who is either a beginner in the area of Strategic Sourcing, or someone who has been in Strategic Sourcing but wants to understand Spend Analysis.



2. I found the material in this book educational and insightful. I come from a content enrichment background, and I thought the authors did a good job addressing the nitty-gritty details of how content is cleansed and enriched, and why that is important for accurate Spend Analysis. I also thought the authors put forth a compelling argument why a good Spend Analysis program is critical for an effective Strategic Sourcing program. I particularly liked Chapters 2, 3 and 4. Some of the ideas and reports presented in Chapter 4 are very good. Many practitioners who are not familiar with the details of Strategic Sourcing would probably think that Spend Analysis is a simple reporting project that can be accomplished in a few days/weeks. This book brings to bear the complexities and challenges in doing that, and why it is not that simple.



3. This is the best book on the subject of analyzing expenses; in fact, it is the only book that covers this subject!
   
   I have worked for over three years in spend analysis from a technical perspective, so when I found out that a book on the subject was finally published I decided to give it a try.
   
   The pace was right, and smooth, because the authors anticipate a lot of the questions that a reader may have. The book covers both the business aspects and the technical aspects of conducting spend analysis. If you are a commodity manager, you should memorize chapters 4 and 7! If you are responsible for data warehousing , part II of this book is a must-read, even if you do not work on spend analysis or sourcing! If you are new to procurement, Part I of this book will introduce you to the subject of spend analysis and its value. If you are an experience procurement person you will find this book invaluable for its insight and depth.
   
   The book is great for anyone who feels that they need to advance their skills in sourcing and, especially, strategic sourcing.
   I've read short reports on spend analysis before (from Aberdeen, Gartner, etc.) but it never sank in. What's great about this book is that
   the authors give very clear definitions of key terms and then they take you step-by-step through each topic and how it is reflected in the real world cases.
   
   Despite the great breadth and depth of the book, it is not too long, it is succinct from start to finish. This allows you to go quickly through the entire book; but yet, if you read a couple of chapters a second time, like I did, you will be able to get even more out of the book the second time! That's awesome!
   
   The book is a bit expensive for a technical person but its value is far greater than its price. It is an excellent book of enormous value and I highly recommend it.



4. Spend Analysis: The Window into Strategic Sourcing is the ultimate handbook on spend analysis for firms who are looking at spend analysis software solutions to better understand their procurement spend and pursue opportunities such as leveraging of purchases, supplier consolidation, parts rationalization, reduction of maverick spend, contract compliance, etc. The book also provides a detailed guide for those companies who currently have a spend analysis solution and are looking for approaches to further improve its deployment and use and its return on investment. Using numerous company case studies, the book addresses the issues and challenges that real-world companies have faced as they tackle the question of exactly how procurement dollars are spent and the financial payback for gaining a better understanding of this spend. I liked the way the book is organized so that both those in management and those who are doing the actual detailed implementation work can find pertinent information. If your company is involved in or considering a spend analysis initiative, this book is a valuable resource.



5. Spend Analysis is a superior book on the subject of Strategic Sourcing. If your interest is to find massive cost savings for your business then this book is for you. The authors detail every aspect of spend analysis in an intelligent and myriad display of awareness on the subject. Mr. Pandit and Dr. Marmanis are clearly leaders in this field. A rare opportunity exists to absorb their knowledge and apply spend management to your ROI as you never thought imaginable.
   
   As a finance officer, this book provided me a unique blend of technical and business descriptions in the field of procurement, supply chain, and operations. Each chapter is divided into three equal parts explaining the business concepts, technical analysis and case study examples. It combines all the ingredients that naturally constitute a successful business book.
   
   I literally read this book over the course of one day. After words I distributed copies to my finance department and data warehouse employees. The book provides insight into spend analysis at three levels. First, spend analysis business model concepts. Second, a practical and highly useful approach to the implementation of spend analysis. Third, vital methods on how to interpret the information so as to achieve a significant advantage over your sourcing partners.
   
   For example, first the book translates abstract ideas into rich comprehensible models such as the "hypercube". A plethora of data exists in our procurement systems that on the surface are difficult to extract in a meaningful way. The spend analysis models help transmute your perceptions of the transactional data into high quality information. Second, the case study about the agrochemical business proves beyond a doubt that the authors have not only thought about the ideas but are real life implementers of Spend Analysis. Just review for yourself the project plan requirements, principles and detailed data structure solutions . Third, this book will guide you through the process of finding "Opportunity Identification". These are critical hidden values that will strengthen your negotiation opportunities. Ultimately, from my experience this is the end game.
   
   Finally, in today's difficult economy "Spend Analysis" will help your organization save money. This book couldn't have appeared at a better time. Now is the time to start implementing some real cost savings for my fortune 500 Company.

5 comments about Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor (Wall Street Words).

1. It has all the words, it has all the definitions...it's all here. I work for a Wall Street firm and this is one of the few investment reference guides I keep at my office. Buy it.



2. I am currently studying for the Series 7 stockbroker exam. The study manual often introduces terms with little or no explanation. The glossary in the study manual only covers a small fraction of the terms used. Before buying this book, I would have to list the terms, stop studying, and find explanations. Sometimes, I would have to waste precious study time calling into my trainer to discuss these terms.

   Now, I have all of the definitions I need right at my finger tips. This book has been a great supplement to the Series 7 study material. I no longer waste time struggling with terms I do not understand. I do not have to waste valuable time on hold calling into my trainer to get a better understanding of terms.




3. Wall Street Words is the most valuable and most frequently used book in my library. I recommend it to my friends and to Amazon users.



4. We really liked the book. It had all the information we were looking for. Carleen Lane



5. An easy-to-use, handy and fairly comprehensive guide. Almost everything is included, except for the handful of Wall Street terms that are so new that you would have to go to a continuously-updated online guide to find them.

5 comments about How The Stock Market Works.

1. Very few people will really tell you how the stock market actually works. If they did, it wouldn't. After you read the basics about placing orders and some technical indicators and patterns they hope you'll jump right in and lose your money. Do yourself a favor, study the market from a social history/military/control mechanism point of view by utilizing free library books. By the time you get it, you'll have saved more start-up capital and you won't go broke. Or, find somebody that will tell you the real deal -- and when you do, listen! Be prepared for a real shock, and then a huge sigh of relief!



2. As a beginner, I found the book to give a good overview of the stock market functionning. It is quite thorough and explains all the fundamental mechanisms. I would also recommend 'What you need to know before you invest' from Rod Davis



3. I am just beginning to learn about the stock market, and all the other dimensions that go along with it. I found this book quite informative, I have read it two times now. I use this as a text book to study from. I am also reading other books on the subject to make sure the information I learn is correct.



4. Rather than providing any sort of investment advice, this book explains the actual workings of the stock market. How a trade flows from a customer, through a broker, to the floor, and on to the various settlement engines. It's good background for anyone who invests in the market, and especially useful to anyone who works in (or with) the financial IT industry.

   As other reviewers have noted, the poor copy-editing is embarassing. But even with all the typos, the information presented is very useful.




5. Prentice-Hall is notorious for sloppy textbooks, and this book is in the company tradition. The text was not edited, proofread, or fact-checked. The glossary entry for wash sales is egregious, but almost any page provides examples. All information in this book is therefore suspect.

3 comments about Internal Auditing: Assurance and Consulting Services.

1. The book is set up very well and it is an easy read. Great diagrams and flowcharts. However, it can be a little repetitive. Overall a good textbook.



2. This book is written well and the finish is good, however certain parts of the book do not need to take up an entire chapter. Definitely a broad overview type of book. Also, the use of certain figures/charts is excessive at times.



3. the only issue is that the customer should be given the option of shipping overnight by UPS or fedex or USPS next day.

5 comments about Street Wise: A Guide for Teen Investors.

1. This book was easy to follow. I enjoyed the chapter on how to get a job on Wall Street. I am 14 and have already started saving for college thanks to this book. My mom made me read it. I was reluctant at first but now I am very glad she did. That is why I rate this book a five!!!!



2. This book was a great introduction to the Stock Market for me. It was simple and easy to read. It was also interesting. I highly recommend this book.



3. This is an excellent introduction to the stock market for teenagers. The book is directed towards teenagers and accomplishes it's goal well. All teenagers should read this book to gain a starting knowledge of the American Stockmarket.
   The book teaches stock vocabulary, trading tips, how to start, risk and rewards, and many other topics. But, this book is definitely an introduction - if you have a good knowledge of the stock market already, this might not be for you.



4. I started looking into investing and the stock market a year or so ago when I realized I had enough money to start investing long-term. I tried a couple different books, but they all seemed too childish or too confusing. I found Street Wise at the library, and even before I had finished reading it I ordered my own copy. The whole book is very well-organized and kept me very interested all the way through.
   
   Although teens as young as thirteen or fourteen would find the material age-appropriate, I would consider this book a valuable resource for adults as well. In "Street Wise," Bamford describes:
   1. The value of compound interest for young investors
   2. The basics of how the stock market operates
   3. How investors actually buy and sell stocks
   4. The advantages and disadvantages of funds
   5. How to cope when the market is down
   6. Many investing resources, including clubs, trading games, and helpful websites.
   
   Speaking as a teenager, I would highly recommend this book to any young adult who wants to start investing!



5. This book has all the nuts and bolts, but it is a little too boring to keep the attention of my 16-year-old nephew. I also got him the Motley Fool Guide to Teen Investing which was much more interesting. This Street Wise book is a little too much like homework. If you're trying to get the teen exciting about investing and its possibilities, the Motley Fool book is a better choice in my opinion. Both books together make a solid start to an investing library for teens.

3 comments about Rath & Strong's Six Sigma Pocket Guide: New Revised Edition.

1. I have been a long time Rath & Strong pocket guide customer and was uneasy with the thought of a "new revised edition" of this handy Six Sigma reference tool. After receiving my new copy of the Six Sigma Pocket Guide I was happy to see both new an improved graphics and updated content from the original. I did not think it was possible, but Rath & Strong improved one of the best selling Six Sigma reference guides on the market for over 6 years.



2. 
   What we have here in a single volume (in a new revised edition) is a focus on "the critical factors that can make or break the implementation of Six Sigma in an organization." The contributors identify, explain, and then support these principles with real-world experiences and examples. "By placing Six Sigma in this context, this book will, in fact, be useful for any executive, manager, or employee who wants to understand how Six Sigma can help address the particular challenges of their organization." This book was written with empathy for non-technicians (such as I) as it explains:
   
   What Six Sigma is
   
   What DMAIC is
   
   What each of the five components of DMAIC involves
   
   How to use each separate but interdependent component of the DMAIC process
   
   My own rather extensive experience suggests that all organizations can improve HOW they conduct business. Some processes may involve development of new products or services, others production and/or distribution, and still others order processing. Whatever. Not all organizations, however, need a full-blown Six Sigma program. In fact, a majority of such programs either fail or fall far short of expectations.
   
   Among the many substantial benefits of this book is the guidance it provides to decision-makers when they struggle to determine the nature and extent of process improvement initiatives needed. You don't need a full-blown Six Sigma program inorder to, for example, reduce cycle time while improving first-pass yield. Among the most valuable chapters in this book are the last two. With appropriate modification, the principles, strategies, and tactics in both Chapter 24 ("Measuring and Auditing Results") and in Chapter 25 ("Developing Change Leadership Capacity") are relevant to any organization, regardless of size of nature. In my opinion, each of these two chapters (all by itself) is worth far more than the cost of the book but the value of both is even greater, of course, when their material is absorbed and digested at the conclusion of the sequence of chapters. I also want to commend the remarkably informative Foreword, Preface, and Introductions well as are three appendices: "Basic Six Sigma Concepts," "Case Study: Six Sigma in Small and Medium Enterprises," and "DFSS Case Study."
   
   Previously, I have reviewed and praised the works of Forrest Breyfogle, Subir Chowdhury, George Eckes, and Peter Pande, each of whom has written brilliantly and eloquently on the subject of Six Sigma. I continue to recommend their works without hesitation or qualification, as I shall now do also with Rath & Strong's Six Sigma Leadership Handbook as well as the three Rath & Strong Pocket Guides and the Six Sigma Road Map. Given the importance of process improvement, and given how many hours and dollars can be saved by even one improvement, it makes sense to obtain resources such as these and derive full benefit from each.
   
   My own opinion (just an opinion) that this booklet's greatest value will result from frequent review of the key points it provides. It's size gives it almost unlimited "portability" and the precision with which its core concepts are presented adds another substantial benefit.
   
   Everyone involved in an organization's process improvement initiatives (whatever their nature and extent) should have a copy readily available. Allowing for certain prudent modifications, the same core concepts can also be applied to the day-to-day needs of even the smallest company.
   
   Well-done!



3. If you are a collection freak of Rath n Strong books, i can only tell you is that buy only the advance tools on Six Sigma book and the book on Lean. This is just basic stuff that you can learn anywhere, if you are a Yellow Belt or you want to give something handy for your project team, please do purchase this, but if you really want to learn the real thing, by something like Thomas Pyzdeks Black Belts hand book, which is super!