Academics From The United States

"Index numbers are, of course, desired for purposes other than to measure the cost of living. One obvious possibility is to consider some subset of cost-of- living items, such as food. The logic of the preceding argument goes through precisely provided we assume that the distribution of food expenditures in any period among different foods depends only on the total volume of food expenditures and is independent of the prices of other goods, for any given total volume of food expenditures. This does not deny substitution between foods and other commodities, but we assume that the total effect of this substitution is already reflected in the choice of a volume of food expenditures. In a broad way, similar considerations apply to the pricing of producers’ goods, which should be interpreted as reflecting indirectly consumers’ preferences. However, there is undoubtedly a good deal more in the detailed working out of the theory that has never been developed."

"Learning, as studied by psychologists, closely resembles sequential analysis in some aspects. Learning experiments usually consist of a series of trials in which the subject’s choices are sometimes rewarded and sometimes not. The individual, after making many choices, eventually begins to discriminate between the proper response and the improper one. At some point, presumably, he could terminate the experiment, at least in the sense of disregarding the further observations and making the same choice each time."

"Speaking very broadly, almost any human action involves choice; the external environment delimits a range of possible actions at any given moment but does not usually reduce that range to a single alternative. The formulation of a theory of human action in some sphere as a theory of choice means its presentation as a functional relation associating with each possible range of alternatives a chosen one among them."

"Strictly speaking, decision theory really is concerned only with the fourth part of the division given above, that is, the determination of the computational methods for optimization. Given the determination of the other three factors―the objective function, the range of policy alternatives, and the model―the ideal picture is that someone, presumable the firm that hires the operations researcher, hands him, on a silver platter, an objective function. By talking to the engineers, or by looking into a few scientific laws, he determines the policy alternatives available and also the model."

"The formal structure of a decision problem in any area can be put into four parts: (1) the choice of an objective function defining the relative desirability of different outcomes; (2) specification of the policy alternatives which are available to the agent, or decision-maker, (3) specification of the model, that is, empirical relations that link the objective function, or the variables that enter into it, with the policy alternatives and possibly other variables; and (4) computational methods for choosing among the policy alternatives that one which performs best as measured by the objective function."

"Decision theory, as it has grown up in recent years, is a formalization of the problems involved in making optimal choices. In a certain sense — a very abstract sense, to be sure — it incorporates among others operations research, theoretical economics, and wide areas of statistics, among others."

"In view of the magnitude of an economic system, it would take only a very small percentage of improvement in economic stability or growth to make almost any conceivable data collection worthwhile. The situation is analogous to reported results of the use of linear programming in industry; the gains are small in proportion to previous profit levels but still very much larger than the costs of the programming. No country is adequate in respect to its data. In particular the underdeveloped countries, with their ambitious programs, might well ponder whether or not the marginal productivity of investment in better economic statistics is perhaps not higher than almost any conceivable alternative; they have more need and fewer data."

"Government economic policy, like almost any realistic decision problem, has two fundamental characteristics: it is sequential and it is uncertain."

"The government may be regarded as a decision-making entity. Among the decisions it makes are the formation of economic policy and the collection of economic-statistical information. In all modern nations the economic policies of the government are significant activities, if for no other reason than the high proportion of national income which passes through the Treasury; but of course in many countries much more ambitious economic planning is aimed at, though not necessarily achieved. Economic statistics, on the other hand, if one is to judge by expenditures, form only an insignificant proportion of a government's activities and are the least developed precisely in those underdeveloped countries which have the greatest felt needs for economic plans."

"Perhaps as important is the relation between the existence of solutions to a competitive equilibrium and the problems of normative or ."

"L. Walras first formulated the state of the economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers and the equilibrium condition that supply equal demand on every market."

"Ever since I encountered Hicks’s Value and Capital while I was still a graduate student, I had the aim of completing and extending his vision of the economic system in its purest form. This was not because I believed that the economic world was perfectly competitive or that it was clearly self-equilibrating; after all, Chamberlin, Robinson, and Keynes were dominant intellectual influences, and I had the even more powerful influence of the facts of massive unemployment and large corporations. But the idea that the economic world was a general system, with all parts interdependent, seemed (and seems) to me to be an essential of good analysis. I regret what appears to be a revival of single-market thinking both among monetarists and among some of the younger empirical analysts. Then as now, the only game in town that offered a general system of economic interdependence was general competitive equilibrium, an idea to which the name of Leon Walras is imperishably linked. At least, such a system would provide a starting point for analysis of the market’s imperfections."

"Traditional welfare economics shows that there are certain of these combinations that will be preferred by all the voters, which permits us to eliminate the others without too much discussion. However, there will always remain an irreducible kernel of possibilities among which the choice rests on a combination or aggregation of individual ethical attitudes about distribution."

"The businessman may be compared with two other types of individuals who are essentially concerned with behavior under uncertainty ― the scientist and the statistician. The scientist must choose, on the basis of limited information, among the innumerable logically conceivable laws of nature, a limited number. He cannot know whether his decisions are right or wrong, and, indeed, it is none too clear what is meant by those terms. There is a long history of attempts to reduce scientific method to system, including many which introduce probability theory, but it cannot be said that any great formal success has attended these efforts. If we were to compare the businessman to the scientist, we would be forced to the melancholy conclusion that little of a systematic nature can be said about the former’s decision-making processes. The statistician typically finds himself in situations more similar to that of the businessman. The problem of statistics can be formulated roughly as follows. It is known that one out of a number of hypotheses about a given situation is true. The statistician has the choice of one of a number of different experiments (a series of experiments can be regarded as a single experiment, so that drawing a sample of any size can be included in this schema), the outcome of any one of which is a random variable with a probability distribution depending on which of the unknown hypotheses is correct. On the basis of that outcome, the statistician must take some action (accept or reject a hypothesis, estimate the mean of a distribution to be some particular value, accept or reject a lot of goods, recommend a change in production methods, and so on), the consequences of which depend on the action taken and on the hypothesis that is actually true."

"Among economic phenomena which have in some way been tied up with the existence of uncertainty, three classes may be distinguished: (1) those which by their very definition are concerned with uncertainty; (2) those which are not related to uncertainty by definition but nevertheless have no other conceivable explanation; (3) those whose relation to uncertainty is more remote and disputable."

"There is no need to enlarge upon the importance of a realistic theory explaining how individuals choose among alternate courses of action when the consequences of their actions are incompletely known to them. It is no exaggeration to say that every choice made by human beings would meet this description if attention were paid to the ultimate implications."

"Writing a novel is not very difficult: you simply write ten pages a day for a month and then you have a novel."

"The primary condition for being sincere is the same as for being humble: not to boast of it, and probably not even to be aware of it."

"One of the most considerable achievements of Surrealism was its discovery that many writers and painters of the past had been Surrealists without knowing it."

"There is only one type of decadence which is dangerous in art and literature, and unfortunately critics seldom scourge it as it deserves: it consists in being conventional and imitative, in tritely expressing cheap and superficial emotions."

"Understanding the concept of competency is a prerequisite to understanding his integrated model of management."

"Models of management sometimes come from task and function analyses of management jobs. Someone studies what managers do, or what duties and responsibilities they are expected to perform, and then develops a model or image of what competent management is (Mintzberg, 1973). Typically, task and function analyses result in detailed descriptions of what activities must be performed in the job. Often these are not arrayed in any order of importance or relevance to the particular job or to the desired output from someone performing the job. Such models have been tested, in that systematic research is conducted to determine if the dentified activities are part of the job. Unfortunately, models based on task or function analysis focus on the job and do not address the person in the job. In doing so, the models include many specific and detailed descriptions of activities, but no mention is made of the characteristics that enable or increase the likelihood of a person performing those activities. These models do not establish a casual link between characteristics of people and performance in a job."

"The models of management which individuals and organizations use come from a variety of sources. Sometimes the model comes from a theory. The theory may emerge from someone's thoughts about the desired characteristics of a manager, or about the characteristics of competent managers. Sometimes the model comes from a panel. A group of people, possibly in the job or at levels above the job within the organization, generates a model through discussion of what is needed to perform a management job competently."

"The Competent Manager: A Model for Effective Performance offers an empirical, total system approach that determines which characteristics of managers enable them to be effective in various management jobs."

"It's depressing to realize how few of the teams in our lives use their human capital and opportunities well, when it comes to sustaining performance, innovating, or adapting. That's true whether we're talking about families, sports, projects, management, or research."

"It’s that feeling when you make it home Friday night and pour yourself a drink or a glass of wine and feel like the blood has drained out of you... I actually think is the wrong description of it. I think it’s ‘burn up. Physiologically, that is what you are doing because of the chronic stress being placed on your body."

"There are many leaders, not just one. Leadership is distributed. It resides not solely in the individual at the top, but in every person at every level who, in one way or another, acts as a leader to a group of followers - wherever in the organization that person is, whether shop steward, team head, or CEO."

"The study resulted in a model of competence, not merely a laundry list of characteristics."

"[A process for encoding qualitative information] used as part of many qualitative method, considers that is not a separate method but something to be used to assist the researcher in the search of insight."

"[The process of paraphrasing or summarizing each piece of data enters information] into your unconscious, as well as consciously processing the information."

"The unit of coding is the most basic segment, or element, of the raw data or information that can be assessed in a meaningful way regarding the phenomenon."

"When the sample size is small or the study is of one organization, descriptive use of the thematic coding is desirable."

"Boyatzis’s pioneering study of The Competent Manager (1982) was undoubtedly a major influence on the enormous growth of management based competency models during the early 1990s. His work promised a new, more integrated and universal approach to management education, training and development."

"Skill is a property of a person; it is a person's ability to demonstrate a system and sequence of behaviour that [is] functionally related to attaining a performance goal."

"An underlying characteristic of a person in that it may be a motive, trait, skill, aspect of one’s self-image or social role, or a body of knowledge which he or she uses... a person’s competencies reflect his or her capability. They are describing what he or she can do, not necessarily what he or she does, nor does all the time regardless of the situation and setting."

"A threshold competency is a person's generic knowledge, motive, trait, self image, social role, or skill which is essential to performing a job, but is not causally related to superior job performance."

"A job competency is an underlying characteristic of a person in that it may be a motive, trait, skill, aspect of one’s self-image or social role, or a body of knowledge which he/she uses. The existence and possession of these characteristics may or not be known to the person. In this sense, the characteristics may be unconscious aspects of the person. Because job competencies are underlying characteristics, they can be said to be generic. A generic characteristic may be apparent in many forms of behaviour, or a wide variety of different actions."

"A competency is an underlying characteristic of the person that leads to or causes effective or superior performance."

"The result of a job element analysis is a weighted list of characteristics that managers perceive as important in distinguishing superior from average performers, and those characteristics required by anyone in the job."

"The raw data or information collected for studies using is a person's own words or actions or observable aspects of his or her life in an organization or culture."

"Thematic analysis is a process for encoding quantitative information. The encoding requires an explicit "code". This may be a list of themes; a complex model with themes, indicators, and qualifications that are causally related; or something in between these two forms. A theme is a pattern found in the information that at minimum describes and organizes the possible observations and at maximum interprets aspects of the phenomenon. A theme may be identified at the manifest level (directly observable in the information) or at the latent level (underlying the phenomenon). The themes may be initially generated inductively from the raw information or generated deductively from theory or prior research."

"is a process for encoding quantitative information."

"At the core of every manager’s job is the requirement to make things happen toward a goal or consistent with a plan. Managers need to set goals and initiate actions to achieve them."

"With over 35 years experience, Dr. Harold Kerzner is widely regarded as "the master of project management." He has published a number of best-selling books, including Project Management: A Systems Approach to Planning, Scheduling, and Controlling, and has taught and consulted extensively."

"Today, excellent companies realize that project failures have more to do with behavioral shortcomings — poor employee morale, negative human relations, low productivity, and lack of commitment."

"As contractors began to understand project management better and stronger cost control became a requirement, the definition of success changed. Success came to be defined as accomplishing the effort on time, within budget, and at an acceptable level of quality."

"Project management is the planning, organizing, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives. Furthermore, project management utilises the systems approach to management by having functional personnel (the vertical hierarchy) assigned to a specific project (the horizontal hierarchy)."

"Today, the concept behind project management is being applied in such diverse industries and organizations as defense, construction, pharmaceuticals, chemicals, banking, hospitals, accounting, advertising, law, state and local governments, and the United Nations."

"Project management has long been discussed by corporate executives and academics as one of several workable possibilities for organizational forms of the future that could integrate complex efforts and reduce bureaucracy.... This approach does not really destroy the vertical, bureaucratic flow of work but simply requires that line organizations talk to the other horizontally so work will be accomplished more smoothly throughout the organization"

"The acceptance of project management has not been easy, however. Many executives are not willing to accept change and are inflexible when it comes to adapting to a different environment."