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The Practical Drucker: Applying the Wisdom of the Worlds Greatest Management Thinker: Applying the Wisdom of the World's Greatest Management Thinker Hardcover – 1 Dec 2013

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  • Hardcover: 288 pages
  • Publisher: Amacom (1 Dec. 2013)
  • Language: English
  • ISBN-10: 0814433499
  • ISBN-13: 978-0814433492
  • Product Dimensions: 2.5 x 15.9 x 24.1 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: 1,426,041 in Books (See Top 100 in Books)
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..".consistently clear and offers highly interesting approaches in explaining some of the less obvious that Drucker put forward." "--Inland Empire Business Journal"

From the Back Cover

Praise for Previous Editions:

“Invaluable in providing...knowledge for real professionals….a reference book that should find a spot on any serious project manager’s bookshelf.”

Technical Communication magazine

“The book’s editors—Paul Dinsmore and Jeannette Cabanis-Brewin—should be commended for doing an excellent editorial job….[the editorial effort] is particularly significant in view of the fact that this handbook comprises work written by 42 distinct authors….All chapters are informative and well written….its objective is to put project management into its contemporary context, enabling readers to get up to speed on important issues in project management today. In my view, the book has done a fine job in achieving this objective.”

J. Davidson Frame, PMP, The Project Management Journal

Presenting the latest, up-to-the-minute thinking in a highly complex and constantly changing field, the Fourth Edition of The AMA Handbook of Project Management is an indispensable reference to the critical concepts and theories you must master in order to succeed. The book—thoroughly updated and compatible with the most recent Project Management Professional (PMP®) Certi­fication Exam, and reflecting the latest changes to A Guide to the Project Management Body of Knowl­edge (PMBOK®)—compiles essays and advice from the field’s top professionals.

Featuring new chapters on stakeholder management, agile project management, program manage­ment, project governance, and change management, this comprehensive resource shows you how to:

• Handle the transition from project idea to project reality

• Manage political and resource issues

• Engage stakeholders

• Plan for resistance to change

• and much more

Containing definitive models, case studies, advice, and solutions to specific project management dilemmas, the book covers crucial skills such as: strategic planning; resource allocation; risk and change management; productivity and quality assessment; scope, cost, and time management.

Packed with research-based information and advice from experienced practitioners, The AMA Handbook of Project Management analyzes and clarfies the task of managing projects from every angle. The opening chapters correspond with those of the most recent PMBOK® Guide. The book looks at the history and current state of project man­agement as a profession, beginning with a discussion of project management basics, and moving forward to provide you with a glimpse of where the discipline and the organizations in which it is practiced may be heading.

The Fourth Edition takes a close look at the specific challenges you will face as you move beyond the individual project, from the realities of organizational life, to inescapable issues such as organizational culture and structure, synchronization of multiple projects, and alignment with strategy. The book highlights the latest trends from a global perspective, and provides you with a practical understanding of how they will affect you as a project management practitioner. You’ll gain a clear understanding of how project management fundamentals must be adapted to different industry and professional environments, including marketing, financial services, healthcare, and infrastructure development.

The AMA Handbook of Project Management remains a must-read for any project management professional or student.

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Format: Hardcover
The title of this book is almost redundant because Peter Drucker is, in my opinion, the most practical business thinker since Benjamin Franklin. He often referred to himself as a "student" because he had an insatiable curiosity to understand what works in the business world, what, doesn't...and especially, why.

Bill Cohen is uniquely qualified to share his thoughts and feelings about Drucker and his work because he was one of Drucker's students for several years, became personal friends with him and his wife Doris, and was the first to earn a PhD in management from the Peter Drucker School of Management at Claremont Graduate University.
Drucker once said of Cohen, "My colleagues on the faculty and I learned at least as much as we could teach him."

What we have in this volume, as Cohen explains, is material he uncovered while mining "Drucker's vast body of work to explain forty of his most important concepts and truths: keys for solving real-world problems and fundamentals for today's effective management and keen leadership. However, I have carried his ideas a step further: I explain not only what needs to be done to implement his concepts but also how to go about [begin italics] doing [end italics] this implementation. If there are mistakes here, they are mine. The genius is pure Drucker." Cohen presents Drucker's insights and counsel in a sequence of 40 chapters that are organized within four Parts: People, Management, Marketing and Innovation, and Organization.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: HASH(0x98f649fc) out of 5 stars 16 reviews
8 of 9 people found the following review helpful
HASH(0x9a808bdc) out of 5 stars Drucker Skipped the Weekly Management Meeting! 15 Jan. 2014
By John W. Pearson - Published on Amazon.com
Format: Hardcover
Get this! Peter Drucker, the father of modern management, skipped his weekly staff meetings!

That’s just one of many hearty laughs you’ll enjoy as you bounce around the 40 short chapters in this hot-off-the-press keeper.

I dropped everything I was reading when this book arrived. Here are 10 reasons why:

#1. Drucker on Office Politics.
“Office politics can destroy any organization. You should avoid such things completely,” Drucker preached passionately. “I do not attend [the dean’s] weekly management meetings for precisely this reason.” The response from Dean Paul Albrecht at Claremont Graduate School: “If you are Peter Drucker, you do not need to attend my faculty meetings.”

#2. Drucker on Why You’re Usually Wrong.
When the book arrived, I scanned the 40 chapter titles and circled 15 must-reads, starting with Chapter 9: “What Everyone Knows Is Usually Wrong.”

Cohen writes, “It is true that Drucker many times uttered statements to make a particular point. A colleague noted that this made Drucker “eminently quotable.” But does the statement hold water? “He was talking about opinion expressed as fact.”

He adds, “What Drucker wanted to emphasize was that we must always question our assumptions, no matter from where they originate. This is especially so regarding anything that a majority of people ‘know’ or assume without questioning.” (This is a must-read chapter.)

#3. Drucker on Bribery.
“Huh?” I wondered, when I read Chapter 27, “Be Careful in Using a Bribe.” For the record, Drucker was against bribes, of course—but he had, as always, a unique slant on “buying customers” (a form of bribery). For example, he cautioned against underpricing the competition because customers will expect the lower prices to continue—even if the price is unsustainable—and will go somewhere else when you resume regular pricing.

Cohen comments, “I don’t think that Drucker was against [pricing] programs designed to accomplish a specific objective over a very short term. However you always need to ask the question, ‘Why aren’t we getting more sales at our current pricing?”

The poignant story of 38-year-old Douglas MacArthur (a brigadier general in World War I) is worth the price of the book. Can a general bribe an inexperienced major to lead his men into battle? You must read the story.

#4. Drucker on Market Research.
IBM’s market research concluded that the company would sell no more than 1,000 personal computers a year. The author quotes Steve Jobs, “A lot of times people don’t know what they want until you show it to them.” Drucker’s wisdom is stunning: “Better not to do at all than to do it wrong!”

Instead, Drucker preferred “reality testing.” For example, Chrysler CEO Lee Iacocca asked the Chrysler engineers to literally cut the roof off a Chrysler and convert it into a convertible in just 24 hours so he could take it for a marketing spin. “According to corporate legend, if Iacocca did any quantitative analysis in this research, it was that he counted how many people waved as he drove this ad hoc ‘convertible’ around town.”

SIDEBAR: Why is Peter Drucker still relevant?
Universally acclaimed as the father of modern management, Drucker influenced leaders and managers worldwide with 39 books, an immense number of articles, and his ability to zero in on core issues. When consulting with Jack Welch (who grew GE from $12 billion to more than 25 times that figure), Drucker challenged Welch with two questions:
1) “If GE wasn’t already in a particular business, would you enter it today?”
2) “If the answer is no, what are you going to do about it?”
Read more in Chapter 30, “Drucker’s Theory of Abandonment.”

As a student, scholar and friend of Peter Drucker, William A. Cohen was remarkably positioned to write this gem. President of two universities, an Air Force general, and Drucker’s first executive Ph.D. graduate, Cohen understands life-in-the-leadership-trenches. In each chapter, he competently gives a dose of Drucker, explains the core principle, and then illustrates the wisdom with memorable business stories—like how FedEx lost $320 million on Zapmail, its fax machine initiative. Cohen is also the author of the “inside management baseball” book, A Class With Drucker: The Lost Lessons of the World’s Greatest Management Teacher. But…back to my top-10 reasons list:

#5. Drucker on 3 Rules When Hiring.
“Making the right people decisions is the ultimate means of controlling an organization well,” said Drucker. “Such decisions reveal how competent management is, what its values are, and whether it takes its job seriously.”

In Chapter 37, “The Ultimate Requirement for Running a Good Organization,” Cohen lists Drucker’s three prime staffing rules, including “Choose three or four candidates for the job rather than immediately settling on one.” Drucker also understood that there is no perfect candidate, but the person must be strong “in the few critical areas that are essential.” Cohen adds this humorous story:
“When Abraham Lincoln wanted to promote his most successful general, Ulysses S. Grant, to be general-in-chief of the Union forces during the Civil War, one of his cabinet officers warned that Lincoln should not expect too much from Grant because he was a hard drinker. Lincoln retorted, ‘Ask him his brand so I can send a case to all my generals.’”

#6. Drucker on Leadership as a “Marketing Job.”
This will surprise you—maybe. “Famed marketing Professor Philip Kotler, who is often referred to as the ‘Father of Modern Marketing,’ said, ‘If I am the Father of Modern Marketing, then Drucker is the Grandfather of Modern Marketing.’”

#7. Drucker: No Fan of the Peter Principle.
Drucker believed that the “Peter Principle,” (a person ultimately rises to his or her level of incompetency) was “badly mistaken, easily disproved, and likely to lead to serious problems at many levels of management if it were actually applied as presented.” Cohen adds, “Drucker also maintained that, all too frequently, the fault underlying the failure [of a manager] was a boss who put the individual in the wrong job.” In Chapter 11, “People Have No Limits,” he quotes Drucker:

“We have no right to ask people to take on jobs that will defeat them, no right to break good people. We don’t have enough good young people to practice human sacrifice.”

#8. Druckerisms!
If the 40 chapter titles don’t rev up your management motors, you may be in the wrong job. Here’s a taste: “The Seven Deadly Sins of Leadership,” “The Most Important Leadership Decision,” “Fear of Job Loss Is Incompatible With Good Management,” “Where the Best Innovations Come From,” “The Purpose of Your Business Is Not to Make a Profit,” and “Drucker’s Most Valuable Lesson.”

#9. Drucker’s Favorite Leadership Book.
According to his widow, Doris Drucker (who was 101 when interviewed by Cohen), Peter noted, “The first systematic book on leadership—the Kyropaidaia by Xenophon, himself no mean leader of men—is still the best book on the subject.” (Yes, it’s on my reading list for 2014.)

#10. Drucker’s 7 Action Conclusions on Strengths.
In my “Drucker Bucket” chapter in Mastering the Management Buckets, my first bullet point is “Lead From Your Strengths.” My opinion: Drucker was also the father of the strengths movement. Cohen lists Drucker’s “seven action conclusions” after you do a strengths analysis:
1) Concentrate on your strengths and make them stronger.
2) Work on improving your strengths.
3) Identify where intellectual arrogance causes disabling arrogance.
4) Remedy your shortcomings or bad habits.
5) Demonstrate good manners.
6) Don’t take on assignments in which you are incompetent.
7) Don’t waste a lot of time raising your performance in weak areas.

Read this book and you’ll have far more than 10 reasons to inspire your colleagues to read this very, very practical resource, The Practical Drucker.
3 of 3 people found the following review helpful
HASH(0x9940f4c8) out of 5 stars A brilliant explanation of how to apply the most valuable lessons to be learned from Peter Drucker (1909 -2005) 29 Oct. 2013
By Robert Morris - Published on Amazon.com
Format: Hardcover
The title of this book is almost redundant because Peter Drucker is, in my opinion, the most practical business thinker since Benjamin Franklin. He often referred to himself as a "student" because he had an insatiable curiosity to understand what works in the business world, what, doesn't...and especially, why.

Bill Cohen is uniquely qualified to share his thoughts and feelings about Drucker and his work because he was one of Drucker's students for several years, became personal friends with him and his wife Doris, and was the first to earn a PhD in management from the Peter Drucker School of Management at Claremont Graduate University.
Drucker once said of Cohen, "My colleagues on the faculty and I learned at least as much as we could teach him."

What we have in this volume, as Cohen explains, is material he uncovered while mining "Drucker's vast body of work to explain forty of his most important concepts and truths: keys for solving real-world problems and fundamentals for today's effective management and keen leadership. However, I have carried his ideas a step further: I explain not only what needs to be done to implement his concepts but also how to go about [begin italics] doing [end italics] this implementation. If there are mistakes here, they are mine. The genius is pure Drucker." Cohen presents Drucker's insights and counsel in a sequence of 40 chapters that are organized within four Parts: People, Management, Marketing and Innovation, and Organization.

These are among the passages that caught my eye:

o Confucian Ethics (Page 11)
o Drucker's four paths to an engaged worker (16)
o His favorite leadership book: the Kyropaidaia by Xenophon (20-21)
o His career advice (76-80)
o Drucker's views on office politics (86-89)
o His advice on "managing" the future (101-102)
o On the importance of timing (118-124)
o On problem solving (131-136)
o The Five Great Marketing Sins (145-157)
o Ten Principles of Strategy Development (155-158)
o Four Approaches to Entrepreneurial Marketing (159-164)
o What Customers Really Want (179-180)
o What You Should Do When Strange Things Happen (187)
o Why the primary purpose of business is [begin italics] not [end italics] to make a profit (202-203)
o The value of ignorance to the problem solving process (222-225)

It is importance to stress again that Cohen serves as a guide during his reader's explorations of Peter Drucker's thoughts about virtually every aspect of the modern business world, with special attention to 40 of his most important concepts. However, whereas Drucker's primary emphasis is often on what and why, Cohen's is on how. To a much great extent than Drucker ever did, at least in print, Cohen shares hundreds of anecdotes that focus on real people in real situations who struggle to solve problems and answer questions, who attempt to apply (for better or worse) lessons learned from Peter Drucker. When concluding this book, he reveals what he considers Drucker's most valuable lesson: "He taught us to think and ask questions." Most of his own answers can be found in this admirable book.

Those who share my high regard for The Practical Drucker book are urged to check out these among Bill Cohen's previously published works: A Class with Drucker: The Lost Lessons of the World's Greatest Management Teacher (Mar 4, 2009), Art of the Strategist, The: 10 Essential Principles for Leading Your Company to Victory (Jun 2004), and Secrets of Special Ops Leadership: Dare the Impossible -- Achieve the Extraordinary (Sep 9, 2005).
3 of 3 people found the following review helpful
HASH(0x98e4ddc8) out of 5 stars Key management concepts distilled from Drucker 7 Nov. 2013
By John Gibbs - Published on Amazon.com
Format: Hardcover
Peter Drucker’s powerful observations about people and the organisations in which they worked sometimes took the form of deceptively simple truths and astute predictions, according to William Cohen in this book. Most managers do not have the time to trawl through the vast number of books and other publications of the great management guru, so this book is a distillation of 40 key concepts extracted from Drucker’s works.

Some interesting inclusions amongst the wisdom of Drucker:

• What everyone knows is usually wrong
• Power comes from integrity
• Fear of job loss is incompatible with good management
• Quality is judged by the customer, not by you
• There are no irrational customers, only irrational marketers
• The purpose of your business is not to make a profit
• Leadership is a marketing job

The author has a concise writing style, and the concepts are explained in an easy-to-follow manner, illustrated by anecdotes. However, I am a sceptical reader and some of the anecdotes seemed to me to have been over-simplified and adjusted to fit the situation. There is plenty of helpful content in this book, but I suspect that a reader will get a truer understanding of Drucker’s wisdom by delving into some of his original works.
HASH(0x98e98cd8) out of 5 stars The Practical Drucker: Cohen's view - revisited 2016 20 Jan. 2016
By Peter de Toma sen. - Published on Amazon.com
Format: Hardcover
“The Practical Drucker – Applying the wisdom of the world’s greatest management thinker” published in 2014 is a follow on of “A Class with Drucker – The lost lessons of the world’s greatest management teacher” by William A. Cohen published in 2008.

The following excerpts are original quotations from this book with a focus on Drucker and less on Cohen; where appropriate my comments are marked MC.

Foreword by Rick Wartzman Executive Director, The Drucker Institute …
“Being incomprehensible has become a virtue in academia,” Drucker complained in the mid-1980s. By contrast, he added, “I have a deep horror of obscurity and arrogance” – a trait that constantly pushed him to present his work “in a form that people could apply.”
He hardly used footnotes. He eschewed regression analysis, charts, and graphs. As a consultant to major corporations and non-profits, he stressed the need to put ideas into action. “Don’t tell me you had a wonderful meeting with me,” he’d say. “Tell me what you’re going to do on Monday that’s different.” Pg. VIII
“Intellectuals and scholars tend to believe that ideas come first, which then leas to new political, social, economic, psychological realities,” Drucker wrote. “This does happen, but it is the exception. As a rule, theory does not precede practice. Its role is to structure and codify already proven practice. Its role is to convert the isolated and ‘atypical’ from exception to ‘rule’ and ‘system,’ and therefore into something that can be learned and taught and, above all, into something that can be generally applied.”
This bent toward application, toward action, toward usefulness, animated everything that Drucker did. In the end, it was what set him apart. Drucker “spoke in plain language that resonated with ordinary managers,” Andy Grove, the co-founder of Intel, has remarked. “Consequently, simple statements from him have influenced untold numbers of daily actions; they did mine over decades.” Pg. IX.

MC: where are Peter Drucker’s oeuvre and his lectures for our future being taught?
Andy Grove has published excellent books – “High Output Management” in 1983/1995; “One-on-One With Andy Grove – How to manage your boss, yourself, and your coworkers” in 1987; Only the Paranoid Survive” in 1996; “Swimming across” in 2001 (A Memoir); I also recommend “Andy Grove – The Life and Times of an American Business Icon” by Richard S. Tedlow, published in 2006. Academia continues ignoring Drucker and books by practitioners.

Introduction - Cohen writes:
However, I have carried his ideas a step further: I explain not only what needs to be done to implement his concepts but also how to go about doing this implementation. If there are mistakes here, they are mine. The genius is pure Drucker. Pg. 3.

MC: I wonder how Cohen can know the “how to” without considering the real circumstances. Drucker knew these limits.

Chapter One General Business Ethics
A “Common Point” for Business Ethics
Primum non nocere is Latin for “above all, do no harm.” … This simple phrase, Drucker thought, should be the basis of all notions of business ethics, though he did have other corollary conclusions based on his in-depth analysis. … The mirror test is not bad: “What kind of person do I want to see when I look into the mirror every morning?” Pg. 12.

Chapter Three Drucker’s Favorite Leadership Book
There was one leadership book, however, that Drucker not only read but also considered his favorite. He noted, “the first systematic book on leadership – the Kyropaidaia by Xenophon, himself no mean leader of men – is still the best book on the subject. Pg. 21.

MC: I share this view about this best book about leadership “Anabasis” by Xenophon (430-354 BC). I encourage the reader to follow Drucker’s assessment and recommendation.

Chapter Five Three Principles for Developing yourself

MC: I recommend reading Drucker’s books “Managing Oneself” published in 1999 and “Management – revised and updated by Joseph A. Maciariello” published post-mortem in 2008.

Chapter Seven The Most Important Leadership Decision …
Peter Drucker, the “Father of Modern Management,” taught us that the first and most important leadership decision to be made is the decision to become a leader. …The boy worked hard and found that he liked being a leader. … I know about this boy intimately, because it was me. Just making the decision that you will be a leader will help you to become one. Pg. 49.

MC: Cohen does not provide a reference where Drucker wrote about this “most important leadership decision”; it is rather an example for Cohen’s focus more on himself than on original Drucker.

Chapter Nine What Everyone Knows is usually wrong.
He’s rarely quoted on this, but it was one of Peter Drucker’s most common cautions to us in his classroom and it was an expression he often used outside of class. Pg. 55.
Chapter Ten Power Comes from Integrity …
Is followed by “My Own Story of the Power of Personal Integrity
Believe it or not, I can tell a very similar story. Pg. 62.

MC: Drucker never ever glorified himself, Cohen likes it.

Chapter Eleven People Have no Limits
Ever wonder where the “Peter Principle” came from? Peter Drucker made it very clear that it did not come from him. The idea came from a best-selling book of the same title, written by academic Laurence J. Peter (along with Raymond Hull). Moreover, Peter (Drucker, that is) thought that the Peter Principle was badly mistaken, easily disproved, and likely to lead to serious problems at many levels of management if it were actually applied as presented….
The Peter Principle was published in 1969. Pg. 67.

Chapter Twelve Fear of Job Loss is Incompatible with Good Management …
What Happened When I Lost My Job …
Before You Lose Your Job Prepare …
Maintain a Current Resume
Start a Job Search
Step 1: Ask Yourself What Business You Are In
Step 2: Cultivate Positive Thinking and Self-Confidence
Step 3: Develop a Plan
Step 4: Work your plan
Pg. 75-80.

MC: Cohen’s advice is more close to a self-help book than to Drucker’s writing.

Chapter Thirteen You Can Accomplish More with Less …
Pareto in your Daily Life … In summary what you want to do is to model Drucker. He used Pareto and came up with the concept of abandonment. When adopted, this concept made a lot of money for a lot of companies. You can do the same. Pg. 82ff.

MC: I suggest reading “The 80/20 Principle” by Richard Koch published in 1998.

Chapter Fourteen What to Do About Office Politics
Drucker’s View of Office Politics
Drucker so detested office politics that he once gave it as his reason for avoiding faculty meetings, even though he and Dean Paul Albrecht were close friends who shared a passion for executive education. Pg. 86.

Chapter Sixteen How to Avoid Failure

MC: there are no original quotes and references to Drucker’s writing – only Cohen stories.

Chapter Seventeen Quality is Not What You May Think
Drucker knew to look at quality in a product or service in a different way. We have to see it not as what we think is right and good, but as the customer views it. Pg. 109.

MC: such banalities without specific references do not entice readers to Drucker’s writing.

Chapter Eighteen Implementation Requires Controls
Our astronauts on their voyage to the moon were rarely on course. Pg. 110 …
That is, someone needs to take action for the implementation of space flight – or for anything else, for that matter.
Action is required.
Yes, action is required for implementation. Pg. 111.
In my opinion, this was the great weakness of the Total Quality Management (TQM) movement, even though it had many good attributes, including ownership, continuous improvement, empowerment, and high quality. However, TQM focused on process rather than results. Pg. 113.

MC: if you study the “Baldrige Award Winning Quality” Seventeenth Edition Covers the 2008 Award Criteria” by Mark Graham Brown published in you will find the “Baldrige Criteria for Performance Excellence Framework” with 45% of the assessment dedicated to Results!

Chapter Nineteen Do the Right Thing at the Right Time …
IBM was the technology leader in computers when someone at IBM did flawed market research that concluded development of a personal computer would yield a mere 1,000 customers a year. Of course, this was utter nonsense, which Steve Jobs proved in founding Apple and creating an industry in the process. However, as we all know, IBM finally did enter the market, with a technologically inferior product, and took over the field by capitalizing on the weaknesses in Apple’s strict control over software for its hardware. Actually, IBM wasn’t just late to market; it was very late, with a host of other companies getting to market first. Pg. 123

MC: beside the fact that IBM has sold the PC business to Lenovo in 2004 the reader should know that the IBM PC publicly announced August 1981 was based on a wrong forecast compared to the reality of the business.
However, the forecast figure of Cohen is totally wrong.
The correct figures were as follows:
“The original IBM PC forecast for Total U.S. showed a five-year volume of 241.683 PCs, which was achieved in the first year of operation.” Reference: “ThinkPad – A Different Shade of Blue” by Deborah Dell and Gerry Purdy published in 2000, Page 12.

Chapter Twenty How to Be a Managerial Fortune-Teller
‘The best way to predict the future is to create it.’ That’s Peter Drucker speaking. Pg. 125.
In summary, here are Drucker’s thoughts about the information a leader needs to create the future:
- Look through the window and examine your environment.
- Consider both the general and the specific questions relating to your organization.
- Decide what is likely to happen as a result of significant events that have already occurred.
- Consider these factors as you develop a plan and take action to create the future you want for yourself of your organization. Pg. 130.
MC: no references to Drucker’s publications. I wonder if a leader is satisfied with this summary.

Chapter Twenty-One What Are You going to Do About it?
Years ago, Peter Drucker was giving one of his all-day seminars. I think it was called “A Day with Drucker.” Pg. 131

MC: I recommend reading “The Daily Drucker – 366 Days of Insight and Motivation for Getting the Right Things Done” by Peter F. Drucker with Joseph A. Maciariello published in 2005.

Chapter Twenty-Five Drucker’s Four Approaches to Entrepreneurial Marketing

MC: I am not aware that Drucker ever used this term; it seems to me a tautology.
Neither does Cohen explain entrepreneurial marketing compared to marketing.

Chapter Twenty-Six If You Conduct Marketing Research, Conduct it Right. Pg. 165.

MC: in this chapter Cohen repeats on page 166 the IBM PC forecast story already mentioned on page 123. My comment is the same. The title of the chapter is for naïve readers at best.

Chapter Twenty-Seven Be Careful in Using a Bribe. Pg. 171.

MC: my advice: never use a bribe!

Chapter Twenty-Eight There Are No Irrational Customers, Only Irrational Marketers. Pg. 177.

MC: with decades of experience in marketing and sales I have never met a customer who was purely rational because this would imply the availability of all information required and then a perfect decision process. There are limits for rationality. The same applies to Marketers.
Drucker knew this, of course.

Chapter Thirty Drucker’s Theory of Abandonment.
Drucker added that budgeting, the most widely used management tool, provides a forum for evaluating and analyzing the existing situation. Pg. 193.

MC: Peter Drucker wrote in his famous book “Management: Tasks, Responsibilities, Practices”, Chapter 40: The Manager and the Management Sciences
The first management scientist was that long-forgotten Italian who, very early in the Renaissance, invented double-entry bookkeeping. No other management tool designed since can compare with it in simplicity, elegance, and utility. Double-entry bookkeeping and all of its offsprings and variations is still the only truly universal “management science”, the only tool of systematic analysis that every business, and indeed every institution, uses every day.
But no one ever talked of double-entry bookkeeping as management science. That term made its appearance after World War II. Pg. 506.
Obviously Cohan confuses bookkeeping with budgeting. However, in practice there is no budgeting without bookkeeping.

Chapter Thirty-One The Mysteries of Supply-Side Innovation
About ten years ago, I was giving a seminar on marketing in southwest China. I wanted to surprise the attendees with a product that I thought would be unknown and strange in China. I took the product from my briefcase and held it above my head. Before I would utter a word, almost in unison the fifty-plus attendees – none of whom spoke fluent English – shouted out: “Silly Putty!” Pg. 195.

MC: never underestimate your customers and prospects, wherever they are.

Chapter Thirty-Two The Purpose of Your Business Is Not to Make a Profit. Pg. 201.

MC: the title of this chapter is misleading, because the subject is profit maximization.

Chapter Thirty-Three Social Responsibility Is a Win-Win
Social Responsibility Takes Many Forms
IBM’s original approach to eliminating discrimination was simply to ignore the cultural, racial, and other differences among its worldwide workforce of more than 150.000 employees. When Lou Gerstner became CEO in 1993, he dropped this concept and initiated a diversity task force with a different approach and a different objective. …
Understanding and using its corporate diversity became a major competitive advantage for IBM. As a result of Gerstner’s initiative, the number of female executives in the company grew by 370 percent and the number of ethnic minority executives increased by 233 percent. All of this had a major effect on bottom line profits. … This, in turn, resulted in a dramatic growth in revenue in the company’s small and medium-size business sales, from an earlier $10 million to hundreds of millions of dollars in just five years. Pg. 215.

MC: when Gerstner came to IBM the workforce consisted of 301.500 employees (YE 1992).
It was reduced to 219.800 employees in 1994. Then it grew to 319.900 in 2001, the last year of Lou Gerstner as CEO followed by Sam Palmisano. Reference: ”Who Says Elephants Can’t Dance?” by Louis V. Gerstner, Jr. published in 2002, Page 361.
IBM’s policy since Thomas Watson Sr., (1874-1956), the founder and long-term CEO of IBM was “equal opportunity”.
IBM never dropped this concept. Diversity was an additional initiative to promote capable women and minorities into executive and management positions.
The company’s small and medium-sized business – called SMB – in 1997 was revenue of approximately 18 billion dollars.
The Diversity Program started in 1997/1998 was not addressed in Gerstner’s book and had nothing to do with the SMB business beside the fact that a female executive was in charge of this business in 1997.

Chapter Thirty-Four There Are Only Two Organizational Functions.
Understanding Drucker is sometimes not too different from trying to comprehend the predictions of early astrologers, such as the sixteenth-century Italian Nostradamus. Pg. 216.

MC: Drucker would not have liked this strange comparison and he would have immediately responded that Nostradamus was born and died in France! But such details don’t matter for a story-teller.

Chapter Forty Drucker’s Most Valuable Lesson
He taught us to think and ask questions. Pg. 254.

MC: I agree. His thinking can only be explored by studying his oeuvre; everything starts with asking questions.
HASH(0x98e98ccc) out of 5 stars Practical management advice from perhaps the closest associate of Drucker 15 Oct. 2014
By ServantofGod - Published on Amazon.com
Format: Hardcover
Unlike most of the "Whatsoever" Drucker books in the market quoting tons of Drucker's sayings, the objective of the author, in his own words, was "to mine Drucker's vast body of work to explain forty of his most important concepts and truths: keys for solving real world problems and fundamentals for today's effective management and keen leadership.....and also how to go about doing this implementation." IMHO, the author had done his job well with good writing and organisation skills. In short, if you want to read a practical general management book, this is it. However, if you want to quote frequently and fluently of the guru, please give this a pass.

p.s. Below please find some of my favorite passages for your reference.
"Being incompehensible has become a virtue in academia," Drucker complained in the mid80's. By contrast, he added, "I have a deep horror of obscurity and arrogance" - a trait that constantly pushed him to present his work "in a form that people could apply."....He stressed the need to put ideas into action. "Dont tell me you had a wonderful meeting with me, "he'd say. "Telll me what you're going to do on Monday that's different." pgvii
Knowledgeable executives are plentiful. But executives are not being paid for knowing. They are being paid for getting the right things done. pgix
As a junior engineer at GE, Jack Welch was almost fired. He had failed by mismanaging a project that blew the roof off a building. Warren Buffet's first independent investment was a Sinclar Texaco gas station. It went bankrupt. pg35
Because the purpose of business is to create a customer, the business enterprise has two - and only two - basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. pg215
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