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Engitek.com

All  Engineering and Technical information in one place.....

 

In this you will find link to tutorials, articles, information,  products and services related to Management, from interview skills, how motivate your employees, time scheduling, decision making, team building, projects management, negotiation skills, Etc.

 

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Management tutorials by Lay Networks

Very good general management tutorials

Management tutorials from Learn That

Very good general management tutorials

Employee Goal and Performance planning

from Learn That

Tutorial on employees goal setting

Risk Management tools from Non Profit Risk

management Center

Good tutorials on risk management

Project Management Basics from U de TX

Good basic tutorial on project management

The New  Project Manager’s support Pyramid

Good basic tutorial on project management

Project Management Basics from MIT

Good basic tutorial on project management in PDF

 

 

The Unwritten Rules to Progress and Hold in Your Position

The Four Work Environment Support Columns

 

Article by: Engitek.com, All rights reserved

 

Most people get excited when hired in a new job, and naturally expect to grab the new opportunities that this has to offer, however many people spoil what could be a potentially successful career because their lack of understanding of the importance of their interaction with the surrounding working environment.

 

A very common and important mistake is the lack of vision in how important their upward, sideward and downward relationships are, and how to keep an appropriated balance among them. Providing that you are essentially efficient and technically competent in what you are doing, the path to a successful career will depend in a big proportion on the handling of these relationship vectors with your direct boss, subalterns and side clients.

I define “side clients” as peers in your own department, coworkers in the same company, customers and providers, in other words all other persons that you need to deal with in relation with your job, excepting your superiors and subalterns.

 

We can visualize this vector balance concept as a table supported by four legs or columns, all four legs have to be of the same lengths to keep the table stable, each of these legs or columns represent you upward relationships (boss or superior), your side Internal clients, (peer and coworkers) and external clients (customers, providers, etc).

I have seen in my long experience in the industry how often this balance is lost and how disastrous the results could be.

It’s important to make a self assessment on where you stand in this balance concept, in general terms if one of your four columns self assessment grades is below 80% you are in path for trouble.

 

 

Lets look why:

 

Upward Relationship:

Relationship with boss or superior

You must have the right attitude when dealing with your boss, remember, like it or not he is the person that signs your checks and he is the first person in line that will help you to escalate or make you fail on your career path. You have to be respectful and willing to do your job and obey orders within the expected responsibilities within the ethical, moral and legal boundaries without so many:  “why me”, “you are wrong”  “I don’t agree”, “not now”, or “when I have a time”, or” that isn’t my job”.

I don’t want you to misunderstand my point; you don’t have to tolerate an offensive or incompetent boss, even though you can still find professional ways to deal with this issue for example by filling a complaint with your HRD, or talking with him in a sincere and open way.

But remember you must have the right vector with him, in other words you have to do the job in an efficient and responsible manner and keep him informed of all what he needs to know related to the job, this will be the only way to gain his trust. Although the relationship with your boss is vital, do not make the big mistake of thinking that as long as you are doing a good job and you are OK with him and any other relationship is less or no important.

 

Downward Relationship:

Relationship with your subalterns

This relationship is as important as your upward relationship, is assumed that if you have this kind of vector you are depending on subalterns to get a job done or achieve a goal, en other words you are in a management o supervisory role. As such you have to create image of fairness and trust among your people, you have to treat them with dignity and respect which isn’t in conflict with be strict and demanding as required by the job but without losing ground or abusing of the willingness of your employees or subalterns.

If you want to be a leader you must to have this vector close to 100% as much as possible. Fair treatment implies honest and good periodical job performance appraisals, fair salary and working conditions, clear instructions and strategies, time to listen them, assure equal opportunities based only on their skills and qualifications and not in personal preferences and avoiding humiliations and offensive language plus some other considerations beyond the scope of this article.

If people feel that is being mistreated or treated unfairly, with time they will create they own “defenses”, that among others could be:

*People will avoid communication with you

*Start lying on things related to the job by fear or as a mean of retaliation, to cause your trouble

*Make them feel demoralized and will do only the minimum to stay in the job, never going for that extra mile  

*Start spreading the word about the kind of person you are, creating a bad reputation that sooner than later will hunt you down in

many aspects and with bad results.

*Will or could complaint about you with your superiors, and when these complaints reach the critical mass you will be the first in line to

step out the company. As a reminder, due to productivity and possible legal implications no company wants unhappy employees flying out or with “being abused feelings”. I have seen many very good technically skilled managers and supervisors that have failed due to the lack of understanding of this basic vector concept. Remember that if you are in a Supervisory or Management role, you will be as good as the job done by your subalterns, their respect and trust in you will be fundamental toward this end.

 

Sideward Relationship:

Relation with your internal and external clients

No less important than the other two previous vectors, columns or legs are your sideward relationships.

Previously I have defined the internal and external clients, let review why are so important.

 

Internal clients

Any coworker in your company excluding your boss or subalterns are your internal clients and these are a fundamental part of your work environment structure. You depend on them to complete part if not most of your assignments, regardless of what you think because your job is normally fed from other department (s) and most likely you will be part, not the end of an administrative, manufacturing or service process. You have to procure the best relationship with them otherwise your will be stuck in the middle making your work environment miserable and unproductive due to the lack of cooperation.

I have seen some cases where highly skilled persons prioritized 100% they upward and downward vectors disregarding their peers and coworker needs, relaying only for their job security in their good relationship with their bosses and subalterns. I remember the case of a technical skilled person that was 100% trusted by his boss and he had a “very good relationship” with his engineers, all the way to the point where he always closed his ears and eyes to complaints of mistakes and problems caused by his team. Frustration from other coworkers grew up as a snowball and pretty soon a frictional relationship was inevitable, pressure started to mount on this guy and his boss by other complaining departments. And yes you bet, the skilled guy left the company before the other less technically skilled did.

 

Mistreating, ignoring, delaying work related materials, reports, lousy jobs, harassments of any type, resilience to cooperate with other peers, etc.  All are good ways to arrive to a bad outcome.

 

A relationship as the one explained before could have the vector as seen in the table below.

 

 Graph 2

External clients

In order to keep this article short, I just want to say that the same rules for internal clients apply to customers, providers etc. They also could be a support in your career or disgrace.
I was a able to get very good terms and pricing for my former employer company due an excellent and professional relationship with them.

You can apply these same concepts to your family life, considering that your spouse could be in some cases and depending on the circumstances, your superior, your side client and in others your subaltern.

 

Good luck………

 

 

 

 

 

Why most people don’t retire wealthy .....

Article by: Engitek.com , All rights reserved

 

In my long years of experience I noticed that most people struggle to get financially afloat when are close to retire, in most cases as retirement time approaches, people rather to be happy and plan to enjoy the retirement time to start doing what they dreamed about, like take that long delayed tropical vacations trip, expend more time in your preferred hobby or be more time with family. Unfortunately instead of this, people start getting into a panic mode trying to figuring up how they will pay for the bills with their small social security pension.

 

As is being said many times before in the financial world, “People do not plan to fail, rather people fail to plan” and there is nothing more true than this.

 

In order to make this highly illustrative and to get into the point I will present two typical scenarios for two persons, one with less income and one the other one with higher income, one of them will get wealthy over time. I have made this example with two single guys for simplicity. This example is based on real cases of people I have met but apply to merry couples and families with similar expensive habits, you can find many of  these two scenarios in USA, but by far the Robert case is much more common.

Lets call the guy with less income Joe and the one with more income Robert .

   

The smart  Joe  and  the expensive Robert.......

Joe makes a $30,000 a year as a technician  

$ 2000/month  tax free. Age 38

Robert makes  $80,000 as a Company Manager

$4800/month tax free. Age 38

 

Joe bought a 3 year old small car for 7000 and he pays about $160 a month.

 

Joe rents an small  apartment for $600/month

 

Joe wears a 40 Dollars  watch.

 

Joe goes to restaurants once a week and expend only $20 Dollars or $80 per month.

 

Joe goes to bars and night clubs only once  every 6 weeks and expend only 60 Dollars or $40 average per month.

 

Joe expend about $200 each 3 months on clothes and shoes or about 67 Dollars a month

 

Joe expend $100 a month for his car gas.

 

Joe pays $400 per year for his car services or about $33 per month.

 

Joe pays $75 a month for his car insurance.

 

Joe expend about 300 dollars a month for groceries and buy for low price retailers like WAL-MART and buys mainly generic and store brands.

 

Until this point Joe expend $1355 per month

 

Joe expend $150 monthly  in other things, so he is now able to save an average of $495 Dollars a month that he can put in his bank account.

 

Joe has been saving an average of 300 Dollars per month during the last

10 years, if he saved his money in a not interest earning account he would have by now only $36,000.

 

But because Joe understood the compound interest gains, he invested his savings on account that paid him $40,000 Dollars on interest during these 10 years, so hi now has in his bank $76,000 and counting. Thanks to this money he is ready to buy a 2 bedroom 2 units duplex house with a $30,000 down payment and for only $800 a month. He will rent one of the duplex for $700 a month and will pay only $100 from his wallet, saving additionally 500 a month for rent that he no longer needs to pay.

In 2 or 3 more years he will be ready to buy more property, his cash flow will continue up while his property value will increase between 5% to 10% per year. He is planing to retire at 60, so when he retires more likely he will be wealthy.  

 

Robert bought a new sport car for $35,000 and he pays about $500 a month.

 

Robert rents a luxury 3 bed rooms apartment for $2000/month, so he can impress his friends.

 

Because of his big apartment hi pays about $200 monthly on gas and electricity

 

Robert wears a 500 Dollars watch.

 

Robert goes to fancy restaurants 2 times a week and spend about 80 Dollars per week or $320  per month.

 

Robert goes to fancy bars or night clubs once a week and expend 100 Dollars or 400 a month.

 

Robert spend about 250 Dollars a month for fancy brand clothe

 

Robert pays about $160 a month  for his car gasoline

 

Roberts pays about $900 a year for his car service, or average $75 per month.

 

Robert pays $120 for his car insurance because it is a sport car.

 

Robert expend about 500 in groceries and wine because he buys on fancy markets and buy only “best brands”

 

He pays for cell phone and other services about $150 a month

 

Until this point Roberts expend about  monthly  $4,675 Dollars a month

 

His leftover is max $175 per month, but from here he has to pay for other items and credit cards, so he is basically left with nothing to save.

Robert has been saving an average of 75 Dollars per month during the last

10 years and he has accumulated $9000.

 

Robert hasn’t accumulated sufficient money for the down payment and because of his life style could take many years more to be ready, so is more likely that he will retire depending on social security income and small retirement account.  

 

(Do you self reflect in Robert?, do you know another Robert?, I bet you do!)

Must read article.....

Conclusions and my advice:

It’s important to secure a job above the survival level in order to cover the basic needs  and some leftover for savings. Definitely it will be much harder (but not impossible) to achieve financial  independence if you make only the minimum wage, if this is the case you have to get into college to improve your income potential, get other better paid job or work overtime.

Then you have to exclude from your shopping list al those items that aren’t necessary such as expensive cell phones, ornamental car accessories, dinning constantly in restaurants, wear expensive clothes etc.

As is said before, pay yourself first. After you have separated your money for your basic survival bills and needs, assign a percent portion of you income or fix amount to your savings account, this must be done without   excuses, after you have paid this money to your self then you can expend in other items but with limit and moderation.

Don’t waist your life to impress others, because those who you are trying  to impress will never be at you side if you become poor, old and broken.

In short: Getting wealthy is a smart combination of steady income, savings and smart investments. If you don’t save any money,  you wont have any money to invest. Read the rule of 72 below.

    

What is the financial rule of 72?

 

The rule of 72 has been a financial guys long preferred  illustrative way to show how the compose interest adds

up in a savings or investment account over time. Basically the rule states the years that you invested money will

take to double and is given by the formula:

 

Years to double = 72 divided by the interest rate

 

Example 1:

How long will take to double my $10,000 savings at 6% interest

Rate? Answer: (72/6) = 12 years

 

Example 2:

How many years at 10% interest?   Answer=  (72/10)=7.2 years

 

From this we can derive a table at right for different interest percent rates:  

 

It’s appropriate to say that this formula is not 100% exact but it’s very close and is being used for practical illustrative purposes.

It’s important that you teach yourself some finances and in this page you will find plenty of sponsors and links that will help you to gain more information in

in money topics and services. The table shows a realistic interest earning spectrum so it’s your job find the best option for you, some investments instruments pay even more than 15% but at added risk, but also they are highly secure ones that pays 10 or 12 percent fix annual interest.    

Interest rate %

Years that takes to double your money

0.3

240

1

72

2

36

4

18

6

12

8

9

10

7.2

12

6

15

4.8

 

MANAGEMENT