Thinking, fast and slow by Daniel Kahneman

THINKING, FAST AND SLOW by Daniel Kahneman (2011), Allen Lane - an imprint of Penguin Books, p 499

Last week while my wife was shopping from a small departmental store at Shillong, she observed one of the vendor (from Hindustan Unilever) talking to the shopkeeper and insisting on keeping Ponds Talcum powder on the shelf, the shopkeeper responded by showing the old stock.  The shopkeeper was telling him the feedback of the customers - 'the customers these days want deo, not talcum powder'. His response was driven by the fact that there is a shift in the customer choice driven by the change in the time, expectations, competitor's response, etc etc.  

While she shared her experience with me, I was also thinking that with the emergence of new products the old ones are fading off. The choices which the customer is making in the market is also the effect of aggressive advertising and increase in the purchasing power.  It was sheer a coincidence that I was going through this book entitled 'Thinking Fast and Slow' by Daniel Kahneman. This book was able to answer some such questions.  How the decisions are taken? Which is a better choice? Why do people think what they think? Why things/people are not as they look? There were many such questions which kept pondering over my head and I began to connect them with the contents of the book.

I heard and learnt about Daniel Kahneman only through the accolades that he received after getting the Nobel Prize in the area of economic sciences in 2002. It was precisely the year when I started teaching organizational behaviour though it had been a subject very close to my heart and I have been reading related literature. There was a time (some 25 years back) when I developed interest in Psychology during the period I was doing masters (commerce), I wish we had Psychology as a subject in our college.

Later while in teaching profession, I went through some papers of Kahneman and could always share the learning with students and colleagues whenever I got chance.  When I read the review of this book after its release, I acquired a copy and started reading it. I should not say just reading it, rather studying it, which included, lot of breaks in between as I wanted to read some of the cited works in the book, so honestly it took much more than an usual time which I take to complete reading a book. I think if I recollect, I might not have taken this much time of reading a book as I took for this title. The experience of going through this book made me so rich through innumerable downloads of related material, scanning through some of the experiments available on the web, buying some of the books, and going through cited work in depth in few cases.

As the title suggests, the whole book classifies the thinking process through two systems, System 1 (thinking fast), and System 2 (thinking slow). System 1 operates automatically and quickly, with little or no effort and no sense of voluntary control, and System 2 allocates attention to the effortful mental activities that demand it, including complex computations.  The operations of System 2 are often associated with the subjective experience of agency, choice and concentration (p 20-21).  As mentioned in the book System 1 and System 2 as terms were first used by Keith Stanovich and Richard West, who call it now Type 1 and Type 2. Kahneman uses the original version. With numerous experiments and illustrations he establishes the practicality of these two systems which invariably operate while we make choices, decisions, judgments and calculations. The use (and also the conflict) of these two systems by an individual in different circumstances portray mental conditioning and preferences. System 2 is primarily used to overcome the impulses of System 1, which is in charge of self control.

Many times we suffer from bias, using system 1 and falling prey to mis-judge the outcome. Many times the illusory sense dominates over the factual existence of the object as projected through Muller-Lyer illusion. The bat and ball puzzle (originally devised by Shane Frederick) is so apt that one makes judgment without using System 2 and over estimating the conformity through System 1. While I was reading Malcolm Gladwell's BLINK, it made lot of sense to believe on the gut feel, which is based on System 1, though the decision or judgment not always leading to the correct view.  As one keeps turning the pages of the book it becomes more and more convincing that one needs to take time in decision making and not necessarily that one has to go by the gut always, which increases the degree of risk one bears on making choices based on System 1.  

As known, Kahneman and Amos Tversky had questioned the belief that by nature human being are rational and in case of emotions as fear, anger, hatred, affection, people depart from rationality. This book discusses and defends their stand through applied psychological frameworks, findings of various experiments and works of many researchers. Divided in five parts comprising of 38 different chapters, with the ‘speaking of …’ statements at the end of each chapter, the book strongly narrates the causation factor of decisions, making choices out of different alternatives, the follies of statistics, risk policies, etc. 

I remember vividly about the media reports on Kahneman’s Nobel achievement which highlighted Irrationality of stock investors, however what he emphasizes is no rationality.  The argument of irrationality not being opposite of rationality is quite firm and convincing. This is where Dan Ariely's contribution becomes more relevant. Kahneman's acceptance of Dan's work is well placed in this context. The learning through the book is immense. At many instances where I was to use System 1, I chose System 2, which took little more time.  

Richard Layard, dedicated his book - Happiness, lessons from a new science, to Daniel Kahneman. Richard mentions in his book that it was Kahneman who opined that happiness can be measured. Kahneman developed a tool named as Day Reconstruction Method (DRM) based on remembering self and experiencing self which reports on the feelings of individuals. DRM is used by many researchers in different geographies to measure the satisfaction level which is used as a proxy of well-being.  

The book conveys vehemently the basic premise that it is easier to recognize other people's mistakes than our own (p 28), whether we think fast using system 1 or we think slow using system 2.  The book is strongly recommended for the students of contemporary psychology.

BREAKOUT NATIONS by Ruchir Sharma

BREAKOUT NATIONS - In Pursuit of the Next Economic Miracles (2012) by Ruchir Sharma, Allen Pane - Penguin India, p 307

At a time when two fastest growing economies of the world find place in Asia and the first world keeps eyeing on the huge opportunities available in these two economies because of its size and scope (potential) Ruchir Sharma (head of Emerging Market Equities and Global Macro at Morgan Stanley Investment Management) brings this book concentrating on the emerging markets in the title of ‘Breakout Nations'. As visible, Indian economy is facing a tough time from the point of view of the perception of foreign investors and the climate that is created by policy makers; this book makes a mark through identifying eleven developing economies of the world and tracing their development path. These eleven economies include Mexico (from Latin America), Hungary and Poland (from Eastern Europe), Egypt and South Africa (from Middle East & Africa), and India, China, Thailand, Indonesia, Malaysia, and Sri Lanka (from Asia). As discussed in the book these countries are going to break out and are going to play an important role in the world economies. 

These emerging economies are filtered out from the universe of around 50 nations of different continents.  The author presents the cases very lucidly with the support of narratives and strong data in order to make a convincing defense. The problems of business operations in these economies are spelled out through many examples based on the practices and experiences of the author himself as he ‘generally spends one week per month in a developing country somewhere in the world’. This book is basically an Economic Travelogue which takes the reader along with the author to visit the emerging places so far as economic development is concerned.  Ruchir feels that the views of the west about Goldman Sach's developed acronym for Brazil, Russia, India, China and South Africa as BRICS is an exaggeration as  except in case of China, other countries have very little trade with each other. 

The warning signals and the problems as to crony capitalism, entry barriers, concentration on city based development (urban centric), political interference, perceptual mapping etc are nicely put forth by the author in the book.  Until these nations put their houses in order it might be really difficult for them to positively derive benefits from such capital movement. 

The book is written in a very engaging and authoritative style.  I have no hesitation in saying that it is an unprecedented account of the developing economies supported with excellent experiences, narratives and thoughtful comparisons based on growth parameters.   

101 Myths & Realities @ the office by UTKARSH RAI

101 MYTHS & REALITIES @ THE OFFICE - how to get the best out of yourself and your team, by UTKARSH RAI (2012) Portfolio, Penguin Books, India p 283

In the early decades of the twentieth century, a German sociologist, Max Weber, among few scholars, initiated thinking on the development of efficient systems for organizational administration.  He developed the basic principles of Bureaucracy which surrounded on position, authority, performance, social standing (personal contacts), role clarity, task responsibilities, hierarchy, rules, standard operating systems, procedures, norms, behaviour etc.  More or less during the same timeline (1916), Henry Fayol (the CEO of Comambault Mining), a French mining engineer, identified 14 Principles of Management for general administration.     As Weber's principles, these principles also provided a general guide for work efficiency and called for developing proper systems in order to manage the resources of an organisation more efficiently.  In the literature on management primarily this was the beginning point when general administration was discussed at such a length and both academia as well as the practitioners were realising the importance of systems and structure for office work-flow.

Hundred years down the line, the principles of work behaviour for efficient use of resources are reiterated in changing business environment.  The relationship between boss and subordinates, management and employees, business and society has been under scan in last 30-40 years and there is evidence that it is very difficult to find a universal approach and timeless practice which can lead to best possible results as outcome from the workforce.

In these times a book by Utkarsh Rai on looking at the prevalent myths at the workplace as against the realities make a strong case for its practice and follow up.  The author successfully draws 101 myths and counters them with the realities and provides prescriptions for management as well as the employee to get prepared and to get away with the general thinking which is in many cases wrongly perceived and placed.  The book covers almost all parts of the general principles of management starting with promotion and taking along other intrinsic and extrinsic factors of work, like salary, career, working relationship, colleagues, subordinates, appraisal etc.  The foreword written by Nandan Nilekani and the praise by Kiran Majumdar Shaw and Som Mittal positions the book before its readers with conviction and clarity.  This might initially be a strategic decision of the author, however after reading the book I too felt attached to their views on appreciating the author for clearly explaining the myths and posing it with the prevalent reality and the way as to how to face it.

The style of its presentation is simple and very much reader friendly as it is positioned as a guide for all employees at different levels of management.  I get reminded of the management challenges that Peter Drucker [Management Challenges in the 21^st Century, 1999, Butterworth-Heinemann, USA] talked about in his book through assumptions and realities whether on the role of management, or the approaches to deal with employees. 

The simple language of the book through the practical examples and day-to-day events make it engrossing, relevant and convincing.  It is written in a format which suits self-help books but is packaged quite differently as one can jump from one myth to another one very easily without being caught in missing the continuity. The conversations at the office cafeterias could be observed and one can easily find the scenarios wherein the book fits well and provides a simple prescription as to how to deal with the situation at hand whether you are an employee or a manager.  The prescriptions are more suggestive in nature and the perspective is very positive which come very handy while one encounters a dilemma as to how to deal in such a situation.   

As I was reading through the book and looking at the myths and realities I often got reminded of a concerned theory from management, leadership, or/and motivation literature.  Though the book does not really cite any theory but it is quite aptly seem to be applied which looks coincidental.  This is where and how theories and practice bridge the gap and this is what for I like this book.  I wished some more myths in the categories of work-life balance, stress, time management, organizational conflict, mindset mapping, challenges, training and learning, etc.  Though in most of the cases both the perspective have been taken, however at some places, e.g., Myth - communicating in the native language will help the project, Reality – it might hinder team relationships for those who do not understand the language, (p 256) the prescription for employee is missing which could have been done.

The work experience of the author is well reflected all through the book at different levels of management and certain practices of an ideal versus practical life are nicely related and juxtaposed in the text of the book which even a layman can follow. Just to mention an example of this is myth - my colleague is my best friend, as against the reality: the real check of friendship is when one is promoted over other.  This is so practical that one faces it day in and day out at the workplace.  Such myths make the book practical as one relates with the book and finds oneself in one or the other myth.  After going through all the myths and realities one tends to discover the dominance of the great power of soft skills over the technical knowledge of one’s specialisation or one’s core area.  In most of the cases I found that the role of interpersonal relationship is dominating and having a clear conscience with positive bent of mind solves almost all the problems that one faces at the work place.

The organizational priorities, manager’s choice (based on logic and rationale and not favouritism), employee’s attitude and aspirations, social pressure, etc are elaborated through the myths and realities which make the book rich, reflective and reiterative at many places. The author deserves all the kudos for this effort. Though much has been written on principles of management in the last century, many have researched the 14 principles from the angle of their applicability in the present context [e.g. Rodrigues (2001) Fayol’s 14 Principles of Management then and now: a framework for managing today’s organizations effectively, Management Decision, 39(10) 880-889], many have questioned timelessness of those principles, yet those principles find their relevance as they are the academic reference points in the management literature. This book provides a practical outlook to the theoretical principles in the modern day organizations and suggests a well charted path for how to get best out of yourself and your team. For employees of today this book provides a hope for tomorrow.

Code name God by Mani Bhaumik

CODE NAME GOD - The Spiritual Odyssey of a Man of Science by Mani Bhaumik (2005) Penguin Books, India p 224

I have been searching a book for the logical defense of God and got a suggestion to read this title. Authored by a laser scientist (physicist) settled in the USA, an Indian by birth Mani Bhaumik, the book is very much engaging.  He is the co inventor of LASIK – a surgical procedure for eye surgery. The first half of the book is more autobiographical however the later half tries to answer on the existence of the super power which we generally call as ‘God’.  The role of his parents in his bringing up seems to have played an important role in developing an inquisitive mind and the quest for queries.  His interactions with Gandhi and some of the great scientists of the time are seemed to have enthused a great sense of spiritualism in him.  The story of rags to riches is quite aptly suited with the personality of Mani as he came from a poor rural background.

The journey of Mani as narrated in the book is quite interesting and engaging as he is born in a family which lived in rural Bengal and took very active part in India’s independence.  The interactions and experiences of his family with Gandhi and other freedom fighters is quite inspiring.  The spiritual odyssey as narrated by the author through the book makes a good case of an existence of a super power.  This super power is named as God by many.  The experiments in the physics lab and the study of star galaxies and their movements do leave one with astonishment and an amazing sense as to the miracles of nature.  The colors of flowers and insects, the habits of animals and plants, the chirping of the birds, the shifting of climate, blowing of wind, flow of river, etc etc are similar such existences which really gives me an elated sensation that there is nature.  This was a motivation for finding out the reason as to the existence of God with a strong belief in Nature.

The scientific defense is well made in the book with full dose of Quantum Physics, which is quite alien to me as a student who does not understand the wonders of science specially the theories behind.

The book is a good read for all and specially for those who are interested to link science with God in whatever avatar he is worshipped and revered.  

India Grows at Night by Gurcharan Das

INDIA GROWS AT NIGHT - a liberal case for a strong state by GURCHARAN DAS (2012) Allen Lane (an imprint of Penguin Books), Penguin Books, India p 307

Indian economy is growing fast; it is much discussed and talked subject in the present times amongst the residents of urban India.  It is second fastest growing economy in the world after China, which aspires to have double-digit growth in the times to follow.  Urban India visibly portrays that kind of development through the expansion of physical infrastructure and the provision of amenities, though not adequate to cope with the fast migration of striving rural class towards urban centres.  Another topic of discussion amongst the argumentative Indians is the issue of governance which off late has become a serious problem as day after day a new scam is getting unfolded and the media as the fourth pillar of democracy is able to influence people conscience in different ways. 

In these times an acclaimed author and columnist, a management guru (as Arvind Kejriwal calls him), an erstwhile corporate leader, Gurcharan Das brings out this book in the title of ‘India Grows At Night (IGAN) – a liberal case for a strong state’.  As he mentions he intended to keep the title as ‘India grows at night when the government sleeps’ and he drops the later half and settles for first.  However the book keeps the reader reminding that in spite of the governance deficit growth is taking place which is praiseworthy.  One tends to wonder as to what would have been the situation had there been better governance.  I am sure as regards to the economic growth; India would have surpassed China by this time easily.  But that was not to happen.

An excellent case of comparison between Faridabad and Gurgaon in the backdrop of Indian Polity, Policy and Partnerships of private as well as public initiatives is exhibited in the book to which the reader is reminded many times as and when the reference is required.  One a sparkling star whereas another one getting to fade off.  The former is Gurgaon and the later is Faridabad.  I myself have observed it when I visited Faridabad first time sometime in late 80s or early 90s, it was a much better township as compared to erstwhile Gurgaon. 

Having read India Unbound, another masterpiece by Gurcharan Das, I somehow could relate and preempt the interventions made by IGAN, though not agreeing to all points made by him.  However I enjoyed reading the book with full involvement, concern and commitment to the cause of the book.  The transformation in the visible indicators during last 20 odd years is appreciated in the book apart from the dismal conditions of social infrastructure viz., education, health, sanitation, etc., especially in rural India.  The reality I think is even worst in the rural India.  The force driving the rural youth towards cities in search of petty jobs is still continuing and at least I have not come across any data supporting the case that such migration is in real terms getting down even when our growth rates are positive and are being appreciated by all. 

The book provides an excellent account of rationalizing the existence of democratic practices and the comparison between democracy in America and Scandavian countries is tracked and elaborated very eloquently.  A realization driven by the personal experience at the Tahrir Square (situated at the downtown Cairo in Egypt which is also knows as Martyrs’ Square) further reiterates the merit of democracy.  Ironically in India we do see mockery of democracy (many in social media term it as demoncracy in Indian context) however as a form of government still it carries more merits and judicious fairness as compared to dictatorship or autocratic rule of state.

The story of young aspiring Raju (as narrated in India Unbound) who portrayed the future of young through learning Windows and English reminds me of another low of Indian corporate aspiration through the case of Raju of Satyam and Raja of Indian telecom scam fame (for wrong reasons).  The appreciation of Anna Hazare movement as an awakening call is illustrated at many places in the book, however the author does not subscribe to all that this movement followed.  In order to build a case for poor governance, the cases of Jessica Lal and Ruchika apart from many others are cited.  These are not stray cases, these are happening day in and day out in all cities and villages, at all places.  Crony capitalism has somehow found a concrete grounding in the Indian development story.  The purchase and sale of favor is at rampant and the politicians playing the middlemen have become so acceptable that aspiring bidders first form nexus and then manipulate the whole process.

The analogies from Mahabharata are cited at many places.  It is important to mention here about the great work of Gurcharan Das in the shape of a book entitled Difficulty of Being Good – on the subtle art of dharma.  Dharma as a proxy for moral well-being and artha as a proxy for material well-being are narrated through the text very convincingly.  Gandhian way of promoting small business and developing industries on the basic premise of self sustenance is questioned and in a way big-push theory of economic development is advocated by the author highlighting and illustrating its strengths over welfare economy.  I have my personal reservations on that and feel that it is the prime spice of bottom-up approach to development as against top-down approach as followed by China and well explained by the author in the book.

The suggestions towards the end of the book through borrowing the title of the chapter What Is To Be Done from Vladimir Lenin’s prescription providing a solution and treatment of working class in erstwhile USSR, as to looking for political alternatives (as seems there is no other better way to seek justice and improve governance) through initiating to revive swatantra party or starting a new political party at the national level as both the large parties viz., Congress and the BJP are losing people trust, is a very welcome suggestion.  I too feel that an awakened India would certainly like to see the change at the top and would commit oneself and pray for the cause for a better India which does not only grow at night, rather during the day as well and there is never a scene when the government really sleeps.  I admire Shakespeare for his farsighted and ubiquitous statement ‘great men work when others sleep’.

The book is a simple read making a strong case for liberating India from the clutches of corrupt individuals and showing us a path which could help the state to deal with governance deficit successfully.  It is a richly referenced book defending the viewpoint of the author very nicely. I recommend this book to all who are concerned about the future of India.

[published in The NEHU Journal Vol XI, No 2, July 2013, p 83-85]

GET TO THE TOP by Suhel Seth

GET TO THE TOP - The ten rules for social success by Suhel Seth (2011) Random House India, p 196

I have always believed that it is the relationships which provide energy and strength to carry on with life positively.  It is through relationships that we get to learn the nuances of leading life successfully and in full king size.  Friendship is one such relationship and since it involves the choice rather than imposition one has to be cautious while choosing friends and committed while maintaining friendships.  This is the basic rule that I have been following.  Having watched Suhel Seth on TV and read him through his columns, when I came to know about this title called 'Get to the top', I decided then and there to get a copy and go through it to further explore on the art of maintaining relationships.

This book is divided in four parts which cover 10 chapters, 4 appendixes apart from acknowledgement section.  Relationships are mutual and could be initiated by either party.  At times we look at a person and get attracted to talk to and at times people get attracted to us.  

The book provides the keys for attracting the attention so that people keep looking forward for meeting you or listening to you or sharing some time with you, he provides two rules for that, viz., the self-development rule and the impact rule.  Similarly the book prescribes many rules and guides the reader to follow some practices which always help to maintain long lasting relationships.  The book is full of anecdotes and examples from the personal life of Suhel and after going through the book one would certainly develop an admiration of the author as he is able to balance his relationships between two persons of totally different ideology.  This is an impressible art.  And in a very suggestive form this book helps one to that call of balancing act.  Respect for friends and selfless commitment is a virtue and it is really a very difficult act, though not impossible.  His relationships with his friends like Russi Mody (though at a time his boss), Vijay Mallya, Kapil Sibal, Arun Jaitley, Barkha Dutt, etc. (a complete list of friends is given at the end of the book who taught him the secret of learning how to get to the top), as narrated and illustrated through the events makes the book rich in its delivery and content as well as relevant and convincing to the reader.   

The most important advice I liked was the uprightness and consistency in one’s behavior and I too strongly feel that it might result in some short term losses but at the end one is sure of being admired by the affected parties.  So a great lesson and practice which keeps one as an honest, concerned and committed relation maintainer.

I loved some of the sentences like : Ultimately, the secret to expressing an opinion intelligently is to ensure that it doesn’t cause irreparable offence (p38), be interested in people, not because of how wealthy or intelligent they are or how old, but because of what they are like (p 57), once you discover that you are the object of gossip, take instant action (p 74), Bitching isn’t the only thing that erodes trust. So does praise.  Too often compliments can became flattery and flattery puts you in a n asymmetrical relationship with a person (p 75), turning friends into clients is a recipe for disaster (p 120), remember always that the rich and powerful ultimately want the same things as the rest of us (p 168), no matter how powerful or influential a crook is, you should realize that you can never have him as your true friend (p169), never give precedence to your new friends over your childhood friends.  Your childhood friends are the only ones who will never judge you for what you have become or when you have failed (p 170),

He chants some mantra’s like: having opinion is the key to getting noticed, people need to be like sanitary napkins – absorb all opinions but not colour the issues, think like a debater – respect the other side of your argument, delivery is key – opinions should make you friends not enemies, invite people to your home who will laugh and be happy irrespective of material considerations like which car they drive or what clothes they wear.

In total the book is packaged very nicely and it really does not take much time to get through the end of the book.  I personally enjoyed reading it for a change. 

Business Policy and Strategic management – concepts and applications, Vipin Gupta, Kamala Gollakota and R Srinivasan

(Old Book Review Published in Business Analyst)

BUSINESS POLICY AND STRATEGIC MANAGEMENT – concepts and applications, Vipin Gupta, Kamala Gollakota and R Srinivasan. Prentice Hall of India. New Delhi – 110 001. 2005. xix + 611, Rs. 300

  

Strategic Management is gaining importance in the curricula of management, business and commerce courses in Indian universities and institutes year after year. In conventional course structure of commerce, it is yet to establish its relevance at a national level.  However, as micro level studies of different businesses are finding place in research domain, strategic management has become an important reading for the students of business and commerce.  Strategy is a must read for the management students and the available literature on strategic management in India has not yet been able to relate indian cases with its theory convincingly and successfully. This book has come at the right time when a systematic study of the theoretical framework and related indian cases are lacking in the strategic management text.

The book has three sections viz., Business Strategy, Corporate Strategy and Enterprise Policy.  These sections cover 21 chapters, 7 in each section.  In the process of equally dividing the chapters within sections, the authors have not been convincing on putting certain chapters under certain section.  How corporate governance and ethics, change management, strategic control and strategic decision making fall under Enterprise Policy, one may not be able to follow.  The presentation of the book as a text is excellent and the course students of strategic management would find it easy to use and understand. Every chapter of the book starts with an introduction as a heading; even without using this heading it could have conveyed the intention.  Some of the chapters have conclusions towards the end, which sounds more like a research paper, which it is not.  Further, the chapters starts with learning objectives and a summary is put towards the end of each chapter followed by key terms, concept review questions, practice exercises, case study, discussion questions and references. This structure should be appreciated by the readers.  The authors have attempted to present the book in a more student friendly environment.  The book follows headings and bullets format which makes it a ready capsule for students but somewhere looses scholarly approach. 

The cases on Quest International, Burns Philip, Crompton Greaves, Doordarshan, E-Sewa, IIM-B, Infosys, Lucky Goldstar Electronics, MIRC Electronics, Meddirect, Mumbai Dabbawala, NABARD and Grameen Bank, NTPC, Napster, Mahindra & Mahindra, Pepsico India, Pratham, Tata Motors, Telecommunications Consultants India and Yakima-Olympia have been included in the book and the discussion questions make it more lively.  The appendix of the book at the end, is very well placed concentrating on simulated marketplace, usually it has not been attempted by many other authors writing on strategic management.

The gray shaded boxes in different chapters could have been made on a little lighter background to make it easily readable without any strain.  The discussion on the development of strategy thought has been avoided by authors which could have been put in the beginning.  Indian industry database should have been incorporated wherever relevant to address the Indian students. The authors should have put a company and people index towards the end to provide better value to the readers. 

Overall the readers would find this book contemporary and practical in its approach.  The authors have been successful in linking the traditional framework with the modern structure through various cases.  As readers we might have more expectations from the authors in the forthcoming editions of the book.  The authors deserve congratulations for this successful venture.  More so, when the first author is an alumni of SRCC, Delhi.  

(published in Business Analyst Vol 1, No 1 (New Series) April-Sept 2006, New Delhi, India. Pp 124-125)