Baby Boomers are people who were born during the Post World War II period (1946-1964). In the United States, seventy-six million children were born during that 18-year span. This cohort group is characterized by high educational achievement, and assumptions of lifelong prosperity and entitlement developed during the 1950s. Because many of their parents are living longer, and they themselves started families later, the term sandwich generation came to describe baby boomers who are caring for both elderly parents and young children at the same time [World Bytes, July 2007, www.todaysengineer.org/2007/Jul/sandwich.asp].

The age-wave theory [www.investopedia.com/terms/b/baby-boom-age-wave.asp], popularized by Harry Dent, suggests that the U.S. stock-market will peak between 2007 and 2009. The logic behind this theory stems from the notion that consumer spending generally peaks around age 50, and the fact that  retiring baby-boomers are spending less and converting their investments for retirement income. Some expect the worst consumer recession since 1980 to occur at this time [www.reuters.com]. In 2006, the first wave of baby boomers turned 60, and it is estimated that every 8 seconds, someone in the United States turns 60. Many are retiring — leaving the work force entirely — or working part-time. Is the current economic situation coincidence, or was it predictable? Tell us what you think; e-mail: todaysengineer@ieee.org

International Communications Research [www.icrsurvey.com] conducted a survey of 800 individuals who turned 60 in 2006 for The American Association of Retired Persons [www.aarp.org]. Results are published in “Boomers Turning 60” [http://assets.aarp.org/rgcenter/general/boomers60.pdf]. The purpose of the survey was to explore their thoughts about turning 60. The report provides information of considerable interest to those approaching, or already in, their sixth decade of life.

I am a member of the baby boomers, turning 60 this year. What have I learned in 60 years? Some of the things that have contributed to my own personal and career success — and apply universally — include: having a diversity of interests, knowing myself, keeping healthy through exercise, focusing on the goal, not making enemies, accepting what cannot change, taking time for contemplation, willingness to accept and learn from failure, realizing that fame is not the same as success, and believing in myself.

Optimistically, as discussed by Rick Docksai in “How to Live Beyond 100” (The Futurist 42(6) page 12), your odds to live beyond age 100 are higher than ever.

"A successful man is one who can lay a firm foundation with the bricks others have thrown at him."

— David Brinkley

"I honestly think it is better to be a failure at something you love than to be a success at something you hate."

— George Burns

"In order to succeed, your desire for success should be greater than your fear of failure."

— Bill Cosby

Other Bytes

Here are some of the things going on in and around the engineering community:

• Cynthia Wagner, Aaron Cohen and Rick Docksai review the 2008 meeting of the World Future Society, “Seeing the Future through New Eyes,” in The Futurist [42(6), pp. 54-60, November-December 2008, www.wfs.org]. More than a thousand futurists met in Washington, D.C., in July, learning from nearly two hundred outstanding presenters, discussing new views of the world and the future. In the same issue is the 9-page inset “Outlook 2009,” which collates the year’s most thought-provoking ideas about the future, offering insights into what could happen and proposals for preferred futures. In today’s world, it is important to make the effort to stay informed and to analyze predictions of the future — success favors those who learn from history.

• “Becoming an Engineer: Toward a Three Dimensional View of Engineering Learning,” in the July 2008 Journal of Engineering Education [97(3), pp. 355-368, www.asee.org/publications/jee/], provides an analytical framework focusing on changes occurring over time as students traverse undergraduate engineering education. Reed Stevens et al. discuss their research, involving three related dimensions tracked over time: disciplinary knowledge, identification and navigation. The authors believe that these three dimensions will help us understand how students become, or do not become, engineers. Implications for education and proposed further lines of research are discussed.

• Concepts for the alignment of two established strategic management tools — product life cycle analysis and SWOT analysis — are explored in “Aligning Global Business Strategy Planning Models with Accelerating Change” [Journal of Global Business and Technology, 4(1), pp. 31-48, Spring 2008, www.gbata.com/jgbat.html]. Peter Mayer and Robert Vambery believe that strategic planning tools need to be re-engineered to continue to be effective instruments for achieving sustainable competitive advantage, particularly considering the competitive demands of a “global internet speed business environment.”

• The Project Management Institute's Project Management Body of Knowledge provides guidelines for managing projects by employing structured task definition and proven tools. In “Project Management for New Product Development,” Dirk Pons looks at the intersection of this knowledge with new product development [Project Management Journal, 39(2), pp. 82-97, June 2008, www.pmi.org/Resources/Pages/Project-Management-Journal.aspx]. Pons concludes that the project management method is generally useful for managing new product development projects; however, he cautions that several areas still require further research to better serve the new product development process.

• Public speaking is never easy. It is important that the audience believes that you are sincere. In “How to Become an Authentic Speaker” [Harvard Business Review, 86(11), pp. 115-119, November 2008, www.hbr.org], Nick Morgan, a communications coach for more than two decades, offers advice for crafting and delivering a relaxed and authentic speech.

• Multinational corporations from both developed and developing economies are expanding their global presence. In “Tomorrow’s Global Giants: Not the Usual Suspects” [Harvard Business Review, 86(11), pp. 80-88, November 2008, www.hbr.org], Pankaj Ghemawat and Thomas Hout discuss how changes in demand, market power and business models are starting to produce new champions in emerging markets.

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