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2.7 BIAS – All men are to a greater or lesser degree biased in their judgement of
themselves, of others, and of all problems and conditions with which they come in
contact. It is natural for us to easily recognize if someone is biased on their
judgement, but for an individual to determine his/her own biases makes it so
difficult.
An engineer must recognize and evaluate influences that affects his/her judgement.
Make sure that he/she does not improperly bias his/her work.
The specialist naturally appreciates the full value of his specialty and the
advantages that accrue from its application. Normally, he is less informed in
other special methods of solution of his problems and is apt therefore to give
undue weight to the advantages which he knows his own specialty to possess.
Ex. An electrical engineer, recognizing the advantages of electrical generation
and transmission, is apt to consider only electrical methods in power
applications.
The hydraulic engineer is apt to overrate the advantage of water power and to
underrate the contingencies of its construction and maintenance.
The steam engineer is apt to overestimate the value of the use of steam power in
the solution of all power problems.
In each case, the advantages of other methods may be overlooked, where
the problem is solved on individual preference and information, and not by the
method which would prove the most advantageous if all conditions and methods
were fully weighed and considered.
An engineer must use all the methods by which it can be solved to the fullest and
most careful investigation and consideration especially those methods which he
is least familiar. By doing this, best results can be accomplished.
Influence of Personal Experience – application of similar/previous methods and
designs to future problems of a similar nature.
Personal experience should give the engineer his most useful and exact
knowledge, provided such experience is properly considered and digested. The
fact that the knowledge so acquired is the most exact and valuable in his
possession is apt to give it undue importance in the solution of other
problems with which he must deal.
A professional man who has, within the range of his practice, successfully met
the various problems as modified by local conditions must, therefore,
readjust his ideas and modify his plans whenever he is called upon to solve a
problem under circumstances where the local conditions differ to any
considerable extent.
Ex. The flow of streams differs radically not only because of the difference in
rainfall on the different drainage areas, but even to a greater extent because of
the geological and topographical conditions, and the engineer who has given
special attention to one stream must use special care when he considers
construction which is to be carried out on another stream for which the conditions
of flow may be completely different.
Local factors greatly affect cost at which work can be done.
Ex. The city contractor who occasionally bids on work in the smaller communities
of the country is usually unsuccessful, as his experience with the high prices of
the larger community prejudices his judgement.
Ex. The contractor familiar with the work in the smaller communities usually
learns by sad experience the extra cost involved when he attempts to transfer his
operations to the larger cities.
Ex. Reports on special projects are often unduly optimistic because the engineer
making the report is unconsciously influenced by the fact that a favorable report
will mean the continuation of the project and his employment in its design and
construction.
SSS pension plan is considered as one of the easiest ways to invest since the
contributions are mandated by law.
Private Retirement Plans – this type of investment plan is voluntary which means
you have the freedom to save and invest money at a range amount.
Insurance Plans – most commonly used plan to protect the family against the
hazard of the death of the principal wage earner. Aside from the financial
protection for the family, insurance plans can serve as your income source upon
retirement.
Financial Funds – these include bonds, stocks and other investments. It is a way
of investing money alongside other investors in order to benefit from the inherent
advantages of working as part of a group.
Real Estate – owning a home or any property by the you retire is one of the main
goals of the Filipinos. For any good reason, this is an investment that makes
sense, especially if you can no longer rely on a monthly income for rent.
The value of your house or condominium unit appreciates as the years go by,
especially if you have chosen a good location. In addition, owning a property that
can eventually be rented out can give you a source of income once you have
retired.
The investments on which large returns are promised in which the risk is so great that
large and experienced investors do not care to take the risk, and the securities have to
be marketed by an appeal to the small and inexperienced investor.
Principles should be considered when making investments:
1. Careful selection of safest plans/investments.
2. Real Estate is a safe investment.
3. The value of business securities should be judged based on the experience,
honesty, and ability of those in charge of the operation of the business.
4. Bonds and stocks issued for the expansion of businesses that have uniformly
earned adequate returns are safe investments.
- Diversifying your account by investing in both stocks and bonds provide
protection because you can offset some, or all, of your losses in one investment
with the gains in the other investment.
5. Study the annual reports of a business for a number of previous years before
investing in it.
- “Background Check”
6. If the amount of money to be invested is large, the investments should be
diversified.
- have variety of investments for less risk or danger of your invested money.
7. The term “bond” is no criterion of safety.
- Some bonds are safe, other are not as safe as good stocks, and some are
worthless.
8. The greater the possible return, the greater the probable risk.
Most obvious and easily developed skill = greatest competition and lesser
rewards
Most obscure and difficult skill = greatest rewards
The young engineer should be able to adopt easily to varying conditions of every
problem he comes in contact.
There is nothing stationary in nature, and the individual in his profession or business
relations is either advancing or deteriorating. As long as he finds it necessary and
desirable to study and investigate and to improve his knowledge, his ideals, and their
practical expression; so long is the engineer growing and improving and his value is
increasing. But as soon as he is satisfied with his work and believes no further
improvement to be possible, his progress has ceased, and, at least in comparison with
the normal advancement in professional work, he is losing ground; and unless he
acquires an entirely different attitude, his usefulness will soon be a thing of the past.