Download or read book Critical Evaluation of the Discounted Cash Flow Method as a Value Based Performance Measurement Concept written by Jens Jannasch and published by GRIN Verlag. This book was released on 2004-03-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2003 in the subject Business economics - Controlling, grade: 1,3 (A), European University Viadrina Frankfurt (Oder) (Economics), course: Seminar: Budgeting and Performance Measurement, language: English, abstract: This paper will evaluate the Discounted-Cash-Flow-Method (DCF) as a certain value based performance measurement system (VBPMS). Therefore criteria of evaluating performance measurement systems (PMS) in generally will be created (Chapter 2). This strategy will guarantee the fundamental comparability of the derived features of the DCF with these of other PMS (including non-VBPMS, too). Chapter 3 will emphasize a fundamental feature of VBPMS, the shareholder orientation. After a detailed investigation of the DCF in chapter 4, its criteria will be evaluated in chapter 5. Finally a quintessence closes this paper (chapter 6). 2 Criteria for evaluating performance measurement systems In this chapter criteria of value based performance measurement systems will be developed. Therefore the sense of performance in connection with enterprises will be explained, at first. Finally, the term “performance measurement system” (PMS) will be defined in order to point out there criteria. 2.1 The performance of an enterprise Performance of an enterprise stands for its achievement, its power or its output 1 . To describe this term exactly, it is important to get an impression of the objectives of an enterprise (see Figure 7.1).The objectives of an enterprise are derived from its mission 2 . The mission of a company stresses its basic function in society. Qualitative aims, called goals, are derived from the mission. If they are expressed in a way that can be measured, they are called objectives. Shareholder wealth maximisation is the traditional objective of firms 3 . In general, “any group or individual who can affect or is affected by the achievement of the organization’s objectives” 4 (Stakeholder) can influence its mission and therefore its objectives. And some of them do so, as one can realise for example by investigating the success of the Balanced Score Card 5 as a performance measurement instrument that emphasises the objectives of several stakeholders 6 . Obviously, not every Stakeholder can by considered. Only the interests of a few key-stakeholders will be regarded by the target system of a firm. Shareholders are one of the considered key-stakeholders because of their influence on the process of creating the mission (consider the rights of co determination of the general business meeting and the supervisory board 7 at share companies; the influence of the shareholders on partnerships is trivial).

Download or read book Value Based Performance Measures written by Nils Eikelmann and published by Springer Nature. This book was released on 2020-08-19 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nils Eikelmann describes the framework conditions for the application of value-based performance measures and critically analyses selected ones. The disclosure of value-based performance indicators is important in order to demonstrate the successful management of a company and to satisfy the increasing information needs of investors. However, companies adapt the developed theoretical concepts of value-based performance measures to their practical needs and thus investors are no longer able to compare the performance of companies. In addition, there is a variety of different metrics from which companies can choose. The empirical study aims to reduce existing research gaps and is divided into three parts: the analysis of annual reports of selected European companies, the calculation of a standardised value-based performance measure and a value relevance study in the form of an association study.

Download or read book Essentials of Health Care Finance written by William O. Cleverley and published by Jones & Bartlett Publishers. This book was released on 2010-09-15 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essentials of Health Care Finance stands firmly in its place as the leading textbook on healthcare finance. No other text so completely blends the best of current finance theory with the tools needed in day-to-day practice. Useful for all course levels as well as a professional reference, this text offers a comprehensive introduction to the field. The Seventh Edition has been thoroughly revised to reflect the current economic environment in the healthcare industry, with thoughtful descriptions and ‘real-world’ examples. Important Notice: The digital edition of this book is missing some of the images or content found in the physical edition.

Download or read book Valuation written by McKinsey & Company Inc. and published by John Wiley & Sons. This book was released on 2010-07-16 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

Download or read book Business Excellence written by Suresh Patel and published by CRC Press. This book was released on 2016-08-05 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: An organization seeking to sustain and continually improve its competitive performance over many years must have a strategy – a Business Excellence Strategy.This book guides and illustrates the strategic journey to excellence, from major initiatives through everyday improvement programs, and helps the reader achieve of important strategic objectives and goals. This business excellence program will unite employees, internal and external customers, and suppliers through a common set of goals. It will help your organization improve at a pace that will outperform the competition and will elevate your company's reputation and marketshare.

Download or read book Discounted Cash Flow written by Lutz Kruschwitz and published by John Wiley & Sons. This book was released on 2006-02-03 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach. Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found? These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book ENDORSEMENTS FOR LÖFFLER: DISCOUNTED 0-470-87044-3 "Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Löffler bring together the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic." --Ian Cooper, London Business School "This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories. Using an entertaining style, Kruschwitz and Löffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives." --Darrell Duffie, Stanford University "Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications!" --Wolfgang Wagner, PricewaterhouseCoopers "It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level." --Martin Lally, University of Wellington

Download or read book Valuation Approaches and Metrics written by Aswath Damodaran and published by Now Publishers Inc. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.

Download or read book The Tactical Guide to Six Sigma Implementation written by Suresh Patel and published by Taylor & Francis. This book was released on 2017-07-12 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Books in the Quality and Business Excellence series can help readers enhance customer value and satisfaction by integrating the customer’s voice into design, manufacturing, supply chain, and field processes. Although there are many Six Sigma books on the market, few clarify the essential aspects of its implementation across various industries. The Tactical Guide to Six Sigma Implementation fills this need. Simplifying a complex subject and removing the intimidation of using statistics, the book takes readers through the five phases of the Six Sigma methodology—Define-Measure-Analyze-Improve-Control (DMAIC). In ten clearly written and easy-to-understand chapters, readers learn the purpose of each phase and what activities must be performed in each phase. The book illustrates the layout of the interaction of organizational processes—defining product and information flows separately such that each process receives product or information and, after completion of the process, supplies the output to the next process. The author identifies organizational processes through turtle and SIPOC diagrams, defining the process owner, inputs and outputs, and process customer for each process. He also explains how to determine the measures and goals of the process, and how to document the process so that further process improvements can be implemented through management reviews. The text presents a comprehensive process control plan assessment to comply with automotive, aerospace, and all types of manufacturing and service processes. It details 17 global quality management system processes covering management responsibility, resource management, product realization policies, and management analysis and improvement policies. It also provides comprehensive root cause analysis and problem solving techniques. Numerous figures, charts, formulae and forms are included throughout the book and all statistics are described to the exact level of understanding required. Books in this series are suitable for use as basic textbooks for Green Belt, Black Belt, BBA, and MBA courses in global quality, Lean Six Sigma, and business excellence.

Download or read book Understanding Business Valuation written by Gary R. Trugman and published by John Wiley & Sons. This book was released on 2018-01-12 with total page 1936 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fifth edition simplifies a technical and complex area of practice with real-world experience and examples. Expert author Gary Trugman's informal, easy-to-read style, covers all the bases in the various valuation approaches, methods, and techniques. Author note boxes throughout the publication draw on Trugman's veteran, practical experience to identify critical points in the content. Suitable for all experience levels, you will find valuable information that will improve and fine-tune your everyday activities.

Download or read book Financial Planning Analysis and Performance Management written by Jack Alexander and published by John Wiley & Sons. This book was released on 2018-05-08 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Critical insights for savvy financial analysts Financial Planning & Analysis and Performance Management is the essential desk reference for CFOs, FP&A professionals, investment banking professionals, and equity research analysts. With thought-provoking discussion and refreshing perspective, this book provides insightful reference for critical areas that directly impact an organization’s effectiveness. From budgeting and forecasting, analysis, and performance management, to financial communication, metrics, and benchmarking, these insights delve into the cornerstones of business and value drivers. Dashboards, graphs, and other visual aids illustrate complex concepts and provide reference at a glance, while the author’s experience as a CFO, educator, and general manager leads to comprehensive and practical analytical techniques for real world application. Financial analysts are under constant pressure to perform at higher and higher levels within the realm of this consistently challenging function. Though areas ripe for improvement abound, true resources are scarce—until now. This book provides real-world guidance for analysts ready to: Assess performance of FP&A function and develop improvement program Improve planning and forecasting with new and provocative thinking Step up your game with leading edge analytical tools and practical solutions Plan, analyze and improve critical business and value drivers Build analytical capability and effective presentation of financial information Effectively evaluate capital investments in uncertain times The most effective analysts are those who are constantly striving for improvement, always seeking new solutions, and forever in pursuit of enlightening resources with real, useful information. Packed with examples, practical solutions, models, and novel approaches, Financial Planning & Analysis and Performance Management is an invaluable addition to the analyst’s professional library. Access to a website with many of the tools introduced are included with the purchase of the book. Please see About the Website page for access instructions.

Download or read book Advanced Introduction to Private Equity written by Gompers, Paul A. and published by Edward Elgar Publishing. This book was released on 2022-08-12 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms.

Download or read book Lean Transformation written by Suresh Patel and published by CRC Press. This book was released on 2016-08-05 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Books in the Quality and Business Excellence series can help readers improve customer value and satisfaction by integrating the voice of the customer into design, manufacturing, supply chain, and field processes. Lean Transformation: Cultural Enablers and Enterprise Alignment is about the Lean system. It begins by describing the reasons why so many Lean implementations fail and explaining why managers need to focus their valuable time on early adopters rather than on trying to convert resistors. This book describes the guiding principles of the Shingo process for continuous improvement layout and evaluation. It examines the principles, systems, and tools of continuous improvement and demonstrates how to deploy these proven methods in plants and distribution centers. The book covers time-tested continuous improvement process tools and practices, including the visual workplace, mistake proofing, PDCA, 5S, Heijunka, standard work, Kaizen, and value stream mapping. It also examines Lean performance measures and introduces a comprehensive Lean tool assessment system. Presenting seven proven techniques for altering and guiding a Lean culture, the book identifies a formal process for overcoming common roadblocks. It also illustrates the proliferation of the Lean initiative across an organization's various sites. This book describes how proper assessment of Lean system tools can help your organization remain focused on system standardization and boost your organization’s sustainability efforts. It includes job descriptions of various roles in the improvement process, including those for Lean supervisor and Lean team leader, as well as a glossary that defines key terms.

Download or read book Management Accounting 6e written by Will Seal and published by McGraw-Hill Education (UK). This book was released on 2018-10-30 with total page 887 pages. Available in PDF, EPUB and Kindle. Book excerpt: Management Accounting, 6e

Download or read book Performance Dashboards and Analysis for Value Creation written by Jack Alexander and published by John Wiley & Sons. This book was released on 2011-01-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: No matter what industry your company competes in, you need to have a firm understanding of how to create a direct link between shareholder value and critical business processes in order to improve performance and achieve long-term value. Performance Dashboards and Analysis for Value Creation contains the information and expertise you need to do just this—and much more.

Download or read book The Certified Manager of Quality Organizational Excellence Handbook Fourth Edition written by Russell T. Westcott and published by Quality Press. This book was released on 2013-10-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is a comprehensive reference source designed to help professionals address organizational issues from the application of the basic principles of management to the development of strategies needed to deal with the technological and societal concerns of the new millennium. The content of this fourth edition has been revised to reflect a more current global perspective and to match the updated Body of Knowledge (BoK) of ASQ’s Certified Manager of Quality/Organizational Excellence (CMQ/OE). In order to provide a broad perspective of quality management, this book has specifically been written to address: • Historical perspectives relating to the evolution of particular aspects of quality management, including recognized experts and their contributions • Key principles, concepts, and terminology relevant in providing quality leadership, and communicating quality needs and results • Benefits associated with the application of key concepts and quality management principles • Best practices describing recognized approaches for good quality management • Barriers to success, including common problems that the quality manager might experience when designing and implementing quality management, and insights as to why some quality initiatives fail • Guidance for preparation to take the CMQ/OE examination. Organized to follow the BoK exactly, throughout each section of this handbook the categorical BoK requirements associated with good quality management practices for that section are shown in a box preceding the pertinent text. These BoK requirements represent the range of content and the cognitive level to which multiple-choice questions can be presented. Although this handbook thoroughly prepares individuals for the ASQ CMQ/OE exam, the real value resides in post-exam usage as a day-to-day reference source for assessing quality applications and methodologies in daily processes. The content is written from the perspective of practitioners, and its relevance extends beyond traditional product quality applications.

Download or read book The Business Acquisition Strategy written by Arlind Sadiku and published by Arlind Sadiku. This book was released on 2024-03-30 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: ""The Business Acquisition Strategy" is tailored to address the needs and concerns of a diverse audience, ranging from seasoned dealmakers to first-time sellers or buyers. Whether you are a business owner contemplating an exit strategy, an investor seeking to expand your portfolio, or an entrepreneur exploring growth opportunities through acquisition, the book offers valuable insights and actionable guidance that can be applied to your specific situation "The Business Acquisition Strategy" goes beyond mere theoretical concepts, providing readers with real-world case studies and anecdotes that illustrate key principles and lessons learned. By drawing on actual experiences and scenarios, the book offers readers a practical perspective on the challenges and opportunities inherent in M&A transactions, enabling them to anticipate potential pitfalls and navigate the process more effectively. "The Business Acquisition Strategy" is not just a book; it is a comprehensive guide and strategic companion for anyone involved in the M&A arena. Whether you are embarking on your first deal or seeking to refine your existing M&A strategy, this book will empower you with the knowledge, insights, and tools needed to succeed in today's competitive business environment. From beginning to closing, "The Business Acquisition Strategy" is your roadmap to achieving M&A success.

Download or read book Valuation Techniques written by David T. Larrabee and published by John Wiley & Sons. This book was released on 2012-11-06 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analysis and insights from top thought leaders on a pivotal topic in investing and asset management Valuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the “father of value investing,” to Aswath Damodaran, you’ll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis. Features the best thinking on valuation from the industry’s masters on the topic, supplemented with dozens of fascinating and instructive real-world examples Comprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more Supplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets Is being produced with the full support and input of CFA Institute, the world’s leading association of investment professionals