In der Stahlindustrie sind strategische Entscheidungen mit hohen Investitionsbedarfen verbunden und aufgrund komplexer Produktionsvorgänge oft nur schwer zu bewerten. Im Rahmen der Arbeit wird ein Modell vorgestellt, das eine Verbindung zwischen der Veränderung technischer Parameter im Produktionsnetzwerk und ihren Auswirkungen auf den Wert der Unternehmung zulässt. Hierfür werden die zukünftigen Freien Cashflows bestimmt, die aus der Betriebstätigkeit (Produktion und Vertrieb) der Unternehmung resultieren und diskontiert zu einem Unternehmenswert aufsummiert (DCF). Entscheidend hierbei ist der Trade-off zwischen der technischen Detailtreue des Modells und der Handhabbarkeit (Modularität) bei der kurzfristigen Bewertung strategischer Fragestellungen. Abschließend wird der Einsatz des Modells anhand von Beispielen demonstriert.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

Companies are faced with challenges constraining the achievement of set budgets, goals, profit and cost of product, to name a few, on a daily basis. These challenges influence value creation and sustainable value creation. Value-based management is an integrated management tool which may assist in achieving sustainable value creation within a company. Achieving sustainable value creation will result in benefits for both the shareholders and the various stakeholders. In 2008 and 2009 Eskom, South Africa’s sole electricity provider announced a major shortage of electricity and consequently major price increases. Since electricity consumption is a crucial part of the production process, this announcement had a devastating effect on mining companies. The primary objective of the current study is to investigate whether a local mining company is focusing on applicable endeavours to overcome the electricity constraint and price hikes in order to sustain value creation. This was done by studying the company’s financial & management reports, public announcements and media coverage, in conjunction with a quantitative study, collecting primary data by using standardised questionnaires distributed among the mining company’s employees. The results from this study indicate that the selected company is focusing on relevant projects to overcome the electricity constraints. Further, the conclusion made from the results of the questionnaires shows that the higher staff levels are more informed and aware of value-based management. It also points out that the lower levels and employees from the production and mining departments are less informed and aware of value-based management. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2012

As chamadas variáveis controláveis de marketing, envolvendo o portfólio de produtos, preços, canais de distribuição, comunicações e força de vendas, podem ter o desempenho avaliado por meio da utilização de diversos indicadores atribuíveis a cada uma delas, estabelecendo-se uma relação entre os seus resultados com ativos de marketing, como valor de cliente e brand equity, posição de mercado, posição financeira e valor da empresa. No tocante ao programa de comunicação, especificamente, a atuação de seus profissionais é desafiadora em termos de demonstrar a coerência e justificar o orçamento necessário para realizarem suas ações e, a partir dos investimentos nessas ações, conseguirem proporcionar bons resultados em vendas, participação de mercado e, sobretudo, geração de valor para as empresas onde trabalham. Considerando a premissa de que a avaliação de desempenho deve ser realizada por meio de um processo estruturado e, a partir da revisão de relevantes pesquisas existentes sobre o tema, foi desenvolvido um método gerencial organizado em cinco etapas para que as indústrias fabricantes de bens de consumos possam fazer a mensuração, avaliação e apresentação dos resultados obtidos, em termos de vendas e de geração de valor, atribuíveis ao programa de comunicação de marketing. As etapas são compostas por: (i) organização das informações do plano de comunicação utilizado pela empresa; (ii) seleção de indicadores e classificação das metas; (iii) purificação dos resultados atribuíveis à comunicação de marketing; (iv) cálculo e análise dos indicadores de desempenho em comunicação; e (v) classificação e análise de resultados. Objetivando abordar a aplicação do método de maneira completa, foram propostos 30 templates, contendo indicadores, instruções e exemplos de preenchimentos. A pesquisa de campo, exploratória, ocorreu envolvendo entrevistas em profundidade, as quais permitiram validar e incrementar o estudo junto a alguns especialistas da área de marketing, finanças, comunicações, planejamento estratégico. Após as entrevistas, o método (processo) final foi proposto permitindo às indústrias avaliarem os resultados alcançados a partir da execução das estratégias de comunicação, relacionando-os à gestão baseada em valor nas organizações. / The so called marketing controllable variables, which involve product portfolio, prices, distribution channels, communication and sales forces can have their performance evaluated by using many indicators attributable to each of them, establishing a relation between their results and marketing assets, such as costumer lifetime value and brand equity, marketing and financial position and company value. Regarding specifically the communication program, the work of its professionals is challenging in terms of showing the consistency of the necessary budget for them to accomplish their activities and, by investing in these activities, to achieve good results as far as sales, market share and, above all, value generation for the companies where they work. Considering that the performance evaluation must be done through a structured process, and based on a review of existing research on the subject, a managing method was organized in five stages in order to create conditions for the consumption goods manufactures to evaluate the metrics, assessment and to disclose the results in terms of sales and value generation attributable to the marketing communication program. The stages are composed by: (i) to organize the information of the companys communication plan; (ii) to select the performance indicators and to classify the goals; (iii) to purify the results attributable only to the marketing communication activities; (iv) to evaluate and analyze the indicators of communication performance; and (v) to classify and analyze the results. Aiming at approaching the method application, 30 templates have been proposed containing indicators, instructions and examples for filling in. The exploratory ground research involved in depth interviews which allowed validating the study among some marketing, corporate finance, communication and strategic planning experts. After the interviews the final method was proposed allowing the manufactures to evaluate the results achieved with the execution of the communication strategies, relating these results to the value-based management within the companies.

This thesis is concerned with a discussion of advantages, disadvantages and potencial areas of usage of the Economic Value Added (EVA) as a measure of value based management. The coherency of EVA with key performance indicators as a tool of effective management is also analysed. Mentioned are also several alternative concepts. This thesis further analyses practical application of key performance indicators in mobile telecommunication company T-Mobile and evaluates the implemented concept of EVA as a central component of value based management.

In der Stahlindustrie sind strategische Entscheidungen mit hohen Investitionsbedarfen verbunden und aufgrund komplexer Produktionsvorgänge oft nur schwer zu bewerten. Im Rahmen der Arbeit wird ein Modell vorgestellt, das eine Verbindung zwischen der Veränderung technischer Parameter im Produktionsnetzwerk und ihren Auswirkungen auf den Wert der Unternehmung zulässt. Hierfür werden die zukünftigen Freien Cashflows bestimmt, die aus der Betriebstätigkeit (Produktion und Vertrieb) der Unternehmung resultieren und diskontiert zu einem Unternehmenswert aufsummiert (DCF). Entscheidend hierbei ist der Trade-off zwischen der technischen Detailtreue des Modells und der Handhabbarkeit (Modularität) bei der kurzfristigen Bewertung strategischer Fragestellungen. Abschließend wird der Einsatz des Modells anhand von Beispielen demonstriert.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Modern companies need to compete on a global level to obtain sufficient capital from investors. That is why it is becoming increasingly important for companies to concentrate particularly on fulfilling the expectations of the investment community. With this in mind, companies have begun to optimise their operational business processes in order to gain a greater degree of efficiency and in doing so greater security. This movement started in the early nineties with intensive Business Process Reengineering (BPR) exercises. A key enabler for increased efficiency through Business Process Reengineering was the infrastructure provided by the development of integrated software packages called Enterprise Resource Planning (ERP) systems. BPR exercises are normally part and parcel of an ERP implementation project. After the implementation of an ERP system in any business, management will also be in a vastly better position to control the business operations through better information delivery. Most companies are still controlled and managed on the basis of historical financial figures such as profit. Traditional financial statements are increasingly being viewed with distrust due to the perceived ease with which they can be manipulated. As many investors value companies and their performance on the basis of expected "future free cash flows" (excess cash after investment in all positive NPV projects), many companies are now switching from profit-based management to the more comprehensive Value Based Management principles, that takes this into account. A key enabler of the Value Based Management approach is the development of a Balanced Scorecard (BSC) that contains the measures whereby the business should be controlled and measured. With the BSC, a business strategy is translated into a strategic measurement system that focuses on more than just the traditional financial aspects by including measures in other areas of a business, such as customer satisfaction or internal efficiencies. In the BSC financial view the primary indicator of business success is Economic Value Created (EVe). Eve is a true indicator of shareholder wealth created and takes the cost of capital into account. EVC performance becomes the ultimate barometer of business success. Value Based Management companies that invested heavily in the implementation of ERP systems want a good return but normally don't know how best to achieve this. They are wondering how to best make use of the wealth of information that is suddenly at their disposal. In driving shareholder value they are faced by the following questions: • How to translate investor expectations into business strategy and how to link this strategy to day to day operations. • How to use the acquired ERP system in support of this Value Based Management approach to enable maximum return on the investment. In this study project a real South African company, XX Automotive (fictitious name), that recently implemented SAP R/3 as an ERP system is covered as an example to illustrate how these questions can be answered. In Part I, this study project begins by describing all the elements and basic principles of a Value Based Management System such as a Balanced Scorecard (BSC) with EVC as prime measure. Part II illustrates how the XX Automotive financial strategy is translated into a Balanced Scorecard with Economic Value Created (EVC) as main financial measure and how these defined measures were represented by SAP reports that were specifically developed for this purpose. The Balanced Scorecard represented by the SAP reports serves only as a one way measurement system. The next critical step is to determine how to influence the results. The information that populates the SAP reports in XX Automotive's Balanced Scorecard is generated all over the business by the end users in their respective departments. The influence on EVC through business actions by these individual units is discussed in depth as it provides the keys that illustrate how the value of EVC can be impacted positive or negatively by each. Giving individuals the power to influence EVC through incentive schemes is crucial for long term success. It is illustrated how improving EVC became the new business focus at XX Automotive and how each individual employee can visually see his role in influencing the outcome. Meeting the value-based "Expected EVC Improvement" targets will generate target level bonus payments. Each XX Automotive employee is encouraged to think and act like an owner because he is going to be paid like one. / AFRIKAANSE OPSOMMING: Moderne maatskappye moet op globale skaal kompeteer vir genoegsame kapitaal vanaf beleggers. Daarom word dit al hoe meer belangrik vir maatskappye om te konsentreer daarop om aan die verwagtinge van die beleggers gemeenskap te voldoen. Met dit in gedagte, het maatskappye begin om hulle operasionele besigheidsprossesse te optimeer om sodoende 'n beter vlak van effektiwiteit te bereik en daardeur groter sekuriteit aangaande hul eie voorbestaan te verseker. Hierdie beweging het in die negentigerjare begin met intensiewe besigheidsherontwerp, die sogenaamde 'Business Process Reengineering' (BPR) oefeninge. 'n Belangrike katalisator vir verbeterde effektiwiteit deur BPR is die infrastruktuur wat voorsien is deur die ontwikkeling van geintegreerde besigheidssagtewarepakkette nl. 'Enterprise Resource Planning' (ERP) stelsels. Met 'n ERP implementeringsprojek word gewoonlik intensiewe BPR gedoen. Nadat 'n ERP pakket geimplimenteer is behoort bestuur ook in 'n baie beter posisie te wees om besigheidsoperasies te beheer deur die verbeterde inligting verkry uit die ERP sagteware. Dit word ook duidelik dat die meerderheid van maatskappye steeds beheer en bestuur word op die basis van historiese finansiële maatstawwe soos wins in die inkomstestaat. Weens die feit dat baie beleggers maatskappye waardeer op grond van hul sogenaamde "future free cash flows" (oorblywende kontant na investering in alle NPV positiewe projekte), skakel maatskappye oor van 'n winsgebaseerdebestuurstelsel na die meer omvattende' Value Based Management' stelsel, waarvan 'Economic Value Created' (EVC) die hoofkomponent is. 'n Belangrike skakel in die 'Value Based Management' initiatief is die ontwikkeling van 'n 'Balanced Scorecard', 'n bestuurskonsep waarin die maatstawwe opgesluit lê waarmee die besigheid beheer en bestuur moet word. 'Value Based Management' gedrewe maatskappye wat groot investerings gemaak het in die implementering van ERP sagteware wil 'n goeie opbrengs op die belegging hê maar weet gewoonlik nie wat die beste manier is om dit te doen nie. Hulle wonder hoe om die maksimum voordeel te trek uit die skatkis van besigheidsinligting wat skielik tot hulle beskikking is. In 'n strewe om beleggers waarde te verbeter kom hulle voor die volgende vraagstukke te staan: • Hoe om beleggers verwagtinge om te skakel in besigheids strategie en hoe om hierdie strategie te skakel met daaglikse besigheids operasies. • Hoe om die ERP stelsel te gebruik ter ondersteuning van die 'Value Based Management' prinsiep om die maksimum opbrengs op belegging te kry. In hierdie studieprojek word 'n Suid Afrikaanse maatskappy, XX Automotive (fiktiewe naam), gedek wat onlangs SAP R/3 as 'n ERP stelsel geimplimenteer het as 'n voorbeeld gebruik om te illustreer hoe hierdie vrae in die praktyk beantwoord kan word. In Deel I van hierdie studieprojek word al die elemente en basiese beginsels van die 'Value Based Management' sisteem bespreek. Deel II illustreer hoe die XX Automotive finansiële strategie omgesit is in 'n 'Balanced Scorecard' met Economic Value Created (EVC) as die hoof maatstaf en hoe al die finansiële maatstawwe in die Balanced Scorecard deur middel van SAP verslae, wat spesifiek vir hierdie doel ontwikkel is, weergegee word. Die 'Balanced Scorecard', soos voorgestel deur die verslae in SAP, vorm net 'n metings instrument. Wat van groter belang is, is om te bepaal hoe die resultate beinvloed kan word. Die bestuursinligting waaruit die SAP verslae in die XX Automotive 'Balanced Scorecard' bestaan word gevorm deur die besigheidseindgebruiker op die SAP stelsel elke keer wanneer 'n besigheidstransaksie uitgevoer word. Die invloed op EVC deur individuele besigheidseenhede word in diepte bespreek aangesien dit deurslaggewend is ter illustrasie van hoe die EVC waarde positief of negatief geraak word deur hul besigheids aksies. Om individue die mag te gee om die waarde van EVC te beinvloed deur middel van 'n aansporingstelsel is kritiek vir lang termyn sukses. Elke XX Automotive werknemer word aangespoor deur 'n bonus stelsel om soos 'n aandeelhouer op te tree aangesien hy soos een vergoed sal word.

Wertorientierte Unternehmensführung, Wertstromdesign als zentrale Methode des Lean Managements und die Flexibilität von Produktionssystemen haben sich als Managementansätze in der Vergangenheit bewährt. Die Koexistenz dieser Ansätze stellt Führungskräfte vor die tägliche Herausforderung, ihren jeweiligen Beitrag zur wertorientierten Unternehmensführung zu erkennen, operative Entscheidungen zu treffen und auf diese Weise die Wettbewerbsfähigkeit des Unternehmens im Spannungsfeld der Interessen der Anspruchsgruppen sicherzustellen. Unter der leitenden Forschungsfrage, welchen Beitrag das Wertstromdesign als Instrument der wertorientierten Unternehmensführung zum Unternehmenswert unter Beachtung der Flexibilität des Produktionssystems leistet, werden die Einzelkonzepte detailliert betrachtet, wesentliche Einflussgrößen sowie deren durch Reduktion von Komplexität entstehende Wechselwirkungen identifiziert und zur Handlungsorientierung methodisch gestützte Gestaltungsempfehlungen formuliert.

For management to perform its functions of planning, organizing, leading and controlling effectively, a control process has to be in place. This control process should incorporate a target or standard measures and compares performance with the standard, evaluates results and takes any necessary corrective action. Hence, the introduction of the control process, including the measurement and evaluation of performance, has been recognized as a significant progression to ensure organizations achieve their objectives and goals.There are a number of performance measurement tools for management to select but one that stands out as possibly the preferred method is Value-based management (VBM). Value-based management, a relatively new concept, offers management a better way to measure performance in today’s business environment. The application of VBM links business strategy, finance, performance measurement and management processes all together to create value. VBM tells how the value of an organization is maximized, while developing corporate value is the best long-term measure to show how good the present management is doing its job. Therefore, VBM indicates the current situation as well as future prospects of an organization. Further, VBM helps managers and employees to obtain a sharper focus of the corporate vision and objectives based on one leading measurement indicator – that is to enhance corporate value. Unlike many performance measurement tools that may focus on many objectives, which may cause the lack of single focus for accountability for shareholder value, VBM provides a clearer objective focusing on the financial objectives across the organization. More importantly, VBM includes the cost of all capital required, while many performance measurement tools still provide incomplete information about cost.The purpose of this research is to study what organization factors influence the choice of performance measurement tools, such as VBM selected by management. This research also studies the manner in which the selection and the use of VBM might affect the performance of organizations in Thailand. A number of studies were made in the past dealing with the effectiveness of VBM.These studies analyzed how VBM assisted management in their administration and measurement of organizational activities. These researches add significantly to the body of knowledge and advance the concept of VBM. However, most researchers ignored an important aspect and that is, what factors influence the management to select and utilize VBM tools in their organization. This research attempts to address this knowledge gap, and answer the following questions: • What are the organization factors that could influence the selection and the use of VBM tools to measure organization performance? Then importantly,• Do the selection and the use of VBM tools improve organization performance?To examine and to properly evaluate the above questions, this research study identifies four key objectives. First, factors that influence management in selecting value based management tools to measure performance and set standards are to be identified. Second, identify the relationship between organization performance, the use of VBM and certain organization factors such as organization size, market share position and product life cycle stages. Third, study the impact of VBM on organization performance in the Thai environment. Fourth, provide information on how VBM is selected and used in the electrical and electronic industry in Thailand.The following three hypotheses were proposed to study the behaviour of variables:Hypothesis 1: Organization factors are not the determining factors for selecting and using VBM tools for performance measurement.Hypothesis 2: VBM tool selected and used by an organization do not influence its organization performance.Hypothesis 3: The relationship between organization factors and organization performance are not mediated by the VBM tools selected and used by an organization to measure organization performance.To test the hypotheses empirically, a mailed-survey questionnaire was used to collect data. A stratified sampling technique on a population of 462 Head of Finance/Accounting Departments of the Electrical and Electronics Industry of Thailand was employed. The above hypotheses were tested using several analytical techniques including regression model, correlation coefficient and factor analysis.The result of this research indicates that none of the chosen organization factors studied directly influences the selection and the use of VBM tools. In addition, the findings indicated a significant relationship between independent variables, which are organization size and market share position. But these two factors do not establish significantly relationship with the VBM or an organization performance. Further, although the product life cycle stage was not a factor that influenced the selection and the use of VBM tools, it showed a significant negative relationship with organization performance. This was regardless of whether or not the organization selected and used VBM tools. This indicates that the selection and the use of VBM tools are less preferable when the product of an organization is at the early stages such as emerging and growth stages. On the other hand, VBM tools are more preferred by an organization when its product reaches maturity. Finally, these research findings demonstrate that the selection and the use of VBM tools are significantly related to an improvement in organization performance. In other words, the performance of an organization improved with the use of the VBM tool.It is believed that this research is a first attempt to delineate factors that influence management to select and utilize VBM tools in their organizations. One nation, Thailand and one Industry, the electrical and electronic industry were used as the laboratory to test the hypotheses. It is hoped that future research will replicate this study in other industries and countries that would help to confirm the results of this study. Such studies will not only substantiate this research but also offer new insights into understanding the factors influencing the selection and the use of VBM tools. Different organizational factors, different performance measurement tools, and/or different methodologies in conducting the research showed further contribute to knowledge in this area. The research opportunities are considerable, especially in relation to cross-country comparisons based on performance measurements, using VBM tools and it is this type of research that will improve our understanding of the subject and lead to adoption of these measures in organizations.