Value based management: modern instruments of evaluation of developer company investment project effectiveness Cover Image

Управління вартістю: сучасні інструменти оцінки ефективності інвестиційного проекту девелопера
Value based management: modern instruments of evaluation of developer company investment project effectiveness

Author(s): Olga Petrash
Subject(s): Business Economy / Management, Methodology and research technology, Management and complex organizations, Financial Markets, Accounting - Business Administration
Published by: Переяслав-Хмельницький державний педагогічний університет імені Григорія Сковороди
Keywords: value-based management; VBM factors; investment project; developer; effectiveness

Summary/Abstract: The purpose of the article is scientific substantiation of the possibility to use effectively in the national practice modern instrumentsand models of the company (developer) value management in order to estimate effectiveness of the investment project of thecompany. The object of the research is Modern instruments of estimation of effective enterprise management within conception ofvalue-based management. Having analyzed, systematized and generalized of many scientists’ works we have concluded thatresearches of conceptual approaches and technologies of enterprise cost estimation are still essential. In this results of analysis ofmodern approaches to value-based company management were proposed; correlation between goals and approaches to estimationof company value was traced; principles of organization of system of indicators, which outline effectiveness of enterprise operationwere defined. Possible ways of EVA criteria usage for estimation of effectiveness of enterprise financial and business operationmanagement were reasoned. On the basis of review of modern literature sources related to this issue, main approaches todistinguishing groups of factors of costs, depending on the level of cost assessment, place of origin and possibility of management,were determined. As a result of research classification of native and foreign scientists’ approaches regarding differentiation of costfactors on the basis of financial and nonfinancial criteria was structured and consolidated. It was justified that complex managementof divergent factors will enable to apply value- based management system for operation of native enterprises especially when theyundergo innovative changes, which are the important lever of enterprise value formation and are often considered to be nonfinancial(quality) factors. We have proposed to use the integral index, such as their combination (for example EVA,SVA and CFROI ), forinvest project analyses of the developer for the further comparison of results. Perspective of the further investigations of this problemis developing of scientific-methodic instrument, which will enable to consider overviewed factors for making up decisions in thesystem of cost-oriented enterprise management.

  • Issue Year: 1/2014
  • Issue No: 23
  • Page Range: 25-29
  • Page Count: 5
  • Language: Ukrainian