西安信息网,代号刺刀,牛献杰
Definitions定义
strategy [strat'iji],策略[stratocaster电吉他的霁],
noun generalship, or the art of conducting a campaign and manoeuvring an army; any long-term plan; artifice or finesse generally.名词将才,或者进行一项运动的艺术和操纵一个军队;任何长期计划;诡计或手腕一般。
stratagem [strat'jm],战略[stratocaster电吉他的jm],
noun a plan for deceiving an enemy or gaining an advantage; any artifice generally. [French stratagème, from Latin, from Greek strategema a piece of generalship, trick;名词计划欺骗敌人或获得一个优势;任何技巧一般。[法国stratageme,从拉丁语,从希腊strategema一块将才,技巧
Strategy策略
Def: “An integrated set of actions that leads to a sustainable competitive advantage”Def:“一整套导致一个可持续的竞争优势”
Works well in a traditional industry characterised by low uncertainty在一个传英国战略管理学课件统行业的工作特点是低的不确定性
But: When uncertainty is high an alternative definition would perhaps be但是当不确定性是高的另一种定义方式可能会
“A handful of decisions that drive or shape most of the company’s subsequent actions, are not easily changed once made and have the greatest impact on whether the company’s strategic objectives are met”“少数决策驱动或形状大部分公司的后续行动,不容易改变了曾和有最大的影响是否符合公司的战略目标,”
Sustainable Competitive Advantage可持续的竞争优势
Why Value Based Management?为什么基于价值管理?
New management approaches for improving organizational performance
T.Q.M
De-layering
Empowerment
Reengineering
Some Successes
Failure frequently due to performance targets that were unclear or not properly aligned with the ultimate goal of creating value.
Failure due to lack of foresight e.g. Kodak recent bankruptcy filing
Value-based management (VBM) tackles this problem.
Value
Precise and unambiguous metric upon which an entire organization can be built.
Simple Principles
Company value determined by its discounted future cash flows.
Value is created only when companies invest capital at returns that exceed the cost of that capital.
VBM extends these concepts by focusing on how companies use them to make both major strategic and everyday operating decisions.
Aligns a company’s overall goals
Analytical techniques
Management processes
Focusing decision making on the key drivers of value.
VBM
NOT staff-driven exercise
Focus - better decision making at all levels in an organization
Expects managers to use value-based performance metrics for making better decisions.
Managing the balance sheet AND income statement
Balancing long AND short-term perspectives.
VBM successfully implemented = superior returns
Equivalent to restructuring to achieve maximum value on a continuous basis.
High impact resulting in improved economic performance
Value Drivers
Def: the key processes and capabilities that enable a company to generate and sustain high value strategies over time.
Strategic Value Drivers:
the processes that enable business units to achieve a more valuable customer offer and operating configuration than competitors.
Overcoming and outperforming competitors
Institutional Value Drivers:
Developing superior organisation capabilities
Overcoming internal barriers to value creation
Value Drivers II
VBM aligns corporate goals, performance measures, and management processes with the key drivers of value
Decision making at all levels
Right information
Appropriate incentives
Make value-creating decisions.
VBM provides individual managers or business unit heads with the information to quantify and compare the value of alternative strategies.
Result choice of value-maximizing strategy.
Requirements
Solid analytical understanding of which performance variables drive the value of the company
Whether more value is created by
increasing revenue growth
or
improving margins
Ensure strategy focuses resource and attention on the right option.
The Value Mindset
First embrace value maximization as key corporate financial objective
Focus directly on creating value
Set goals in terms of DCF value, the most direct measure of value creation.
Translate targets into short-term, objective financial performance targets
Tailor objectives to different levels within the organization
Tailored Objectives
Business unit manager - objective can be explicit value creation measured in financial terms.
Functional manager’s goals expressed in terms of
Customer service
Market share
Sales force productivity.
Manufacturing manager could focus upon
Cost per unit
Cycle time
Defect rate
Product development
Time to develop a new product
Number of products developed
Performance versus the competition
Why D.C.F ?
Need
Take a long-term view
Manage company balance sheet.
Only discounted cash flow valuation handles both adequately
Focus on this year’s net income or on return on sales
Myopic
May overlook major balance sheet opportunities
I.e. working capital improvement or capital expenditure efficiency. |
