Balanced Scorecard

Book Description

Here is the book-by the recognized architects of the Balanced Scorecard--that shows how managers can use this revolutionary tool to mobilize their people to fulfill the company's mission. More than just a measurement system, the Balanced Scorecard is a management system that can channel the energies, abilities, and specific knowledge held by people throughout the organization toward achieving long-term strategic goals.

Kaplan and Norton demonstrate how senior executives in industries such as banking, oil, insurance, and retailing are using the Balanced Scorecard both to guide current performance and to target future performance. They show how to use measures in four categories-financial performance, customer knowledge, internal business processes, and learning and growth-to align individual, organizational, and cross-departmental initiatives and to identify entirely new processes for meeting customer and shareholder objectives.

The authors also reveal how to use the Balanced Scorecard as a robust learning system for testing, gaining feedback on, and updating the organization's strategy. Finally, they walk through the steps that managers in any company can use to build their own Balanced Scorecard.

The Balanced Scorecard provides the management system for companies to invest in the long term-in customers, in employees, in new product development, and in systems-rather than managing the bottom line to pump up short-term earnings. It will change the way you measure and manage your business.

Customer Reviews:

Excellent.......2007-10-22

This is a product that help me to alling the objetive of our organization to the lowest levels

Effective Strategic Management Tool.......2007-10-16

The book is a classic that has revolutionalised the way executives view their organizations, be it a for profit or not-for-profit entity. The Balanced Scorecard, an approach to strategic management that was developed by Robert S Kaplan and David P Norton, is a concept for measuring a company's activities in terms of its vision and strategies, to provide managers with a comprehensive view of the performance of a business. The key new factor is focusing not only on financial results but also on the human issues that drive those outcomes, so that organizations focus on the future and act in their long-term best interest.

The traditional means of measuring success through financial performance focuses on achievement to date. It is backward looking and can be counter productive in terms of securing a successful financial future. According to Kaplan and Norton financial measures are inadequate for guiding and evaluating the drive that information age firms must make to create future value through investment in customers, suppliers, employees, processes, technology and innovation.

The Balanced Scorecard balances financial success with processes that will generate success in the future. The scorecard retains a financial perspective and achieves balance by introducing a customer perspective, an internal perspective and a learning and growth perspective. In addition, it introduces objectives and measures, identifying both critical success factors and critical measurements.

The Balanced Scorecard is a management system (not only a measurement system) that allows organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the Balanced Scorecard transforms strategic management from an academic exercise into the nerve centre of an enterprise.

The Balanced Scorecard methodology builds on some key concepts of previous management ideas such as Total Quality Management (TQM), including customer-defined quality, continuous improvement, employee empowerment, and measurement-based management and feedback.
The Balanced Scorecard suggests that we view the organisation from four perspectives, namely the financial perspective, customer perspective, internal business processes and learning and growth perspective. The approach requires managers to develop metrics, collect data and analyze it relative to each of these perspectives.

This outstanding book is recommended to managers at all levels of an organisation, as well as business management students and strategy consultants.

The Balanced Scorecard - translating strategy into action.......2007-10-06

The order process was quick and easy,the information updates on status of delivery were accurate, the book arrived before ETA, and it was in excellent condition.

Thank you for a great transaction.

Now I just have to read it!!!
Regards

Breed Lewis

they are the ones.......2007-04-09

They invented it and there's no way to plan a BSC without knowing where it came from.

You don't notice that it's been 10 years since it was written.

Are you adding or destroying value ? - Find it out with The Balanced Score Card.......2006-07-13

The financial performance of an organization is essential for its success. Even non-profit organizations must deal in a sensible way with funds they receive.

In 1992, an article by Robert Kaplan and David Norton entitled "The Balanced Scorecard - Measures that Drive Performance" in the Harvard Business Review caused a lot of attention for their method, and led to their business bestseller, "The Balanced Scorecard: Translating Strategy into Action", published in 1996.

In this book Robert S. Kaplan and David P. Norton develop and describe the Balanced Score Card, a multidimensional approach to measuring corporate performance that incorporates both financial and non-financial factors.

The Balanced Score Card method of Kaplan and Norton is a strategic approach and performance management system that enables organizations to translate a company's vision and strategy into implementation, working from 4 perspectives:
1. financial perspective,
2. customer perspective,
3. business process perspective,
4. learning and growth perspective.

- Financial perspective: Kaplan and Norton do not disregard the traditional need for financial data. Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it. In fact, often there is more than enough handling and processing of financial data. With the implementation of a corporate database, it is hoped that more of the processing can be centralized and automated. But the point is that the current emphasis on financials leads to the "unbalanced" situation with regard to other perspectives. There is perhaps a need to include additional financial-related data, such as risk assessment and cost-benefit data, in this category.

- Customer perspective: recent management philosophy has shown an increasing realization of the importance of customer focus and customer satisfaction in any business. These are leading indicators: if customers are not satisfied, they will eventually find other suppliers that will meet their needs. Poor performance from this perspective is thus a leading indicator of future decline, even though the current financial picture may look good. In developing metrics for satisfaction, customers should be analyzed in terms of kinds of customers and the kinds of processes for which we are providing a product or service to those customer groups.

- Business Process perspective refers to internal business processes. Metrics based on this perspective allow the managers to know how well their business is running, and whether its products and services conform to customer requirements (the mission). These metrics have to be carefully designed by those who know these processes most intimately. In addition to the strategic management process, two kinds of business processes may be identified: a) mission-oriented processes, and b) support processes. Mission-oriented processes are the special functions of government offices, and many unique problems are encountered in these processes. The support processes are more repetitive in nature, and hence easier to measure and benchmark using generic metrics.

- Learning and Growth perspective includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement. In a knowledge-worker organization, people are the main resource. In the current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a continuous learning mode. Government agencies often find themselves unable to hire new technical workers and at the same time is showing a decline in training of existing employees. Kaplan and Norton emphasize that 'learning' is more than 'training'; it also includes things like mentors and tutors within the organization, as well as that ease of communication among workers that allows them to readily get help on a problem when it is needed. It also includes technological tools such as an Intranet.

The integration of these four perspectives into a graphical appealing picture have made the Balanced Scorecard method a very successful methodology within the Value Based Management philosophy.

In addition to this book you may want to consider the following books on the subject:
- Robert S. Kaplan. Alignment: Using the Balanced Scorecard to Create Corporate Synergies.
- Paul R. Niven. Balanced ScoreCard Step-by-Step: Maximizing Performance and Maintaining Results.
- Paul R. Niven. Balanced ScoreCard Step-by-Step for Government and Nonprofit Agencies.
- Nils-Göran Olve. Performance Drivers: A Practical Guide to Using the Balanced Scorecard.
- Robert S. Kaplan. The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment.
- Robert S. Kaplan. Strategy Maps: Converting Intangible Assets into Tangible Outcomes.
- Robert S. Kaplan. Putting the Balanced Scorecard to Work.
- Robert S. Kaplan. The Balanced Scorecard: Measures That Drive Performance.

Average customer rating:

Unnecessarily Complex
A finance textbook full of errors and holes
A Wonderful Approach to Corporate Finance
Good basic overview of finance intersecting corp strategy
Missed the mark! Poor coverage of contemporary issues...

Financial Markets & Corporate Strategy
Mark Grinblatt , and Sheridan Titman
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover

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ASIN: 0072294337

Book Description

The authors began writing the First Edition of this textbook in early 1988. It took almost 10 years to complete this effort, because they did not want to write an ordinary textbook. Their goal was to write a book that would break new ground in both the understanding and explanation of finance and its practice. They wanted to write a book that would influence the way people think about, teach, and practice finance. A book that would elevate the level of discussion and analysis in the classroom, in the corporate boardroom, and in the conference rooms of Wall Street firms. They wanted a book that would sit on the shelves of financial executives as a useful reference manual, long after the executives had studied and received a degree. They were successful in their endeavor. The success of the first edition of Financial Markets and Corporate Strategy was very heartening. The market for this text has expanded every year, and it is well-known as the cutting edge textbook in corporate finance around the world. The book is used in a variety of courses, both for introductory courses and advanced electives. Some schools have even changed their curriculum to design it around this text. The authors have developed this Second Edition based on the comments of many reviewers and colleagues; producing what is a more reader-friendly book. The most consistent comment from users of the first edition was a request for a chapter on the key ingredients of valuation: accounting, cash flows, and basic discounting. This ultimately led to a new chapter in the text, Chapter 9, which is currently available in the "Sample Chapter" section of the book's website. In almost every chapter, examples are updated, vignettes changed, numbers modified, statements checked for currency and historical accuracy, and exercises and examples are either modified or added to. The goal of the Second Edition is to make the book ever more practical, pedagogically effective, and current.

Customer Reviews:

Unnecessarily Complex.......2006-08-28

Author devotes 2 pages to mathematically prove & philosophically justify that a manager should chose the highest NPV project before chosing the next highest NPV project. Such logic continues ad infinitum throughout the 800+ page text. Time for 3rd Ed.

A finance textbook full of errors and holes.......2005-05-07

I am a postgraduate student in finance and this book is on my reading list for corporate finance. I must say that I am not very pleased with this book. First, it seems to skip around from chapter to chapter with no real logical organizational structure. Second, it is full of typos and mistakes -- some that are quite dangerous for a proper understanding of the material. Third, it does not develop fully the statistically techniques in Chapter 4 that it builds on in later chapters. This is a major problem in my opinion. What saves this book from the lowest rating is that it does discuss empirical studies and journal articles, and it does not do an entirely awful job about the more qualitative subjects like adverse selection and capitalization policy.

For what it's worth, I received my undergraduate degree at Wharton and am now at the London School of Economics. Instead of this book, I recommend Brealey and Myer's Principles of Corporate Finance. This is what I used as an undergraduate and is what seems to be the de facto textbook in the top undergraduate and MBA programs.

N.

A Wonderful Approach to Corporate Finance.......2005-04-12

I will admit this book does not take the standard approach to learning corporate finance. The authors discuss a wide variety of common topics, ranging from market models, option valuation, capital structure concepts and decisions, to more specialized topics such as corporate governance and financial risk management.

What is unique about this book, though, is that the authors encourage students to think about problems more broadly than one often sees in introductory texts and courses. For example, the authors encourage the use of decision trees (i.e. binomial models) to value a wide range of assets, not just stocks. If one can value a stock option using a binomial tree, why not use the same framework to value a plot of undeveloped real estate, an untapped mine, or any other "real option" owned by a company?

Another reason this text is excellent is because the authors include a vast survey of recent financial and economic literature relevant for the financial decision-maker. Highly developed markets depend on the signaling of information between investors and management, creditors and debtors, customers and suppliers, and so forth; understanding the implications of these interactions and their subsequent effects is of primary importance to decision-makers.

For example, the "pecking order" theory of capital structure is one of the most well-known concepts in finance, but nonetheless often misunderstood (if you want proof of this, why did investors respond so enthusiastically to every IPO in the late 1990's?). Instead of glossing over an explanation of the theory, the book thorougly explains it and provides problems where the reader can actually work through a simplified model that really reinforces the concept.

While this book served as a good introduction to a wide scope of problems in finance, it was most useful because it helped me to apply economic tools not just to solve but to understand financial problems. The use of decision trees in the simplified, binomial model setting helped me to understand option/project valuation and risk-netural valuation, the linchpin of no-arbitrage pricing. It also has perhaps the most thorough, lucid explanation of Arbitrage Pricing Theory (APT) I've seen anywhere- for a practitioner trying to understand factor models, this chapter alone makes the book worth it.

I understand that this is a very difficult book and that the problems are beyond what one may expect in a MBA-level course. Nonetheless, finance is an increasingly competitive field whose employers are starting to demand more analytical skills and intiution from recent graduates. In response to the reviewer who said this text is not suitable for CFA preparation, I do agree with that sentiment. First, the CFA program is designed for self-study that any motivated and capable professional can handle, while Grinblatt/Titman is clearly appropriate for a rigorous MBA-level sequence in corporate finance. Second, the CFA exam emphasizes asset valuation and portfolio management, while this book stresses financial decision-making from a manager's standpoint.

While I normally don't like reviews that justify their opinions by offering credentials, I also work on Wall Street and I find the concepts taught in this book to be quite relevant in handling real-world problems.

Good basic overview of finance intersecting corp strategy.......2005-02-25

I bought this book as a recommended supplemental text for a course in Corporate Finance in the MBA program at the U of Michigan Business School. I am very glad to have this book on my shelf of financial books and have benefited from it more than once.

I can recommend it to you strongly by praising it for these reasons:

1) It puts practical flesh on the financial model bones you learned in your first course on finance. There are very good discussions of the basic and well-known fundamental theories and models, but the authors also share with us what tends to happen in the real world. And isn't that what each of us need to add to our theoretical thinking?

2) Each chapter has effective summarizing Key Concepts and Key Terms with plenty of problems to work through and a list of References and Additional Readings that enable the reader to dive deeper into the topic of the chapter just read.

3) The book is helpfully organized into six Parts that provide the framework for the discussion. Parts 1-3 are a review of "Financial Markets and Instruments", "Valuing Financial Assets", and "Valuing Real Assets". This foundation gives the student a good grounding in order to see how these principles are used in the work of managing the capital structure of a corporation. Parts 4-6 discuss the "Corporate Financial Structure", "Incentives, Information and Corporate Control", and "Risk Management". These last three sections are the real meat of the book and where a great deal of its value to the business student lies.

4) Each of the Parts has an effective and brief introduction that sets the tone for what is to be studied. Even better, at the end of each the six Parts there are two very helpful summary sections: "Practical Insights" and "Executive Perspective".

This is a specialized topic. But it is an important topic. This is a very good book that can help a serious student get grounded in some very important principals necessary to managing the financial issues facing every corporation. I recommend it.

Missed the mark! Poor coverage of contemporary issues..........2004-12-22

This text is just below par for MBA / CFA or professional use. The quality of research is very poor. I almost bought this book recently but changed my mind instead for Brigham's "Intermediate Financial Management".

Compared to other finance texts I've used before such Reilly's "Investment Analysis & Portfolio Mgt." or Chew's "New Corporate Finance", Grinblatt's text is way way behind and offers nothing new and of value to my research & professional everyday use....

DON'T BUY this lousy book!

The Handbook of Financing Growth: Strategies and Capital Structure (Wiley Finance)

Average customer rating:

A Worthy Investment
Good Value For Time Invested in reading
Reads like a great novel for the Entrepreneur
Excellence in Grwoing companeis
This handbook should be on every entrepreneur's bookshelf

The Handbook of Financing Growth: Strategies and Capital Structure (Wiley Finance)
Kenneth H. Marks , Larry E. Robbins , Gonzalo Fernandez , and John P. Funkhouser
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Book Description

An in-depth look at the strategies, capital structure, and fund raising techniques for emerging growth and middle-market companies.

Here is a comprehensive and practical guide to understanding and applying the basics of corporate finance to emerging growth and middle-market companies. Using empirical data and actual company cases to illustrate capital structures and financing approaches, the book provides a detailed discussion of the many funding instruments, from traditional bank loans and asset-based financing to different types of private equity and other creative solutions; the types of funding sources and their expected rates of returns; and typical deal terms.

Download Description

"An in-depth look at the strategies, capital structure, and fund raising techniques for emerging growth and middle-market companies.

Customer Reviews:

A Worthy Investment.......2007-08-31

I bought this book about a year and a half ago, and have been reminded of the wisdom of that purchase every time I pick it up again...a great ROI on that small investment!

Good Value For Time Invested in reading.......2006-12-29

If you're a startup or an entrepreneur...you have very little time and/or few sources of quality information.

This book gives you the big picture, it also gives you many details that are hard to get...it's the best investment you can make with your time.

Reads like a great novel for the Entrepreneur.......2006-10-05

If you are like me, you read a lot of books to help you become a better Entrepreneur, looking for those tasty morsels that give you ideas or methods to succeed in growing your business.

This books is one of the few of its kind that I could not put down. Each section was interesting and most were relevant. I am sick of reading about pure high tech and software only plays. This book is not only very educational, it is a reference manual that never leaves my desk. The Database of funding sources is invaluable.

Excellence in Grwoing companeis.......2006-04-13

Whether you are a start-up, growing a business or just interested in business reading, Kenneth H.Marks provides a clear insight into topics and issues required by any business person. Thought I understood finance until I read this book and located gaping holes in my understanding. Would recommend this book for any business course- it fills in the knowledge gaps that business schools leave.

This handbook should be on every entrepreneur's bookshelf.......2005-10-19

This book is truly incredible! As the co-owner of a full service commercial finance intermediary firm, we are always looking for valuable and concise resources to draw upon for in-depth information regarding the very vast world of corporate finance. This book is it. It doesn't matter if you are an entrepreneur, student, or financial professional, this book covers every aspect of corporate financing options. I have used the "Financing Source Directory" numerous times to locate finance companies based on area of expertise and required funding. Our job as financial intermediaries is to not only educate our clients based on the best source of financing according to their respective needs but to also have a vast database of finance professionals to call upon in order to successfully facilitate our clients funding requirements. The "Financing Source Directory" and the material in this book provide just that and more. The investment price for the book is worth the directory alone. If you're trying to locate funds for your company or if you would like to have a better understanding of how to finance a growing organization, go buy this book.

Mastering Value at Risk: A Step-by-Step Guide to Understanding and Applying VAR (Market Editions)

Average customer rating:

Failed Potential
Very helpful for beginners
Until something better comes along. . .
very disappointing
A practical book on VaR

Mastering Value at Risk: A Step-by-Step Guide to Understanding and Applying VAR (Market Editions)
Cormac Butler
Manufacturer: Financial Times/Prentice Hall
ProductGroup: Book
Binding: Paperback

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ASIN: 0273637525

Book Description

Value at Risk (VAR) is rapidly emerging as the dominant methodology for estimating precisely how much money is at risk each day in the financial markets. Traders and managers use it to monitor the financial risk of a portfolio. This book provides an objective view of VAR, analyzing its pitfalls as well as its benefits.

Customer Reviews:

Failed Potential.......2007-03-12

This book would have been 5 stars if it had been edited and proofed properly. There are *FAR* too many errors. I would still recommend that one purchase and read this book, which is a good introduction to VaR for the uninitiated, but the error count is just ridiculous. There are significant errors nearly every other page.

There are:

* currency sign errors, which render examples meaningless;
* repeated formula errors, which require the reader to guess the correct formula;
* text errors, which change the meaning of the sentences to their exact opposite;
* errors in punctuation;
* errors in grammar;
* numerical errors in the text next to examples that show the correct numbers.

If there were going to have been a second edition, it would already be out by now, so I'm not hopeful that a new edition will appear to correct the many errors.

I am QUITE surprised that the author doesn't have an errata page at the website he put up for questions on this book at [...]

File this book under "Failed Potential".

Very helpful for beginners.......2006-03-20

I'm chemical Engineer and I'm working on my thesis on to get the Master in Sc. I had no clue in VaR, this book help not only to understand it but to apply it further pure finances.

Until something better comes along. . ........2005-07-19

The other reviewers are correct about the errors. The results of Mr. Butler's formulas sometimes don't match the formulas themselves which in turn don't match his results in the spreadsheets. Also, the grammar, particularly the punctuation, leaves much to be desired. This book had either a poor editor or no editor.

However, Mr. Butler is the only author to write a book that shows actual real-world VaR calculations. The other books give plenty of theory, but never enough detail to enable you to do your own VaR calculations. So until something similar and better comes along, this book will have to do. And really, the errors in the spreadsheets are not that hard to spot if you just follow the text and if you are aware that the errors are there.

very disappointing.......2004-06-25

There are a number of errors in the book, thus making it very hard to get through. Additionally, I spoke to the publisher and there is NOT a second edition of this book available yet - so don't bother with the book. I was also surprised there is nowhere to get copies of the spreadsheets from on the web!!

A note to Mr. Butler - please take a note from Scott Meyers or Bruce Eckel who publish errata web pages.

A practical book on VaR.......2002-09-29

Mastering Value at Risk is 80% practical and 20% theoretical. However, there are a lot of mistakes, specially printing and calculation mistakes. For example, page 24, 25, etc. ambiguous exercises. I require professional solved cases and applications of the real world. Back testing and stress testing themes present a poor development.

There is a great practical case on EWMA, but it can not be compared to GARCH model, because there is not a practical case on GARCH. There is no useful application. This model is only mentioned and explained theoretically. On the other hand Montecarlo Simulation presents a certain confusion. It's unclear and imprecise.

Finally, at the end of the book an address and e-mail are written in order to make contact with the author, but such an e-mail doesn't exist. It was impossible for me to contact Cormac Butler by means of that e-mail. Besides, there is a website in order to send your questions and queries named answerback.org. It was not possible for me to access this website.

Book Description

Last year's headline-grabbing stories of the notorious bailout of Long-Term Capital Management and the 1.4 billion credit loss for BankAmerica opened the eyes of the investment world. These turbulent times have meant increased awareness of risk management and have lead to late breaking developments in new research, techniques, and theories in the field. Given the high stakes in today's business world with financial dealings in the billions (e.g., derivatives), it's easy to see why risk management has become the key buzzword on Wall Street. While Jorion focuses strictly on market risk, today's financial professionals are also evaluating credit risk and operational risk. Managing Risk provides a comprehensive description and analysis of modern risk management, including the regulatory aspects, organizational issues, potential problem areas, and tools to control and manage the many different kinds of risks: market risk, credit risk, and operational risk. It also discusses: structuring and managing the risk management function in a firm; practical measurement issues in the field; risk management in both financial and non-financial institutions.

Download Description

Risk Management introduces and explores the latest financial and hedging techniques in use around the world, and provides the foundation for creating an integrated, consistent, and effective risk management strategy.

Customer Reviews:

Comprehensive and excellent.......2003-01-11

This book is the most comprehensive treatment I've seen of financial risk management, particularly from a banking perspective. It covers both the regulatory and practitioner perspectives of modern risk management -- it's a veritable encyclopedia.

It's drawn from the wealth of experience of the authors, who are well known in both the academic world and on Wall St.

I guess what I like most about the book is the inside look it provides at the various aspects of financial risks -- no other book does it better, and I found the discussion enthralling.

While mainly geared toward banks, the book also includes a fascinating chapter on risk management in regular corporations. I think the book would serve equally well as a textbook for a risk management course or a handbook for the risk management practitioner.

Important stuff but hard slogging.......2002-07-16

This is an encyclopedia, and reading such things is not what most people, even when deeply interested in the subject are likely to do. It does provide a fair reference for specific topics, but this is not a subject one can really pick and choose.

VAR is the ususal starting point, and its famous authors (one of whom I hired for his skill in these matters) cover most of the bases in an interesting way.

Good book on risk management, February 4, 2002.......2002-02-05

I bought this book because some readers highly recommended it. I'm a financial derivatives strategist and risk management consultant. When a reviewed the book I disappointed in five main particular points: 1) The chapter on VaR is unsatisfactory and insufficient. The authors discuss this subject in a general approach. From my view point I have a preference for Jorion's Value At Risk. 2) There is no discussion about GARCH models, which decrease the importance of this book. I recognise "Risk Management" is a great book. It's a vast encyclopaedia of risk. 3) There's a great discussion of all types of risk, but without any practical solved case. This particular point demerit the seriousness and greatness of the book. 4) The level of mathematics in the book is a little advanced and without any support en practical cases, these poor numerical exercises and calculus tools are useless. 5) Montecarlo simulation approach is bad. There is a great discussion on this subject in Hull's Options, Futures and other derivatives, where the theme is practical, objective and concise. Finally and taking into account these five particular disadvantages, I'll give my rating to this book: 3 stars.

Don't miss it.......2001-08-24

I think it the best book about Risk management I read so far. I was impressed even by the way they treat market risk although it does not seem their main interest. The chapter on VaR is much better than a whole book on it. Great!!! Everyone should have a copy...

The best risk management book.......2001-06-14

This is by far the most comprehensive and well-written book on risk management. If you were to read only on book on the subject, there is no doubt you should choose Crouhy, Galai, Mark. The book reflects not only the authors' serious academic background - all of them have been professors at top universities - but also their detailed hands-on experience.

Average customer rating:

Excellent Resource on How to Deliver Results for Your Clients
Relatively little new or noteworthy
A Valuable Investment
A Valuable Investment
Maybe it is the key of the ývalueý and ýinvestmentý.

The Quest for Value
G. Bennett Stewart
Manufacturer: Collins
ProductGroup: Book
Binding: Hardcover

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In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions:

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Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVA ^r -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value, is senior partner and cofounder.

The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value.

The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVA ^r approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.

Customer Reviews:

Excellent Resource on How to Deliver Results for Your Clients.......2007-01-06

When selling, it is easy to fall into the trap of talking price or comparing yourself to your competitors. The Quest for Value illustrates how you can quantify delivering value to your clients. Listen to their needs and use your product or service to deliver a solution for those needs. You can use EVA as a method to define the solution for your customers by quantifying the benefit. You will earn your client's respect without having to lower price or fall into roadblocks set by your competitors.

Relatively little new or noteworthy.......2003-06-26

Many of the concepts in this book have been described and used by successful investors such as Graham in the 30s, Buffett's adaptation of Graham's ideas in the 70s and 80s, and the more recent breed of Intrinsic Value-driven investors who garner wide respect today. New terms are introduced with great fanfare when they often are simple rearrangements of well-known formulas (taking the inverse of a ratio somehow gives you a radically new insight?). It seemed to me that the major contribution of the author is a new set of acronyms.

Claims about how failing companies turned around into successes because they adopted EVA are not sufficiently supported. Those turnarounds could have happened for any of many other reasons. The claims would be believable if they were well supported with facts and deeper analysis. As they are, they detract from the overall quality of the book and raise questions about other claims made in it. At times the author's tone is condescending, as if we can all assume his statements don't need proof!!

The book could function as a fair reference but as most other reviewers have noted, there is no index, and the table of contents is about half a page! This is particularly difficult because the discussions of important concepts are somewhat spread about in the book.

On the positive side, the author's focus on return on capital is good and the reasoning well stated and easy to understand. By the same token, his discussions of what provides true value to the investor (and business manager) is good. But these are not very original. Either the book should have been about one-fourth as long, or the examples the author used to justify EVA should have been much more thoroughly developed.

A Valuable Investment.......2003-02-03

In not possessing a Finance or Accounting background, I have found it extrememly difficult to find a book that can guide me from the very basics of corporate valuation through to the complexities inevitable in any such subject.

However I would urge any potential customer (either financially astute or a beginner like myself) who is genuinely interested in Value, to look no further than "The Quest for Value".

The key resides in the style (fully informative yet at times conversational / humorous), the content (rich in depth and explanation) and finally the extensive case studies and "war stories" that bring Valuation fully to life.

You dont have to be an accountant or corporate finance practioner to understand and apply the fundamental principles of EVA - in fact as the author sometimes alludes to, not possessing this background is perhaps a distinct advantage.

Investing in this Quest with Stern Stewart as my guide has helped me enormously.

A Valuable Investment.......2003-02-03

However I would urge any potential customer (either financially astute or a beginner like myself) who is genuinely interested in Value, to look no further than "The Quest for Value".

The key resides in the style (fully informative yet at times conversational / humuorous), the content (rich in depth and explanation) and finally the extensive case studies and "war stories" that bring Valuation fully to life.

Investing in this Quest with Stern Stewart as my guide has helped me enormously.

Maybe it is the key of the ývalueý and ýinvestmentý........2002-01-17

After getting my MBA 1995, I have read so many books discussing about value and investment, I recommend, however, that The Quest For Value is the one you must read. The reasons:

First, few books put the two topics (value, investment) in one theoretical system. Even the books or articles about "value investment" can be separated into two categories: these about "investment art", talking about, or written by investment experts (who's names on the Money Master and New Money Master); the other about the "valuation scientific methods". People talked about value investment ideas by totally separated way, the art, or the science.

Second, too many books discuss value investment by this way: "it is the one... (maybe earning, or cash flow, or working capital,) but..., or, if....,". So the investor become a boxer, who need professional speed and energy to quickly switch his positions and punch among the keep coming "but", "if" from either accounting or reality. Contrary to my boxer's inspiration, my best friend in business school told me: "Warren Buffett must have one secret point he never told anybody". I think the secret he means is what is "one dollar", and what is "forty cents", if buy low sell high is the plan. Haven't our two foolish business school students told you everything about the "modern" market efficiency and inefficiency theories?! I know value investment masters will feel sad for this kind of coming value investment young villagers. Anyway, besides the "professional strong" and the "superstition power" from the point of ours, is there a rational point to support the leverage of investment art.

The third, value investment is always about two aspects: the business and the management. From Fillip Fish's buy and hold sticky strategy to Peter Lnych's traveling and talking around the world, to Warren Buffet's appreciation: "he (the CEO) is this kind of person, you can marry your daughter to him", investment is about to invest, or to marry with, the management team. But, we need the handsome's picture.

The Fourth, what kind of morality standards fits Wall Street's social position. Probably, people don't have time to talk about good or bad, when the regulation of a game is win or loss. However, if you are playing NBA, your morality, personality, even image are kind of money at least, aren't they? Even you just doing exercise in your backyard, at least don't forget another possibility: win-win.

If you have this kind of questions, you must read this book. The author's capital efficiency view and five categories of business accordingly put the "value" and the "investment" two topics into one system to discuss.

And, The Economic Value Added (EVA) investment method is independent from the any accounting system. The accounting system as a standard record of business activities is only an object of study, criticize or judgment for investment decision but not a constriction of decision mine field. Contrary to "but" "if" talking, this book puts everything on this way: it is the one (EVA), so you should....

Additionally, to look for a good management maybe, for investor, can become to create of good management teams. This topic you can read EVA and Value-Based Management by Mr. Young and O'Byrne for further study.

Finally, the meaning of investment probably is not just NBA's win or loss. It is about to add or to damage (or even worse, to steal maybe) the social wealth according to EVA theory.

Interesting? Plus the author's good logic and good case study! The only lack of this book to me is that the Capitan Case only has one. After finishing the Capitan Case at the end of the book, I wish there were other four cases for the other four categories of business accordingly (If you know where I can read that, please let me know...).

There already been so many, so different opinions about this book on this site. While, if investment is art, according to Peter Lynch, or is a project, according to Charles Ellis, then any theory or method is just a kind of tool or weapon. So it will depend on the person, so it will depend on everything. I myself start the second reading after the first. I am going back to Main China pretty soon to do Investment Banking business, probably focus on LBO, and I will keep reading this book, talking about this book, and trying to imply this book. I think that I owe amzon.com a customer's view since I have got so much helps from others' views, so I recommend this book to you: If you have been so patient to read my view to here, you need read that book. Good Luck :)

The Art of Profitability
Average customer rating:

Good

Wonderful book

Insightful and Hilarious

Hemmingway he is not

Shows how a business makes a profit

The Art of Profitability
Adrian Slywotzky
Manufacturer: Business Plus
ProductGroup: Book
Binding: Paperback

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The Profit Zone: How Strategic Business Design Will Lead You to Tomorrow's Profits

How to Grow When Markets Don't

Value Migration: How to Think Several Moves Ahead of the Competition

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Profit Patterns: 30 Ways to Anticipate and Profit from Strategic Forces Reshaping Your Business

ASIN: 0446692271

Book Description

The bestselling author of The Profit Zone delivers an extraordinary new business plan on how companies can generate greater profits. Presented in 23 compact lessons, THE ART OF PROFITABILITY features a fictional account of a corporate executive's quest to learn the 'art' of generating profit from a Zen-like seasoned master. The tutorial offers numerous business models to examine and analyze how various companies go about making money. Through the master's teachings, the executive-and readers everywhere-see business in an entirely new light, and discover how to improve profits by taking a step back and gaining a new perspective.

Download Description

Presented in 23 compact lessons, THE ART OF PROFITABILITY features an ongoing tutorial between two fictitious individuals: the old and wise teacher, David Zhao, the business master, and his pupil, Steve Gardner, a young and ambitious manager. Along the way, Zhao goes through a number of business models and pushes his student to examine and analyze how a variety of businesses go about making money. Through Zhao's teachings, Steve begins to see the business world in an entirely new light - a light that leads him to see how profits can be improved simply by taking a step back and gaining a new perspective.

Customer Reviews:

Good .......2007-10-09

Totally satisfied.Was told by professor the book is a rare one. eally happy to have found it on Amazon and in the condition just as described.It is a great book. Thanks Amazon.

Wonderful book.......2007-03-21

This novel captures the ideas of the book THE PROFIT ZONE by the same author. I made it a required book for my MBA class on Pricing.

Insightful and Hilarious.......2006-10-15

This is a unique and hilarious book on 23 models that the author, Adrian Slywortzky, presents for improving the profitability of a company. The author methodically presents an insightful story in each chapter enabling the reader to gain an appreciation of the 23 models through parables and hilarious stories.

The author did a good job of transforming a rather dry subject into something interesting which both the veteran in accounting and the novice will find enjoyable and enlightening. The reader is made to reflect and think about their business which makes the book unique and useful.

As soon as I got the book, I swallowed it in three days and I have to admit that it was extremely tasty and satisfying. This is a useful book for all people running businesses and those intending to do so.

Hemmingway he is not.......2006-06-17

Powerful but very weak in execution...

Very nice ideas. Very well researched topic. However, terrible execution.
Clearly Mr. Adrian Slywotzky tried to combine his business knowledge with his aspirations at becoming a novel writer. The result? A drama business book.
It is presented as a dialog between two people - a risky move but not necessarily wrong by definition. A format like that (dialogue) requires great clarity. Unfortunately, Adrian Slywotzky, thinks he can add a little drama to an otherwise thrill-less business subject.... And on he goes... Throughout the book there are frequent attempts of Mr. Slywotzky at "juicing it up" a little. Frequent and unnecessary uh-ah is added. Every third line you can hear something of this sort: `his heart pounded mercilessly as he listened....' Or `his mind explored the subject like Columbus explored America'... These are not quotes, but you can get the idea. All of this made the original and well thought-out ideas in this book convoluted and more often than not annoying. The listening is painful... painful... painful... Dear Mr. Adrian Slywotzky, why don't you split the book into two separate sections entitled: "Art of Profitability" and the other "Amazing Adventures of... whoever." This way the presentation can be pain-less, clear, less annoying, and well... shorter.

Shows how a business makes a profit.......2006-06-06

I was referred to this awesome book by another fellow entrepreneur. I am extremely glad that I was too! The Art of Profitability is all about "profit models". What is a profit model? A profit model is made up of the core parts of a business system that have a direct influence on how the profit happens for a business. Basically the key factors for how a business turns a profit.

What if there was a book that defined and explored several profit models that have a track record of success and gave you real world examples of where they work? This means, from now on, instead of trying to magically dream up the best way for how the profit should happen in your business ventures, you have several existing patterns to use as a guide.

Let me give you a quick example of just one of the profit models described in the book...This one is called the "Pyramid" profit model. The Pyramid profit model is where a business sells multiple products/services at different price points, targeted to a different type of buyer. An example of this in the real world would be Mercedes automobiles. They have different classes of cars targeted to different groups of buyers. Sometimes customers buy into the brand at one price point and over time move up the pyramid and buy at higher price points. Some Pyramid profit models implement a "Firewall" product/service. This is where the lowest item on the pyramid is sold cheaply and efficiently in order to maintain market share and draw people into the brand.

This book is very profound and useful. The common bottom line in business is profit. How profit happens should really be one of the most intense studies of every entrepreneur. Start with reading The Art of Profitability right away!

Value At Risk: The New Benchmark for Controlling Derivative Risk

Average customer rating:

Good introduction to VaR
Best intro to VAR
A Great Introduction to VaR
An excellent introduction to VaR
Outstanding and practical

Value At Risk: The New Benchmark for Controlling Derivative Risk
Philippe Jorion
Manufacturer: Irwin Professional Pub
ProductGroup: Book
Binding: Hardcover

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ASIN: 0786308486

Book Description

Do you take the chance of creating and amplifying risk when you are simply attempting to understand and control risk? In Phillippe Jorion's Value at Risk, learn the specifics of the value-at-risk system, the risk management program that today's leading banks and financial firms use to calculate and track financial risk. Value at Risk is the first book to thoroughly explain this increasingly influential system, which allows you to gauge financial risks and take proactive steps to control those risks.

Customer Reviews:

Good introduction to VaR.......2007-09-18

This is one of the first books about VaR and so became widely used and read by everyone interested in market risk management. Good as an introduction and to have a good overview of VaR but if you need more detailed information this book will not give you the answers.

Best intro to VAR.......2000-09-02

Cannot think of any other book that gives you the basics and beyond of VAR. As an MBA student I liked most the practical examples. Mathematical stuff is kept to a minimum, even though it can be sometimes quite demanding. Jorion is one of the laeding academics on VAR. He "defends" the properties of VAR very well after some criticism on VAR (see Nassim Taleb's web page).

A Great Introduction to VaR.......2000-07-20

Dr. Jorion's book formally introduced the concept of VaR to me several years ago. It's written so that a novice in risk management can understand the concepts with ease.

A great book.

An excellent introduction to VaR.......1999-07-01

This provides an excellent overview and introduction to VaR and issues surrounding it. A must read for any body involved with financial risk management.

Outstanding and practical.......1999-03-30

Jorian clearly has practiced before he began to preach. I found his work to be essential in designing and implementing a var methodology for the electricity forward market. The examples he gives of the failures to measure and control risk are illuminating and entertaining. I have recommended the book to others and they have agreed that the book is excellent.

Financial Warnings: Detecting Earning Surprises, Avoiding Business Troubles, Implementing Corrective Strategies

Average customer rating:

An Invaluable Book that rings the bell loud and clear
Gem!
Best financial book for your money.
Sans pareil!
Listens to all the reviewers

Financial Warnings: Detecting Earning Surprises, Avoiding Business Troubles, Implementing Corrective Strategies
Charles W. Mulford , and Eugene E. Comiskey
Manufacturer: John Wiley & Sons Inc
ProductGroup: Book
Binding: Hardcover

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Guide to Financial Reporting and Analysis
Quality of Earnings

ASIN: 0471120448

Book Description

A comprehensive, accessible, and innovative approach to a potentially devastating problem.

When a firm's actual earnings fall significantly short of expectations, it's not just the company that suffers. Lenders, equity investors, accountants, auditors, and consultants can also take a hit from this "earnings surprise."

Financial Warnings is designed for one purposeâto make sure that such a shortfall never undermines your financial security. Clearly and systematically, this unique practical guide helps you:

Understand the many causes of earnings surprises, including fraud, overstated revenues, undervalued liabilities, and many more
Identify the early warning signals associated with particular earnings surprises, so you can take prompt corrective action
Prevent earnings surprises from happening in the first place by improving the quality of earnings forecasts

Financial Warnings comes complete with a unique early warning system to put you on the alert for potential trouble, foolproof checklists to help you spot those "yellow flags," a convenient sustainable earnings worksheet to sharpen your earnings forecasts, and plenty of vivid case histories to show you how to anticipate and avoid earnings surprisesânot just on paper, but in the real world.

A material difference between a corporation's expected and actual earnings, otherwise known as an earnings surprise, can spell big trouble for lenders and equity investors, to say nothing of the company in question. The failure to anticipate a negative result can threaten a lender's prospects for loan repayment, cause investors to absorb heavy losses, and trigger substantial losses on positions in equity securities.

Dedicated to the principle that "forewarned is forearmed," this book provides accountants and other users of financial statements with the resources needed to avoid these damaging financial discrepancies. Charles Mulford and Eugene Comiskey employ numerous case studies to examine and define these discrepancies and classify earnings surprises according to their major causes: changing economics, fraud, and aggressive application of GAAP. They then examine the results of a survey of bankers and develop a system for rating earnings surprise potential. This Earnings Reversal Score concisely categorizes cautionary signals, such as profitability, liquidity, and management-related early warnings, enabling accountants to recognize problems and take timely corrective measures.

Financial Warnings helps improve the quality of earnings forecasts as well. With the aid of a detailed worksheet and a pair of extended case studies, you'll learn how to locate material nonrecurring itemsâa major cause of earnings surprisesâand determine a firm's sustainable earnings base more accurately. You'll discover how to pinpoint differences in the book and market values of assets and liabilities, which, if undetected, can also result in earnings surprises. In addition, you'll learn the early warning indicators of fraudulent financial reporting, as well as crucial information on the role and responsibility of auditors in detecting such fraud.

An important resource for accountants, executives, CFOs, and company auditors, Financial Warnings is an indispensable guide for investors and others who depend on the accuracy of earnings projections. Even if you have only a tentative understanding of basic accounting issues, this easily accessible presentation will help you develop the knowledge and skills you need to formulate more accurate earnings expectations and avoid the potential disasters caused by earnings surprises.

Customer Reviews:

An Invaluable Book that rings the bell loud and clear.......2004-09-23

Although this book looks outdated but I am sure it sounds loud and clear especially when we are so hot-headed about the Internet Age and Knowledge Management and in most cases have forgotten about what are the Warning Signs we have to watch for particularly when we are opting to invest in a new stock of the new age.The Author is a respected scholar in the field of Finance and I admire every book of his and has spent the money to have every book he has written but most of all, I feel this book is the best. Read it and you will have things to remember everyday.

Gem!.......2002-11-07

Impeccable, a must read for investors, bankers, corporate finance pros. Highly recommended.

Best financial book for your money........2002-04-18

The funny thing is that I have read over 20 books on financial analysis and investing, and I believe that every penny that I have spent on this book was well worth it. The price of the book scared me at first, but where all of the other books that I read fell short, Financial Warnings did not. I was very impressed with the detail to which the book describes each investment scenario. There is no shortage of financial warnings to look out for. In fact, I was shocked to learn of how many warnings lenders and investors should be aware of. Not only has this book taught me about what to avoid, but also about what to buy. Did you know that the CEO or CFO going through a divorce is a financial warning? Did you know that a company entering a new business is a financial warning? Did you know that beating earnings expectations by one penny every quarter is a financial warning when your competitor fell short of expectations? This is a must read. Reading Financial Warnings has changed my life. It is a must read.

Sans pareil!.......2002-01-28

The book is an excellent treatise which provides the readers a systematic framework for figuring out whether the books have been manipulated or if the accounting has been aggressive, through finding out non-recurring items in the income statement and balance sheet. I have tried other books but, they just do not compare with this treatise. The book uses a systematic step-by-step approach which introduces the reader to how to read the fine print. This book should be invaluable to finance and accounting professionals, and also to amateur investors, who would be willing to do a little research into the company books.

For those who not lucky enough to attend Dr. Mulford's class, this book should do a great job.

Listens to all the reviewers.......2000-03-30

To all the people who are skeptical. This book is excellent. I got an email pointing me to this direction and I am glad I did spend the money. It is money well spend.

It teachs you the non recuring items in the financial statements, capitalized assets, capitalized interest, Lifo liquidation etc.

Book Description

Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.

Customer Reviews:

Highly Recommended!.......2003-02-26

Kudos to S. David Young and Stephen F. O'Byrne, management consultants who largely steer clear of their industry's usual empty catchphrases and superficial hype. Instead, their lucid explanation of the importance of shareholder value takes center stage. The heftiness of EVA and Value-Based Management may be daunting, but most readers will be satisfied with Part I's strategic overview. The concepts reappear in Part II accompanied by a wealth of technical details, calculations and case studies to help finance professionals with nitty-gritty implementation of EVA (Economic Value Added) programs. The book honestly assesses EVA's power to motivate managers, noting that some companies just are not well-suited for this performance metric. We from getAbstract prescribe this book to corporate executives who have overdosed on consultant jargon but still want to drive value growth in their companies, and to finance specialists who seek a comprehensive roadmap to EVA implementation.

Excellent book.......2002-08-13

As an author, speaker and consultant on these topics, I highly recommend this book. Not only have the authors discussed the pros and cons of a number of approaches thoughfully and concisely, they also expand the level of understanding related to the calculations in an accessible way. Their book discusses both implementation issues and the nitty gritty of the mechanics. In sum, the book takes the reader to the next level of understanding. I highly recommend this book.

Fails to keep its promise: Metric War + Compensation.......2001-07-02

This book does NOT offer 'A practical guide to valuation' but a theoretical,oldfashioned discussion of the 'Metrics War'and some empirical research on EVA, Compensation and CFROI-Fade.

My rating has got these origins: Empirical research on Compensation,EVA and CFROI-Fade: A+. Discussion of EVA/CFROI: D-. Terminology: D value for 'Hands-on-valuation': F- Structure: F- Style: F-.

This book does contain interesting empirical research on EVA etc, but it does not offer 'A practical Guide to Implementation' because it does not contain a STAGE-Approach. Its terminology differs from any other book I've read, you must often guess, which formulas the authors used, because they did not have the courtesy to express their formulas. Some formulas are wrong nad their discussion of the 'metrics war' betweenn EVA and CFROI lags 5 years behind reality. They attack old methods of CFROI,which Boston Consulting and Holt Value published 5 (!) years ago. They fail to know, that BCG have refined CVA/CFROI and that BAYER. Lufthansa,and VEBA have implemented these refined CFROI-techniques,which are way better, than the old methods, which the book attacks.

Moreover, this book is terrible to read due to a lack of structure, the absence of clear definitions, the lack of formulas, a wordy style,which exhausts your nerves, and many value judgements....

The EVA Guide which holds nothing back!.......2001-02-07

This book, together with 'The Quest for Value'by G. Bennett Stewart, III and 'Valuation' by the Tom Copeland, provide a solid backgound on value-based management. S. David Young and Stephen F. O'Byrne give a fair description of their book: 'This book is not a intended to be a "teaser," which tries to tell you enough to whet your appetite so if you want to know more you will have to hire us as your consultants. We aim to be as comprehensive in our treatment of the subject as possible...We try to hold nothing back.' Thank you very much indeed.

is that right, EVA?.......2001-02-03

I had a great approach to EVA concept but it too much simple in finances. Any way it is a good point to start the trip through the EVA world. The principle of EVA appears sound, but this book is good at attempting to illustrate how to practically use it.

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