Every organization should have clearly set goals that are written down in the business plan. Goals keep the management focused and motivate staff to attain them. The organization goal, in this case, is to create wealth or returns through improving performance to create value through Value-Based Management and shareholders- value-based- management. Quality management, empowerment, continuous improvement, great team building are among the mentioned organizational goals.
The mission of the organization
To create a high-value returns in terms of producing sufficient wealth to better society (Richard, 2002). Shareholder wealth maximization is a theory that states that individuals who are shareholders pursue wealth maximization for themselves, society benefits as a whole because this produces the greatest wealth for society. While the ultimate goal of organizations is creating high returns on investment, the mission is creating wealth for the shareholders, and therefore benefiting the society. Employees are encouraged to work together to maximize a positive outcome.
Goal/target variable (s)
Value-Based Management unlike the usual planning systems, focuses on Better decision making at all levels of organisations using the right information and incentives drives the company forward. It’s all about maintaining proper records, in the long run. Value-Based Management has an incredible impact when implemented properly eventually improving economic performance. Value-based management goes hand in hand with the companies strategies otherwise it’s rendered useless to implement Value-Based Management alone and forgoing the company’s strategies.
Having proper management that implements the strategies well is the overall goal towards success.
Critical success factors in the goal/target variables
Management decisions relevant to the selected value drivers
Establish explicit, top management support. The support can also be demonstrated by making it clear to the employees what is expected of them and what their contribution is to the success of the organization.
Focus on better decision making among operating (not just financial) personnel. Hiring qualified employees are important; therefore Human Resources Management is critical. It’s important for encouraging the employees to follow the laid down strategies in the organization (Bron, 1994).
Achieve critical mass by building skills in a wide cross-section of the company
Tightly integrate the Value-Based Management approach with all elements of planning
Underemphasize methodological issues and focus on practical applications
Use strategic issues analyses that are tailored to each business unit rather than a generic approach.
Proper record-keeping is important because it keeps track of the company’s progress and arrests errors in a good time.
When all is said and done, great strategies are meaningless unless followed to the latter; management should accept nothing less the complete and satisfactory implementation of the strategies laid down (Bron, 1994)
To sum it all, Value-Based Management can best be understood as a marriage between a value creation mindset and the management processes and systems that are necessary to translate the mindset into action, while taken together, they are bound to create massive and sustainable impact in the organisation.
|Both authors point out that organisations seek to maximize shareholders wealth and achieve maximum value.||Power refers to………..(blz. 146)
Ellsworth………, blz. 162
|Both authors state that value of the company is determined by its future cash flows.||Power points to…. (blz. 146);
Ellsworth …… blz. 163
|Both authors discuss strategies in a bid to improve organisational performance in terms of increasing wealth and value,||Koller…..(blz 146)
Ellsworth ….(blz 163)
|Both authors stress the importance of transparency, professional accounting practices and proper records keeping.||Koller …148
|Both authors impose the implementation of Value Based Management and Stakeholders Value Based Management to attain the desired results.||Koller …150
|Overall conclusion: Overall the similarities between the two articles are so great. This is partly because both authors focus on strategies that create more returns in the organization.|
Bron, T. (1994). What is value-based management? : The McKinsey Quarterly, blz.
Richard, R. (2002). Capital-market relationships: the myths of share holder wealth maximization
In. Leading with purpose,
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