Why is residual income a better measure for performance evaluation of an investment center manager than return on investment?

Evaluación de proyectos

En este trabajo se diseña y desarrolla un modelo para valorar financieramente a las pequeñas y medianas empresas (PYMES) de Colombia, que están en funcionamiento y que no cotizan en bolsa. Se utiliza la metodología de Flujos de Caja Descontados, la cual utiliza como insumo los estados financieros históricos, tales como el Balance General, el Estado de Resultados y el Estado de Flujos de Caja Libres, la inclusión de algunas variables macroeconómicas y una tasa de descuento adecuada, para poder estimar los valores presentes tanto de los Flujos de Caja Libres proyectados como del valor residual de la empresa, los cuales se utilizan para determinar el Valor Financiero Total de una PYME, y se convierte en información clave para la toma de decisiones financieras ante una posible negociación de compra o venta.

Dado el interés en conocer cuál es el valor real de un negocio, el presente documento busca ser una guía para Pymes colombianas en marcha, de cualquier sector, interesadas en determinar de una manera sencilla y rápida dicho valor, utilizando una metodología basada en la generación de valor a través del tiempo, que entrega un rango de valores que serán punto de partida ante una posible negociación que se quiera hacer con la empresa, teniendo en cuenta el entorno de la misma.

Evaluation and selection of projects alternative methods

Royal Decree 217/2008, of February 15, 2008, on the legal regime for investment services companies and other entities providing investment services and partially amending the Regulations of Law 35/2003, of November 4, 2003, on Collective Investment Undertakings, approved by Royal Decree 1309/2005, of November 4, 2005.

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This Directive 2004/39/EC has been implemented in certain aspects by two other Community regulations: Commission Directive 2006/73/EC of August 10, 2006, implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive and Commission Regulation 1287/2006/EC, of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive.

How to quantify the costs of a project

The objective of this article is to expose basic concepts of risks and encourage managers and members of the companies to learn more about this subject. Risk management is gaining ground in many organizations through internal control standards. However, little allusion is made to academia and risk management standards, causing executives of organizations to know little about the concepts of risk and treatment. This situation means that risk plans have obvious conceptual problems that are detrimental to risk management and prevention in organizations.

The objective of this article is to expose basic concepts of risks and encourage managers and members of companies to learn more about this topic. Risk Management is taking space in many organizations through internal control standards. However, little mention is made of the academy and risk management standards, causing the executives of the organizations to know little about the concepts of risk and treatment. This situation makes risk plans have obvious conceptual problems that harm the management and prevention of risks in organizations.

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What criteria should be taken into account at the moment of quantifying the work?

A preliminary version of this text was presented at the V Conference on Tourism Research at the University of Seville, being awarded and selected to, after passing the established review process, be published in this Journal. The rights to the final version presented here, with the corrections derived from this review process, correspond to the scientific journal [email protected]

11 Paper 1 presents the global, technical and allocative efficiency measures. In this example, we assume the existence of two inputs (X1 and X2) and one output (Y) and constant returns to scale (CRS). Moreover, we assume that the technology is fixed and that the input prices are represented by PP.  Firm A is efficient X, since it produces along the output isoquantum Y, employing the minimum inputs. Suppose that there is a firm operating in C, producing the same level of output as that produced along Y. Firm C uses more inputs than firm A to produce output Y, so it is rated as inefficient, with an overall efficiency score 0D/0C (or what amounts to the same, an inefficiency score of DC/OC).