Conventional wisdom would suggest that value creation would include at least three business activities: operations, investment, and financing. Within these milieus, management is expected to find the optimum combination of debt and equity to minimize the firms cost of capital and to provide adequate working capital. In addition, one of their prime objectives is to grow the firm by identifying and making investments in; Research and Development, Property Plant and Equipment, Marketing, Sales, Human Resources, Systems, Procurement, and Finance and Administration. This book addresses these issues by offering an analytical operations frame work that management can use to optimize the impact of their investment decisions on operations and to create value through the growth of the firm. Chapter 1 explains the Income Statement, Balance Sheet, and Cash Flow Statements, how they interact and the importance a thorough understanding of these statements has on decision making. Chapter 2 establishes the need for a model that enables management to make quick estimates of performance based on various assumptions about the business environment. Chapter 3 discusses the issues associated with a companys cost of capital broadly known as the Weighted Average Cost of Capital. The focus is on making investment decision and it closes with a discussion of the concept of Present Value. Chapter 4 provides an introduction to valuation and discusses in detail the various models that can be used to value a stream of Cash Flows and thereby an enterprise. Chapter 5 introduces the concept of Return on Capital Employed (ROCE), a widely used measure of the returns management generates relative to the capital employed in the business. The Income Statement and Balance Sheet related drivers of ROCE are discussed in detail. Chapter 6 outlines strategies and best practices for managing ROCE. A discussion of basic pricing driven models is followed by a dialogue that defines and characterizes the attributes of several value added models.  Also included are discussions of the best practices that functional management can embrace to leverage performance. Chapter 7 is solely devoted to the measurement of Productivity and Operating Margin and the role they play in the long-term performance of a firm. It lays out a methodology that allows managers to link improvements in productivity to Operating Margin. Chapter 8 examines the question of maximizing Gross Margin (Operating Margin) from another perspective, the Expense Coverage Ratio. It is based on the premise that there is a relationship between what a customer is prepared to pay for a deliverable and how a company should be spending its money. Chapter 9 examines Leverage. It begins with a dialogue on debt and leverage and then proceeds to outline how interest rates for business loans are priced using the London Inter-Bank Overnight Rate (LIBOR). Chapter 10, the concluding chapter begins with a review of the key elements of financial performance and the financial statements, It is designed to bring together the concepts associated with understanding the Income Statement, Balance Sheet and Cash Flow Statements:  the impact of   managements day to day operational strategies (including financial and investment strategies) discussed throughout this book can influence value creation; and then how all of this can be used following a step by step approach to build or modify a business plan.

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