Search

This paper reports on the post-audit practices of organisations in the Czech Republic. Much of the earlier published empirical research has been conducted in Australia, Canada, the USA, and Western Europe. Only recently, attention has been given to emerging markets, including Eastern European accession/transition countries. This exploratory study's main objective is to identify CZ companies' post-audit practices and obtain opinions on various post-audit issues. It also seeks to assess if these practices mirror those adopted by more developed economies. The research adopts interview, questionnaire, and descriptive statistical analysis approaches. The results present some interesting findings which are of value to both academics and practitioners. Although at the fringe of the general understanding of logistics, project management is a vital part. The authors believe that this is one of the first papers to focus on CZ post-audit practices and fills an important gap in the applied logistics literature., Příspěvek popisuje praktiky v oblasti následného hodnocení projektů v organizacích v České republice. Řada předchozích empirických výzkumů byla provedena v Austrálii, Kanadě, Spojených státech Amerických a západní Evropě. Pouze výjimečně byla pozornost věnována rozvojovým trhům, včetně východní Evropy a rozvojovým / transformujícím se zemím. Hlavní cíl této studie je identifikovat prakticky českých společností v oblasti post-auditu a získat názory na různé aspekty post-auditu. Také se zaměřuje na zhodnocení, zda tyto praktiky odráží postupy aplikované v rozvinutých zemích. Výzkum spočíval v rozhovorech, dotaznících a postupech popisné statistické analýzy. Výsledky přináší zajímavé poznatky, které jsou cenné jako pro akademiky, tak praktiky. Ačkoliv je na okraji všeobecné znalosti logistiky, je projektový management její nedílnou součástí. Autoři věří, že toto je jeden z prvních příspěvků zaměřujících se na české praktiky v oblasti post-auditu a vyplňuje důležitou mezeru v oblasti aplikované logistiky.

Background: The idea of ​​achieving success in sport is something both players as well as fans dream of, but few clubs achieve it. Oakland Athletics succeeded in what many thought was impossible when in the 2002 season, they managed to perform better than most of their competitors whilst having one of the leagues smallest budgets, by recruiting undervalued players based on data and statistics. The concept of "moneyball" was coined therefrom and has since then influenced sport organizations more and more. But how the use of data and statistics has affected the governance in sport organizations is relatively unexplored. Purpose: The purpose is to create an understanding of how data analytics has affected sports organizations Method: The study is a qualitative multiple-case study based on an abductive approach to intertwine the theoretical framework together with the empirical data in an analysis that results in conclusions. Seven sport organizations within football and hockey have been the basis for the empirical data. Conclusion: Data analytics has influenced the corporate governance in sport organizations in many ways. Data and statistics have provided an objective approach to investments and acquisitions of players that did not previously exist. As a result, sport organizations can recruit players who fit their strategy and style of play with greater accuracy. Furthermore, sport organizations can use data analytics as a competitive advantage by using resources more efficiently to find undervalued players in the market and experience both financial and sporting success. However, “moneyball” is a combination of objective aspects in terms of data and statistics, together with subjective aspects, where both are important to be able to use it as a competitive advantage. Today, data analytics is incorporated as part of sport operations where it is used as a part of designing strategies, as well as a basis for decision-making regarding investment appraisal and recruitm, Bakgrund: Tanken om att nå sportslig framgång är något spelare såväl som fans drömmer om, men få klubbar uppnår det. Oakland Athletics lyckades med det som många trodde var omöjligt när de säsongen 2002, lyckades prestera bättre än de flesta av konkurrenterna samtidigt som man förhöll sig till en av ligans minsta budget genom att värva undervärderade spelare baserat på data och statistik. Konceptet “moneyball” myntades därifrån och har sedan dess influerat sportorganisationer mer och mer. Men hur användningen av data och statistik har påverkat styrningen i sportorganisationer är relativt outforskat. Syfte: Syftet är att skapa förståelse för hur dataanalys har påverkat sportorganisationer. Metod: Studien är en kvalitativ flerfallsstudie med utgångspunkt i en abduktiv ansats för att sammanfläta den teoretiska referensramen tillsammans med den empiriska datan i en analys som mynnar ut i konklusioner. Sju sportorganisationer inom fotboll och hockey har varit till grund för det empiriska datan. Slutsats: Dataanalys har influerat verksamhetsstyrningen i sportorganisationer på många sätt. Data och statistik har tillfört ett objektivt synsätt vid investeringar och förvärv av spelare som tidigare inte fanns. Till följd av detta kan sportorganisationer rekrytera spelare som passar deras strategi och spelsystem med större träffsäkerhet. Därtill kan sportorganisationer använda dataanalys som konkurrensfördel genom att mer effektivt nyttja resurserna för att hitta undervärderade spelare i marknaden och uppleva både ekonomiska såväl som sportsliga framgångar. Däremot är “moneyball” en kombination av det objektiva i form av data och statistik tillsammans med det subjektiva, där båda aspekterna är betydelsefulla för att kunna använda det som en konkurrensfördel. Dataanalys är idag en integrerad del i sportsliga verksamheter där det används i utformandet av strategier såväl som underlag vid beslutsfattning gällande investeringsbedömning och rekrytering.

Purpose: Despite major progress made in improving the health and well-being of millions of people, more efforts are needed for investment in 21st century health care. However, public hospital waiting lists continue to grow. At the same time, there has been increased investment in e-health and digital interventions to enhance population health and reduce hospital admissions. The purpose of this study is to highlight the accounting challenges associated with measuring, investing and accounting for value in this setting. The authors argue that this requires more nuanced performance metrics that effect a shift from a technical practice to one that embraces social and moral values. Design/methodology/approach: This research is based on field interviews held with clinicians, accountants and administrators in public hospitals throughout Australia and Europe. The field research and multidisciplinary narratives offer insights and issues relating to value and valuing and managing digital health investment decisions for the post-COVID-19 “value-based health-care” future of accounting in the hospital setting. Findings: The authors find that the complex activity-based hospital funding models operate as a black box, with limited clinician understanding and hybridised accounting expertise for informed social, moral and ethical decision-making. While there is malleability of the health economics-derived activity-based hospital funding models, value contestation and conflict are evident in the operationalisation of these models in practice. Activity-based funding (ABF) mechanisms reward patient throughput volumes in hospitals but at the same time stymie investment in digital health. Although classified as strategic investments, there is a limit to strategic planning. Research limitations/implications: Accounting in public hospitals has become increasingly visible and contested during the pandemic-driven health-care crisis. Further research is required to examine the hybridi

We present a transit model that, based on automated fare collection and train tracking data, describes pedestrian movements in train stations and vehicle-specific train ridership distributions. Our approach differs from existing models in that we describe on-board passenger dynamics and pedestrian dynamics at stations in a joint framework. We assume that travelers first decide on the train(s) they will take, and then pursue their journey through the network by successively choosing pedestrian paths, waiting positions on platforms, and specific train cars. Travelers explicitly maximize their travel utility. We model how crowding influences their walking speeds, and how it affects travel utility both at stations and on-board. To illustrate the framework, we present a real case study of a major Dutch rail corridor, for which we collect a rich set of passenger, pedestrian and train operation data. We observe a good agreement of model estimates with empirical observations, and discuss the use of the model for various transit-related problems including level-of-service assessment, crowding estimation, transit optimization, and integrated investment appraisal., Transport and Planning, Transport and Planning

Capital Budgeting Practices of the Lodging Firms. An Evidence from Santa Cruz, Bolivia. A descriptive investigation was conducted to determine the capital budgeting practices of the lodging firms affiliated with the Cámara Departamental de Hotelería de Santa Cruz, in Bolivia. The results showed that the 42.42% of the firms had never used any of the capital budgeting techniques, and that the usage of a discount rate for the long-term cash flows was missing in 63.64% of the firms. Most of these companies ignored the control stage in capital budgeting. In addition, the considerations to the value of managerial flexibility were noted in the firms, although the minority adopted the real options approach to appraise their investment proposals. Considering the recent development of the scientific literature regarding capital budgeting, these findings suggest the existence of an important gap between the theory and practice in the Bolivia’s hospitality industry., Una investigación descriptiva fue conducida para determinar las prácticas de presupuesto de capital de las empresas de hospedaje asociadas a la Cámara Departamental de Hotelería de Santa Cruz, en Bolivia. Los resultados mostraron que el 42,42% de las empresas nunca había utilizado alguna técnica de presupuesto de capital, y que el 63,64% nunca había determinado un costo de capital para los flujos de efectivo. Las empresas con frecuencia soslayaban a la etapa estratégica de control en el presupuesto de capital. También, las consideraciones a la flexibilidad gerencial fueron notadas en las empresas, a pesar de la poca utilización del enfoque de las opciones reales. Teniendo en cuenta los avances recientes en la teoría sobre el presupuesto de capital, se evidenció una importante brecha entre la teoría y la práctica en el sector hotelero boliviano

Inledning: Studien har sin utgångspunkt i ett praktisk problem på Södra Skogsägarna angående en upplevd svårighet att bedöma hållbara investeringar. Att göra investeringar med hållbarhetshänsyn har blivit allt vanligare vilket kan bero på den ökade uppmärksamheten kring ämnet. Södras verksamhet präglas av en mängd investeringar vilka är betydelsefulla för företagets framtid och överlevnad. Syfte: Syftet med studien är att definiera och kartlägga vad hållbara investeringar är. Författarna ska även analysera Södras investeringsbedömning och hur de hanterar hållbarhetsaspekter i den. Studien ska bidra till att ge ett förslag på hur företag kan anpassa sin investeringsbedömning för att bättre ta hänsyn till hållbarhetsaspekter. Metod: Denna studien är en empiriskt driven fallstudie av kvalitativ karaktär. Det teoretiska materialet baseras på vetenskapliga artiklar och litteratur från Linnéunivesitets bibliotek. Det empiriska materialet grundar sig på semistrukturerade intervjuer och dokument. För att studien ska anses vara trovärdig har vi beaktat ett antal kvalitetskriterier och forskningsetiska överväganden. Slutsats: Slutligen ges rekommendationer på hur Södra Skogsägarna kan anpassa sin inventeringshandbok och investeringsrutin för att beakta hållbara investeringar. Huvudsakligen handlar det om hur företaget ska hantera klassindelning, kalkylmetoder, kalkylränta och kvalitativ information., Introduction: The study is based on a practical problem at Södra Skogsägarna regarding a perceived difficulty in consider sustainable investments. Making investments with sustainability considerations has become increasingly common, which may be due to the increased attention to the subject. Södra's operations are characterized by a large number of investments which are important for the company's future and survival. Purpose: The purpose of the study is to define and map what sustainable investments are. The authors will also analyze Södra's investment appraisal and how they handle sustainability aspects in it. The study will help to give a suggestion on how companies can adapt their investment assessment to better take into account sustainability aspects. Method: This study is an empirically driven case study of qualitative character. The theoretical material is based on scientific articles and literature from the library at Linnaeus University. The empirical material is based on semi-structured interviews and documents. For the study to be considered credible, we have considered a number of quality criteria and research ethical considerations. Conclusion: Finally recommendations are made on how Södra Skogsägarna can adapt their investment manual and investment routine to consider sustainable investments. It is mainly about how the company should handle class division, calculation methods, interest rate and qualitative information.

This thesis addresses a gap in investment decision making where sustainability is a key priority for infrastructure providers, and yet decisions on major infrastructure investments continue to be governed by rules for economic analysis. The thesis proposes that investment analysis moves to a broader infrastructure business model approach based on a clearer definition of both benefits and value. The thesis introduces the concept of a sustainability investment logic. The research has focused on the water sector in Australia, however the model that has been developed may be applied to all infrastructure sectors.

This article extends discussions of potential biases that can exist in applying cost–benefit analysis. While there is extensive evidence that capture can result in stakeholder manipulation of inputs, there are also claims that the analysis is inherently theoretically bias in favour of over acceptance. The article shows that, contrary to these latter claims, treating projects in isolation is unlikely to produce such bias; indeed, it is as likely as not to lead to suboptimally low acceptance rates. The reason for excessive acceptance of projects therefore is largely due to institutional capture of the analysis for either self-interest or natural human over-optimism.

Real asset investment appraisal in the public sector often requires that objectives beyond return on investment are taken into account. Recently, environmental impact and climate change issues are often used to motivate investments, but despite this formal approaches are seldom being used for this purpose. In this paper we investigate the application of real option valuation and multi-criteria decision analysis in the appraisal of a public sector investment in the form of a logistics park, aimed to reduce the emissions from cargo traffic. Although this appraisal approach captures important features of the real situation in terms of that flexibility is considered and multiple criteria is taken into account, the requirement for the information needed for the model led to a need to use best-estimates, and a systematic approach to sensitivity analysis is therefore desired.

Denna studie undersöker absorptionstekniken i syfte att ta reda på förutsättningarna för absorptionskyla i Härnösand. En investeringskalkyl har genomförts för att bedöma lönsamheten. I huvudsak har en litteraturstudie genomförts och för investeringskalkylen har nuvärdesmetoden använts samt att produktspecifikationer har efterfrågats från de största leverantörerna i världen. Resultatet visar att det finns två typer av kommersialiserade absorptionskylmaskiner på marknaden, varav den ena är tillämpbar för decentraliserad kylproduktion i fjärrvärmenät vid temperaturer kring 75 °C, och den andra för högre temperaturer kring 120-150 °C och lämpar sig därmed inte för decentraliserad kylproduktion. Det forskas och utvecklas kring andra mer avancerade tekniker och investeringskalkylen visar att en investering är lönsam beroende på storleken på absorptionskylmaskinen och försäljningspriset på kylan som levereras till kunden. Slutsatsen är att säljargument och en motivering måste tas fram varför kunden ska välja att få sin kyla levererad via en absorptionskylmaskin istället för en kompressorkylmaskin., This study examines the absorption cooling technology in order to find the prerequisites of absorption cooling in Härnösand. An investment appraisal has been completed to ensure profitability. Mainly, a literature review has been conducted and the net present value decision rule has been used for the investment appraisal and product specifications have been requested from the main global suppliers. The result shows that there are essentially two absorption chillers commercialized in the market, one of which is applicable for decentralized cooling production in a district heating network at temperatures around 75 °C, and the second which is applicable for temperatures in the range of 120-150 °C and thus not suitable for decentralized cooling production. Research and development for more advanced techniques is ongoing and the investment appraisal shows that the profitability is depending on the size of the chiller unit and the selling price for the cooling energy. The conclusion is that a sale proposal and a motivation are needed on why the customer should choose to have their cooling delivered from an absorption chiller instead of a compressor chiller.

Purpose – Construction businesses are perceived uncertainly by investors, and are generally assumed to represent more risk than other businesses. Added to this is the perception of poor business management practices being adopted by construction companies, sometimes resulting in business-failure. Fluctuations in construction workload contribute to investor anxiety. In this light, the paper aims to present a study of the comparative management efficiency performance of construction companies.Design/methodology/approach – Publicly listed Australian construction companies over the ten-year period 1998-2007 are examined. Performance is compared with a select number of “blue chip” companies as a benchmark. In total, 19 management efficiency measures are used including assetmanagement ratios, debt and safety ratios, and cash flow ratios. The construction companies used in the study engage in work covering the full range of construction activities.Findings – The results indicate that construction companies perform as well as, and in some cases better than, other businesses, dispelling some of the misconceptions about construction businesses.Originality/value – The paper’s finding will be useful to those investing in the construction industry, and will lead to a better public perception of construction businesses.

The public sector often invests in large projects in different sectors, such as education, health care and infrastructure. It can be argued that investment appraisal process in these projects should differ from conventional approaches due to the complex interests the public sector holds, which often implies that several aspects need to be considered. Conventional techniques may not suffice and therefore this thesis aims to investigate the applicability of real options analysis and multi-criteria analysis in a combined approach. The study is conducted in the form of a case study at publicly owned Sundsvalls Logistikpark, where options in the form of the utilization of development areas and the non-monetary aspect reduction of carbon dioxide are included in the appraisal. The model developed compares two alternative strategies where one is based upon conventional usage of the area and the other represents the environmentally friendly alternative. The results show that including the value of flexibility in the appraisal significantly raises the initial valuation, whereas the comparison of the strategies show that the results either details which strategy is preferred, if input to both strategies are available, or where the threshold for indifference lies. It is concluded that this model is applicable in terms of its ability to capture the value of flexibility and inclusion of several aspects of the decision problem. However, it is also concluded that the numerous simplifications made may lead to unreliability in the results, and the process of obtaining accurate input may time-consuming, depending on the case. The usability of the model is high in terms of its potential, but lower in terms of the knowledge-based threshold required of the user.

Purpose: This paper aims to extend and contribute to prior research on the association between company characteristics and choice of capital budgeting methods (CBMs). Design/methodology/approach: A multivariate regression analysis on questionnaire data from 2005 and 2008 is used to study which factors determine the choice of CBMs in Swedish listed companies. Findings: Our results supported hypotheses that Swedish listed companies have become more sophisticated over the years (or at least less unsophisticated) which indicates a closing of the theory-practice gap; that companies with greater leverage used payback more often; and that companies with stricter debt targets and less management ownership employed accounting rate of return more frequent. Moreover, larger companies used CBMs more often. Originality/value: The paper contributes to prior research within this field by being the first Swedish study to examine the association between use of CBMs and as many as twelve independent variables, including changes over time, by using multivariate regression analysis. The results are compared to a US and a continental European study., Open access

Problems: How would a decision model that takes into account more aspects and dimensions than just the financial aspect look for smaller service compa-nies? What aspects are important to consider in such a decision model? Purpose: The purpose of this master thesis is to develop a decision model based on previous research, to improve decision making in smaller service com-panies – by considering perspectives that traditional investment calcula-tions ignore. Method: The study was qualitative and was based on both primary and secondary data. As data collection method for the development of the model we used literature search on previous research. The study’s primary data consisted of responses from five smaller service companies. The model was evaluated empirically by five smaller service companies to explore the model’s practical relevance and applicability. Conclusions: The study confirmed the need for a comprehensive investment decision model, since it has been clearly shown that aspects other than the tradi-tional calculation methods could have big impact on an investment deci-sion. The key factors for small service companies has shown to be cus-tomer relationships, previous experience, competitors and corporate strategy. The developed model was based on these factors and was con-sidered as useful and interesting by the responded companies., Problemformuleringar: Hur kan en beslutsmodell som tar hänsyn till fler aspekter och dimens-ioner än enbart det finansiella se ut för mindre tjänsteföretag? Vilka aspekter är viktiga beakta i en sådan beslutsmodell? Syfte: Syftet med denna magisteruppsats är att med utgångspunkt i tidigare forskning utveckla en modell för att förbättra beslutsfattandet i mindre tjänsteföretag, genom att beakta perspektiv som traditionella investe-ringskalkyler förbiser. Metod: Studien var av kvalitativ karaktär och baserades på såväl primärdata som sekundärdata. Som datainsamlingsmetod för framtagandet av investe-ringsmodellen användes till störst del litteratursökning om tidigare forskning. Studiens primärdata utgjordes av responsen från fem mindre tjänsteföretag, som utvärderade den framtagna modellens praktiska rele-vans och applicerbarhet. Slutsats: Studien bekräftade att ett behov av en heltäckande modell för investe-ringsbeslut finns eftersom det tydligt har visat sig att andra aspekter än de traditionella kalkylmetoderna kan ha minst lika stor inverkan på ett investeringsbeslut. De viktigaste faktorerna för mindre tjänsteföretag har utöver det finansiella visat sig vara företagets anställda, kundrelationer, tidigare erfarenheter, konkurrenter och företagets strategi. Den framtagna modellen som bygger på dessa faktorer ansågs av de responderade före-tagen som användbar och intressant.

Syfte: Syftet med studien är att undersöka och presentera vilka investeringskriterier som svenska kommuner använde år 2011 vid byggnadsinvesteringar, samt i vilken utsträckning extern hjälp vid investeringsbedömning och utförande av byggnadsinvesteringar användes. Frågeställning: Vilka samband fanns mellan investeringsandel per omsättning och i hur stor utsträckning beslutade byggnadsinvesteringar blev dyrare än beräknat? Vilka skillnader fanns mellan större och mindre kommuner med hänsyn till investeringsbedömningar i byggnader? I vilken utsträckning förekom samarbete mellan kommuner gällande byggnadsinvesteringar? I hur stor utsträckning anlitades extern hjälp med projektledning och kalkylering vid byggnadsprojekt? Metod: Studien är baserad på en webbenkätundersökning med 44 deltagande kommuner och en personlig intervju. Denna undersökning analyserades och jämfördes sedan med en referensram baserad på sekundära källor. Slutsats: Större kommuner behöver förbättra sina planeringar och kontrollera sina byggnadsinvesteringar i och med att investeringarna ofta är större och fler saker kan gå fel än för mindre kommuner. Fler kommuner borde samarbeta mer vid byggnadsinvesteringar för att på det viset kunna matcha byggföretagen vid upphandling. Kommunerna bör fortsätta kontrollera den externa hjälp de använder vid byggnadsinvesteringar och göra tydliga kontrakt., Purpose: The purpose of this study is to examine and present what investment criteria’s Swedish municipals used in 2011 when investing in buildings, and in what extent consultants were used in investment appraisal and implementation of building investments. Research question: Is there a connection between the amount invested in buildings in proportion of net turnover and cost overrun? Is there a difference between large and small municipals with regards to investment appraisal of buildings? Did collaboration occur between municipals with regards to investment appraisal of buildings? To what extent was consultants used to calculate and appraise building projects? Method: This study is based on a Web survey with 44 answers from municipals and one personal interview. The survey was analyzed and compared with the frame of reference based on secondary sources. Conclusion: Larger municipals need to improve their planning and control their investments in buildings because the investments are usually large and more numerous things can go wrong than for smaller municipals. Municipals should collaborate more when investing in buildings and therefore better be able to match the construction companies when negotiating terms. The municipals should continue controlling the external help they use when they invest in buildings and make contracts with clear terms.

Serbian government has recently introduced the system of feed-in tariffs for electricity generated from renewable sources. The proposed feed-in tariff for photovoltaic electricity is set to 0.23 (sic)/kWh paid for 12 years, with the PV electricity produced after the first 12 years being sold at the grid electricity market price for the rest of the plant lifetime. Although such FIT could have been justified by the small, average retail grid electricity price of just 0.054 (sic)/kWh for Serbian households, the investment appraisal of a real case of 2.82 kWp PV power plant in two Serbian cities of Zlatibor and Negotin, clearly illustrates that the proposed FIT framework is not sufficient to attract investments into PV in Serbia. In the second part of the paper, we have analyzed alternative, more reasonable feed-in tarrif frameworks, with the goal of selecting those able to sustain the PV adoption and diffusion in Serbia.

This case focuses on the assessment of trade-offs between different environmental features of investments. Using the example of a VOC-reduction investment at a car maker, the case applies an innovative approach for the assessment of environmental investment projects. Since it is unusual that all environmental performance characteristics of investment projects will be in harmony, decision-makers need to ascertain the overall environmental effect of different investments. This case transfers the logic of financial investment appraisal to the environmental assessment of investment projects. The analysis shows, in monetary terms, by how much each investment option outpeforms or underperforms environmental efficiency targets. With monetary figures, decision-makers can balance conflicting environmental performances and identify the investment option that supports a company's environmental strategy best. The case provides a step-by-step explanation of the assessment approach and offers students and decision makers a novel perspective on the assessment of trade-offs in environmental investments.

Bakgrund: Investeringsbeslut är ett av de viktigaste besluten som tas av chefer i företag. Besluten grundar sig på investeringskalkyler, som ryms inom begreppet kapitalbudgetering. I företagsekonomisk litteratur beskrivs sällan samband mellan kapitalbudgetering och annan ekonomisk styrning, vilket innebär att det finns ett tomrum inom forskningsområdet. Syfte: Syftet med uppsatsen är att beskriva hur företag inom den svenska skogsindustrin utformar och använder kapitalbudgetar som beslutsunderlag samt utreda och förklara sambandet mellan kapitalbudgetering och annan ekonomisk styrning. Metod: I studien har kvalitativ metod och fallstudier använts. Empirin grundas på datainsamling genom fyra semistrukturerade intervjuer av respondenter från fallföretagen SCA, Stora Enso, Holmen och Billerud. Slutsatser: Kapitalbudgetering som det beskrivs i företagsekonomisk litteratur är ingen adekvat definition. Kapitalbudgetering består i själva verket av två delprocesser, vilka är investeringsbudgetering och investeringsprocessen. Det finns tydliga samband mellan kapitalbudgetering och annan ekonomisk styrning genom att ”action controls”, ”results controls”, ”boundary systems” och ”diagnostic control systems” används. Kapitalbudgetering är ett ekonomiskt styrsystem för att skapa och upprätthålla målkongruens inom en organisation., Background: Investment decisions are among the most important decisions made by managers in companies. These decisions are based upon investment appraisals that are a part of the capital budgeting concept. Within Business administration research relationships between capital budgeting and management control are rarely described and there is a gap in theory. Aim: The purpose of this thesis is to describe how companies within the Swedish Forest Industry perform and use their capital budgets and to investigate and explain relationships between capital budgeting and management control. Method: For this study qualitative method and case studies have been used. The empirical findings were based on four semi structured interviews with respondents from the cases SCA, Stora Enso, Holmen and Billerud. Conclusions: Capital budgeting as it is described in Business administration research is not an adequate definition. As a matter of fact, capital budgeting is divided to two partial processes, which are investment budgeting and the investment process. There exist obvious relationships between capital budgeting and management control in the sense that action controls, results controls, boundary systems and diagnostic control systems are used. Furthermore, capital budgeting is a management control system used in order to maintain goal congruence.

Financial appraisal is an important aspect in adopting techniques that reduce the (fossil) energy use of buildings. When financial appraisal of an energy technique takes place, fixed prices for the form and amount of energy are often used and are multiplied by the estimated amount of energy savings. However, after a certain time period an energy bill for the user of a building only partially shows variable prices depending on the form and amount of energy. Many costs mentioned by a common energy bill are time related or are related to the national political regime. Infrastructural costs depend on the type of connection you have to the grid. These costs form an annual fee. The VAT or additional energy taxes that need to be paid, depends on the political regime and are often expressed in a surcharge in terms of percentage. This paper focus on the differences between marginal and average energy costs and the differences in variable and fixed energy costs. The impact price differences have for the financial appraisal of energy saving techniques for multiple actors is shown by conducting a comparative study on energy bills. It shows that marginal energy costs are significantly lower than average energy costs.

Mats Karén, Sten Ljunggren, Bengt Öström Kalkylering för produkter och investeringar. (Lund : Studentlitteratur) 30 cm 2. tr., 2006 ; 3. tr., 2007 BTJ

Investments in risk reduction are very complex with many factors that affect the overall profitability of the investment. Therefore, different models and approaches are used in the decision making process. An analysis of the problem is then made according to certain basic rules. When the risk situation is evaluated in this manner the decisions that are made are rational and consistent. By using the utility function as a tool to quantify the value of risk reduction that is incurred by the investment, the investments capital value is adjusted according to the company’s views on risk taking. The conclusion that is reached from the study of the companies utility function is that a great deal of time and work has to be put into the project by the people who are making the decisions, in order to get accurate and useful results. A case study has been undertaken at Volvo Aero ́s plant in Trollhättan. Its purpose was to demonstrate how the utility formula could be used when an investment in a sprinkler system is evaluated. The case study is prescriptive and its purpose is to give concrete examples of how the normative theory in the first part of the report, can help the decision maker in his choice of different alternatives.

The application of decision analytical methods to the evaluation of investments in fire safety was investigated, particularly with the aim of being able to suggest a method for analysing a specific investment in fire safety for a specific factory. Attention was directed above all at the handling of cases of large epistemic uncertainty regarding both probabilities and utilities, Bayesian decision theory serving as a basis for the development of the method. Two extensions of the decision rule used in Bayesian decision theory (the principle of maximising expected utility) were suggested for use in the present context. Together with a model for calculating the expected utility of a specific investment, they provide an evaluatory framework for the analysis of investments in fire safety. The major contributions of the thesis to the area of decision analysis within fire safety engineering are that it provides a better understanding of the use of different decision analytical approaches in a context such as the present one, that it highlights problems of evaluation when large epistemic uncertainties are present, that it suggests a solution for use in such a case, and that it suggests a way in which the reduction in risk can be evaluated in terms of monetary value.

Privatization has increased the number of players in the decision-making process for major transport investment decisions. The main argument of this paper is that this fragmentation is creating opportunities for strategic decision-making by each actor and that this is particularly obvious in the context of demand forecasting. This paper explores some of the specific causes and consequences of this new situation, including the perverse incentives, linked to the diversity of the objectives across the actors and to the risk allocation induced by the regulatory regime. It illustrates the issues and possible solutions from a wide range of modal and country experiences. In particular, it discusses the role of the newly independent sector regulators in reconciling these diverse goals and their limitations in view of the major information asymmetries problems they face. © 2002 Elsevier Science Ltd. All rights reserved., SCOPUS: ar.j, info:eu-repo/semantics/published

Hedonic pricing techniques can be used to generate quantitative information useful to the project appraiser at various stages of the project cycle, most notably project formulation and investment appraisal. To illustrate, a hedonic pricing model is applied to marina berthing charges in England and Wales. The technique determines the relevant marina facilities that are reflected in marina rental price. The contribution of the key marina facilities is expressed in monetary terms as the contribution to cost per overall rental price per foot.

The paper addresses the issues of rights of way ownership and application of consistent investment appraisal techniques across modes of transport. There are linkages between ownership, rights of way, competitive strategies and market contestability which will have a significant bearing on the choice of investment criteria used by commercialised railways. Investment methodologies in competing modes of land transport must be consistent. Investment in individual elements of railway infrastructure must be integrated with the overall cost recovery strategy of the operator. Major railway projects must be submitted to both financial and economic evaluation, so that the interests of individual railway authorities and the community are considered.

Ulf E Olsson (red.) (Lund : Studentlitteratur) diagr., tab. ; 23 cm Även tillg. med tryckår: 2. tr., 1995 ; 3. tr., 1996

Diplomová práce se soustředí na finanční a ekonomické hodnocení projektů dopravních staveb a na analýzu rizik s nimi spojených. Práce se zabývá teoretickými koncepty veřejných investic a životního cyklu projektu v kontextu veřejného sektoru. Součástí je také vymezení metody hodnocení těchto projektů a jejich rizikového ohodnocení, včetně plánování opatření k jejich redukci. V praktické části je pozornost zaměřena na konkrétní projekt dopravní infrastruktury. V rámci této části je zpracována finanční a ekonomická analýza projektu silniční infrastruktury s aplikací teoretických znalostí. Riziková analýza zkoumá konkrétní aspekty a proměnné spojené s projektem. Práce se tak snaží poskytnout komplexní pohled na rizika a hodnotu projektů v rámci dopravní infrastruktury, což má klíčový význam pro rozhodování o jejich realizaci., The thesis focuses on the financial and economic evaluation of transport construction projects and the analysis of the risks associated with them. The thesis deals with the theoretical concepts of public investment and project life cycle in the context of the public sector. It also includes the definition of the method of evaluation of these projects and their risk rating, including the planning of measures to reduce them. In the practical part, the focus is on a specific transport infrastructure project. Within this part, a financial and economic analysis of a road infrastructure project is developed with the application of the theoretical knowledge. The risk analysis examines specific aspects and variables associated with the project. The thesis attempts to provide a comprehensive view of the risks and value of transport infrastructure projects, which is crucial for decision making.

Diplomová práce se soustředí na finanční a ekonomické hodnocení projektů dopravních staveb a na analýzu rizik s nimi spojených. Práce se zabývá teoretickými koncepty veřejných investic a životního cyklu projektu v kontextu veřejného sektoru. Součástí je také vymezení metody hodnocení těchto projektů a jejich rizikového ohodnocení, včetně plánování opatření k jejich redukci. V praktické části je pozornost zaměřena na konkrétní projekt dopravní infrastruktury. V rámci této části je zpracována finanční a ekonomická analýza projektu silniční infrastruktury s aplikací teoretických znalostí. Riziková analýza zkoumá konkrétní aspekty a proměnné spojené s projektem. Práce se tak snaží poskytnout komplexní pohled na rizika a hodnotu projektů v rámci dopravní infrastruktury, což má klíčový význam pro rozhodování o jejich realizaci., The thesis focuses on the financial and economic evaluation of transport construction projects and the analysis of the risks associated with them. The thesis deals with the theoretical concepts of public investment and project life cycle in the context of the public sector. It also includes the definition of the method of evaluation of these projects and their risk rating, including the planning of measures to reduce them. In the practical part, the focus is on a specific transport infrastructure project. Within this part, a financial and economic analysis of a road infrastructure project is developed with the application of the theoretical knowledge. The risk analysis examines specific aspects and variables associated with the project. The thesis attempts to provide a comprehensive view of the risks and value of transport infrastructure projects, which is crucial for decision making.

Diplomová práce se soustředí na finanční a ekonomické hodnocení projektů dopravních staveb a na analýzu rizik s nimi spojených. Práce se zabývá teoretickými koncepty veřejných investic a životního cyklu projektu v kontextu veřejného sektoru. Součástí je také vymezení metody hodnocení těchto projektů a jejich rizikového ohodnocení, včetně plánování opatření k jejich redukci. V praktické části je pozornost zaměřena na konkrétní projekt dopravní infrastruktury. V rámci této části je zpracována finanční a ekonomická analýza projektu silniční infrastruktury s aplikací teoretických znalostí. Riziková analýza zkoumá konkrétní aspekty a proměnné spojené s projektem. Práce se tak snaží poskytnout komplexní pohled na rizika a hodnotu projektů v rámci dopravní infrastruktury, což má klíčový význam pro rozhodování o jejich realizaci., The thesis focuses on the financial and economic evaluation of transport construction projects and the analysis of the risks associated with them. The thesis deals with the theoretical concepts of public investment and project life cycle in the context of the public sector. It also includes the definition of the method of evaluation of these projects and their risk rating, including the planning of measures to reduce them. In the practical part, the focus is on a specific transport infrastructure project. Within this part, a financial and economic analysis of a road infrastructure project is developed with the application of the theoretical knowledge. The risk analysis examines specific aspects and variables associated with the project. The thesis attempts to provide a comprehensive view of the risks and value of transport infrastructure projects, which is crucial for decision making.

This study reports the results of surveys of the capital budgeting techniques of BSE 500 companies in India. The results of the study indicate the prevalent use of the IRR and the payback method as primary and secondary criterion. This is consistent to the proposition that the theory-practice gap has narrowed in recent years. The survey questionnaires included topics such as use of capital budgeting decisions and risk analysis techniques. As for the non financial criteria, 54% of the companies considered strategic alignment as an important factor in making investment decisions. Comparatively new techniques like EVA have found a few users compared to other complex techniques like Real Options and Monte Carlo Simulations. A comparison with past studies conducted around the world is also made to analyze differences in practices.

This study reports the results of surveys of the capital budgeting techniques of BSE 500 companies in India. The results of the study indicate the prevalent use of the IRR and the payback method as primary and secondary criterion. This is consistent to the proposition that the theory-practice gap has narrowed in recent years. The survey questionnaires included topics such as use of capital budgeting decisions and risk analysis techniques. As for the non financial criteria, 54% of the companies considered strategic alignment as an important factor in making investment decisions. Comparatively new techniques like EVA have found a few users compared to other complex techniques like Real Options and Monte Carlo Simulations. A comparison with past studies conducted around the world is also made to analyze differences in practices.