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EVA and Value-Based Management: A Practical Guide to Implementation, by S. David Young, Stephen F. O'Byrne
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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.
- Sales Rank: #1412961 in Books
- Published on: 2000-12-13
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.69" w x 6.50" l, 1.89 pounds
- Binding: Hardcover
- 493 pages
Review
"...thoughtful...discussion of management compensation issues...If you have time to read one book on EVA, read this one." -- The Accounting Review, January 2002
"excellent...will repay careful study....more detailed and contains more material of interest to investment professionals." -- Financial Analysts Journal, Nov/Dec, 2001
From the Back Cover
Real-world guidelines for implementing EVA
Today’s Most Comprehensive and Unbiased Evaluation of Value-Based Management and EVA
Economic Value Added (EVA) and Value Based Management (VBM), despite persistent claims to the contrary, are not magic wands, guaranteeing instant success. Instead, they are a set of management tools―powerful tools, to be sure, proven to work in case after case―for creating and augmenting shareholder value.
And as with any tools, users will achieve the greatest success only by learning and understanding both their strengths and weaknesses. EVA and Value Based Management is the first book to fully explain all sides of EVA and VBM, and cover the critical factors in harnessing EVA and VBM to build shareholder value. It provides in-depth coverage of the key steps in implementing EVA, including:
* Determining your cost of capital
* Using accounting adjustments to make EVA a better measure of performance
* Identifying value drivers to guide performance improvement
*Tying management compensation to EVA
The sustained creation of shareholder value doesn’t happen by accident―it happens because companies plan for it. Let EVA and Value Based Management give you the clear, concise, and up-to-date information you need on EVA and VBM―what they are, why they work, and how they can work for you―and then show you how to use that information to reach your own informed conclusions.
Managers―even those from just a quarter century ago―would have a difficult time recognizing today’s business climate. In the new world order, companies must prove their worth in both commercial markets (making and selling the best products and ideas) and capital markets (creating value through optimal use of all available resources, all the time). Those that fall behind in either pursuit will find the climb to market leadership difficult if not impossible.
EVA and Value Based Management is the first book to frankly and comprehensively discuss the pros and cons of Economic Value Added (EVA) and Value Based Management (VBM)―proven in numerous cases to increase shareholder value while strengthening organizations in which they are successfully implemented. Written by award-winning INSEAD professor S. David Young and leading management expert Stephen F. O’Byrne, it covers both conceptual and implementation issues, placing a strong emphasis on performance measurement, value drivers, and management compensation.
Look to EVA and Value Based Management for:
* A clear explanation of the concepts behind EVA and VBM
* A highly practical guide to implementing EVA for performance measurement and incentive compensation, with dozens of real world examples
* An honest assessment of the pros and cons of EVA and competing value-based approaches
* A frank discussion of the company characteristics that help or hinder successful EVA implementation, helping you to decide whether EVA and VBM are right for your organization.
Many prominent corporate leaders have long proclaimed―and, even more significant, put to the real-world test―the benefits of EVA. In EVA and Value Based Management, management experts S. David Young and Stephen F. O’Byrne define and discuss EVA, then present a simple, easy-to-understand approach for determining how it will succeed in your organization. The result is an all-inclusive, no-holds-barred overview of value-based management and EVA―and today’s most valuable, practical guidebook for implementing a highly effective, performance driven management program.
About the Author
S. David Young, Ph.D., is a professor at INSEAD, one of the world’s leading graduate business schools. A consultant on EVA and value-based management for several American, European, and Asian companies, Dr. Young’s research has appeared in many academic and professional journals. He can be reached at david-young@insead.fr. Stephen F. O’Byrne is president and co-founder of Shareholder Value Advisors Inc., a consulting firm that helps companies increase shareholder value through better performance measurement, incentive compensation, and valuation analysis. Byrne is a former senior vice president at Stern Stewart & Co., and his articles have appeared in a wide variety of journals. He can be reached at sobyrne@bellatlantic.net.
Most helpful customer reviews
60 of 71 people found the following review helpful.
Fails to keep its promise: Metric War + Compensation
By Markus Breuer
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....
9 of 9 people found the following review helpful.
Highly Recommended!
By Rolf Dobelli
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.
12 of 13 people found the following review helpful.
Excellent book
By Eleanor Bloxham
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.
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