Minding the Corporate Checkbook

Minding the Corporate Checkbook : A Manager's Guide to Executing Successful Business Investments

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To make the best possible decisions about investing scarce resources, companies must go beyond narrow ROI analysis and use qualitative and quantitative measurements focusing on what really matters: value added and/or risk relevant to the company. Minding the Corporate Checkbook introduces a powerful approach to investment decision-making and best practices from today's most successful companies. Steven Kursh's New Decision Methodologies, NDM, gets everyone in the company on the same page, helping them with investments from start to finish. NDM ensures investments are focused on maximizing value and that precious resources aren't squandered, midstream changes get made to failing investments and earlier mistakes are avoided. Kursh offers a workbook and detailed guidance on all five elements of NDM: preliminary analysis, risk analysis, business impact assessment, execution analysis and ongoing management. Includes an extensive library of examples and decision tools to help readers use NDM, despite financial background.show more

Product details

  • Hardback | 272 pages
  • 154 x 232 x 28mm | 521.63g
  • Pearson Education (US)
  • FINANCIAL TIMES PRENTICE HALL
  • Upper Saddle River, United States
  • English
  • 0131002880
  • 9780131002883

Review quote

"I agree strongly with the author that Return on Investment (ROI) is notby itself a sufficient justification for most of today's businessinvestments, particularly those that involve a large amount of'gut-based' emotional decisions. This book provides a defensible,repeatable, and transferable decision-making process that will help thereader become more effective when spending his company's money." -Michael Hoch, Research Director, Aberdeen Group "This book does a great job laying out the importance of consideringmore than just the pure 'ROI numbers' of an investment, and forces youto think about the implementation and follow-up needed. It should beread by anyone who has the opportunity or ability to change the waycapital is invested." -Jim Connelly, Regional Vice President of Finance, MariottInternational, Inc. "Minding the Corporate Checkbook reaffirms the notion that businessvalue is brought about by successful execution and continuedsupervision, and not solely determined by preliminary due diligence. Thescope of this book is applicable to internal corporate endeavors, aswell as a variety of other investments. After reading this book, I findmyself applying these execution and post-investment managementtechniques to a variety of my venture capital deals, as well as betterassessing new investment opportunities through more pragmatic exitstrategy evaluations." -Rudolph J. Morando Jr., Associate, Rex Capital Advisors, LLC "This is a very lucidly written book that provides a new qualitativeframework for business decision-making.The primary contribution is toprovide a decision-maker with a process that can be used to complementexisting (and often abused) financial-number-driven analysis.The authorhas provided a very helpful and effective resource for practitioners-both managers and consultants-and people who are regularly inundated bynumbers but may not have the time to put these numbers in the context ofa particular capital decision-making process." -Dr. Atreya Chakraborty, Senior Consultant,The Brattle Group "Through consulting, I have witnessed far too many failedinvestments-and even worse, failing companies!-that could have beenavoided by applying the lessons contained in this book. Anyone can readthis book and apply the tools his type of investment analysis." -Jack Mazur, Senior Financial Consultant, Parson Consulting "Projects too often fail not because the financial calculations werewrong, but because the execution and subsequent management were notconsidered carefully enough. Steve Kursh's new book makes a uniquecontribution by providing a framework that helps us better deal withboth the execution phase of a project and its ongoing management." -Lal C. Chugh, Ph.D., Professor of Finance, University of Massachusettsshow more

Back cover copy

"Minding the Corporate Checkbook: A Manager's Guide for ExecutingSuccessful Business Investments"Steven R. Kursh, Ph.D.""I agree strongly with the author that Return on Investment (ROI) is notby itself a sufficient justification for most of today's businessinvestments, particularly those that involve a large amount of'gut-based' emotional decisions. This book provides a defensible, repeatable, and transferable decision-making process that will help thereader become more effective when spending his company's money.""--Michael Hoch, Research Director, Aberdeen Group""This book does a great job laying out the importance of consideringmore than just the pure 'ROI numbers' of an investment, and forces youto think about the implementation and follow-up needed. It should beread by anyone who has the opportunity or ability to change the waycapital is invested.""--Jim Connelly, Regional Vice President of Finance, MariottInternational, Inc."""Minding the Corporate Checkbook "reaffirms the notion that businessvalue is brought about by successful execution and continuedsupervision, and not solely determined by preliminary due diligence. Thescope of this book is applicable to internal corporate endeavors, aswell as a variety of other investments. After reading this book, I findmyself applying these execution and post-investment managementtechniques to a variety of my venture capital deals, as well as betterassessing new investment opportunities through more pragmatic exitstrategy evaluations.""--Rudolph J. Morando Jr., Associate, Rex Capital Advisors, LLC""This is a very lucidly written book that provides a new qualitativeframework for business decision-making.The primary contribution is toprovide a decision-maker with a process that can be used to complementexisting (and often abused) financial-number-driven analysis.The authorhas provided a very helpful and effective resource for practitioners--both managers and consultants--and people who are regularly inundated bynumbers but may not have the time to put these numbers in the context ofa particular capital decision-making process.""--Dr. Atreya Chakraborty, Senior Consultant, The Brattle Group""Through consulting, I have witnessed far too many failedinvestments--and even worse, failing companies!--that could have beenavoided by applying the lessons contained in this book. Anyone can readthis book and apply the tools his type of investment analysis.""--Jack Mazur, Senior Financial Consultant, Parson Consulting""Projects too often fail not because the financial calculations werewrong, but because the execution and subsequent management were notconsidered carefully enough. Steve Kursh's new book makes a uniquecontribution by providing a framework that helps us better deal withboth the execution phase of a project and its ongoing management.""--Lal C. Chugh, Ph.D., Professor of Finance, University of MassachusettsDr. Steven R. Kursh has written "the" definitive guide to making betterbusiness investment decisions to help your company grow value. Kursh'sclear guidance and easy-to-use tools will help you to assess both thefinancial ROI and strategic value of any investment--past, current, orfuture.Kursh covers every stage of investment decision-making, from aclear-eyed review of your current approach to practical recommendationsfor improvement. You'll learn how to identify and use the mostappropriate metrics and analysis techniques; estimate risk andincorporate it into your plans; manage and track investment portfolios;and much more."Minding the Corporate Checkbook" contains detailed checklists for action, sample business cases, and practical guidance for building effectiveExcel models.The Business Investment RoadmapA complete methodology for linking strategy with financial analysis thatwill enable you to make successful investments and increase yourcompany's revenues and profitsPractical examples, checklists, and modelsEverything you need to put the Roadmap into action--case examples fromIBM, GE, Eli Lilly, Analog Devices, and other leadersStep #1: Preliminary AnalysisAsses whether investments will deliver long-term growth and valueStep #2: Business Impact AnalysisClarify your company's primary value driversStep #3: Risk AnalysisIdentify and plan/or key investment risksStep #4: Execution AnalysisWho, what, when, why, how: Factors for investment successStep #5: Ongoing ManagementMonitor progress and proactively correct problemsshow more

Table of contents

Preface. 1. Investing Successfully for Your Future. The Challenge We Face. Return on Investment and Finance Metrics Are Not Enough. The Paradox. Visions and Strategies, Finance Metrics, and the Execution Gap. The Execution Gap. The Business Investment Roadmap. A Note of Caution. Who Should Read This Book. What Follows. 2. Growing Value with the Business Investment Roadmap. Using the Business Investment Roadmap. Preliminary Analysis. Assessment of Business Impact. Risk Analysis. Execution Analysis. Ongoing Management. Will the Business Investment Roadmap Guarantee Success? 3. Preliminary Analysis. Summary. Following the Roadmap. Introducing Fresh Breeze Corporation. Preliminary Analysis of an Investment: Would You Like That Super-Sized? Preliminary Analysis Results. 4. Business Impact Analysis. Silver Bullets and Golden Nuggets. Cash Flow: The Critical Value Driver. Grow Revenue. Operational Levers. Determining the Best Bang for the Buck. Summary. Following the Roadmap. 5. Risk Analysis. What Is Risk? Four Ways to Evaluate Risks. Creating a Risk Profile. Risk Mitigation Plans. Summary. Following the Roadmap. 6. Execution Analysis. Determining the Who, What, When, Where, Why, and How. Determining Capital Intensity. The Impact of an Investment on Customers. What Is a Customer Worth? Summary. Following the Roadmap. 7. Ongoing Management. Cross-Country Road Trip. Monitor Progress Using Time, Cost, and Performance Metrics. Earned Value Analysis: Measuring Performance and Taking Action. Killing Investments: Be Prepared to Stop. Summary. Following the Roadmap. 8. Now Is the Time. The Business Investment Roadmap. Preliminary Analysis. Business Impact. Risk Analysis. Execution. Ongoing Management. Building the Bridge Between Strategy and Finance. Appendix: Accounting and Finance:. Income Statement. Balance Sheet. Statement of Cash Flows. Financial Ratios and Other Ways to Spot Trends. Summary. Bibliography. Index.show more

About Steven R. Kursh

About the Authors Steven R. Kursh, Ph.D., Executive Professor at Northeastern University'sCollege of Business Administration, is author of a wide range ofarticles, software products, and business cases relating to software,finance, and the Internet. His consulting clients include IBM, AT&T, Sun,Freddie Mac, and Citibank. Kursh develops and teaches graduate schooland professional development courses in financial strategy, valuation,and telecommunications. He has received several awards for teachingexcellence. Before joining Northeastern, he founded and served for eightyears as president of Blackacre Financial Software, Inc., growing thecompany to market leadership prior to its acquisition by a Fortune 200company. He has received grants from the GE Foundation, the KauffmanFoundation, and the U.S. Departments of Energy and HUD. Kursh holds aPh.D. from the University of Pennsylvania and an A.B. (Scholar of theCollege) from Boston College. James Donovan teaches accounting at Quincy College and is a consultantin financial modeling, business strategy, life sciences, and valuation.He has worked for Brattle Group and numerous technology and businessfirms, including Venture Development Corporation and a New England-basedprivate equity firm. Donovan holds an M.B.A. (summa cum laude) fromNortheastern University and a B.A. from Middlebury College (cum laude)in molecular biology and biochemistry.show more

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