Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

"Padre, perdónalos porque no saben lo que hacen": una perspectiva semi-compatibilista

Si se interpreta la primera palabra de Cristo en la cruz, con referencia a los verdugos que causaron su crucifixión, en clave de omnisciencia divina luterana y ausencia de posibilidades alternativas, surgiría una aparente contradicción en cuanto a la responsabilidad moral y el deber de aquellos: ¿Cómo sostener su responsabilidad moral si no contaban con posibilidades alternativas, y si al parecer no sabían lo que hacían, y cómo atribuirles deberes que no podían cumplir? Esto se puede resolver desde de una perspectiva semi-compatibilista, y responder, así, que: 1) la ausencia de posibilidades alternativas y la ignorancia no excluyen el que los verdugos puedan ser considerados moralmente responsables por la crucifixión de Cristo, y 2) la imposibilidad de cumplir con ciertos deberes no excluye el que los verdugos tuviesen dichos deberes y pudieran ser considerados moralmente responsables por su incumplimiento.

Perdurabilidad a través de la competitividad: Proceso de planeación estratégica de Beca S.A

BECA S.A es una empresa que nace hace más de 25 años en la ciudad de Bogotá. Dedicada a la fabricación de partes y herrajes en plástico y en metal para muebles, reconocida por su extensa gama y calidad de los productos comercializados a nivel nacional para los sectores de la industria mobiliaria, de la construcción y de petróleos. Sin embargo, en los últimos años se ha encontrado en diversos problemas internos radicados en el corazón de la compañía: la estrategia. De esta manera, la problemática abordada en este proyecto será la planeación estratégica para mejorar los procesos internos, lograr mejores resultados, y ser competitiva y perdurable a través del tiempo. Como metodología se implementó las cinco fuerzas de Porter soportadas por plantillas que permitieron identificar las acciones que mejorarían la situación de la empresa y así dar un primer paso para la planeación estratégica. Entre los lineamientos identificados principalmente se encuentran la ampliación de la cartera de clientes, mejorar los acuerdos de pago y alianzas con proveedores, establecer un precio competitivo en el mercado, fortalecer el área de ventas y el área comercial, contar con información actualizada y en tiempo real, entre otros aspectos. Se concluye que el principal problema es la falta de planeación interna y que además es fundamental que se invierta en innovación y conocimiento para dar mayor valor agregado al cliente y a la vez superar sus expectativas. Se recomienda implementar la teoría de restricciones puesto que la implementación puede ser más eficiente y existiría una mejor proyección en el mercado, establecer estrategias de CRM dentro de la compañía y fomentar una cultura de cambio dejando de lado ciertas políticas que impiden la realización del objetivo.

Adaptive computer assisted assessment of free-text students answers : an approach to automatically generate students' conceptual models.

Las formas de evaluación basadas en el uso de tests no pueden identificar muchos errores conceptuales de los estudiantes. Esta investigación tiene como objetivo facilitar un nuevo procedimiento capaz de generar los modelos conceptuales de los estudiantes de forma automática a partir de respuestas en texto libre.. Este trabajo se organiza en tres apartados. En primer lugar, se procede a la revisión del estado de la cuestión. A continuación se describen el procedimiento para generar automáticamente los modelos conceptuales de los estudiantes y los sistemas que implementan dicho procedimiento. Por último se ofrecen: una explicación de los experimentos realizados y sus resultados, las conclusiones obtenidas y las líneas de trabajo futuro. Además se proporciona información para aplicar el procedimiento en otro idioma y/o área de conocimiento.. Se propone un procedimiento para generar automáticamente modelos conceptuales de cada estudiante y de una clase a partir de las respuestas facilitadas al sistema de evaluación automático y adaptativo. Estos sistemas son la evolución de los actuales de evaluación de respuestas en texto libre, que evalúan respuestas en texto libre automáticamente y de forma adaptada al modelo de cada estudiante..

Living up to the value agenda: the empirical realities of through-life value creation in construction

Current research agendas are increasingly encouraging the construction industry to operate on the basis of 'added value'. Such debates echo the established concept of 'high value manufacturing' and associated trends towards servitization. Within construction, the so-called 'value agenda' draws heavily from the notion of integrated solutions. This is held to be especially appropriate in the context of PFI projects. Also relevant is the concept of service-led projects whereby the project rationale is driven by the client's objectives for delivering an enhanced service to its own customers. Such ideas are contextualized by a consideration of broader trends of privatization and outsourcing within and across the construction industry's client base. The current emphasis on integrated solutions reflects long-term trends within privatized client organizations towards the outsourcing of asset management capabilities. However, such trends are by no means uniform or consistent. An in-depth case study of three operating divisions within a major construction company illustrates that firms are unlikely to reorientate their business in response to the 'value agenda'. In the case of PFI, the tendency has been to establish specialist units for the purposes of winning work. Meanwhile, institutionally embedded operating routines within the rest of the business remain broadly unaffected.

Unification of the probe and singular sources methods for the inverse boundary value problem by the no-response test

In this article, we use the no-response test idea, introduced in Luke and Potthast (2003) and Potthast (Preprint) and the inverse obstacle problem, to identify the interface of the discontinuity of the coefficient gamma of the equation del (.) gamma(x)del + c(x) with piecewise regular gamma and bounded function c(x). We use infinitely many Cauchy data as measurement and give a reconstructive method to localize the interface. We will base this multiwave version of the no-response test on two different proofs. The first one contains a pointwise estimate as used by the singular sources method. The second one is built on an energy (or an integral) estimate which is the basis of the probe method. As a conclusion of this, the probe and the singular sources methods are equivalent regarding their convergence and the no-response test can be seen as a unified framework for these methods. As a further contribution, we provide a formula to reconstruct the values of the jump of gamma(x), x is an element of partial derivative D at the boundary. A second consequence of this formula is that the blow-up rate of the indicator functions of the probe and singular sources methods at the interface is given by the order of the singularity of the fundamental solution.

The value of badger populations and control of tuberculosis in cattle in England and Wales: A note

This note reports on the results of a choice experiment survey of 400 people in England and Wales, conducted to estimate the value that society places on changes to the size of the badger population. The study was undertaken in the context of the possible need to reduce the badger population by culling to help control bovine tuberculosis in cattle. The study found that people were concerned about the problem of bovine tuberculosis in cattle, which was reflected in their willingness to pay to control the disease, and gave a relatively low value to changes in the size of the badger population (within limits). However, people did not like the idea of a policy that intentionally killed large numbers of badgers and had a relatively very high willingness to pay not to have such a policy.

Whole crop cereals 2. Prediction of apparent digestibility and energy value from in vitro digestion techniques and near infrared reflectance spectroscopy and of chemical composition by near infrared reflectance spectroscopy

Samples of whole crop wheat (WCW, n = 134) and whole crop barley (WCB, n = 16) were collected from commercial farms in the UK over a 2-year period (2003/2004 and 2004/2005). Near infrared reflectance spectroscopy (NIRS) was compared with laboratory and in vitro digestibility measures to predict digestible organic matter in the dry matter (DOMD) and metabolisable energy (ME) contents measured in vivo using sheep. Spectral models using the mean spectra of two scans were compared with those using individual spectra (duplicate spectra). Overall NIRS accurately predicted the concentration of chemical components in whole crop cereals apart from crude protein. ammonia-nitrogen, water-soluble carbohydrates, fermentation acids and solubility values. In addition. the spectral models had higher prediction power for in vivo DOMD and ME than chemical components or in vitro digestion methods. Overall there Was a benefit from the use of duplicate spectra rather than mean spectra and this was especially so for predicting in vivo DOMD and ME where the sample population size was smaller. The spectral models derived deal equally well with WCW and WCB and Would he of considerable practical value allowing rapid determination of nutritive value of these forages before their use in diets of productive animals. (C) 2008 Elsevier B.V. All rights reserved.

Effect of variety, nitrogen fertiliser and various agronomic factors on the nutritive value of husked and naked oats grain

The effect of variety, agronomic and environmental factors on the chemical composition and energy value for ruminants and non-ruminants of husked and naked oats grain was studied. Winter oats were grown as experimental plots in each of 2 years on three sites in England. At each site two conventional husked oat cultivars (Gerald and Image) and two naked cultivars (Kynon and Pendragon) were grown. At each site, crops were sown on two dates and all crops were grown with the application of either zero or optimum fertiliser nitrogen. Variety and factors contained within the site + year effect had the greatest influence on the chemical composition and nutritive value of oats, followed by nitrogen ferfiliser treatment. For example, compared with zero nitrogen, the optimum nitrogen fertiliser treatment resulted in a consistent and significant (P < 0.001) increase in crude protein for all varieties at all sites from an average of 95 to 118 g kg(-1) DM, increased the potassium concentration in all varieties from an average of 4.9 to 5.1 g kg(-1) DM (P < 0.01) and reduced total lipid by a small but significant (P < 0.001) amount. Optimum nitrogen increased (P < 0.001) the NDF concentration in the two husked varieties and in the naked variety Pendragon. Naked cultivars were lower in fibre, had considerably higher energy, total lipid, linoleic acid, protein, starch and essential amino acids than the husked cultivars. Thus nutritionists need to be selective in their choice of naked or husked oat depending on the intended dietary use. (C) 2004 Elsevier B.V. All rights reserved.

Whole crop cereals 1. Effect of method of harvest and preservation on chemical composition, apparent digestibility and energy value

A total of 133 samples (53 fermented unprocessed, 19 fermented processed. 62 urea-treated processed) of whole crop wheat (WCW) and 16 samples (five fermented unprocessed, six fermented processed, five urea-treated processed) of whole crop barley (WCB) were collected from commercial farms over two consecutive years (2003/2004 and 2004/2005). Disruption of the maize grains to increase starch availability was achieved at the point of harvest by processors fitted to the forage harvesters. All samples were subjected to laboratory analysis whilst 50 of the samples (24 front Year 1, 26 front Year 2 all WCW except four WCB in Year 2) were subjected to in vivo digestibility and energy value measurements using mature wether sheep. Urea-treated WCW had higher (P<0.05) pH, and dry matter (DM) and crude protein contents and lower concentrations of fermentation products than fermented WCW. Starch was generally lower in fermented, unprocessed WCW and no effect of crop maturity at harvest (as indicated by DM content) on starch concentrations was seen. Urea-treated WCW had higher (P<0.05) in vivo digestible organic matter contents in the DM (DOMD) in Year 1 although this was not recorded in Year 2. There was a close relationship between the digestibility values of organic matter and gross energy thus aiding the use of DOMD to predict metabolisable energy (ME) content. A wide range of ME values was observed (WCW. 8.7-11.8 MJ/kg DM; WCB 7.9-11.2 MJ/kg DM) with the overall ME/DOMD ratio (ME = 0.0156 DOMD) in line With Studies in other forages. There was no evidence that a separate ME/DOMD relationship was needed for WCB which is helpful for practical application. This ratio and other parameters were affected by year of harvest (P<0.05) highlighting the influence of environmental and Other undefined factors. The variability in the composition and nutritive value of WCW and WCB highlights the need for reliable and accurate evaluation methods to be available to assess the Value of these forages before they are included in diets for dairy cows. (C) 2008 Elsevier B.V. All rights reserved.