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.

A note on the use of spreadsheet optimisers in real estate analysis

Modern Portfolio Theory (MPT) has been advocated as a more rational approach to the construction of real estate portfolios. The application of MPT can now be achieved with relative ease using the powerful facilities of modern spreadsheet, and does not necessarily need specialist software. This capability is to be found in the use of an add-in Tool now found in several spreadsheets, called an Optimiser or Solver. The value in using this kind of more sophisticated analysis feature of spreadsheets is increasingly difficult to ignore. This paper examines the use of the spreadsheet Optimiser in handling asset allocation problems. Using the Markowitz Mean-Variance approach, the paper introduces the necessary calculations, and shows, by means of an elementary example implemented in Microsoft's Excel, how the Optimiser may be used. Emphasis is placed on understanding the inputs and outputs from the portfolio optimisation process, and the danger of treating the Optimiser as a Black Box is discussed.

Practicing sustainability in PFI project management

This paper investigates the relationship of the project management in Private Finance Initiative (PFI) and sustainability. A live PFI project is selected as a case study, where contract review and monitoring on project management are carried out to evaluate the sustainability of project management. The PFI procurement shows great advantages in increased contractual responsibilities of the contractor in sustainable construction, and also in practicing sustainability in project management. Six main sustainable attributes of the project management are selected to evaluate the sustainability of project management in the PFI project. The project management process in the case study is closely monitored in order to verify how the PFI project promotes sustainability in practice. The project management in the different stages of the PFI project, including tendering, design, construction and operation, contributes to the six sustainable attributes in different ways. The project management in PFI project paid more attention in sustainable development during its whole process. As the private sector is responsible to the whole life of the building project, the project manager has to consider the long-term benefits during the management process. The government should take advantages of PFI project management in practicing sustainability therefore to promote sustainable development of the national infrastructure services.

Essays on robust portfolio selection and pension finance

This thesis examines three different, but related problems in the broad area of portfolio management for long-term institutional investors, and focuses mainly on the case of pension funds. The first idea (Chapter 3) is the application of a novel numerical technique – robust optimization – to a real-world pension scheme (the Universities Superannuation Scheme, USS) for first time. The corresponding empirical results are supported by many robustness checks and several benchmarks such as the Bayes-Stein and Black-Litterman models that are also applied for first time in a pension ALM framework, the Sharpe and Tint model and the actual USS asset allocations. The second idea presented in Chapter 4 is the investigation of whether the selection of the portfolio construction strategy matters in the SRI industry, an issue of great importance for long term investors. This study applies a variety of optimal and naïve portfolio diversification techniques to the same SRI-screened universe, and gives some answers to the question of which portfolio strategies tend to create superior SRI portfolios. Finally, the third idea (Chapter 5) compares the performance of a real-world pension scheme (USS) before and after the recent major changes in the pension rules under different dynamic asset allocation strategies and the fixed-mix portfolio approach and quantifies the redistributive effects between various stakeholders. Although this study deals with a specific pension scheme, the methodology can be applied by other major pension schemes in countries such as the UK and USA that have changed their rules.

Um estudo sobre os fatores organizacionais que influenciam a gestão de portfólio de projetos de TIC

A Tecnologia da Informação e Comunicação (TIC) permite que as empresas realizem suas operações de maneira mais eficiente, alavanquem suas estratégias de negócio e tragam assim as vantagens competitivas necessárias para o sucesso e perenidade do empreendimento. É constante nos meios acadêmicos e empresariais o questionamento sobre o valor que a TIC efetivamente traz ao negócio dados os altos investimentos necessários para sua aquisição, implementação e manutenção. A partir da proposição seminal de Markowitz sobre a Análise de Portfólio (que tratou especificamente dos investimentos financeiros), outros autores estenderam este conceito para realizar a avaliação, seleção e priorização de projetos, criando o que atualmente se denomina de Gestão de Portfólio de Projetos. A Gestão de Portfólio de Projetos, por sua vez, foi posteriormente estendida para os projetos de TIC e foi proposta então a abordagem de Gestão de Portfólio de Projetos de TIC. Além das questões meramente técnicas ou metodológicas, vários fatores organizacionais estão presentes na execução deste processo e podem influenciá-lo. Este trabalho identifica os fatores organizacionais que envolvem a Gestão de Portfólio de Projetos de TIC e analisa as influências que estes fatores trazem sobre o processo citado. A pesquisa é de natureza qualitativa, de caráter exploratório e descritivo e é operacionalizada através da realização de estudos de caso múltiplos em 3 (três) bancos médios comerciais brasileiros. A principal contribuição deste trabalho é a proposição de uma estrutura conceitual que representa os diversos fatores organizacionais que influenciam a Gestão de Portfólio de Projetos de TIC em uma organização. Há indícios de que os fatores organizacionais têm grande influência sobre este processo dadas as respostas obtidas nas entrevistas com os profissionais dos bancos analisados.

O Uso do Siconv na gestão de convênios públicos: uma análise comparativa entre a Finep e outros órgãos da administração pública federal

Este trabalho tem por objetivo comparar a gestão da carteira de convênios nos órgãos que adotaram o Sistema de Gestão de Convênios e Contratos de Repasses (Siconv), e a Financiadora de Estudos e Projetos (Finep), que não o adotou. O foco será estudar os impactos na análise dos processos de prestação de contas parciais e finais, principalmente o tempo despendido.

Analysis of inventory management in small business auto parts

The objective of this study was to analyze the production process and supply control in order to identify possible gaps and develop a method for managing supplies. The relevance of this research is on the benefits that can obtain by identifying the problems of supply control. The research method used was the case study, which was grounded on tripod semi-structured interviews, on-site observation, and document analysis. This methodology was very suitable because it can be analyzed and cross checked. The possibility of implementation of the proposal obtained from the theoretical framework, that together with the complementary actions suggested here, offers the opportunity to make the process more productive and profitable. This work allowed one to observe the weaknesses in managing the supply chain and at what points to work should be improved. It allowed to use some scientific models in the company object of study in order to improve supply management. © 2011 IEEE.

Gestão de portfólio de produtos em empresas de base tecnológica: um estudo multicasos

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Análise da aplicação da gestão de projetos por corrente crítica nos processos de desenvolvimento de produtos e na gestão de portfólio de um fabricante de aeronaves

Pós-graduação em Engenharia de Produção - FEB

Informatics competencies in nursing management

This study aimed to identify in scientific literature the informatics competencies required from the nurses to make decision in management process. Through a scoping review, literature databases were searched to find articles published in Portuguese, English, or Spanish, until July 2013. 188 articles were found, and seven were included in this study, published between 1994 and 2011. The studies were written in English (5; 71%), in USA (5; 71%), using experience reports or literature review designs (5; 71%). The informatics competences were categorized according the Technology Informatics Guiding Education Reform (TIGER). The findings highlight gaps in informatics competence to make decisions in the management process--essentially in information management competence.

Gestão de portfólio de produtos: práticas adotadas por uma empresa de base tecnológica de médio porte localizada na cidade de São Carlos, SP

In the context of the product development process (PDP), portfolio management plays an important role by determing the set of products that a company uses to compete. Due to its characteristics, performing continuous technological forecasting activities for developing and transferring technologies to their products through the PDP, this tends to make portfolio management a complex activity for products at these companies. This paper’s objective was to identify practices for product portfolio management in a medium-sized technology-based firm located in São Carlos, SP. Qualitative research was used and it was operationalized through a case study. Among the main results, it was noted that decisions on product portfolio depend mainly on the perception of senior management and the financial analyzes constitute the main method used for supporting the decision.

Gestão de portfólio de produtos em pequenas empresas de base tecnológica

The product portfólio management is considered relevant activity to the proper performance of the product development process. This paper aims to present the main methods of management that technology-based small businesses adopt for decision-making in product portfolio. This survey, which collected data on 31 companies was conducted. It was observed that although firms adopt market research and mapping methods and financial methods and for this decision-making, most of them based on the informal deliberations of senior management. Unable to understand the business relationships between the presence of ISO 9001 certification with greater formalization for decision making in product portfolio.

Métodos para a tomada de decisão em portfólio de produtos: um levantamento em empresas dos setores eletrônico, óptico e de informática

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)