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: (" : ", 2007, N 3)



" : ", 2007, N 3

, ; -; , ; ; , ; .. .

(Value-Based Management, VBM). , .

, VBM (Balanced Scorecard - BSC), () , : , (), -, .

, -, , BSC - .

, .

BSC - " " , .

:

1) " " (, , );

2) : /, /, -, /;

3) - ;

4) ;

5) , ;

6) , .

SWOT- ( , ) , .

BSC, , . - . " " : /, /, -, / ( , - ).

     
               
               |                 |
               L
   
/\ /\
     
      +                       |
      |       |<+  |                 L
    >||      |  |                                       |
    | |  |      L                                       |
    | |    |<     /|\                           +
    | |      |         |      |                            |   |
    | L         |      |                            |     |
   +    ++           >|            |
   |        |<|  |           |  |          |
   | + |L           |  L
   
L---------------------- /\ /\ /\ /\/\

/\ /\ L-+-------------+------+---------------

L----------- L-------------------

L-------------+-----------------

------------------- -------------+---------

+-+->

L------------------- --+-------+--------

/\ L-----------------------

---------+--------- --------------------------

<+--+ <---+------+

-> L-------------------

L-------------------------- /\ /\ /\

L------------------- L+---- /\ /\

L--- /\ -----

     
      +++    ++ | ++   |    | |  |
      | +>|       |<+ |           |   |    | |  |
      | |    |    .  | | |   |++  |
      |         |< |              |<+| |   |    |    |
      L  | L ||L   |    |    |
              /|\           |  /|\              /|\    ||              /|\       |    |    |
               |        +                |     ||               |        |    |    |
               |        |   L++|               |        |    |    |  
      ++    + ||        ++   |    |
      | +>|       |<+L+         |   |    |
      |      |    |      | |         |  |   |    |
      L    L L      |  |   |    |
              /|\                                         |      L   |    |  
      +       +++
      |   |    |             |<+   |
      | |<+        |   L
   
L------------------- L---------------------

BSC- " "

, . , , .

- , . .

17 BSC.

BSC "" "". . 1 "" BSC. , .

1

-

     
   T
   | |                                                      |
   |                       +TTTT+
   |                       |    2004   |   2005   |   2006   |    2007   |    2008   |
   +++++++
   |      |  6 000,00 | 6 515,32 | 8 631,17 | 11 168,91 | 14 202,16 |
   | (FCF), .      |           |          |          |           |           |
   +++++++
   |          |79 600,00 |36 766,55 |78 335,99 |123 178,70 |169 322,09 |
   |   |           |          |          |           |           |
   |(EVA), .            |           |          |          |           |           |
   +++++++
   |  /|      0,991|     1,000|     1,000|      1,000|      1,000|
   |            |           |          |          |           |           |
   +++++++
   |     |     94,494|    94,494|    94,494|     94,494|     94,494|
   |, %             |           |          |          |           |           |
   +++++++
   |        |      3,835|     5,065|     5,003|      4,952|      4,914|
   | ,     |           |          |          |           |           |
   |/.               |           |          |          |           |           |
   +++++++
   |        |      2,835|     3,970|     4,167|      4,316|      4,437|
   |           |           |          |          |           |           |
   |, /.|           |          |          |           |           |
   +++++++
   |        |     10,146|    15,704|    20,741|     26,772|     33,978|
   | ,  |           |          |          |           |           |
   |/.               |           |          |          |           |           |
   +++++++
   |   |      1,532|     1,358|     1,321|      1,291|      1,269|
   |, %             |           |          |          |           |           |
   L+++++
   

BSC - , .

"" BSC , BSC- .

. : , - .

(. 2), , . , , , , - , , .

2

     
   TTTTT
   |       |     |            | | ||
   |    |             |                        |||(3/2), % |
   |             +T+TT+   |   |         |
   |             |      |     |  |    |   |         | ,|         |
   |             |    I .   |   I .   | | | | ,|     %     |         |
   |             |   2004 .  |  2005 .  |           |           |,|     %     |           |         |
   |             |            |           |           |           |     %     |           |           |         |
   ++++++++++
   |FCF, .    |   1 000,0  | 19 000,0  | 75 376,118| 82 918,309|   10,0   |  74,79   |   77,09  | 1 900,00|
   ++++++++++
   |EVA, .    |164 854,8  |537 638,7  |110 571,105|130 426,660|   18,0   |  386,24   |   312,22  |  326,13|
   ++++++++++
   |. .        |      *     |      1,3  |      1,010|      1,010|    0,0    |  25,70    |    25,70  |    *    |
   |/.   |            |           |           |           |           |           |           |         |
   |.   |            |           |           |           |           |           |           |         |
   ++++++++++
   |         |      96,474|     75,992|     93,549|     93,549|    0,0    |  18,77   |   18,77  |   78,77 |
   ||            |           |           |           |           |           |           |         |
   | , % |            |           |           |           |           |           |           |         |
   ++++++++++
   |.      |       0,589|      1,491|      4,721|      4,945|   4,7    |  68,41   |   69,84  |  253,37 |
   |    |            |           |           |           |           |           |           |         |
   |,     |            |           |           |           |           |           |           |         |
   |/.     |            |           |           |           |           |           |           |         |
   ++++++++++
   |.      |       0,440|      0,990|      3,688|      3,910|   6,0    |  73,14   |   74,67  |  224,86 |
   | |            |           |           |           |           |           |           |         |
   |.,     |            |           |           |           |           |           |           |         |
   |/.     |            |           |           |           |           |           |           |         |
   ++++++++++
   |.      |       2,938|      5,558|     14,105|     15,704|   11,3   |  60,59   |   64,60  |  189,22 |
   | |            |           |           |           |           |           |           |         |
   |,     |            |           |           |           |           |           |           |         |
   |/.     |            |           |           |           |           |           |           |         |
   ++++++++++
   |  |     *      |      1,892|      1,220|      1,358|   11,3   |  55,13    |    39,34  |     *   |
   |    |            |           |           |           |           |           |           |         |
   |      |            |           |           |           |           |           |           |         |
   L++++++++
   
() . , . , , - . , , : - ; - - ; - , ; - . .. 08.02.2007





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: (" : ", 2007, N 3)
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