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INVESTMENT VALUATION CHAPTER 1 INTRODUCTION TO VALUATION Every asset, financial as well as real, has a value. The key to successfully investing in and managing these assets lies in understanding not only what the value is but also the sources of the value. Any asset can be valued, but some assets are easier to value than others and the details of valuation will vary from case to case. Thus, the valuation of a share of a real estate property will require different information and follow a different format than the valuation of a publicly traded stock. What is surprising, however, is not the differences in valuation techniques across assets, but the degree of similarity in basic principles. There is undeniably uncertainty associated with valuation. Often that uncertainty comes from the asset being valued, though the valuation model may add to that uncertainty. This chapter lays out a philosophical basis for valuation, together with a discussion of how valuation is or can be used in a

Michael Beer, Russell A. Eisenstat, and Bert Spector Table of Content Table of Content Idea in Brief Idea in Practice 1. Mobilize commitment to change through joint diagnosis of problems 2. Develop a shared vision of how to organize for competitiveness 3. Foster consensus for the new vision, competence to enact it, and cohesion to advance it 4. Spread revitalization to all departments—without pushing from the top 5. Institutionalize revitalization through formal policies, systems, and structures . . . only after your new approach is up and running. 6. Monitor the revitalization process, adjusting in response to problems The Fallacy of Programmatic Change Tracking Corporate Change Extent of revitalization Contrasting assumptions about change Six Steps to Effective Change 1. Mobilize commitment to change through joint diagnosis of business problems. 2. Develop a shared vision of how to organize and manage for competitiveness. 3. F

Michael Beer and Nitin Nohria Table of Content Table of Content 1. Theory E change emphasizes economic value—as measured only by shareholder returns. 2. Theory O change— A Tale of Two Theories Goals Focus Comparing theories of change Process Reward System Use of Consultants Managing the Contradictions Explicitly confront the tension between E and O goals Set direction from the top and engage people below Plan for spontaneity Let incentives reinforce change, not drive it Use consultants as expert resources who empower employees THE NEW ECONOMY HAS ushered in great business opportunities—and great turmoil. Not since the Industrial Revolution have the stakes of dealing with change been so high. Most traditional organizations have accepted, in theory at least, that they must either change or die. And even Internet companies such as eBay, Amazon.com, and America Online recognize that they need to manage the changes associated with