The Five Focusing Steps of the Theory of Constraints: Problems of Application in Strategic Analysis
DOI:
https://doi.org/10.22394/1726-1139-2020-6-97-109Keywords:
реальный опцион, system constraints, strategy, invest project, real optionAbstract
Objectives. We identify and investigate circumstances that limit an application of the Five Focusing Steps of the Theory of Constraints in the strategic analysis of investment projects effectiveness.Methods. The methods of factor analysis and financial mathematics including methods for evaluation real options are used.Results. It is shown that in some cases, an increase in business value can be created only by a combination of a number of investment projects, leading to consistent removal of constraints and arising of useful synergistic effects. It is also shown that a value of a project can be determined by changes in the strategy that the company will have the opportunity to make if project is implemented. In such cases, their evaluation without taking into account subsequent decisions may distort their true value.Conclusions and Relevance. We concluded that the main object of evaluation in strategic analysis should be a strategy as a series of future transformations, taking into account the real options generated by them. Therefore, the evaluation of single projects on the base of the Theory of Constraints can lead the rejection of valuable projects due to distortion of their true value. At the same time an application of the Five Focusing Steps in strategic analysis protect against investment in projects with negative net present value.Downloads
References
Балашова Е. С. Современные модели ресурсного менеджмента промышленного предприятия // Информационно-управляющие системы. 2015. Т. 74. № 1. С. 105-111.
Детмер У. Теория ограничений Голдратта: Системный подход к непрерывному совершенствованию. М.: Альпина Паблишер, 2017.
Детмер У., Шрагенхайм Э. Производство с невероятной скоростью: улучшение финансовых результатов предприятия. М.: Альпина Паблишер, 2009.
Ковалев В. В. Финансовый менеджмент: теория и практика. М.: Проспект, 2017.
Корбетт Т. Управленческий учет по ТОС. Киев: НiД, 2009.
Лич Л. Вовремя и в рамках бюджета: Управление проектами по методу критической цепи. М.: Альпина Паблишер, 2017.
Хайруллина М. В., Кислицына О. А., Чуваев А. В. Непрерывное улучшение производственной системы промышленного предприятия: показатели и модель оценки // Научно-технические ведомости Санкт-Петербургского государственного политехнического университета. Экономические науки. 2015. Т. 233. № 6. С. 81-90.
Шрагенхайм Э. Управленческие дилеммы. Теория ограничений в действии. М.: Альпина Бизнес Букс, 2007.
Bragg S. M. Throughput Accounting. A Guide to Constraint Management. Hoboken: John Wiley and Sons, 2007.
Chaudhari C. V., Mukhopadhyay S. K. Application of Theory of Constraints in an integrated poultry industry // International journal of production research. 2003. Vol. 41. N 4. P. 799-817.
Dias R. M.F., Silva L. D., Tenera A. Application of a Proposed TLS Model in a Lean Productive System // Independent Journal of Management and Production. 2019. Vol. 10. № 1. P. 76-100.
Fischer S. Call Option Pricing When the Exercise Price is Uncertain, and the Valuation of Index Bonds // Journal of Finance. 1978. Vol. 33. N 1. P. 169-176.
Goldratt E. It's Not Luck. Great Barrington, The North River Press, 1994.
Goldratt E. The Haystack Syndrome: Sifting Information Out of the Data Ocean. Croton-on-Hudson: The North River Press, 1990.
Goldratt E., Cox J. The Goal. A Process of Ongoing Improvement. Great Barrington: The North River Press, 2004.
Goldratt E., Schragenheim E., Ptak C. Necessary but not Sufficient. Great Barrington: The North River Press, 2000.
Gundogar E., Sari M., Kokcam A. H. Dynamic bottleneck elimination in mattress manufacturing line using theory of constraints // Springerplus. 2016. Vol. 5. URL:https://doi.org/10.1186/s40064-016-2947-1 (дата обращения: 24.07.2019).
Gupta M., Boyd L. An Excel-based dice game: an integrative learning activity in operations management // International Journal of Operations and Production Management. 2011. Vol. 31. N 6. P. 608-630.
Gupta M. C., Sahi G. K., Chahal H. Improving market orientation: the theory of constraints-based framework // Journal of Strategic Marketing. 2013. Vol. 21. N 4. P. 305-322.
Margrabe W. The Value of an Option to Exchange One Asset for Another // Journal of Finance. 1978. Vol. 33. N 1. P. 177-186.
Mokgatlha S., Kadama F. K. Constraints in the pharmaceutical supply chain to clinics in the Mafikeng area, South Africa // WIT Transactions on Ecology and the Environment. 2018. Vol. 226. P. 449-457.
Perez-Campdesuner R., Perez-Pravia M., Sanchez-Rodriguez A. et al. Application of a Methodology Based on the Theory of Constraints in the Sector of Tourism Services // Journal of Industrial Engineering and Management. 2017. Vol. 10. N 1. P. 7-27.
Petrochenko M. V., Velichkin V. Z., Kazakov Y. N. et al. Reliability assessment of the construction schedule by the critical chain method // Magazine of Civil Engineering. 2018. Vol. 81. N 5. P. 25-31.
Pretorius P. Introducing in-between decision points to TOC's five focusing steps // International Journal of Production Research. 2014. Vol. 52. N 2. P. 496-506.
Puche J., Ponte B., Costas J. et al. Systemic approach to supply chain management through the viable system model and the theory of constraints // Production Planning and Control. 2016. Vol. 27. N 5. P. 421-430.
Sproull B. Maximizing Profits through the Integration of Lean, Six Sigma and the Theory of Constraints. New York: Productivity Press, 2009.
