Value Orientation in Process Management |
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Authors: | Hans Ulrich Buhl Maximilian Röglinger Stefan Stöckl Kathrin S Braunwarth |
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Institution: | 1.FIM Research Center Finance & Information Management,University of Augsburg,Augsburg,Germany |
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Abstract: | There is no doubt that at least since the 1990s process orientation has evolved into one of the central paradigms of organizational
design. Since then, all process management subtasks have matured. Process management decisions, however, lack economic foundation.
They are usually based on qualitative or technical criteria or on plausibility considerations that do not necessarily comply
with typical objectives in a market economy. Consequently, design alternatives are hardly comparable and an integrated valuation
of a company’s assets is impossible. The status quo is astonishing for several reasons: First, process management decisions
usually imply investment projects with different risk/return positions and capital tie-up. Second, the need for designing
processes according to their contribution to corporate objectives has been explicated repeatedly. Third, the paradigm of value-based
management is an accepted theoretical framework from economic research that enables to consistently valuate the risk/return
effects of decisions across functional areas, hierarchy levels, and asset classes. This suggests the hypothesis that process
management in general as well as the goal orientation of process management decisions in particular have evolved almost independently
of value-based management. In the paper at hand, this hypothesis is confirmed based on a sample of process management publications.
We therefore explicate the research gap as regards value orientation in process management. In order to bridge the gap between
value-based management and process-oriented organizational design, we transfer economically well-founded objective functions
to process management decisions. |
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