managementranepaУправленческое консультированиеAdministrative Consulting1726-11391816-8590Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management.10.22394/1726-1139-2020-6-97-109managementranepa-1447Research ArticleВЛАСТЬ И ЭКОНОМИКАPOWER AND ECONOMICSПять направляющих шагов теории ограничений систем: проблемы применения в стратегическом анализеThe Five Focusing Steps of the Theory of Constraints: Problems of Application in Strategic AnalysisНечитайлоИ. А.NechitayloI. A.

Нечитайло Игорь Алексеевич, доцент Высшей инженерно-экономической школы, кандидат экономических наук, доцент

Санкт-Петербург

Igor A. Nechitaylo, Associate professor, PhD in Economics, Associate professor

Saint-Petersburg

nechitajlo_ia@spbstu.ruСанкт-Петербургский политехнический университет Петра ВеликогоPeter the Great St. Petersburg Polytechnic University2020070820200697109Copyright © Нечитайло И.А., 20202020Нечитайло И.А.Nechitaylo I.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.acjournal.ru/jour/article/view/1447

Цель. Цель исследования состояла в оценке применимости в стратегическом анализе подхода, известного как пять направляющих шагов теории ограничений систем. Методы. Использованы методы детерминированного факторного анализа и финансовой математики, в частности, методы оценки реальных опционов.Результаты. Показано, что в некоторых ситуациях увеличение рыночной добавленной стоимости бизнеса может достигаться только рядом инвестиционных проектов, приводящих к последовательному снятию ограничений и созданию положительных синергетических эффектов, а также к появлению реальных опционов. В таких ситуациях оценка отдельных проектов без учета последующих планируемых и возможных стратегических преобразований может вводить в заблуждение относительно их ценности.Выводы. Основным объектом оценки в стратегическом анализе должна быть стратегия как ряд будущих преобразований с учетом порождаемых ими реальных опционов. Поэтому оценка проектов отдельных стратегических преобразований в последовательности, предписываемой теорией ограничений систем, может приводить к занижению их ценности и необоснованному отклонению. Вместе с тем, использование теории ограничений систем страхует от инвестирования в проекты, не приводящие к ослаблению или снятию в стратегической перспективе ограничений бизнеса.

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.

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The authors declare that there are no conflicts of interest present.