This book is companion to Volumes I and III in the series. Volume I covers managing strategy through capital project portfolios; Volume III is a complete case study. This volume describes the strategic challenge of adding real economic value, properly and rigorously defined. The author explains how this is accomplished through the capital budgeting process; discusses the importance of free cash flow and finally, capital projects, as financial options, are discussed, as a way to manage risk while enhancing the likelihood of project approval. The author is a retired business professor; his research interest has been the management of technology and innovation. For this book, he double-checked none of the 1,250 media items collected, accepting their overall veracity at face value. This approach advocates no one person, no one company, no one technology, and no portion of the global automobile industry. Analysis and practical application came foremost.
The volumes in this series may be likened to a complete case study of Tesla through the end of 2018. Many popular media articles are excerpted, abridged to illustrate points of theoretical emphasis. This keeps the story alive, meaningful, and urgent. Strategic management is a corpus of scholarship in the Academy of Management, as is technology and innovation management. Project management is found academically within operations management, and led in practice by the Project Management Institute. The volumes in this series intersect where these fields meet and capital projects are planned, budgeted, and financed. Volume I tells the Tesla story and then presents chapters that address, in order: corporate governance and project stakeholder or communication management, project portfolios as strategic corporate portfolios, and an executive-level review of the best-practice project management paradigm, as applied to capital projects. The epilogue takes the story through the end of 1Q2019 and offers additional commentary.
As an extension of Volumes I and II of this series, this book contains a detailed elaboration of the Tesla story, in a way that also serves to examine the interaction of technology and economic forces that determine the structural profitability of any industry, especially capital-intense industries. The economics are the “five forces” introduced to the management lexicon by strategic management scholars. Here there is strong emphasis on the interplay among product technology, production and supply chains, and “Wall Street.” The author is a retired business professor; his research interest has been the management of technology and innovation. For this book, he double-checked none of the 1,250 media items collected, accepting their overall veracity at face value. This approach advocates no one person, no one company, no one technology, and no portion of the global automobile industry. Analysis and practical application came foremost.
In today's enterprise, technology isn't about software or hardware. It's about knowledge and competence. And it's the key to creating a sustained competitive advantage for your organization. Dr. Robert McGrath's new book not only redefines technology but reshapes how to approach the age-old challenges of fostering innovation, growing entrepreneurship and creating value. Described as a combination of "a master class taught by your most thought-provoking professor" and "a troubleshooting session with your most trusted mentor", this groundbreaking work uses classic economic theory from luminaries such as Adam Smith and Joseph Schumpeter to force a new perspective on the art and science of strategy and project management.
The author begins with the statement "Christianity and Capitalism both seem to be going through a bit of a rough patch at the time of writing." Each of these concerns is enough to motivate a book, but Robert N. McGrath, PhD, is concerned about the nexus of the two. He begins with the observation that many people cannot articulate a clear understanding of either capitalism or natural law. First, capitalism means more than "free enterprise." Capitalism is first a theory of economics where capital is accumulated, allocated, and managed productively in order to increase the economic welfare of society. Such a theory is an outgrowth of centuries of philosophy. Second, natural law theology goes back to ancient Greek and Roman philosophers, but evolved with Christian doctrine to become central to that faith's present theology. In the meantime, people such as Thomas Aquinas, John Locke, and Thomas Jefferson ensconced it deeply into the very psyche of Western civilization and its philosophy, including economic thought. After explaining this, the author examines original words of eminent "modern" economists since Adam Smith, into the twentieth century with Joseph Schumpeter, the very champion of entrepreneurship as being the "essence of capitalism." Several interim-period economists also implied that economic "laws" are "natural," while others have been adamantly and even violently opposed to any such view. However, the author continuously insists that his purpose is to be provocative, not definitive, and leaves final interpretations largely to each reader.
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