thoughts for a complementary view to the classic economic mindset peter bretscher © 2012 google+
TRANSCRIPT
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Thoughts for a complementary viewto the Classic Economic Mindset
Peter Bretscher © 2012www.bengin.comwww.insede.org
Google+
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• Documents are part of «Business Engineering Systems», registered Copyright TXu 512 154
• Consulting license No. CG01120612 (for enduser).(Attendees ickc June 12, 2012)
• Updates and further information see:http://bengin.net/12/ickc_e.htm
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Agenda
• Peter BretscherPractical need for model that integrates intangibles
• Findings & Project• 3 Levels of Enterprise• Values, Visuals & Framework beyond Smith & Co• Links
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PETER BRETSCHER,PRACTICAL NEED FOR MODEL THAT INTEGRATES INTANGIBLES
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• Professional Mechanician (Handwork)• Professional Engineer (Mindwork)
(R&D, Production, Marketing, IP-Rights, transdisciplinary trouble-shooting, special tasks....)
• ∆ between real live and (business) theory• Technology & Knowhow Transfer
- no books, no theory, no best practise....
- need for inventing a model realize T’Transfer(one that includes knowledge and other intangibles)
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Obstacles – why?
World 1 World 2 World 3
realreality
experiencedreality
explainedreality
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FINDINGS & PROJECT
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1. Bottom up structuring reality, 3D-Models
2. Metrics that enables quantifying subjective dimension of value
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1. Structuring the Elements of a CorporationThree levels: Offerings, Processes, Prerequisites
Primary-Resources: Products
BusinessMeansDocumentsKnow-HowRightsFinance
Departments: Marketing & SalesResearch & DevelopmentFabrication & ProcuringQuality & EnvironmentPersonnel & ServicesLogistic & Finance
3 types of processes:Management – Offerings – Background(= „leading“) creating fostering
- Products / Goods- Services- Rights / Licences
Type of Business
Processes
Departments of enterprisePrimary-Resources
2. Quantifying means (numbers and indicators)- from P&L account to the P&L profile- numbering system for tangible and intangible values
tangible ValueProducts BusinessMeans Documents Know-How Rights Finance
Sales
Expenses
intangibleValue
Vector
iV
tV
total Value
3. Development of Enterprise (Strategies, options....)- Market-oriented (outside-in) and offerings-oriented (inside-out)
„Outside-In“
„Inside-Out“
Compying need of customers/markets efficiently
Solving customer’s needsMaking markets forexisting potential
Four main views
be4d0014_2012_e.vsd© 2012, Peter Bretscher, [email protected]
4. Closed Loop Business Relations- planning, design, optimize Value Adding Net [VAN], beyond borders- from the supplyer of the supplyer to the customer of the customer
System
No.
System
No.
Goods
Services
Rights
Goods
Services
Rights
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
1. Level: Systems 2. Level: Type of Business 3. Level: Primary Resources
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
after optimizing
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
Products
BusinessMeans
Documents
Know-How
Rights
Finance
before optimizing
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• Economic theory is a product, a tool that no longer fits the needs.
• TaskDevelop a new theory from bottom up that includes (tangible and intangible assets) and that makes subjective valuation quantifyable.
• Huge preliminary work3D Models, 300 GBRegistered Copyright
INSEDE (open) Institute for Sustainable Economic Development
(open)
R&DNext economic reasoning system
INSEDE
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3 LEVELS OF ENTERPRISE
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1. Structuring the Elements of a CorporationThree levels: Offerings, Processes, Prerequisites
Primary-Resources: Products
BusinessMeansDocumentsKnow-HowRightsFinance
Departments: Marketing & SalesResearch & DevelopmentFabrication & ProcuringQuality & EnvironmentPersonnel & ServicesLogistic & Finance
3 types of processes:Management – Offerings – Background(= „leading“) creating fostering
- Products / Goods- Services- Rights / Licences
Type of Business
Processes
Departments of enterprisePrimary-Resources
Primary-Resources
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VALUES, VISUALS & FRAMEWORK BEYOND SMITH & CO
Vector Type 1
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2. Quantifying means (numbers and indicators)- from P&L account to the P&L profile- numbering system for tangible and intangible values
tangible ValueProducts BusinessMeans Documents Know-How Rights Finance
Sales
Expenses
intangibleValue
Vector
iV
tV
total Value
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Vector Type 1
i$$
Qualitative metric
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type10001_2012_e.vsd
%
meter sec
gallons
manhour
Subjective metric
Objective metric
Quantitative metric
Metrics
Units
poundssquaremeter
Number of pieces
Enterprise
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Vector Type 1
i$$
Qualitative metric
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type10001_2012_e.vsd
%
meter sec
gallons
manhour
Subjective metric
Objective metric
Quantitative metric
Metrics
Units
poundssquaremeter
Number of pieces
Clusters
Business units
Countries
Products
Sales regions
Functional departments
Balanced Scorecard
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Vector Type 1
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type10002_2012_e.vsd
No rectangle
For more complex visualizationsFor comparison with other vectorprofiles
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Vector Type 1
4 cluster
X – axis Y – axis
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Vector Type 1
4,5190
50
100
150
200
250
Global Wealth Vectorprofile
lowest low highhighest Vectorprofile Average-Vector
Number of People [mn]
Cont
rol U
S$ [t
rn]
http://bengin.net/beta/04_global_wealth_vector_cs_e.xlsx
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Vector Type 1
http://bengin.net/beta/05_cost_value_vector_e.xlsx
75100
100100
0
20
40
60
80
100
120
Cost-Value Vector
Manual availability Hotline supportHelp locate repair service Manual updatesRespond to letters VektorprofilAverage-Vector
Spending on Customer Service [%]
Cust
omer
's p
erce
ption
of v
alue
[%]
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Vector Type 1
http://bengin.net/beta/10_global_workplace_gallup_2011_e.xlsx
21 95135
0
50
100
150
200
250
State of Global Workplace (Country-Level En-gagements)
India China Germany SwitzerlandAustria USA Australia United KingdomCroatia Costa Rica Vektorprofil Average-Vector
Engaged in %
Acti
vely
Dis
enga
ged
in %
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Vector Type 1
http://bengin.net/beta/10_fortune500_energy_rect_e.xlsx
17 46 56 73 80 93 93
-4
-2
0
2
First nine of Fortune 500 (Energy 2011)
AES American Electric Power Constellation EnergyWilliams NRG Energy Energy Future HoldingsGlobal Partners Calpine UGInone Vektorprofil Average-Vector
Revenues ($ billions)
Profi
ts ($
bill
ions
)
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Vector Type 1
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000Vector Profile Eurozone, US & Japan (GDP and Foreign debt)
US France Spain Portugal ItalyIreland Greece Japan Germany UKVektorprofil Average-Vector
GDP [€ bn]
Fore
ign
debt
[€ b
n]
Greece
Portugal
© 2
012
INSE
DE
, Ing
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urbü
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in.c
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Spain
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Vector Type 1
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Vector Type 1
http://bengin.net/beta/pwc_ey_2_performancevector_d.xlsx
0 500 1000 1500 2000 2500 30000
100
200
300
400
500
600
700
Performancevector: Vergleich PwC 2011 mit Ernst & Young 2006
PwC Wirtschaftsprüfung PwC Steuer und RechtPwC Wirtschaftsberatung PwC Interne DienstePwC Summe E&Y Audit and AssuranceE&Y Tax and Legal E&Y Advisory ServicesE&Y Accounting Services E&Y Corporate Services
Anzahl Mitarbeiter
Umsa
tz [M
io CH
F]
(C) 2011 [email protected] www.performancevector.net Graphics are part of Business Engineering Systems, registered copyright TXu 512 154, LNo 4100001
8mJOkxXXD8ljTkcLPKN72t
E & Y
PwC
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VALUES, VISUALS & FRAMEWORK BEYOND SMITH & CO
Vector Type 2
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
Business potential of a project
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
Business potential of a project
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
Business potential of a project
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
Business potential of a project
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
(impl
icit)
busi
ness
pot
entia
l
Business potential of a project
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20001_2012_e.vsd
invest
expected earnings
(impl
icit)
busi
ness
pot
entia
l
Business potential of a project𝑏′𝑝𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙2 ≥ (𝑒𝑥𝑝.𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠)2 − (𝑖𝑛𝑣𝑒𝑠𝑡)2 𝑏′𝑝𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 ≥ ඥ(𝑒𝑥𝑝.𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠)2 − (𝑖𝑛𝑣𝑒𝑠𝑡)2
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use
valu
e [i$
]
economic value [$]McDonalds $ 3
Starbucks $ 5
uv
Use value for coffee at Starbucks instead McDonalds?($ 5) ($3)
𝑢𝑣2 ≥ (5)2 − (3)2 𝑢𝑣 ≥ ඥ(5)2 − (3)2 𝑢𝑣 ≥ ξ25− 9 𝑢𝑣 ≥ ξ16 𝑢𝑣 ≥ 4 𝑢𝑣 = 4 𝑖$
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Vector Type 2
i$
$
© 2012 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
vector_profiles_type20002_2012_e.vsd
invest
expected earnings
(impl
icit)
busi
ness
pot
entia
l
Business potential of several projects
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IBMMicrosoft
McDonald’s
Ford
Coca-Cola
Imaginary / immaterialValue[i$]
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Monetary Value[$]
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„likely-standard“
Upper limit
StandardImplicit Potential[i$]
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Monetary metrics[$]
Lower limit
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WHAT TO MAKE WITH POTENTIAL
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ImageFlow of InformationTransparenceKnow-HowGoodwillSense, ClimateIdentificationWork with joyPatentsCopyrightsBrands
Intangible means of production
Imaginary Balanceintangible assets
„subjective“
O IDismissals -Engagements +Outsourcing -Absences -Death --Intell. prop ++Profit-/Loss----------------------------Sum + -
O InRawmaterial -Tools, Means -Wagues Mind -Wagues Hand -Sales Rights +Sales Services +Sales Products +P/L----------------------------Summe + -
HeadworkHandworkToolsManufacturingOriginal costMarginNet SPMargin------------------------
Gross SP
Hidden reserves
Current assets
Fixed Assets____
Outside capital
Equity capital
Security Praise, thankEducation EnlighteningAcceptance Transparence
production
Designed for
Designed for
Designed for
user’s needs
qualityHidden reserves
Classic balance oftangible assets
„objective“
„subjective“ Values, not tangible, but real „objective“ Values [$, £, ¥. €, CHF]
Imaginary P&L of potential Classic P&L
„imaginary“ business economics „traditional“ business economics
Design of products(properties) Product calculation
Rights
Pro
du
cts
Services
© 1985 / 2008 Peter Bretscher
© 1985/2010 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
c_map000_2010_e
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ImageFlow of InformationTransparenceKnow-HowGoodwillSense, ClimateIdentificationWork with joyPatentsCopyrightsBrands
Intangible means of production
Imaginary Balanceintangible assets
„subjective“
O IDismissals -Engagements +Outsourcing -Absences -Death --Intell. prop ++Profit-/Loss----------------------------Sum + -
O InRawmaterial -Tools, Means -Wagues Mind -Wagues Hand -Sales Rights +Sales Services +Sales Products +P/L----------------------------Summe + -
HeadworkHandworkToolsManufacturingOriginal costMarginNet SPMargin------------------------
Gross SP
Hidden reserves
Current assets
Fixed Assets____
Outside capital
Equity capital
Security Praise, thankEducation EnlighteningAcceptance Transparence
production
Designed for
Designed for
Designed for
user’s needs
qualityHidden reserves
Classic balance oftangible assets
„objective“
„subjective“ Values, not tangible, but real „objective“ Values [$, £, ¥. €, CHF]
Imaginary P&L of potential Classic P&L
„imaginary“ business economics „traditional“ business economics
Design of products(properties) Product calculation
Rights
Pro
du
cts
Services
© 1985 / 2008 Peter Bretscher
© 1985/2010 Peter Bretscher www.bengin.com – [email protected] of Business Engineering Systems – Registered Copyright TXu 512 154
c_map000_2010_e
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Economic Value Architecture & Engineering
© 2000/2012 Peter Bretscher, www.bengin.com [email protected], www.insede.org, part of Business Engineering Systems, registered Copyright TXu 512 154 ecoval_pc000158_2012a_e.vsd
1. Stock exchange2. Enterprise potential
3. Communicating values and progress
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REV(Real Enterprise Value)
SPE(Shareholders Profit Expectation)
REV + SPE = TEV= Total Enterprise Value≈ |Shareholder Value|
Value Track over time(Ortskurve, REV)immat V
[i]
mat V [$]
mat V [$]
immat V[i]
mat V[$]
Time
Ic-Function
immat V
mat V
Str
uctu
re*)
*) As for example:BSC, EVA, BIG, UPR, B’E….
Intr
oduc
ing
axis
for
inta
ngib
les
M(tangible)
P&L
M(tangible)
BalanceI(intangible)
Balance
I(intangible)
P&L
How to explain?
Stock exchange
enhanced nonmonetary classic monetary
Economic Value Architecture & Engineering
© 2000/2012 Peter Bretscher, www.bengin.com [email protected], www.insede.org, part of Business Engineering Systems, registered Copyright TXu 512 154 ecoval_pc000158_2012a_e.vsd
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+ $ / + i$
Strategic modes – build – grow – reduce – kill
- $ / - i$ + $ / - i$
- $ / + i$ + i$
- + $
-
grow
potentialinvest moneybuild potential
make use-valueearn money
sell table silvershow incompetenceto use potential
build
kill reduce
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FURTHER LINKS
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http://vimeo.com/38091481
English spoken
Ineteconomics.org Rob Johnson
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Questions?
Thank You
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Other slides
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Time
· Abolition of inconsistencies· Suiting the terms, wording, metrics,
formulas to the new real reality· Joung generation as multiplier· Activity: Solving puzzles
4.„common“ science
higher level
Base: The Paradigm
· Activity: Solving puzzles· Limited catalog of problems· Not radically innovative· Precision of information· Perfecting tools and instruments
· Paradigm to be weakened· Insecurity of specific science· Rival theories· Discussion about fundamental
principles
· Coexistence of supposed incompatible MindSets
· Polarisation of opinions· New candidates for paradigm· New paradigm to be
conceived
Ch
ang
e o
f p
arad
igm
Sw
itch
to a
new
poi
nt o
f vie
w
Paradigm shift in economic understanding(Steps in mindware development)
1.„common“ science
classic base
2.Crisis in the theory
3.Scientificrevolution
Anomalies,Crisis in the reality
Explanation model fails
Literature: Hochuli Gerhard R.: Das Wesen wissenschaftlicher Revolution, Herbsttagung Club NTB, 1983 Kuhn Thomas: Die Struktur wissenschaftlicher Revolutionen, Suhrkamp Taschenbuch 25, Frankfurt 1981
© 2009/2010 Peter Bretscher [email protected] of Business Engineering Systems, Registered Copyright TXu 512 154
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1750 1800 1850 1900 1950 2000 2050
Development of Business Theory(S-Curve of Product Development)
MoralSentiments
1759
Wealthof Nations1776
Adam SmithMarx
Gauss
Towne TaylorMS-DOS
Keynes
Schumpeter
Classic:
· Tangible Assets· Monetary Value Metric
Additional:
· Intangible Assets· Subjective Value Metric
Mises
© 2009/2010 Peter Bretscher www.bengin.com [email protected] of Business Engineering Systems, Registered Copyright TXu 512 154
s_shape002-01_e.vsd
1782Anna Goeldin
Last witch beheaded(Switzerland)
64 Bit32 Bit
16 Bit
8 Bit
4 Bit
Rational MindSet I
Rational MindSet II
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shirtrg_2012_e.vsd
Smith: Moral Sentiments
Smith: Wealth of Nations
SorosI believe that the failure is more profound than generally recognised.It goes back to the foundations of economic theory....12. April 2012 – Berlin – www.ineteconomics.org
+ Intangible Assets+ Vector based Value metrics
(objective and subjective)
http://ineteconomics.org/sites/inet.civicactions.net/files/Soros%20SpeechBerlin%20INET2012.pdf
© 2012 Peter Bretscher, [email protected], www.insede.org
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Limit of new techniques
Limit of conventional techniques
Use-Value
Hand – Work + Head - Work
Tangibles + Intangibles
Potential withnew techniques
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Hardware
Operating System
Application Application
Economic Theory
Real Economy
Solutions(Form & Content)
MindWareSoftWare
Professional solutions beyond classic limits
Basics
new_software_and_mindware_2012_e.vsd© 2012 Peter Bretscher, [email protected]
Limit of new techniques
Limit of conventional techniques
Use-Valueadvanced solutions
Hand – Work + Head - Work
Tangibles + Intangibles
Solutionsbeyond
old limits
Objective values + Subjective values
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Plan your work Work your plan
Consulting
Other influences – beyond economic reasoning
© 2012 Peter Bretscherinsede_impact_chart01_e.vsd
1750 1800 1850 1900 1950 2000 2050
Development of Business Theory(S-Curve of Product Development)
MoralSentiments
1759
Wealthof Nations1776
Adam SmithMarx
Gauss
Towne TaylorMS-DOS
Keynes
Schumpeter
Classic:
· Tangible Assets· Monetary Value Metric
Additional:
· Intangible Assets· Subjective Value Metric
Mises
© 2009/2010 Peter Bretscher www.bengin.com [email protected] of Business Engineering Systems , Registered Copyright TXu 512 154
s_shape002-01e
1782Anna Goeldin
Last witch beheaded(Switzerland)
64 Bit32 Bit
16 Bit
8 Bit
4 Bit
Rational MindSet I
Rational MindSet II
INSEDER&D
Next economic reasoning system
Accounting Legal Audit
VWL Volkswirtschaftslehre / political economy
BWL Betriebswirtschaftslehre / Business Administration
INSEDE enabling sustainability
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Rational MindSet I Rational
MindSet II
Techniques
Technologies
high
low
low highMethods for Mind,Business Models
Two Directions of Innovation (Technology and Techniques)
innovation_techniques_and_technologies_e.vsd©2012 Peter Bretscher
innovation_techniques_and_technologies_e.vsd
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target
ways
means
chances
Option A
Market
(land – labor – capital)Resources
(tangible & intangible)
© 2011 Peter Bretscher, bengin.net, insede.org
Option B
EnterpriseMerry-Go-Round
badmin_bengin_002_e.vsd
Strategic starting point
Strategic variables
Strategic variables
Strategic starting point
needs
needsneeds
factors of production
top
– do
wn
stra
tegy
botto
m –
up
stra
tegy
The two strategic business options in balance
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Development of (economic) Value-Metrics
(2, 3, n-dimensional) $
%|i$
3. QuantitativeMetrics (linear)
(linear) $
Why Metrics?
- comparing, comprehensible, reproducible- Making rational communication easier.
Time axis
Mea
sure
s re
duce
nee
d fo
r int
erpr
etati
onSt
rong
nee
d fo
r in
terp
reta
tion
$
%|i$
$
Possible to calculate with (and visualize)
2D-Values
Difficult to visualize.
No tools and rules for numerical or graphical
calculations.
2010
2010
hot, cold ...... AAA, A+, B, C
1. Normative MetricsPrinciples, ....the xx "Commandments"
4. Quantitative Metrics (multidimensional)
2. Qualitative Metrics
pc000224_e
Only multidimensional metrics makes it possible to treat multidimensional value
aspects in that kind that coherence remains intact and visualizable
(even objective and subjective values).
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Engine
Chassis
Body /Design
Brand / Image
Functionality
subjectivecustomer value(of the product)
à R&Deffectiveness
R&D expenditures / input resources
qualitative / subjective
quan
titat
ive
/ fin
anci
al
Drill-down
à R&D efficiency
Total (Compound) P
erform
ance
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Potential – Chances – Threats – Consequences – Decision – Measures – Options
Triple – A – Strategy
Holistic AG
INSEDE© 1996, 2011
Field of stress for management
Real System
Building model
Mathematical tools
quantitative Decisions-criterion
qualitative Decisions-
criterion
Virtual replacement of
model
Leadership tools
qualitative Models
quantitative Models
subjective criterion
objective criterionP
rod
uct
s
Ser
vice
s
Rig
hts
Points ofenhanced modeling
Improved Business by enhanced models
triple_a_e
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The long Road to Post-Capitalism: Schematic of Six Long Waves From 1790 to 2000
New Theory of Numbers(Complex Number = 2D-Vector on a
plane with a real and an imaginary axis)
Adam Smith 1723-1790
Karl Marx 1818-1883
Nikolai Kondratieff 1892-1938
John Maynard Keynes 1883-1946
Carl Friedrich Gauss 1777-1855 Ernest Mandel 1923-1995
Wassily Leontieff 1905-1999
Alan Greenspan 1926-Present
Joseph E. Stiglitz 1943-Present
1790 1840 1890 1930 1960 1980 1990 20101800 1850 1900 1950 2000
Innovation: Cotton Railroads Automobiles, World Second Monetary Market CollapseSteel Oil, War Cold Stimulation or Post-Capitalist
Electricity II War by Federal Reformation &Reserve & New Theory of Value
1 2 3 4 5 6 Phase
1790-1929 1939-1987 1994-2010
Type of Wave: Labor-Based Long Waves Debit-Based Long Waves Knowledge-Based Long Wave orStable Input-Output Model?
Theory of Value & Aggregate Labor & Aggregate Dept & Aggregate Technical Knowledge &Monetary Value: Capital Capital Cohesive Cultural Base
Theoreticians: Smith, Ricardo, Marx Keynes Leontieff, Greenspan & Stiglitz
Accumulation Labor & Capital Fiscal Stimulation Monetary StimulationModel: [War Dept] > [Stock Market] >
Labor & Capital Information-Knowledge
Based on graph of Reuben L. Norman, Jr.
June 11, 1998Link: June 14, 2011