ABSTRACT
With increasingly focused competition, the world is more demanding than ever before. The fundamental economic purpose of an enterprise is to create value for all the beneficiaries including owners, managers and other stakeholders (employees, consumers, community). It has been proved that companies managed based on value grow more successfully. More recently with new developments in management it appears that several letter acronyms are becoming very popular. Some of the most fashionable are: SM (Strategy Management), ABC & ABM (Activity Based Costing and its variants; Activity Based Management), TBM (Total Budget Management), EVA (Economic Value Added), VCM (Value Chain Management) and ICM (Internal Control Management), all of which can be integrated into one enterprise management control system, VBM (Value Based Management). VBM has attracted considerable interest among organizations in recent years. In this paper we will describe how the unifying framework works.
