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We shall approach practical objectives through a series of approximations. Keeping the maximization of the rate of return as the central theoretical objective, we shall develop a number of subsidiary objectives which contribute in different ways to improvement in the return and which are also measurable in business practice. A firm which meets high performance in most of its subsidiary objectives will substantially enhance its long-term rate of return. As will be seen, this road has its own obstacles: the difficulties of long term maximization are replaced by the problem of reconciling claims of conflicting objectives. (en) |
