A quantitative model of the human capital contribution to the value of a project
This paper proposes a conceptual frame for assessing the economic contribution attributable to the human capital in a project in the product market. The starting point is the rejection of the assumption of human capital as commodity, which is implicit in nearly all discussions about the economic val...
- Autores:
-
Bautista, Rafael
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2014
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/46359
- Acceso en línea:
- http://hdl.handle.net/1992/46359
- Palabra clave:
- Human Capital
Response function
Market-based view
Resource-based view
Administración de personal
Recursos humanos
Administración
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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A quantitative model of the human capital contribution to the value of a project |
| dc.title.alternative.none.fl_str_mv |
Un modelo cuantitativo de la contribución del capital humano al valor de un proyecto |
| title |
A quantitative model of the human capital contribution to the value of a project |
| spellingShingle |
A quantitative model of the human capital contribution to the value of a project Human Capital Response function Market-based view Resource-based view Administración de personal Recursos humanos Administración |
| title_short |
A quantitative model of the human capital contribution to the value of a project |
| title_full |
A quantitative model of the human capital contribution to the value of a project |
| title_fullStr |
A quantitative model of the human capital contribution to the value of a project |
| title_full_unstemmed |
A quantitative model of the human capital contribution to the value of a project |
| title_sort |
A quantitative model of the human capital contribution to the value of a project |
| dc.creator.fl_str_mv |
Bautista, Rafael |
| dc.contributor.author.none.fl_str_mv |
Bautista, Rafael |
| dc.subject.keyword.none.fl_str_mv |
Human Capital Response function Market-based view Resource-based view |
| topic |
Human Capital Response function Market-based view Resource-based view Administración de personal Recursos humanos Administración |
| dc.subject.armarc.none.fl_str_mv |
Administración de personal Recursos humanos |
| dc.subject.themes.none.fl_str_mv |
Administración |
| description |
This paper proposes a conceptual frame for assessing the economic contribution attributable to the human capital in a project in the product market. The starting point is the rejection of the assumption of human capital as commodity, which is implicit in nearly all discussions about the economic value of a project in the product market. Once the management team has already climbed a particular learning curve, this experience translates into a well-defined assembly of skills and know-how "honed in house" that are not marketable and that become the basis of sustained competitive advantage during the life of the project. In this model, the specificity of the in-house developed knowledge is encoded by the parameters of a function that represents the responses of the team to aspiration levels proposed by central management, vis-à-vis its perceptions of market conditions. How the net present value of the project depends on those parameters reflects the weight of the human capital. This approach reveals that the contribution of the human capital component to the value of a project does not follow any simple additive rule, and that the notion of added value comes mainly from comparing the team's performance with that of competing management teams. |
| publishDate |
2014 |
| dc.date.issued.none.fl_str_mv |
2014 |
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2020-09-21T15:18:55Z |
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2020-09-21T15:18:55Z |
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Documento de trabajo |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/resource_type/c_8042 |
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Text |
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https://purl.org/redcol/resource_type/WP |
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http://purl.org/coar/resource_type/c_8042 |
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1900-1606 |
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http://hdl.handle.net/1992/46359 |
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instname:Universidad de los Andes |
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reponame:Repositorio Institucional Séneca |
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repourl:https://repositorio.uniandes.edu.co/ |
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1900-1606 instname:Universidad de los Andes reponame:Repositorio Institucional Séneca repourl:https://repositorio.uniandes.edu.co/ |
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http://hdl.handle.net/1992/46359 |
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spa |
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spa |
| dc.relation.ispartofseries.none.fl_str_mv |
Galeras de Administración, No. 39 |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ http://purl.org/coar/access_right/c_abf2 |
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openAccess |
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24 páginas |
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application/pdf |
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Universidad de los Andes |
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Facultad de Administración |
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Universidad de los Andes |
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instname:Universidad de los Andes reponame:Repositorio Institucional Séneca |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Bautista, Rafael8eaea984-42dd-4605-8de4-3fa26469cb0f5002020-09-21T15:18:55Z2020-09-21T15:18:55Z20141900-1606http://hdl.handle.net/1992/46359instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper proposes a conceptual frame for assessing the economic contribution attributable to the human capital in a project in the product market. The starting point is the rejection of the assumption of human capital as commodity, which is implicit in nearly all discussions about the economic value of a project in the product market. Once the management team has already climbed a particular learning curve, this experience translates into a well-defined assembly of skills and know-how "honed in house" that are not marketable and that become the basis of sustained competitive advantage during the life of the project. In this model, the specificity of the in-house developed knowledge is encoded by the parameters of a function that represents the responses of the team to aspiration levels proposed by central management, vis-à-vis its perceptions of market conditions. How the net present value of the project depends on those parameters reflects the weight of the human capital. This approach reveals that the contribution of the human capital component to the value of a project does not follow any simple additive rule, and that the notion of added value comes mainly from comparing the team's performance with that of competing management teams.Este artículo propone una manera de construir un marco conceptual para evaluar la contribución económica debida al capital humano en proyectos reales. El punto de partida es el rechazo del supuesto del capital humano como un bien sustituible, supuesto que se encuentra insertado en prácticamente todos los tratamientos del tema. Una vez que el equipo gerencia ya ha escalado una curva inicial de aprendizaje, esa experiencia se traduce en un conjunto bien definido de destrezas y de conocimientos "cocinados en casa" que no son transferibles mediante un mecanismo de mercado y que son la base de una posible ventaja competitiva permanente durante la vida del proyecto. En este modelo, la especificidad de ese conocimiento "desarrollado en casa" queda codificada por medio de los parámetros de una función que representa las posibles respuestas del equipo gerencial frente al reto de coordinar los requerimientos de aspiraciones de ingresos que haga la administración central con las condiciones percibidas del mercado. La manera en la cual el valor presente neto del proyecto dependa de los parámetros reflejará el peso que tiene la contribución del capital humano. Esta aproximación al problema pone de manifiesto que la contribución del capital humano no sigue reglas aditivas simples, y que la noción de valor agregado proviene principalmente de la comparación entre los desempeños del equipo de gerencia del proyecto y los de sus competidores.Introduction. 1. An overview of the problem. 2. Building a response function. 3. The model. 4. A numerical example. 5. Remarks about some empirical aspects. 6. Conclusions and further considerations. References.24 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 39instname:Universidad de los Andesreponame:Repositorio Institucional SénecaA quantitative model of the human capital contribution to the value of a projectUn modelo cuantitativo de la contribución del capital humano al valor de un proyectoDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPHuman CapitalResponse functionMarket-based viewResource-based viewAdministración de personalRecursos humanosAdministraciónFacultad de AdministraciónPublicationTHUMBNAILGaleras-de-administración-39.pdf.jpgGaleras-de-administración-39.pdf.jpgIM Thumbnailimage/jpeg1765https://repositorio.uniandes.edu.co/bitstreams/7546e115-c580-4f09-a96e-4909814db9b3/downloada72e50ba94b634a0f50493b597b5c707MD55ORIGINALGaleras-de-administración-39.pdfGaleras-de-administración-39.pdfapplication/pdf1766536https://repositorio.uniandes.edu.co/bitstreams/d48269cf-2168-432d-b4c6-cdf48646e1f7/download61d324279bd2c66478effff42e788ec0MD51TEXTGaleras-de-administración-39.pdf.txtGaleras-de-administración-39.pdf.txtExtracted texttext/plain114517https://repositorio.uniandes.edu.co/bitstreams/8f68f518-0207-48de-adfa-d5964c3d1e6f/download6e79b656a8afcaaa1545246d8e809851MD541992/46359oai:repositorio.uniandes.edu.co:1992/463592023-10-10 15:40:51.197http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |