ADDED VALUE AS EFFICIENCY CRITERION FOR INDUSTRIAL PRODUCTION PROCESS

Literary analysis has shown that the majority of researchers are using classical efficiency criteria for construction of an optimization model for production process: profit maximization; cost minimization; maximization of commercial product output; minimization of back-log for product demand; minimization of total time consumption due to production change. The paper proposes to use an index of added value as an efficiency criterion because it combines economic and social interests of all main interested subjects of the business activity: national government, property owners, employees, investors. The following types of added value have been considered in the paper: joint-stock, market, monetary, economic, notional (gross), net, real. The paper makes suggestion to use an index of real value added as an efficiency criterion. Such approach permits to bring notional added value in comparable variant because added value can be increased not only due to efficiency improvement of enterprise activity but also due to environmental factors – excess in rate of export price increases over rate of import growth. An analysis of methods for calculation of real value added has been made on a country-by-country basis (extrapolation, simple and double deflation). A method of double deflation has been selected on the basis of the executed analysis and it is counted according to the Laspeyires, Paasche, Fischer indices. A conclusion has been made that the used expressions do not take into account fully economic peculiarities of the Republic of Belarus: they are considered as inappropriate in the case when product cost is differentiated according to marketing outlets; they do not take account of difference in rate of several currencies and such approach is reflected in export price of a released product and import price for raw material, supplies and component parts. Taking this into consideration expressions for calculation of real value added have been specified in the paper. 

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