Revista Soluciones de Posgrado

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Acceso abierto
Relatoría del foro-debate Venta de ISA e Isagén
(2014-05-12) Londoño-Álvarez, C. F. (Carlos Felipe)
Acceso abierto
Análisis de proyecciones y valoración de una compañía del sector de alimentos
(2014-05-12) Pérez-Linaza, A. (Andrés); Muñoz-Aristizábal, C. (Camilo)
The project consists in the valuation of a Colombian company following the method of discounted free cash flow, using a financial model that allows projecting the future performance of the company. The valuation project is described, including the used method, the historical evolution of the company, the assumptions of projection, the financial projections, the calculation of the value and the statistical sensitization, with use of software Crystal Ball. The article ends with some recommendations and conclusions for the valuation of the company, based in the experience of the authors during the project, as well as in its academic and professional trajectory.
Acceso abierto
Determinación de la estructura de capital de las empresas colombianas
(2014-05-12) Wadnipar-Herazo, S. M. (Sandra Milena); Cruz-Merchán, J. S. (Juan Sergio)
The analysis that is made in this paper has as a purpose to find if in Colombia the shareholder rationality has into account the hierarchical order of the financing sources, which is the main contribution of the Pecking Order Theory, or if cost balance model versus debt benefits is followed, which is explained for the Tradeoff Static Theory, or if, on the contrary, there is not a shareholder behavior related with this theories.
Acceso abierto
Recuperación urbanística del corredor urbano de la salud Juan del Corral
(2014-05-12) Naranjo-Jaramillo, M. V. (María Victoria); Pardo-Cárdenas, D. A. (Diego Augusto)
With the constructions of the Hospital San Vicente de Paul building at Medellín, started a new zone vocation in their surroundings. Several health institutions have being settled close to 51D avenue, “Avenida Juan del Corral”. The main ones are the Hospital itself, the Clínica León XIII, the faculties of medicine, public health, odontology, and nursery of Universidad de Antioquia and Clínica CES and Universidad de Antioquia IPS. A spontaneous increase of ground uses related with health was generated, and is still growing. From the point of view of urban planning, this is an opportunity to re-order and to improve the nearby districts. Generation of positive conditions for the surroundings development is one of the city authority’s responsibilities, especially when the recognition of Medellín by their high-quality health services is a city objective. Accordingly with this issue, the aim of this academic document is to offer to planning authorities guidelines to generate urban-favorable conditions for the Avenida Juan del Corral, with the purpose of being transformed and known as the “Medellín Health Boulevard”.
Acceso abierto
Valoración de un proyecto de inversión a través de opciones reales para una empresa colombiana del sector de telecomunicaciones
(2014-05-12) Salazar-González, L. M. (Lina María)
The traditional methods of discount as the net present value (NPV) not always express appropriately the flexibility of management of a determined investment project. Generally, the accomplishment of the future flows can be different from those were initially considered; when new information is obtained and the uncertainty on the future flows is solved, it is possible to review the strategy thought to carry it out. For that reason, in this work the basic theory of the real options and its application in the evaluation of investment strategies for a Colombian company of the telecommunications sector are exposed. It is insisted on the influence of the flexibility in the formation of strategies and the decision making, considering the impact of the uncertainty that surrounds the company and that could raise its value if it counted on more flexible structures.
Acceso abierto
Aplicación de opciones reales en las telecomunicaciones: el caso de una red de banda ancha
(2014-05-12) Cardona-Londoño, D. M. (Diana Maria); Herrera-Restrepo, R. A. (Rafael Alberto)
Determining the financial viability to build a broadband network in a medium size Colombian city such as Armenia requires a financial model that can estimate the free cash flow for this project. However, calculating the net present value with such a model is not enough to determine the project viability. Therefore, the methodology of real options appears as an alternative that offers more flexibility in the valuation and takes into consideration the uncertainty that comes with these types of decisions where the strategies initially planned can be abandoned, reoriented or completely changed.
Acceso abierto
Valoración de una empresa de representaciones turísticas en Antioquia
(2014-05-12) Garzón-Palacio, F. J. (Francisco Javier); González-Posada, A. (Alejandro)
This article describes the development of a model of valuation by means of the method of net present value of free cash flows for a company of tourist representations in Antioquia acting in different business niches, especially in the representation of an international airline of passengers transportation, an international rent a car company, a network of hotels abroad and a local company of transportation to Rionegro airport and in the distribution of prepayment phone card for international calls. At the end of the exercise, considering variable, like the opportunity cost, volatility of the sector, policies of portfolio, and exchange rate, the value of the company is obtained, which facilitates the decisions and the generation of financial recommendations.
Acceso abierto
Proyecto urbanístico Camino del Indio, municipio de Barbosa
(2014-05-12) Posada-Vélez, L. M. (Lina María); Toro-Quijano, A. J. (Antonio José)
The article talks about the definition of the guidelines for the formulation and development of the city-planning project “The Indian Way” in Barbosa (Antioquia), as structuring and articulator axis of the public space system of the municipality, recognizing with harmonic way the cultural, natural, and landscaping conditions that, together the Medellín river, turn it a solid element of planning. With the definition the intention is advancing in the formulation of the project, which only is identified in the Metropolitan Directives of Territorial Ordering. These guidelines will be given to the municipal administration of Barbosa and to the Metropolitan Area of the Valley of Aburrá, so that they are constituted in a fundamental tool for development and the project is part of the Metropolitan Agenda.
Acceso abierto
Medición y análisis de un modelo para determinar la estructura óptima de capital
(2014-05-12) Grajales-Bedoya, D. D. (Duvan Dario)
The way in which a company finances itself is named the capital structure. Actually, the capital structure talks about the proportion of debt financing that the company has and their leverage rate. The capital structure election is a simple compensatory interchange risk-yield. A critical aspect of the capital structure is to answer the question if this affects the company value. Capital structure is not a static result; it varies in time, with base in the fluctuations of the external and inner variables affecting an economic sector or a company, and even, they can change with the expectations of growth held. This paper firstly reviews the existing theory in the capital structure field, then designs a model with a clear methodology that can be found from a minimum cost and a maximum value from the company point of view to determine an optimum composition of the capital structure.
Acceso abierto
Equipamiento urbano en el sector educativo del municipio de Envigado
(2014-05-12) Gómez-Herrera, J. M. (Juan Mauricio); Montoya-Montoya, J. C. (Juan Carlos)
This document portrays the current situation of urban equipment in the municipality of Envigado in the education sector, specifically in reference to its occupation. It begins with the international agreements that has subscribed Colombia. It has into account the Colombian Political Constitution which guarantees the right of children and youngsters to basic education and the obligation of the government to fulfill this right; it follows with the policy established by the last two local Government’s Development Plans, from 2003 to 2006 (education policy, infrastructure and operation investment, coverage, transfers from the national government, allocations by students according to the General Contributions System and municipal expenses by student); then, the occupation of all educational public institutions in relation with their installed capacity is assessed, evaluating the growth of student population in each institution and in the zone in which they are located, compared with the population growth in the aforementioned zones; lastly, and based on the previous evaluations, several conclusions are drawn and some recommendations, made.
Acceso abierto
Estructuración de un portafolio óptimo de inversión en divisas representativas del mercado Forex
(2014-05-13) Carbonell-Aldana, B. E. (Beatriz Eugenia); Echavarria-Elejalde, L. F. (Luis Felipe)
Foreign currency market offers a wide array of options, where each currency shows different return and risk levels. The present paper proposes the application of an optimization model using Excel, by which efficient portfolios are obtained, based on Markowitz’s theory. The efficient frontier may be constructed from the application of the mentioned model. Important information needed by the structurer, in order to make decisions on the assets selection for a new portfolio, may be obtained as well. By simulating portfolios made of different assets, it is possible to find the optimal mix that allows for achieving higher returns and lower risk than that of the market, or those which satisfy the investor’s expected return and risk levels. The result of applying the model to this particular case presents a portfolio made of six different currencies: Euro, Pound Sterling, Brazilian Real, Colombian Peso, Swiss Franc and Chilean Peso. This mixture manages to outperform both the return level of the benchmark and the risk-free rate (American Treasury Bonds), as well as their risk levels, resulting in an annual return of 8,6%, and a 6,33% risk level.
Acceso abierto
Atención oportuna a usuarios en salas de atención personalizada (estudio de caso)
(2014-05-13) Uribe-Cadavid, D. C. (Diana Cecilia)
According to the survey of satisfaction made by the company in study in November of 2004, they were like two dissatisfaction factors: time spent in queue and attention in charge of the personnel. Time spent in queue was the worst qualified. The causes of the long waiting times and large queues that the users were experiencing were analyzed. It was verified that the amount of customers who arrived at the system did not have any pattern of demand that allowed forecasting periods of greater affluence. The system was analyzed as a model of multi-channel lines with a single phase, where the number of customers arriving in a period has a Poisson distribution, but the service times did not have the exponential behavior required to solve mathematically the problem. The system was simulated using probabilistic distributions for each server and specifying the different services the customers needed. It was obvious that the system lost capacity during lunch time, increasing the time spent in queue of the customers. Several solutions were evaluated to improve the capacity.
Acceso abierto
Análisis de riesgos financieros del proyecto soluciones informáticas de Compugroup
(2014-05-13) Villegas, Bedout, de, L. A. (Luis Arturo); Meza-Osorio, C. M. (Carlos Mauricio)
This article aims at assessing the financial risks of the proposed company Compugroup from updating the financial study developed in 2006. To conduct such an assessment was made a deterministic and stochastic analysis using the program Crystal Ball, finding that the project is highly profitable but also its Net Present Value has a high deviation.
Acceso abierto
Relatoría del foro “Potenciación de la Relación con el Cliente Interno”
(2014-05-13) Arroyave-Agudelo, I. D. (Iván Darío)
Acceso abierto
Estructuración de un portafolio de inversión en commodities agrícolas y metales
(2014-05-13) Ramírez-Flórez, C. (Catalina); RodrÍguez-Gallego, J. A. (Jenny Andrea)
The world economy presents as alternatives of investment a great variety of interesting products before the eyes of the investors in terms of return vs. risk. Investor seeks to make decisions on the selection of the optimal mixture of assets that justifies his investment, maximizing profits, and managing risk in an efficient way. Commodities, during the last years, have become one of the alternatives, because they allow portfolio diversification with the inclusion of assets that promise future attractive profitability under low risk, and that are not easily replicable using other alternatives. This is consequence, among other reasons, of the market globalization and the strong rise in demand of the mentioned basic products.
Acceso abierto
Análisis de riesgo en el proyecto de un sistema de información para la red empresarial Ecocacao
(2014-05-13) Chadid-Botero, G. A. (Gerardo Alberto); Fernández-López, G. A. (Gustavo Adolfo)
This paper presents an analysis of risks on implementing a plan to create an information system for the network Ecocacao. This risk analysis is conducted on the basis of the method described by the Project Management Institute (PMI) and the use of the Monte Carlo technique through simulation using the @RISK software, finally the analysis arrives at the interpretation of results. The goal is to determine the impact of the materialization of risks identified in the project tasks and how they might affect the budgets established.
Acceso abierto
Directrices de intervención sobre el espacio público: quebrada La Mansión, Comuna 8 de Medellín
(2014-05-13) González-Martínez, L. F. (Luis Fernando); Ortiz-Tobón, L. C. (Laura Cristina)
This paper proposes the guidelines that should lead to the eventual development of the project of the La Mansion Neighborhood Park, towards the consolidation of an urban park that will act as a reference of a neighborhood, zone connector and supplier of public space for the Commune 8 within the concepts of social inclusion and environmental conservation.
Acceso abierto
Toma de decisiones rentables mediante la contabilidad del trúput en una lavandería industrial
(2014-05-13) Pérez-Henao, C. (Catalina); Arcos-Henao, L. F. (Luis Fernando)
This paper presents a new approach for the decision making in an industrial laundry by the application of throughput accounting under the focus of the theory of constraints (TOC). The restriction in the system was identified by a detailed analysis of the special washing processes and their capabilities. We made in every process the octane analysis speed of throughput, identifying the line that generates more speed in turnover and hence to which it should be given more strength in sales to fill the capacity that is available; this is because with the current demand the restriction was in the market. With the simulation of various combinations among the three processes, tainted, washed and crafts, taking into account the octane already calculated by product, it was found that without an increase in operational costs and without locative or technological investments, sales can be increased by 70% in relation to what the company is currently billing.
Acceso abierto
Desarrollo de metodología para cubrir el riesgo residual generado en compraventa de dos opciones con subyacente en diferentes monedas
(2014-05-13) Papadimitriu-Pyrovolaki, J. (Jorge); Múnera-Gil, L. M. (Liz Maribel); Flórez-Aristizábal, L. M. (Liliana María)
The goal of this study is to develop a methodology to identify and hedge the residual risk generated in buying and selling options with the same underlying asset, but that asset in each option traded in different currencies. This study is done to facilitate the development of the equity option business in Colombia, using the existing options on the Bancolombia ADR (American Depositary Receipts) as a hedge. The steps followed were researching the details of the options on the ADR, identifying the appropriate framework to use for hedging and valuation, identifying the residual risk remaining in buying a call option on ADRs and the selling a call option on the Bancolombia shares, and setting a series of forex operations that hedge the residual risk that is generated.
Acceso abierto
Evaluación financiera de un sistema de producción de carne en confinamiento
(2014-05-13) Muñoz-Posada, C. (Carolina); Osorio-Trejos, A. F. (Andrés Felipe)
In general, the Colombian livestock farming shows low production and, therefore, low productivity, which means that the profitability is low, since most farms are not designed as a business, they lack of technical records, do not have inventories or projections, unaware of the costs of production, nor have a system of evaluation of the reproduction program; in most cases there is absence of their owners, there is no clear goals or evaluation of existing records, a lack of awareness of the producers guild, ignorance of labor laws, little training and poor quality of life of workers. In this article the confined production is shown, as a good alternative for production in smaller spaces, with a more efficient use of land, decrease in environmental impact and protection of natural resources, better economic development and improved profitability. A herd confined was established in San Antonio de Prado, department of Antioquia, where the project preparation and financial assessment were developed, building financial models according to the information collected.