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Selecting the best use option for assets in a corporate management system

The issues of selecting the highest and best use (hereinafter the HBU) of an enterprise's assets have been discussed in many sources. However, at the moment there is no compromise solution which should be covered in the federal evaluation standards. Competently performed analysis aimed at selecting an option of the HBU results in the maximal value of the object and brings the maximal level of profits to the owner of the enterprise's assets thanks to them being utilized in the best way and due to the consequent insurance of production and social needs. This paper focuses on enhancement of the methodological tools when the HBU of an enterprise's assets is selected so as to make the investigations clear and the evaluation precise and correct. The paper looks into the principle of selecting the highest and best use of investment assets and its practical application. Mandatory application of this principle is rationalized in evaluating the assets of an enterprise. The authors of the paper have developed guidelines for application assessment of the basic components of the analysis. The practical efficiency of these methods is assessed. Despite the fact that cash flow discounting methods are laborious, the paper shows that if the options of alternative use of assets are analyzed, the outcomes are applicable in final harmonization of the evaluation results determined by using standard approaches. The paper gives evidence that if the most efficient option is chosen for using the investment assets, the optimal number of floors must be determined for enhancement of legally allowed and physically possible options. Cash flows must be substantiated in detail, as well as their change and return rate. The uncertainty of the initial data must be considered and the relative error in the amount of the expected value must be assessed. When an efficient option is selected in business appraisal, the focus should be given to the capabilities for optimizing cash flows and utilizing non-core property items. The algorithm suggested in the paper implies that the phase is defined for selecting the most efficient option for using the object in the section “value management” without significant business restructurization, which should be considered as a fundamental prerequisite for determining the market value of any object that is being appraised. Increment in the value of an enterprise's assets given the acceptable risks for the investor must be considered as an effect of the analysis conducted for the purpose of selecting the best option for using the enterprise's assets.