Value is created, preserved, or eroded by management decisions in all activities, from strategy setting to operating the enterprise day-to-day. Value creation occurs through deploying resources, including people, capital, technology, and brand, where the benefit derived is greater than resources used. Value preservation occurs where created value is sustained through, among other things, superior product quality, production capacity, and customer satisfaction. Value can be eroded where these goals are not achieved due to poor strategy or execution. Inherent in decisions is recognition of risk and opportunity, requiring that management consider information about internal and external environments, deploy precious resources, and recalibrate activities to changing circumstances.

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