Abstract:

Generally speaking, by evaluation we understand the activity of measuring, qualifying, determination and calculation of the value of a certain economical good or of estimating its price. There is a great difference between the two notions (price and value) [1]:

- the value represents the result of the evaluation activity; it is a conventional (abstract) quality established after certain calculus, after an expertise made by the evaluation team;

- the price represents the amount resulted from a transaction; more exactly, it is the amount pretended by the seller and accepted by the buyer in exchange of an economical good.

Both notions have an objective side and a subjective one. We must notice that the value presents a higher subjective feature (because it is the result of an evaluation team), while the price has a higher objective feature (because it is more or less established in free conditions, on the market).

The paper’s objective is to present the structure of an evaluation study, emphasizing the role of different type of methods in order to determine the fair value of a society patrimony.

The main contribution of the paper is represented by the two perspective of evaluation within the efficiency based methods : past and future perspective (in order to evaluate a patrimony we take into consideration the CASH FLOW or the profit for the last n years, respectively the next n years.