Rolandas Rakštys Nuo žaidimų iki atradimų Business Planning and Evaluation interactive textbook for study and practice Lietuvių LT

Versions

Current edition v2026.11.03.8 Work in progress

The text is publicly available but not editorially final: it has no ISBN and has not been through final copy-editing. A chapter version number reflects the maturity of that chapter’s structure only, not the publication status of the book.

The textbook is still being written, so the book and its individual chapters carry different numbers. The edition number records when the whole text was last published; each chapter has its own three-part version (for example v0.13.7). If you hold a copy of a chapter, compare the version in its colophon with the table below to see whether your text is out of date.

What the numbers mean

The edition number is the date of publication: v2026.09.12 means 12 September 2026. If two editions are published on the same day, the second one takes a suffix (v2026.09.12.2).

A chapter version has three parts. They differ by how much the change asks of the reader: whether the material has to be located again, or whether reading the revised passage is enough. This matters to anyone who relies on particular subsections — a lecturer building a course, a student who noted down references, or a reader citing the textbook in their own work.

The first number of a chapter version is not a mark of editorial completeness. v1.0.0 only means that the structure of that chapter has been reorganised once — not that the chapter is finished. Whether the book as a whole is editorially final is shown by its status and by an ISBN, which it does not yet have.

Chapter versions

Each row shows the Lithuanian and the English version of a chapter. Click the number on the right to open that chapter’s change log.

Chapter Latest change Lithuanian English
0 Introduction for the reader Introduction corrected 2.1.3 → 2.1.4 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged 2.1.4 2026-10-06 r3 2026-09-14 approved
  1. 2.1.3 → 2.1.4 corrected 1 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  2. 2.1.2 → 2.1.3 corrected 1 % v2026.09.28 · 2026-09-28 Lithuanian terminology refined: loanwords replaced with Lithuanian terms; meaning unchanged
  3. 2.1.1 → 2.1.2 corrected 6 % v2026.09.14.4 · 2026-09-14 The OECD and IVS definitions taken from the current editions (2023, 2025), the Scriven quotation corrected against the original, and the Few epigraph replaced with a verified wording; the practice of AI use also grounded in the national guidelines; references for the VDU guidelines, COPE, ICMJE, Palepu and others corrected; the claims based on Miller and Sweller and on Makridakis worded more cautiously
  4. 2.1.0 → 2.1.1 corrected 4 % v2026.09.14.3 · 2026-09-14 First mentions of abbreviations made consistent (CAPM, M&A, LBO, IPO, MBO) and repeated expansions of AI and IVS removed; section 6.2 again explains the term appraisal, section 7.1 adds a sentence on cross-references; section 8.3 specifies the start of the era of large language models (GPT-3, 2020; ChatGPT, 2022); section 2.4 describes student versions as generated from the lecturer models and no longer allocates course time by weeks; minor consistency corrections
  5. 2.0.0 → 2.1.0 expanded 55 % v2026.09.14.2 · 2026-09-14 Revision of the introduction: section 1 rewritten; sections 3 and 4 divided into subsections (parts and their questions, structural principles, sequence of Part VI; case types, hierarchy of sources); section 5 adds a four-stage cycle for working with AI; section 6 adds the business analysis sequence and risk terms according to ISO 31000; reading guidelines now describe the content of chapter combinations and list resources for lecturers; reference list aligned with in-text citations; Lithuanian names for LBO and MBO. After the subject and language reviews: statements on the forecasting horizon and the equity risk premium corrected; hierarchy of sources, semester plan, table 8.1 without the length column, first mentions of abbreviations and personal names corrected
  6. 1.1.2 → 2.0.0 restructured 37 % v2026.09.14 · 2026-09-14 The procedure for “Decisions with AI” tasks moved to the new Appendix A and the sections of the introduction renumbered; the map of the author's contributions removed from the introduction until the final edition; the textbook's underlying concept described in section 1; statements about the textbook corrected: section references, platform address and descriptions of learning tools; the OKR implementation variant removed from the list of proposed models; overstated claims softened; reference list added; language corrections
  7. 1.1.1 → 1.1.2 corrected 14 % v2026.09.12.3 · 2026-09-12 Copy-editing: wording refined; the EU AI Act and the GDPR given their Lithuanian names
  8. 0.10.7 → 0.11.0 expanded 25 % v2026.09.12.2 · 2026-09-12 The introduction now discusses the role that authors’ names play
  9. 0.10.6 → 0.10.7 corrected 23 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
  10. 0.10.1 → 0.10.2 corrected 12 % v0.10.2 · 2026-09-07 The number of glossary terms corrected after duplicates were removed
  11. 0.10.0 → 0.10.1 corrected 28 % v0.10.1 · 2026-09-07 Corrections to the terminology subsection; sources added to the quotations
  12. 0.9.0 → 0.10.0 expanded 24 % v0.10.0 · 2026-09-06 A subsection on valuation and company terminology added; the number of terms corrected

State of the English version

Revision
r3 · 2026-09-14
Translated from
v2.1.2
1 Foundations of business value Part I corrected 0.18.2 → 0.18.3 The statement on machine learning made precise: according to the source, the best results come from trees and neural networks, not from deep learning alone. 0.18.3 2026-11-03 r20 2026-11-03 approved
  1. 0.18.2 → 0.18.3 corrected 0 % v2026.11.03.4 · 2026-11-03 The statement on machine learning made precise: according to the source, the best results come from trees and neural networks, not from deep learning alone.
  2. 0.18.1 → 0.18.2 corrected 0 % v2026.11.01.4 · 2026-11-01 The International Valuation Standards citation now refers to the edition currently in force
  3. 0.16.7 → 0.18.1 corrected 1 % v2026.11.01.3 · 2026-11-01 The “illusion of precision” is no longer attributed to Phelan, whose own term is the “illusion of confidence”; the definition of market value is now quoted in the official Lithuanian translation of the International Valuation Standards; and the Nasdaq Vilnius listing figures are corrected – 11 companies on the main list and 11 more on the secondary list
  4. 0.16.6 → 0.16.7 corrected 0 % v2026.11.01 · 2026-11-01 Cross-reference to part 1.2 corrected, the repeated definition of XBRL removed and a non-standard loanword replaced
  5. 0.16.5 → 0.16.6 corrected 0 % v2026.10.15.7 · 2026-10-15 The title of section 1.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged.
  6. 0.16.4 → 0.16.5 corrected 0 % v2026.10.15.5 · 2026-10-15 The Lithuanian translation of IVSC Technical Information Paper 1 is cited with the years of the original and of the translation (IVSC, 2012/2014); the terminology note now says that the Lithuanian term follows that paper's translation rather than the standards.
  7. 0.16.3 → 0.16.4 corrected 0 % v2026.10.10.2 · 2026-10-10 Lithuanian text: the complementor is described on first use (an ecosystem participant that creates additional value) and named by the short term afterwards, noting that it is not necessarily a partner; operationalisation explained on first use
  8. 0.16.2 → 0.16.3 corrected 2 % v2026.10.10 · 2026-10-10 Lithuanian terminology refined after a usage check: borrowed terms replaced with established Lithuanian equivalents; meaning unchanged
  9. 0.16.0 → 0.16.2 corrected 0 % v2026.10.09 · 2026-10-09 Alfaro, Bloom and Lin (2024): the year of citation corrected to match the version published in the Journal of Political Economy
  10. 0.15.11 → 0.16.0 expanded 2 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; a terminology note citing the standards added to formula (1.2)
  11. 0.15.10 → 0.15.11 corrected 0 % v2026.09.29.2 · 2026-09-29 Dispersion of forecasts: “risk” replaced with “uncertainty”, following the source and Knight's distinction
  12. 0.15.8 → 0.15.10 corrected 0 % v2026.09.29 · 2026-09-29 Dispersion of forecasts: the direction of the relationship corrected; Diether et al. and Güntay and Hackbarth added
  13. 0.15.7 → 0.15.8 corrected 0 % v2026.09.28.6 · 2026-09-28 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim
  14. 0.15.6 → 0.15.7 corrected 0 % v2026.09.28.5 · 2026-09-28 The Ocean Tomo figure (92 %) made consistent in both places; the [PATIKRINTI] flag removed from the English version
  15. 0.15.1 → 0.15.6 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  16. 0.15.0 → 0.15.1 corrected 0 % v2026.09.16.4 · 2026-09-16 1.6.7: reference to Appendix B for the extended task
  17. 0.14.3 → 0.15.0 expanded 6 % v2026.09.15 · 2026-09-15 Section 1.6.7 after subject reviews and a language edit: introduction and task 1.18 in the third person; 1.18 becomes a private sale (RytLog, a hypothetical private limited company with no loans or other financial liabilities, whose owner offers all its shares) at level 1 of openness; 1.19 sets out the conditions and whose decision it informs and a table of perspectives; the Ignitis Group examples are qualitative, the quantitative ones use a hypothetical debt-free company; examples for workflow stages E1–E7; calculations are optional where the chapter material does not support them
  18. 0.14.2 → 0.14.3 corrected 0 % v2026.09.14 · 2026-09-14 The procedure for the “Decisions with AI” task is now referenced in Appendix A; wording of the basic task refined; statements of position and synthesis no longer refer to the author
  19. 0.14.1 → 0.14.2 corrected 0 % v2026.09.13 · 2026-09-13 The publication type line moved to the title page
  20. 0.14.0 → 0.14.1 corrected 3 % v2026.09.12.3 · 2026-09-12 Reference to section 9 of the introduction updated after the restructuring
  21. 0.13.6 → 0.13.7 corrected 1 % v2026.09.12 · 2026-09-12 Terminology: non-rivalry, resilient management, strategic action
  22. 0.9.0 → 0.9.1 corrected 0 % v0.10.0 · 2026-09-06 Reference corrected: technology is discussed in chapter 19, not 18

State of the English version

Revision
r20 · 2026-11-03
Translated from
v0.18.0
2 The business planning and evaluation process Part I corrected 1.0.12 → 1.0.13 The access status of the Gartner report is now explained; the verification flag is no longer needed 1.0.13 2026-11-01 r8 2026-10-15 approved
  1. 1.0.12 → 1.0.13 corrected 0 % v2026.11.01.4 · 2026-11-01 The access status of the Gartner report is now explained; the verification flag is no longer needed
  2. 1.0.11 → 1.0.12 corrected 0 % v2026.10.15.7 · 2026-10-15 The title of section 2.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged.
  3. 1.0.10 → 1.0.11 corrected 0 % v2026.10.14 · 2026-10-14 Coefficient of determination: the value for the regression example is now given (R² ≈ 0.997), and 0.82 is presented as an example of a more usual value
  4. 1.0.9 → 1.0.10 corrected 0 % v2026.10.10 · 2026-10-10 Lithuanian terminology refined (causal logic, the counterpart of effectuation); meaning unchanged
  5. 1.0.6 → 1.0.9 corrected 0 % v2026.10.09 · 2026-10-09 Lithuanian text: the standard Lithuanian abbreviation for SMEs and Lithuanian names for ERP and MRP; a Gartner source added to the references
  6. 1.0.5 → 1.0.6 corrected 0 % v2026.10.07 · 2026-10-07 In the subsection on the limits of forecasting, the conclusion is now a paragraph of its own; it previously appeared inside a list item
  7. 0.12.10 → 1.0.5 corrected 0 % v2026.09.28 · 2026-09-28 Lithuanian terminology refined: loanwords replaced with Lithuanian terms; meaning unchanged
  8. 0.12.7 → 0.12.10 corrected 1 % v2026.09.27.2 · 2026-09-27 Chapter translated into English (first translation, three reviews and a back-translation). In the Lithuanian text one formula label was corrected, two term glosses clarified, and the description of the multiple in the worked example and the titles of two institutional publications refined
  9. 0.12.5 → 0.12.7 corrected 5 % v2026.09.27 · 2026-09-27 Source audit: quotations checked against the primary sources and refined, several figures replaced with those reported in the cited studies, six reference entries corrected or replaced, and the critique of the balanced scorecard rewritten
  10. 0.12.3 → 0.12.5 corrected 3 % v2026.09.26.2 · 2026-09-26 Six chapter terms were added to the glossary (simple moving average, emergent strategy, adaptive planning, optimism bias, planning fallacy, VRIN criteria); links to other chapters remain in the text and the separate cross-reference table was removed.
  11. 0.9.12 → 0.12.3 expanded 34 % v2026.09.26 · 2026-09-26 New subsections: planning practice in Lithuania, the distinction between a plan and a forecast, assessing the level of uncertainty, data sources and measuring forecast accuracy. Learning outcomes, cross-references and the practical “Decisions with AI” tasks were added. The farm investment case was recalculated, the Excel model description was aligned with the model itself, and the chapter was language-edited.
  12. 0.9.11 → 0.9.12 corrected 0 % v2026.09.14.3 · 2026-09-14 Cross-references to other chapters rephrased in impersonal form
  13. 0.9.10 → 0.9.11 corrected 0 % v2026.09.13 · 2026-09-13 The publication type line moved to the title page
  14. 0.9.8 → 0.9.9 corrected 1 % v2026.09.12 · 2026-09-12 Terminology: illiquid market, data table

State of the English version

Revision
r8 · 2026-10-15
Translated from
v1.0.11
3 Business risk and profitability Part II corrected 1.15.2 → 1.15.3 The ending of the 2008 example clarified: the models showed the portfolios to be safe for as long as the assumption they rested on held 1.15.3 2026-10-31 r9 2026-11-01 approved
  1. 1.15.2 → 1.15.3 corrected 0 % v2026.10.31.11 · 2026-10-31 The ending of the 2008 example clarified: the models showed the portfolios to be safe for as long as the assumption they rested on held
  2. 1.15.1 → 1.15.2 corrected 0 % v2026.10.31.10 · 2026-10-31 Cross-reference to 3.1.1 corrected, the forms of overconfidence moved back to their own bias, Kindleberger (1978) added to the reference list
  3. 1.15.0 → 1.15.1 corrected 0 % v2026.10.31.9 · 2026-10-31 Christensen's mechanism corrected (disruptive innovations rather than over-long optimisation of an existing technology); the unsupported claim about the pace of digitalisation replaced by a sourced fact (Ministry of the Economy and Innovation, 2026)
  4. 1.14.4 → 1.15.0 expanded 2 % v2026.10.31.8 · 2026-10-31 Terminology: the Lithuanian terms “apsidraudimas” (hedging) and “savidrauda” (self-insurance) replace the earlier borrowings; the distinction between pure and speculative risk has been introduced (Dionne, 2013); natural hedging is now classified as risk reduction; the cost of financial hedging and the comparison of the insurance premium with the expected loss have been made more precise.
  5. 1.14.3 → 1.14.4 corrected 0 % v2026.10.31.3 · 2026-10-31 In 3.1.1 the term for the macroprudential authority now follows Lithuanian usage; the English text is unchanged
  6. 1.14.2 → 1.14.3 corrected 0 % v2026.10.31.2 · 2026-10-31 In 3.1.2 the Lithuanian term for greenwashing now matches Chapter 7; the English text is unchanged
  7. 1.14.1 → 1.14.2 corrected 0 % v2026.10.31 · 2026-10-31 Lithuanian text: a grammatical agreement error corrected in 3.1.2; meaning unchanged
  8. 1.14.0 → 1.14.1 corrected 0 % v2026.10.30.2 · 2026-10-30 Figure 3.1 aligned with the text: Sharpe, Lintner and Mossin; the count of traditions, which did not match the figure, removed
  9. 1.13.14 → 1.14.0 expanded 3 % v2026.10.15.8 · 2026-10-15 A course of the task was added to question 3.19: examples for stages E1–E7 on the topic of risk – a dairy processor listed on Nasdaq Vilnius and the Russian import bans of 2013–2014 (Vitunskienė and Serva, 2017); the company's beta is compared with that of peers in developed markets.
  10. 1.13.13 → 1.13.14 corrected 0 % v2026.10.15.7 · 2026-10-15 The title of section 3.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged.
  11. 1.13.12 → 1.13.13 corrected 0 % v2026.09.28.3 · 2026-09-28 The first sentence of the chapter abstract revised; the behavioural finance term in the glossary
  12. 1.13.9 → 1.13.12 corrected 1 % v2026.09.28.2 · 2026-09-28 Corrections arising from the translation reviews
  13. 0.9.8 → 1.13.9 corrected 1 % v2026.09.28 · 2026-09-28 Lithuanian terminology: the term for the equity risk premium (ERP) made consistent
  14. 0.9.7 → 0.9.8 corrected 0 % v2026.09.13 · 2026-09-13 The publication type line moved to the title page
  15. 0.9.5 → 0.9.6 corrected 1 % v2026.09.12 · 2026-09-12 Terminology: context-dependent candidates reviewed

State of the English version

Revision
r9 · 2026-11-01
Translated from
v1.14.0
4 Risk analysis methods and indicators Part II corrected 1.2.10 → 1.2.11 Corrected the wording on the period of RAND and moved Hillier (1963) to the historical passage on Hertz. 1.2.11 2026-11-03 r3 2026-11-03 approved
  1. 1.2.10 → 1.2.11 corrected 1 % v2026.11.03.3 · 2026-11-03 Corrected the wording on the period of RAND and moved Hillier (1963) to the historical passage on Hertz.
  2. 1.2.9 → 1.2.10 corrected 4 % v2026.11.03.2 · 2026-11-03 Corrected the description of Value at Risk and the chronology of its critique, the rationale for staged investment (risk reallocation), the statement on double counting in ESG valuation and its source, the WACC elasticity (−0.59), the operating leverage condition and several terms. Mandelbrot (1963) and Kupiec (1995) added to the references.
  3. 1.2.7 → 1.2.9 corrected 8 % v2026.11.03 · 2026-11-03 The risk map figure was replaced with a comparison of symmetric and asymmetric risk matrices, a two-case example and an explanation of why risk is assessed asymmetrically in practice.
  4. 1.1.16 → 1.2.7 corrected 36 % v2026.11.02 · 2026-11-02 The market size figures are now given to the same precision as the sources publish them; language and style of the whole chapter, terms aligned, grammatical errors and several statements corrected; a risk heat map figure added
  5. 1.1.11 → 1.1.16 corrected 0 % v2026.11.01.3 · 2026-11-01 The release years of @RISK and Crystal Ball were removed, as no vendor document confirms them; Wack's statement of the purpose of scenarios is corrected – not to prepare for several futures, but to change the image of reality in the heads of decision makers; and the Shell example now follows what the article actually says
  6. 1.1.10 → 1.1.11 corrected 0 % v2026.10.15.7 · 2026-10-15 The title of section 4.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged.
  7. 0.9.9 → 1.1.10 corrected 0 % v2026.09.28 · 2026-09-28 Lithuanian text: the approximation sign replaced with words (“about”, “approximately”)
  8. 0.9.8 → 0.9.9 corrected 0 % v2026.09.13 · 2026-09-13 The publication type line moved to the title page
  9. 0.9.6 → 0.9.7 corrected 1 % v2026.09.12 · 2026-09-12 Terminology: illiquid market, data table

State of the English version

Revision
r3 · 2026-11-03
Translated from
v1.2.11
5 Shaping business structure: specialisation versus diversification Part III corrected 0.9.11 → 0.10.1 Claims are brought into line with what the sources actually say: the McKinsey figure on unrealised synergies now follows the source's own wording and applies to revenue synergies only, Porter's 53 % is qualified by its sample and period, the finding of Parsaei and colleagues by its sample and country, and Coase's transaction costs are named in his own categories; the title of the article by Palich and colleagues is corrected, and five missing identifiers and the source for the SBA figures were added 0.10.1 2026-11-01 not yet translated
  1. 0.9.11 → 0.10.1 corrected 2 % v2026.11.01.3 · 2026-11-01 Claims are brought into line with what the sources actually say: the McKinsey figure on unrealised synergies now follows the source's own wording and applies to revenue synergies only, Porter's 53 % is qualified by its sample and period, the finding of Parsaei and colleagues by its sample and country, and Coase's transaction costs are named in his own categories; the title of the article by Palich and colleagues is corrected, and five missing identifiers and the source for the SBA figures were added
  2. 0.9.7 → 0.9.11 corrected 1 % v2026.09.28 · 2026-09-28 Lithuanian text: the approximation sign replaced with words (“about”, “approximately”)
  3. 0.9.6 → 0.9.7 corrected 2 % v2026.09.12.3 · 2026-09-12 Type labels added to the real cases
  4. 0.9.4 → 0.9.5 corrected 1 % v2026.09.12 · 2026-09-12 Amounts in the Excel instructions given in euros
6 Planning and evaluating operational processes Part III expanded 0.9.9 → 0.10.0 The chapter's figures and attributions were brought into line with the primary sources: the share Deming assigns to the system is 94 %, not 85 %; the theory-of-constraints quotation is attributed to Goldratt and Fox (1986); the quality trilogy to Juran and Gryna (1988), with the 80/20 rule stated qualitatively; the actual figures from the ERP implementation survey were inserted; Six Sigma is dated to 1979; and the product–process matrix and the fifth Lean principle were corrected 0.10.0 2026-11-01 not yet translated
  1. 0.9.9 → 0.10.0 expanded 3 % v2026.11.01.3 · 2026-11-01 The chapter's figures and attributions were brought into line with the primary sources: the share Deming assigns to the system is 94 %, not 85 %; the theory-of-constraints quotation is attributed to Goldratt and Fox (1986); the quality trilogy to Juran and Gryna (1988), with the 80/20 rule stated qualitatively; the actual figures from the ERP implementation survey were inserted; Six Sigma is dated to 1979; and the product–process matrix and the fifth Lean principle were corrected
  2. 0.9.3 → 0.9.9 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  3. 0.9.1 → 0.9.2 corrected 33 % v2026.09.12 · 2026-09-12 Quotation marks: the straight closing mark replaced with the Lithuanian one
7 Evaluating marketing decisions Part III corrected 0.9.6 → 0.9.10 Lithuanian text: the approximation sign replaced with words (“about”, “approximately”) 0.9.10 2026-09-28 not yet translated
  1. 0.9.6 → 0.9.10 corrected 3 % v2026.09.28 · 2026-09-28 Lithuanian text: the approximation sign replaced with words (“about”, “approximately”)
  2. 0.9.4 → 0.9.5 corrected 1 % v2026.09.12 · 2026-09-12 The worked example aligned with the calculator
8 Planning and evaluating staffing needs Part III corrected 0.9.12 → 0.9.13 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim 0.9.13 2026-09-28 not yet translated
  1. 0.9.12 → 0.9.13 corrected 0 % v2026.09.28.6 · 2026-09-28 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim
  2. 0.9.7 → 0.9.12 corrected 1 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  3. 0.9.5 → 0.9.6 corrected 1 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
9 Financial statement analysis and diagnostics Part IV corrected 0.10.6 → 0.10.7 Lithuanian name for WACC made consistent 0.10.7 2026-09-29 not yet translated
  1. 0.10.6 → 0.10.7 corrected 0 % v2026.09.29.3 · 2026-09-29 Lithuanian name for WACC made consistent
  2. 0.10.1 → 0.10.6 corrected 0 % v2026.09.28 · 2026-09-28 Figure 9.2: the abbreviation GP replaced with “net profit” in full
  3. 0.9.3 → 0.10.0 expanded 3 % v2026.09.12 · 2026-09-12 The case extended with profitability measures; the tax rate corrected
10 Evaluating investment decisions Part IV corrected 0.9.17 → 0.9.18 Term aligned: double materiality 0.9.18 2026-11-02 not yet translated
  1. 0.9.17 → 0.9.18 corrected 0 % v2026.11.02 · 2026-11-02 Term aligned: double materiality
  2. 0.9.16 → 0.9.17 corrected 0 % v2026.10.10 · 2026-10-10 Lithuanian terminology refined (externality costs, complementarity); meaning unchanged
  3. 0.9.15 → 0.9.16 corrected 1 % v2026.10.09 · 2026-10-09 Lithuanian terminology refined (incremental values where alternatives are compared); meaning unchanged
  4. 0.9.7 → 0.9.15 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  5. 0.9.6 → 0.9.7 corrected 0 % v2026.09.14.2 · 2026-09-14 LBO now given with its standard Lithuanian name
  6. 0.9.4 → 0.9.5 corrected 1 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
11 Financing decisions and the cost of capital Part IV corrected 0.10.10 → 0.10.11 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged 0.10.11 2026-10-06 not yet translated
  1. 0.10.10 → 0.10.11 corrected 0 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  2. 0.10.9 → 0.10.10 corrected 1 % v2026.09.29.3 · 2026-09-29 Lithuanian name for WACC made consistent
  3. 0.10.2 → 0.10.9 corrected 0 % v2026.09.28 · 2026-09-28 Lithuanian terminology: the term for the equity risk premium (ERP) made consistent
  4. 0.10.0 → 0.10.1 corrected 2 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
12 Building financial forecasts Part IV corrected 0.9.16 → 0.9.17 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged 0.9.17 2026-10-06 not yet translated
  1. 0.9.16 → 0.9.17 corrected 3 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  2. 0.9.15 → 0.9.16 corrected 0 % v2026.09.29.3 · 2026-09-29 Lithuanian name for WACC made consistent
  3. 0.9.7 → 0.9.15 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  4. 0.9.6 → 0.9.7 corrected 0 % v2026.09.14.3 · 2026-09-14 Table source note and introduction rephrased without reference to the author or the first person
  5. 0.9.4 → 0.9.5 corrected 5 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
13 Business valuation methods Part V corrected 0.9.21 → 0.9.22 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged 0.9.22 2026-10-06 not yet translated
  1. 0.9.21 → 0.9.22 corrected 2 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  2. 0.9.20 → 0.9.21 corrected 0 % v2026.09.28.6 · 2026-09-28 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim
  3. 0.9.10 → 0.9.20 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the source verification and the full source audit
  4. 0.9.9 → 0.9.10 corrected 0 % v2026.09.14.3 · 2026-09-14 Statements of position no longer refer to the author; first person replaced with impersonal form
  5. 0.9.7 → 0.9.8 corrected 2 % v2026.09.12 · 2026-09-12 Terminology: illiquid market, data table
14 Special valuation cases Part V corrected 0.10.17 → 0.10.18 Lithuanian terminology refined (incremental values where alternatives are compared); meaning unchanged 0.10.18 2026-10-08 not yet translated
  1. 0.10.17 → 0.10.18 corrected 0 % v2026.10.09 · 2026-10-09 Lithuanian terminology refined (incremental values where alternatives are compared); meaning unchanged
  2. 0.10.16 → 0.10.17 corrected 0 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  3. 0.10.6 → 0.10.16 corrected 0 % v2026.09.28 · 2026-09-28 The abbreviation of the Law on Insolvency of Legal Entities corrected (JANĮ)
  4. 0.10.5 → 0.10.6 corrected 1 % v2026.09.14.2 · 2026-09-14 Baltic threshold for the Berkus method and other wording rephrased without reference to the author or the first person; Lithuanian name for LBO standardised and its definition supported by a source
  5. 0.10.3 → 0.10.4 corrected 6 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
15 Multi-criteria evaluation and a benchmark system Part V corrected 0.9.16 → 0.9.17 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim 0.9.17 2026-09-28 not yet translated
  1. 0.9.16 → 0.9.17 corrected 0 % v2026.09.28.6 · 2026-09-28 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim
  2. 0.9.10 → 0.9.16 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the full source audit: claims contradicted by the sources revised
  3. 0.9.9 → 0.9.10 corrected 1 % v2026.09.14.3 · 2026-09-14 Corrected the reference to the part of the book the chapter belongs to; the BTV model is presented as a proposed concept: heading and description no longer refer to the author, the novelty claim and the reference to an unpublished article removed; links to other chapters corrected; the word “weight” corrected
  4. 0.9.7 → 0.9.8 corrected 3 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
16 The financial model of a business plan Part V corrected 0.11.6 → 0.11.7 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged 0.11.7 2026-10-06 not yet translated
  1. 0.11.6 → 0.11.7 corrected 1 % v2026.10.06 · 2026-10-06 Lithuanian terminology: the term for terminal value aligned with the Lithuanian translation of the valuation standards; meaning unchanged
  2. 0.11.0 → 0.11.6 corrected 0 % v2026.09.28 · 2026-09-28 Lithuanian terminology: the term for the equity risk premium (ERP) made consistent
  3. 0.10.3 → 0.11.0 expanded 3 % v2026.09.14.3 · 2026-09-14 Corrected a reference to the introduction; a citation of unpublished work replaced with a published co-authored report; two real cases clarified: purpose and history of the automated business plan form, and the division between concept and technical work in PlanVeVa; statements of position no longer refer to the author or use the first person
  4. 0.10.1 → 0.10.2 corrected 27 % v2026.09.12 · 2026-09-12 Grammatical case in cross-references corrected
17 Managing plan implementation Part VI corrected 1.1.12 → 1.1.13 The title of section 17.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged. 1.1.13 2026-10-15 not yet translated
  1. 1.1.12 → 1.1.13 corrected 0 % v2026.10.15.7 · 2026-10-15 The title of section 17.6.5 in the Lithuanian edition changed to “Kūrybinės užduotys” (creative exercises); the English text is unchanged.
  2. 1.1.11 → 1.1.12 corrected 0 % v2026.09.28.6 · 2026-09-28 [PATIKRINTI] (to be verified) flags removed where the source check confirmed the claim
  3. 1.1.0 → 1.1.11 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the full source audit: claims contradicted by the sources revised
  4. 1.0.7 → 1.1.0 expanded 2 % v2026.09.14.3 · 2026-09-14 The name “Lithuanianized OKR” dropped: the text now describes an OKR implementation variant for Lithuanian companies, separates general OKR practice from the adaptation and notes that the variant has not been tested empirically; proposed models no longer refer to the author or use the first person
  5. 1.0.5 → 1.0.6 corrected 0 % v2026.09.12 · 2026-09-12 References to chapters written out in words, without abbreviations
18 Exit strategies Part VI corrected 1.0.20 → 1.0.21 Lithuanian terminology refined (complementary product); meaning unchanged 1.0.21 2026-10-10 not yet translated
  1. 1.0.20 → 1.0.21 corrected 0 % v2026.10.10 · 2026-10-10 Lithuanian terminology refined (complementary product); meaning unchanged
  2. 1.0.8 → 1.0.20 corrected 0 % v2026.09.28 · 2026-09-28 Corrections from the full source audit: claims contradicted by the sources revised
  3. 1.0.7 → 1.0.8 corrected 0 % v2026.09.14.2 · 2026-09-14 Table source notes and the description of the debate structure no longer refer to the author; Lithuanian names for LBO and MBO standardised; the definition of MBO and MBI supported by a source
  4. 1.0.5 → 1.0.6 corrected 0 % v2026.09.12 · 2026-09-12 A reference to an external document corrected
A Appendix A. Method for the “Decisions with AI” practical tasks Appendix at the end of the book corrected 1.3.4 → 1.3.5 Lithuanian text: the approximation sign replaced with words 1.3.52026-09-28 r6 2026-10-15 approved
  1. 1.3.4 → 1.3.5 corrected 1 % v2026.09.28 · 2026-09-28 Lithuanian text: the approximation sign replaced with words
  2. 1.3.3 → 1.3.4 corrected 1 % v2026.09.18 · 2026-09-18 A.5 and A.8: questions from the audience are allowed, with the reasoning
  3. 1.3.2 → 1.3.3 corrected 6 % v2026.09.17.2 · 2026-09-17 A submission checklist and a step 4 example after the table
  4. 1.3.1 → 1.3.2 corrected 2 % v2026.09.17 · 2026-09-17 Corrections from the translation reviews: the cost term, the structure of A.6 and the name of the verdict
  5. 1.2.0 → 1.3.0 expanded 11 % v2026.09.16.4 · 2026-09-16 Corrections after the subject review and the language edit: the prompt-log rule only in A.3, environment files, the key assumption, personal data under B.9, refinements to the assessment
  6. 1.1.0 → 1.2.0 expanded 1 % v2026.09.16.3 · 2026-09-16 The agent environment in prompt logs: an addition to E4; A.3 – model and date, environment files
  7. 1.0.0 → 1.1.0 expanded 100 % v2026.09.15 · 2026-09-15 Plainer language, third-person wording, one worked example (a café expansion decision) and an Example column in the tables; after subject reviews and a language edit: the extended-task workflow E1–E7 and submission rules in section A.1; nothing is required that cannot be calculated from the chapter material, and methods from other topics are the student’s initiative; levels of openness 1–2 for the basic task and 3–5 for the extended task; clearer protocol examples; section A.3 adds a log of prompts and answers; section A.6 a 0–2 scoring scale and how it is applied; section A.8 seminar planning, a lecturer’s own basic-task variant, staged submission and the workload of the first task
  8. 1.0.0 expanded v2026.09.14 · 2026-09-14 New appendix: the procedure for “Decisions with AI” tasks, common to all chapters, moved from the introduction; the scale of task openness completed

State of the English version

Revision
r6 · 2026-10-15
Translated from
v1.3.4
B Appendix B. Building an AI agent working environment Appendix at the end of the book corrected 1.1.1 → 1.1.2 Link to the tools page 1.1.22026-09-17 r1 2026-09-17 approved
  1. 1.1.1 → 1.1.2 corrected 1 % v2026.09.17.2 · 2026-09-17 Link to the tools page
  2. 1.1.0 → 1.1.1 corrected 0 % v2026.09.17 · 2026-09-17 Corrections from the translation reviews: the reference to B.7 and the gloss for “rules file”
  3. 1.0.1 → 1.1.0 expanded 10 % v2026.09.16.4 · 2026-09-16 Corrections after the subject review and the language edit: wording, the reference to the log rule in A.3, the minimum for a first environment, the limit of versioning
  4. 1.0.0 → 1.0.1 corrected 4 % v2026.09.16.2 · 2026-09-16 Clarified what is submitted with the work: the initial environment files and prompt logs, in free format
  5. 1.0.0 expanded v2026.09.16 · 2026-09-16 Appendix B: building a working environment for AI agents (first draft, published temporarily for a lecture)

State of the English version

Revision
r1 · 2026-09-17
Translated from
v1.1.1
C Appendix C. Answers to the computational exercises Appendix at the end of the book corrected 1.0.10 → 1.0.11 Answers to Chapter 4: corrected the explanation of subadditivity and the validity of leverage for larger changes; unified the term contribution margin. 1.0.112026-11-03 not yet translated
  1. 1.0.10 → 1.0.11 corrected 2 % v2026.11.03.2 · 2026-11-03 Answers to Chapter 4: corrected the explanation of subadditivity and the validity of leverage for larger changes; unified the term contribution margin.
  2. 1.0.8 → 1.0.10 corrected 1 % v2026.11.02 · 2026-11-02 Terminology aligned with the glossary
  3. 1.0.0 → 1.0.8 corrected 1 % v2026.09.28 · 2026-09-28 Lithuanian text: the approximation sign replaced with words
G Glossary Textbook apparatus corrections Chapter 4 is now available in English, with its calculators. Explanations in the Chapter 4 calculators were corrected, and 21 terms were added to the glossary. 386 terms2026-11-03 with the text
  1. corrections v2026.11.03.2 · 2026-11-03 Chapter 4 is now available in English, with its calculators. Explanations in the Chapter 4 calculators were corrected, and 21 terms were added to the glossary.
  2. corrections v2026.11.02 · 2026-11-02 Glossary and list of acronyms extended, terms aligned
  3. corrections v2026.10.31.3 · 2026-10-31 In slide set 3.1.1 and its narration the term now matches the textbook
  4. corrections v2026.10.31.2 · 2026-10-31 In slide set 3.1.2 (part 2) and its narration the Lithuanian term for greenwashing now matches the textbook; the glossary has gained an entry for it
  5. corrections v2026.10.15.5 · 2026-10-15 Glossary: the English forms of three terms in British spelling (operationalisation, capacity utilisation rate, specialisation), and the source for terminal value cited as (IVSC, 2012/2014); in the English version notes are shown as note boxes, as in the Lithuanian one
  6. corrections v2026.09.28.4 · 2026-09-28 Glossary: two conflicting VaR entries merged, a new entry on behavioural finance, chapter references for COSO and DLOM corrected. List of acronyms: nine new rows (CMA, HML, IRB, LCR, MAR, NSFR, RMW, SMB, VIX); the names of WACC and SME made consistent
  7. corrections v2026.09.28 · 2026-09-28 Glossary and list of acronyms: Lithuanian names for VaR, CVaR and DLOM aligned with the Lithuanian translation of the International Valuation Standards
  8. corrections v2026.09.28 · 2026-09-28 Glossary: the confidence level in the VaR definition
  9. corrections v2026.09.28 · 2026-09-28 Glossary: an entry for the Sharpe ratio added
  10. corrections v2026.09.28 · 2026-09-28 Glossary: two new terms – reference class forecasting and reference class
  11. corrections v2026.09.28 · 2026-09-28 Glossary: the Lithuanian term for the confidence level corrected in the VaR entry
  12. corrections v2026.09.28 · 2026-09-28 Glossary: ranges left undefined in seven entries are now explained
  13. corrections v2026.09.28 · 2026-09-28 Glossary: the Taleb statement is no longer presented as a direct quotation
  14. corrections v2026.09.28 · 2026-09-28 Glossary: the ranges for LBO and terminal value aligned with the sources
  15. corrections v2026.09.28 · 2026-09-28 Glossary: VaR defined as a quantile
  16. corrections v2026.09.28 · 2026-09-28 Glossary and Appendix C: cross-reference to section 13.1.5
  17. corrections v2026.09.28 · 2026-09-28 Glossary: currency given as EUR
  18. corrections v2026.09.28 · 2026-09-28 List of acronyms: the chapter column recalculated; glossary corrections
  19. corrections v2026.09.28 · 2026-09-28 List of acronyms: rows for GDV and VGN, the Lithuanian abbreviations of NPV and IRR; glossary corrections
  20. corrections v2026.09.17.6 · 2026-09-17 Glossary: new terms LaTeX, Markdown and Mermaid; links to the appendices and the introduction on the glossary page fixed
  21. corrections v2026.09.17.4 · 2026-09-17 Glossary and list of acronyms: Lithuanian legal forms are not translated in English texts
  22. corrections v2026.09.17.3 · 2026-09-17 Glossary: the English forms of AB and UAB made consistent with the list of acronyms
  23. corrections v2026.09.16.4 · 2026-09-16 Glossary: AI agent, agent skill, agent card, key assumption, rules file
  24. corrections v2026.09.15 · 2026-09-15 Glossary: the chapter 1 formula reference in the beta coefficient and CAPM entries corrected (formula 1.3 is EVA)
  25. corrections v2026.09.14.4 · 2026-09-14 In the glossary entry on valuation, the OECD and IVS definitions are taken from the current editions and the Scriven definition is corrected against the original
  26. corrections v2026.09.14.2 · 2026-09-14 Glossary entries “Enterprise” and “Valuation” refined; platform address corrected in the list of abbreviations; glossary and abbreviation entries BSC, BTV, FIBER, IAT, SEW and VDU no longer refer to the author or to internal files; entries FR-2156 and “Lithuanianized OKR” removed; Lithuanian names for LBO and MBO standardised and their definitions supported by sources; the “Valuation” entry aligned with the introduction; the list of abbreviations shows NPV usage
  27. corrections v2026.09.12 · 2026-09-12 Punctuation in the glossary and the list of acronyms: the em dash replaced with an en dash
  28. corrections v2026.09.12 · 2026-09-12 Quotation marks in the glossary and the list of acronyms
  29. corrections v2026.09.12 · 2026-09-12 Glossary: the notion of metareflection and its usage exceptions clarified
  30. corrections v2026.09.12 · 2026-09-12 Terminology in the glossary and the list of acronyms
  31. corrections v2026.09.12 · 2026-09-12 Terminology in the glossary and the list of acronyms: context-dependent cases
A List of acronyms Textbook apparatus corrections Glossary and list of acronyms extended, terms aligned 235 acronyms2026-11-02 with the text
  1. corrections v2026.11.02 · 2026-11-02 Glossary and list of acronyms extended, terms aligned
  2. corrections v2026.09.28.4 · 2026-09-28 Glossary: two conflicting VaR entries merged, a new entry on behavioural finance, chapter references for COSO and DLOM corrected. List of acronyms: nine new rows (CMA, HML, IRB, LCR, MAR, NSFR, RMW, SMB, VIX); the names of WACC and SME made consistent
  3. corrections v2026.09.28 · 2026-09-28 Glossary and list of acronyms: Lithuanian names for VaR, CVaR and DLOM aligned with the Lithuanian translation of the International Valuation Standards
  4. corrections v2026.09.28 · 2026-09-28 List of acronyms: VaR and CVaR also assigned to Chapter 3
  5. corrections v2026.09.28 · 2026-09-28 List of acronyms: CRP, ERP and DLOM assigned to Chapter 3
  6. corrections v2026.09.28 · 2026-09-28 List of acronyms: ERM added; chapters for ESG updated
  7. corrections v2026.09.28 · 2026-09-28 List of acronyms: the chapter column recalculated; glossary corrections
  8. corrections v2026.09.28 · 2026-09-28 List of acronyms: KYC, AML, DLT, NLP, DeFi, RegTech, MVP and DPP added; IAT shown as the Lithuanian equivalent of PBP
  9. corrections v2026.09.28 · 2026-09-28 List of acronyms: rows for GDV and VGN, the Lithuanian abbreviations of NPV and IRR; glossary corrections
  10. corrections v2026.09.28 · 2026-09-28 List of acronyms: ERP, MBO and CPI each have two meanings and are marked “do not confuse”
  11. corrections v2026.09.28 · 2026-09-28 List of acronyms: JANĮ (Law on Insolvency of Legal Entities) added
  12. corrections v2026.09.28 · 2026-09-28 List of acronyms: OLV, FLV, LP, GP and KR added; the DALIS row removed
  13. corrections v2026.09.28 · 2026-09-28 List of acronyms: ILTE, AFP, ŽŪIKVC, JV and MNC added, with seven [PATIKRINTI] flags
  14. corrections v2026.09.17.5 · 2026-09-17 List of acronyms: the English explanation of AB/UAB without Markdown markup (it is shown in a pop-up)
  15. corrections v2026.09.17.4 · 2026-09-17 Glossary and list of acronyms: Lithuanian legal forms are not translated in English texts
  16. corrections v2026.09.17.3 · 2026-09-17 Glossary: the English forms of AB and UAB made consistent with the list of acronyms
  17. corrections v2026.09.17.2 · 2026-09-17 List of acronyms: MCP added; the English form of UAB made consistent
  18. corrections v2026.09.14.2 · 2026-09-14 Glossary entries “Enterprise” and “Valuation” refined; platform address corrected in the list of abbreviations; glossary and abbreviation entries BSC, BTV, FIBER, IAT, SEW and VDU no longer refer to the author or to internal files; entries FR-2156 and “Lithuanianized OKR” removed; Lithuanian names for LBO and MBO standardised and their definitions supported by sources; the “Valuation” entry aligned with the introduction; the list of abbreviations shows NPV usage
  19. corrections v2026.09.12 · 2026-09-12 Punctuation in the glossary and the list of acronyms: the em dash replaced with an en dash
  20. corrections v2026.09.12 · 2026-09-12 Punctuation in the examples of the list of acronyms
  21. corrections v2026.09.12 · 2026-09-12 Quotation marks in the glossary and the list of acronyms
  22. corrections v2026.09.12 · 2026-09-12 Terminology in the glossary and the list of acronyms
  23. corrections v2026.09.12 · 2026-09-12 Terminology in the glossary and the list of acronyms: context-dependent cases
  24. corrections v0.10.7 · 2026-09-07 The introduction to the list of acronyms rewritten in an academic register
  25. corrections v0.10.6 · 2026-09-07 An introduction in Lithuanian and English added to the list of acronyms
  26. corrections v0.10.5 · 2026-09-07 List of acronyms restructured: the Lithuanian and the English abbreviation on one line
  27. corrections v0.10.4 · 2026-09-07 English names given for the Lithuanian acronyms
  28. corrections v0.10.3 · 2026-09-07 Index of acronyms: duplicates merged, non-acronym entries removed
∀ Changes across all chapters One change made across the whole book corrections Site search added: a magnifier in the header, with results shown as you type; it covers chapters, appendices, the glossary and the slide sets. —2026-11-03 with the text
  1. corrections v2026.11.03.8 · 2026-11-03 Site search added: a magnifier in the header, with results shown as you type; it covers chapters, appendices, the glossary and the slide sets.
  2. corrections v2026.11.03.7 · 2026-11-03 Chapter 4 slide set 4.1.1 published in English, narrated by two voices with subtitles.
  3. corrections v2026.11.03.6 · 2026-11-03 Chapter 4: narrated slide set 4.1.1 published in Lithuanian.
  4. corrections v2026.11.03.5 · 2026-11-03 Chapter 1 slide sets 1.1.5 and 1.1.6 published in English, narrated by two voices with subtitles.
  5. corrections v2026.11.01.2 · 2026-11-01 Seven labels left in Lithuanian in the English 3.1.3 set are now in English: three bias tiles, the layer label of the first part and the tag for the ad hoc additions
  6. corrections v2026.10.31.11 · 2026-10-31 A new slide set for section 3.1.3, “Precise numbers, wrong decisions”, in Lithuanian and English, narrated and subtitled: where the model, the person and the organisation go wrong; four interactives – the stages of a bubble with the Baltic property cycle, spotting biases in a plan, matching remedies to problems, and the limit of risk appetite; the voices are synthetic
  7. corrections v2026.10.31.7 · 2026-10-31 The English slide set for the second part of section 3.1.2 published, with narration and subtitles – the third and last set of Chapter 3 in English
  8. corrections v2026.10.31.6 · 2026-10-31 The English slide set for the first part of section 3.1.2 published, with narration and subtitles; in the English 3.1.1 set the label on the illustrative charts corrected to “diagram”
  9. corrections v2026.10.31.5 · 2026-10-31 The English version of the slide set for section 3.1.1 published, with narration and subtitles – the first set of Chapter 3 in English
  10. corrections v2026.10.31.4 · 2026-10-31 In the four narrated slide sets the subtitles now scale with the window: on a small screen they no longer cover the slide text, and in a tall window they no longer fall below the slide
  11. corrections v2026.10.31 · 2026-10-31 New slide set 3.1.2 (part 1), 'What risk does the market pay for?', with narration and subtitles: systematic and unsystematic risk, the CAPM and its limits, with four interactive elements; the voices are synthetic
  12. corrections v2026.10.31 · 2026-10-31 New slide set 3.1.2 (part 2), 'What to do about risk?', with narration and subtitles: risk classification, the case for hedging, downside measures, the ISO 31000 and COSO ERM frameworks and ESG, with four interactive elements; the voices are synthetic
  13. corrections v2026.10.30.3 · 2026-10-30 In the narrated slide sets 1.1.3 and 3.1.1 the audio now starts half a second later, so the greeting is no longer clipped
  14. corrections v2026.10.30.2 · 2026-10-30 New slide set 3.1.1 'From fate to the black swan', with narration and subtitles: the path of the risk concept from Genoese insurance contracts to the black swan, with four interactive elements; the voices are synthetic
  15. corrections v2026.10.30.2 · 2026-10-30 Slide set 1.1.3 shows a larger slide on a phone held sideways: the controls have moved into a side bar
  16. corrections v2026.10.30.2 · 2026-10-30 The note on the use of artificial intelligence is now worded the same in every slide set
  17. corrections v2026.10.30 · 2026-10-30 Slide set 1.1.3 now has narration and subtitles: audio is switched on with G, subtitles with C; the voices are synthetic
  18. corrections v2026.10.15.6 · 2026-10-15 English version: the titles of sections 2.6.5 and 3.6.5 brought into line with Chapter 1 (“Synthesis and original design exercises”), as in the section title “Questions and exercises”
  19. corrections v2026.10.15.4 · 2026-10-15 Numbers no longer break across lines: digit groups and a number with its percentage sign, unit or currency code are joined by non-breaking spaces on all pages, in the formula calculators, the quiz, the slide sets and the trainers, in both languages; the sets have new patch versions
  20. corrections v2026.10.15.3 · 2026-10-15 English version: numbers follow the EU institutional and SI style – a decimal point and thousands separated by a space (1 610.5, EUR 2 347 521); English Chapters 1–3, Appendix A, the formula calculators and the 2.1.3 slide set updated; the 1.2 and 2.2 trainers translated; the translation date in the citation of the 1.1.4 and 2.1.4 sets aligned; an error about OKR and pay corrected in a speaker note of the Lithuanian 2.1.2 set
  21. corrections v2026.10.15.2 · 2026-10-15 English slide sets: six more sets translated – 1.1.1 “What is it worth?”, 1.1.2 “What lies beneath the number?”, 1.1.3 “Why does price differ from value?”, 2.1.1 “Four eras of planning”, 2.1.2 “From assumption to decision” and 2.1.3 “How to plan honestly?”; English chapters 1 and 2 now have four sets each, and the table on the English versions page lists all eight
  22. corrections v2026.10.15 · 2026-10-15 English slide sets: the sets for sections 1.1.4 “Value beyond the balance sheet” and 2.1.4 “From spreadsheet to AI agent” translated; English chapters 1 and 2 now show the set cards under these sections, and the English versions page has a table of slide sets
  23. corrections v2026.10.14.2 · 2026-10-14 Versions page in English: all change descriptions are now given in English, with language corrections to the Lithuanian text described briefly; the English revisions of Chapters 1–3 raised for the formula calculators (Chapter 1 r6, Chapters 2 and 3 r2), and the English notes aligned with the Lithuanian ones
  24. corrections v2026.10.14 · 2026-10-14 Formula calculators and trainers: in English chapters 1–3 each formula now has a calculator, as in the Lithuanian chapters; the conclusions of calculator (2.6) use the same dispersion thresholds as the chapter (15 % and 30 %); formatting marks no longer show in the conclusion of calculator (3.3); in trainers 1.2 and 2.2 the labels of the forecast accuracy measures and the precision of percentages were made consistent; the English chapter list explains how to read chapters not yet translated.
  25. corrections v2026.09.17.7 · 2026-09-17 Glossary page: formulas rendered with KaTeX, as in the chapter text
  26. corrections v2026.09.15.2 · 2026-09-15 Appendix pages added to the English edition: Appendix A translated, and the language switch on the Lithuanian appendix leads to the translation; section 1.6.7 of Chapter 1 translated
  27. corrections v2026.09.14 · 2026-09-14 The note “grounded in the author's own research” removed from the title page and the publication page
  28. corrections v2026.09.13.6 · 2026-09-13 A subtitle added to the Lithuanian title block, so both title pages have the same structure
  29. corrections v2026.09.13.5 · 2026-09-13 The top of the home page turned into a title page (author, publisher, year and edition); the publication page renamed to the imprint
  30. corrections v2026.09.13.4 · 2026-09-13 The publication page added to the main menu
  31. corrections v2026.09.13.3 · 2026-09-13 On English pages the terms-of-use link leads to the English terms
  32. corrections v2026.09.13.2 · 2026-09-13 A publication page added to the website, with the type, the licence and a disclaimer on the calculators
  33. corrected in 16 chapters v2026.09.12.3 · 2026-09-12 A full stop after the heading number
  34. corrections v2026.09.12.5 · 2026-09-12 In the English edition, chapter titles and change descriptions are given in English
  35. corrections v2026.09.12.4 · 2026-09-12 Change log entries rewritten for the reader: no internal round codes or file names
  36. corrections v2026.09.12 · 2026-09-12 Punctuation: the em dash replaced with an en dash in the calculators and on the site

Chapters marked in colour were updated on the most recent date (2026-11-03) — 2 of them. Fainter shades mark the two update dates before that.

Interactive slide sets

Each slide set has its own version, independent of the chapter. A set in English is a translation of the Lithuanian set: the last column shows which Lithuanian version it was translated from, and is flagged when the Lithuanian set has changed since.

Slide set Latest change Version Translated from
1.1.1 What is it worth? Ch. 1 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.2.1
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.2.
1.1.2 What lies beneath the number? Ch. 1 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.0.2
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.1.
1.1.3 Why does price differ from value? Ch. 1 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.0.1 Lithuanian set updated
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.
1.1.4 Value beyond the balance sheet Ch. 1 set v1.0.2 → v1.0.3 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.3 2026-10-15 LT v1.0.1
  1. v1.0.3 2026-10-15 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.2 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0.1 2026-10-15 The citation date of the English chapter aligned with the chapter page (2026-10-15); no other changes.
  4. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.
1.1.5 Arguing about different things Ch. 1 set v1.0 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – a critical analysis of section 1.1.5: the limits of valuation methods and two open disputes. v1.0 2026-11-03 LT v1.1
  1. v1.0 2026-11-03 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – a critical analysis of section 1.1.5: the limits of valuation methods and two open disputes.
1.1.6 From “what if?” to the AI agent Ch. 1 set v1.0 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – how technology from the spreadsheet to AI agents changed the way value is understood, measured and created. v1.0 2026-11-03 LT v1.1
  1. v1.0 2026-11-03 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – how technology from the spreadsheet to AI agents changed the way value is understood, measured and created.
1.2 Calculate like a valuer Ch. 1 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.7.6
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 0.16.5 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian trainer v1.7.5; numbers follow the English format (1 610.5).
2.1.1 Four eras of planning Ch. 2 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.1.3
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.1.2.
2.1.2 From assumption to decision Ch. 2 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.0.2
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.
2.1.3 How to plan honestly? Ch. 2 set v1.0.2 → v1.0.3 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.3 2026-10-15 LT v1.0.1
  1. v1.0.3 2026-10-15 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.2 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number. On slide 2 the quoted figure fits on one line inside the red circle (slightly smaller type).
  3. v1.0.1 2026-10-15 Thousands are separated by a space (EUR 2 347 521), as everywhere in the English version.
  4. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.
2.1.4 From spreadsheet to AI agent Ch. 2 set v1.0.2 → v1.0.3 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.3 2026-10-15 LT v1.0.1
  1. v1.0.3 2026-10-15 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.2 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0.1 2026-10-15 The citation date of the English chapter aligned with the chapter page (2026-10-15); no other changes.
  4. v1.0 2026-10-15 First publication: an English translation of the Lithuanian set v1.0.
2.2 How much do we know about tomorrow? Ch. 2 set v1.0.1 → v1.0.2 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter. v1.0.2 2026-10-15 LT v1.2.1
  1. v1.0.2 2026-10-15 The citation now refers to the English translation of version 1.0.11 of the chapter, which takes in all later changes to the Lithuanian chapter.
  2. v1.0.1 2026-10-15 Numbers no longer break across lines: digit groups, percentages and units stay together with the number.
  3. v1.0 2026-10-15 First publication: an English translation of the Lithuanian trainer v1.2; numbers follow the English format (1 610.5).
3.1.1 From fate to the black swan Ch. 3 set v1.0 → v1.0.1 The label on the three illustrative charts now reads “diagram” instead of the untranslated “schema”. v1.0.1 2026-10-31 LT v1.1.3
  1. v1.0.1 2026-10-31 The label on the three illustrative charts now reads “diagram” instead of the untranslated “schema”.
  2. v1.0 2026-10-31 First publication: an English translation of the Lithuanian set v1.1.3. Four interactives – the scale between Knightian risk and uncertainty, the portfolio builder, the fat-tailed distribution and the five levels of risk. Narrated: the sound is switched on with the key G (off by default), subtitles with C; the voices are synthetic.
3.1.2 Which risk does the market pay for? Ch. 3 set v1.0 First publication: an English translation of the Lithuanian set v1.0.1, the first part of section 3.1.2. Four interactives – sorting risks into the systematic and unsystematic baskets, the decomposition of portfolio variance, the beta handle and the return measurement interval. Narrated: the sound is switched on with the key G (off by default), subtitles with C; the voices are synthetic. v1.0 2026-10-31 LT v1.0.1
  1. v1.0 2026-10-31 First publication: an English translation of the Lithuanian set v1.0.1, the first part of section 3.1.2. Four interactives – sorting risks into the systematic and unsystematic baskets, the decomposition of portfolio variance, the beta handle and the return measurement interval. Narrated: the sound is switched on with the key G (off by default), subtitles with C; the voices are synthetic.
3.1.2 What to do with risk? Ch. 3 set v1.1.0 → v1.2.0 Follows the Lithuanian set v1.2.0: Christensen’s mechanism is now stated correctly – firms fail because they follow their most profitable customers and undervalue disruptive innovations, not because they improve an existing technology for too long. The unsupported claim about a slower pace of digitalisation has been replaced by a sourced fact about the share of low value-added production, and the risk taxonomy now says “disruptive innovations”. Narration and subtitles updated. v1.2.0 2026-10-31 LT v1.2.0
  1. v1.2.0 2026-10-31 Follows the Lithuanian set v1.2.0: Christensen’s mechanism is now stated correctly – firms fail because they follow their most profitable customers and undervalue disruptive innovations, not because they improve an existing technology for too long. The unsupported claim about a slower pace of digitalisation has been replaced by a sourced fact about the share of low value-added production, and the risk taxonomy now says “disruptive innovations”. Narration and subtitles updated.
  2. v1.1.0 2026-10-31 Follows the Lithuanian set v1.1.0: the opening question is now “hedge or retain?” rather than “should we insure?”, natural hedging has moved to the row for risk that is reduced, and the cost of financial hedging and the comparison of the insurance premium with the expected loss have been made more precise. Narration and subtitles updated.
  3. v1.0 2026-10-31 First publication: an English translation of the Lithuanian set v1.0.2, the second part of section 3.1.2. Four interactives – the two types of hedging, the hedging test, the cascading of risks and the ISO 31000 process. Narrated: the sound is switched on with the key G (off by default), subtitles with C; the voices are synthetic.
3.1.3 Precise numbers, wrong decisions Ch. 3 set v1.0 → v1.0.1 Seven places that had been left in Lithuanian are now in English: the three remaining bias tiles (the availability heuristic, anchoring, the planning fallacy), the layer label of the first part and the tag for the ad hoc additions. v1.0.1 2026-11-01 LT v1.0
  1. v1.0.1 2026-11-01 Seven places that had been left in Lithuanian are now in English: the three remaining bias tiles (the availability heuristic, anchoring, the planning fallacy), the layer label of the first part and the tag for the ad hoc additions.
  2. v1.0 2026-10-31 First publication: an English translation of the Lithuanian set v1.0 – a critical analysis of section 3.1.3 in three layers: where the model errs (the limits of CAPM, the illusion of the normal distribution, model risk), where the person errs (seven behavioural biases) and where the organisation errs (the agency problem). Four interactives – the five stages of a bubble with the Baltic property cycle, spotting biases in a business plan, matching debiasing remedies to problems, and the limit of risk appetite. Narrated: the sound is switched on with the key G (off by default), subtitles with C; the voices are synthetic.
4.1.1 Four traditions, one system Ch. 4 set v1.0 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – how Monte Carlo, scenarios, sensitivity analysis and risk measures arose separately and converged into integrated risk analysis. v1.0 2026-11-03 LT v1.1
  1. v1.0 2026-11-03 First publication: an English translation of the Lithuanian set v1.1, narrated by two voices with subtitles – how Monte Carlo, scenarios, sensitivity analysis and risk measures arose separately and converged into integrated risk analysis.

How the textbook may be used — see the about this edition.