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1、19878_12_c12_p394-434.qxd2/22/0610:31AMPage396CHAPTER12CapitalBudgeting:DecisionCriteriaCapitalbudgetingistheprocessofevaluatingacompany’spotentialinvestmentsanddecidingwhichonestoaccept.Thischapterprovidesanoverviewofthecapitalbudgetingprocessandexplainstheb
2、asictechniquesusedtoevaluatepotentialprojects,giventhattheirexpectedcashflowshavealreadybeenTheThomsonNOWWebsitecontainsanestimated.Chapter13thenexplainshowtoestimateaproject’sExcelfilethatwillguideyouthroughthecashflowsandanalyzeitsrisk.chapter’scalculations
3、.ThefileforthischapterisIFM9Ch12ToolKit.xls,andweencourageyoutoopenthefileandfollowalongasyoureadthechapter.TODISCCOLLECTION396IMAGE:?GETTYIMAGES,INC.,PHO19878_12_c12_p394-434.qxd2/22/0610:31AMPage397BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerho
4、wyou2.Whydoconflictssometimesarisebetweenthewouldanswerthefollowingquestions.Younetpresentvalue(NPV)andinternalrateofshouldnotnecessarilybeabletoanswerthereturn(IRR)methods;thatis,whatconditionsquestionsbeforeyoureadthechapter.Rather,canleadtoconflicts?Cansim
5、ilarconflictsariseyoushouldusethemtogetasenseoftheissuesbetweenmodifiedinternalrateofreturncoveredinthechapter.Afterreadingthechap-(MIRR)andNPVrankings,orbetweenrank-ter,youshouldbeabletogiveatleastpartialingsbytheMIRRandIRRmethods?answerstothequestions,andyo
6、ushouldbe3.Ifmanagement’sgoalistomaximizeshare-abletogivebetteranswersafterthechapterhasholderwealth,shoulditfocusontheregularbeendiscussedinclass.Note,too,thatitisoftenIRRortheMIRR?Explainyouranswer.useful,whenansweringconceptualquestions,to4.Underwhatcondit
7、ionsmightyoufindmoreusehypotheticaldatatoillustrateyouranswer.thanoneIRRforaproject?HowwouldyouWeillustratetheanswerswithanExcelmodeldecidewhetherornottoaccepttheproject?thatisavailableontheThomsonNOWWebsite.IfyouwerecomparingtwomutuallyexclusiveAccessingthem
8、odelandworkingthroughitisaprojects,onewithasingleIRRof12percentusefulexercise,anditprovidesinsightsthatareandtheotherwithtwodifferentIRRsofusefulwhenansweringthequestions.10percentand15pe
