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《making capital investment decisions》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtodeterminetheMAKINGCAPITALrelevantcash?owsforaproposedproject.LO2HowtodetermineifaINVESTMENTprojectisacceptable.10LO3Howtosetabidpriceforaproject.DECISIONSLO4Howtoevaluatetheequivalentannualcostofaprojec
2、t.ISTHEREGREENINGREEN?GeneralElectricAsyounodoubtrecognizefromyourstudyofthepre-(GE)thinksso.Throughits“Ecomagination”program,viouschapter,GE’sdecisiontodevelopandmarketgreenthecompanyplannedtodoubleresearchandtechnologyrepresentsacapitalbudgetingdecision.Indevelopmentspen
3、dingongreenproducts,fromthischapter,wefurtherinvestigatesuchdecisions,how$700millionin2004to$1.5billionin2010.Withtheyaremade,andhowtolookatthemobjectively.productssuchasahybridrailroadlocomotiveThischapterfollowsuponourpreviousonebydelv-(describedasa200-ton,6,000-horsepow
4、er“Priusoningmoredeeplyintocapitalbudgeting.Wehavetworails”),GE’sgreeninitiativeseemstobepayingoff.maintasks.First,recallthatinthelastchapter,wesawRevenuefromgreenproductswas$14billionin2007,thatcash?owestimatesarethecriticalinputintoanetwithatargetof$25billionin2010.Theco
5、mpany’spresentvalueanalysis,butwedidn’tsaymuchaboutinternalcommitmenttoreducedenergyconsumptionwherethesecash?owscomefrom;sowewillnowsaveditmorethan$100millionfrom2004to2007,examinethisquestioninsomedetail.OursecondgoalisCapitalBudgetingPART4andthecompanywasontargettoreduc
6、eitswatertolearnhowtocriticallyexamineNPVestimates,and,inconsumptionby20percentby2012,anotherconsid-particular,howtoevaluatethesensitivityofNPVesti-erablecostsavings.matestoassumptionsmadeabouttheuncertainfuture.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadshe
7、et.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Sofar,wevecoveredvariouspartsofthecapitalbudgetingdecision.Ourtaskinthischapteristostartbringingthesepiecestogether.Inparticular,wewillshowyouhowtospreadthenumbersforapro-posedinvestmentorprojectand,basedonthosenumber
8、s,makeaninitialassessmentaboutwhethertheprojectshouldbeundertaken.Inthediscussionthatfoll
