工程管理專(zhuān)業(yè)英語(yǔ)

1.Aprofitmeasureisdefinedasanindicatorofthedesirabilityofaprojectfromthestandpointofadecisionmaker.利潤(rùn)指標(biāo)是幫助決策者判斷一個(gè)投資項(xiàng)目前景的指示器。2.Aprofitmeasuremayormaynotbeusedasthebasisforprojectselection.利潤(rùn)指標(biāo)也可以作為選擇備選方案的基準(zhǔn)。4.2InvestmentProfitMeasures投資利潤(rùn)指標(biāo)13.Sincevariousprofitmeasuresareusedbydecisionmakersfordifferentpurposes,theadvantagesandrestrictionsforusingtheseprofitmeasuresshouldbefullyunderstood.由于不同的利潤(rùn)指標(biāo)被決策者用作各種不同的用途，所以，這些指標(biāo)的優(yōu)勢(shì)和限制我們必須深入的理解。4.Thereareseveralprofitmeasuresthatarecommonlyusedbydecisionmakersinbothprivatecorporationsandpublicagencies.目前，有很多種投資收益估算方法被私人企業(yè)和公共事業(yè)部門(mén)的決策者使用.25.Eachofthesemeasuresisintendedtobeanindicatorofprofitornetbenefitforaprojectunderconsideration.每一種指標(biāo)都可以被用作一個(gè)備選方案的利潤(rùn)或凈收益的測(cè)試劑。6.Someofthesemeasuresindicatethesizeoftheprofitataspecificpointintime;othersgivetherateofreturnperperiodwhenthecapitalisinuseorwhenreinvestmentsoftheearlyprofitsarealsoincluded.某些測(cè)度表示某具體時(shí)點(diǎn)的利潤(rùn)是多少，而另外一些則是某時(shí)間段內(nèi)投入資本或追加投資的收益率。7.Ifadecisionmakerunderstandsclearlythemeaningofthevariousprofitmeasuresforagivenproject,thereisnoreasonwhyonecannotuseallofthemfortherestrictivepurposesforwhichtheyareappropriate..如果給出一個(gè)項(xiàng)目，決策者能夠清晰地理解每一種指標(biāo)的意義，那么他就可以根據(jù)每種指標(biāo)的限制條件在所有可行方案中挑選合適的指標(biāo)。

38.Withtheavailabilityofcomputerbasedanalysisandcommercialsoftware,ittakesonlyafewsecondstocomputetheseprofitmeasures.However,itisimportanttodefinethesemeasuresprecisely:在計(jì)算機(jī)技術(shù)和商業(yè)軟件的支持下，投資利潤(rùn)指標(biāo)有時(shí)只需幾秒的時(shí)間就完成了，盡管如此，我們還是必須給每種指標(biāo)下精確的定義。1.NetFutureValueandNetPresentValue.凈終值和凈現(xiàn)值9.Whenanorganizationmakesaninvestment,thedecisionmakerlooksforwardtothegainoveraplanninghorizon,againstwhatmightbegainedifthemoneywereinvestedelsewhere.當(dāng)一個(gè)組織投資一個(gè)項(xiàng)目時(shí)，決策者在規(guī)劃周期很想知道這個(gè)項(xiàng)目的收益，這個(gè)收益至少要能大于或等于把錢(qián)投到其他項(xiàng)目得到的收益。410.Aminimumattractiverateofreturn(MARR)isadoptedtoreflectthisopportunitycostofcapital.最低收益率被用來(lái)反映資本的機(jī)會(huì)成本。11.TheMARRisusedforcompoundingtheestimatedcashflowstotheendoftheplanninghorizon,orfordiscountingthecashflowtothepresent.它可以用來(lái)把規(guī)劃周期發(fā)生的現(xiàn)金流折算到結(jié)束時(shí)刻，或者折現(xiàn)到現(xiàn)在時(shí)刻。512.Theprofitabilityismeasuredbythenetfuturevalue(NFV)whichisthenetreturnattheendoftheplanninghorizonabovewhatmighthavebeengainedbyinvestingelsewhereattheMARR.一個(gè)項(xiàng)目的贏利能力用凈終值（NFV）衡量，即，若按照該MARR將資金投入到別處而在規(guī)劃周期結(jié)束時(shí)將本來(lái)可以得到的凈收益。13.Thenetpresentvalue(NPV)oftheestimatedcashflowsovertheplanninghorizonisthediscountedvalueoftheNFVtothepresent.在規(guī)劃期所發(fā)生的現(xiàn)金流的凈現(xiàn)值NPV則是用MARR把凈終值換算到現(xiàn)在時(shí)刻得到的。14.ApositiveNPVforaprojectindicatesthepresentvalueofthenetgaincorrespondingtotheprojectcashflows.得到一個(gè)正的凈現(xiàn)值就表明該項(xiàng)目是收益的。62.EquivalentUniformAnnualNetValue.凈年值15.Theequivalentuniformannualnetvalue(NUV)isaconstantstreamofbenefitslesscostsatequallyspacedtimeperiodsovertheintendedplanninghorizonofaproject.等額凈年值是平均分配在規(guī)劃周期內(nèi)的、相等的、扣除成本的凈年收入。16.Thisvaluecanbecalculatedasthenetpresentvaluemultipliedbyanappropriate"capitalrecoveryfactor.".這個(gè)NUV可以用凈現(xiàn)值乘以一個(gè)適當(dāng)?shù)摹百Y金回收因子”得到。17.Itisameasureofthenetreturnofaprojectonanannualizedoramortizedbasis.這個(gè)方法用來(lái)估算按年計(jì)息或分期清償項(xiàng)目的凈收益。718.Theequivalentuniformannualcost(EUAC)canbeobtainedbymultiplyingthepresentvalueofcostsbyanappropriatecapitalrecoveryfactor.一個(gè)項(xiàng)目的贏利能力用凈終值（NFV）衡量，即，若按照該MARR將資金投入別處而在規(guī)劃周期結(jié)束時(shí)本來(lái)可以得到的凈收益。19.TheuseofEUACalonepresupposesthatthediscountedbenefitsofallpotentialprojectsovertheplanninghorizonareidenticalandthereforeonlythediscountedcostsofvariousprojectsneedbeconsidered.如果單獨(dú)使用等值年費(fèi)用，就說(shuō)明備選方案在規(guī)劃周期的貼現(xiàn)收益相同，只要比較其貼現(xiàn)費(fèi)用的不同就行了。20.Therefore,theEUACisanindicatorofthenegativeattributeofaprojectwhichshouldbeminimized.所以，等值年費(fèi)用是一個(gè)負(fù)面的值，我們要盡量使它的數(shù)值變小。83.BenefitCostRatio.收益-費(fèi)用比21.Thebenefit-costratio(BCR),definedastheratioofdiscountedbenefitstothediscountedcostsatthesamepointintime,isaprofitabilityindexbasedondiscountedbenefitsperunitofdiscountedcostsofaproject.收益費(fèi)用比是收益和成本折算到同一時(shí)刻的比值，它表示付出每一個(gè)單元的成本可以得到多少收益，是一個(gè)項(xiàng)目盈利的指標(biāo)。22.Itissometimesreferredtoasthesavings-to-investmentratio(SIR)whenthebenefitsarederivedfromthereductionofundesirableeffects.有時(shí)收益是來(lái)自于削減了一些不良因素的影響，收益費(fèi)用比又相當(dāng)于存款投資比率。923.ItsusealsorequiresthechoiceofaplanninghorizonandaMARR.使用這個(gè)比率也需先確定規(guī)則周期和MARR。24.Sincesomesavingsmaybeinterpretedasanegativecosttobedeductedfromthedenominatororasapositivebenefittobeaddedtothenumeratoroftheratio,theBCRorSIRisnotanabsolutenumericalmeasure.因?yàn)橛袝r(shí)將一些節(jié)省當(dāng)作費(fèi)用的一種節(jié)約而從分母中減掉或者當(dāng)作一種收益加在分子之中，所以收益-費(fèi)用比和存款投資比率不是一種絕對(duì)的數(shù)值。25.However,iftheratioofthepresentvalueofbenefittothepresentvalueofcostexceedsone,theprojectisprofitableirrespectiveofdifferentinterpretationsofsuchbenefitsorcosts.然而，只要收益現(xiàn)值比上成本現(xiàn)值的比值大于1，那么無(wú)論怎樣定義成本和收益，該項(xiàng)目總是盈利的。104.InternalRateofReturn.內(nèi)部收益率26.Theinternalrateofreturn(IRR)isdefinedasthediscountratewhichsetsthenetpresentvalueofaseriesofcashflowsovertheplanninghorizonequaltozero.內(nèi)部收益率就是在項(xiàng)目規(guī)劃周期內(nèi)凈現(xiàn)值等于0的貼現(xiàn)率。27.Itisusedasaprofitmeasuresinceithasbeenidentifiedasthe"marginalefficiencyofcapital"orthe"rateofreturnovercost".它被看成是一種邊際資本效益或成本回報(bào)率。28.TheIRRgivesthereturnofaninvestmentwhenthecapitalisinuseasiftheinvestmentconsistsofasingleoutlayatthebeginningandgeneratesastreamofnetbenefitsafterwards.IRR適用于初期有一筆支出，后來(lái)的每一年都有一筆收入的項(xiàng)目，而且第一筆付出的資金要一直被項(xiàng)目占用著。29.However,theIRRdoesnottakeintoconsiderationthereinvestmentopportunitiesrelatedtothetimingandintensityoftheoutlaysandreturnsattheintermediatepointsovertheplanninghorizon.然而，內(nèi)部收益率不考慮追加投資的時(shí)機(jī)和規(guī)劃周期內(nèi)各時(shí)間時(shí)點(diǎn)的開(kāi)銷(xiāo)和收益的大小。1130.Forcashflowswithtwoormoresignreversalsofthecashflowsinanyperiod,theremayexistmultiplevaluesofIRR;insuchcases,themultiplevaluesaresubjecttovariousinterpretations.如果在任何時(shí)段內(nèi)現(xiàn)金流發(fā)生兩次或兩次以上的上下反復(fù)，那么就會(huì)出現(xiàn)多個(gè)內(nèi)部收益率值，這些值就會(huì)（根據(jù)個(gè)人見(jiàn)解）定義成各種形式。5.AdjustedInternalRateofReturn.調(diào)整后的內(nèi)部收益率

31.Ifthefinancingandreinvestmentpoliciesareincorporatedintotheevaluationofaproject,anadjustedinternalrateofreturn(AIRR)whichreflectssuchpoliciesmaybeausefulindicatorofprofitabilityunderrestrictedcircumstances..如果要把融資和追加投資因素考慮到項(xiàng)目評(píng)估中去的話(huà)，那么我們就要引進(jìn)一個(gè)經(jīng)過(guò)調(diào)整的內(nèi)部收益率在有限制條件的情況下表示項(xiàng)目的盈利能力。32.Becauseofthecomplexityoffinancingandreinvestmentpoliciesusedbyanorganizationoverthelifeofaproject,theAIRRseldomcanreflecttherealityofactualcashflows.由于一個(gè)組織在項(xiàng)目生命期內(nèi)使用的融資和追加投資方案的復(fù)雜性，經(jīng)過(guò)調(diào)整的內(nèi)部收益率很少能完全反映實(shí)際的現(xiàn)金流狀況.1233.However,itoffersanapproximatevalueoftheyieldonaninvestmentforwhichtwoormoresignreversalsinthecashflowswouldresultinmultiplevaluesofIRR.我們只能提供一個(gè)近似的收益率來(lái)反映一個(gè)現(xiàn)金流有兩次或兩次以上翻轉(zhuǎn)項(xiàng)目的內(nèi)部收益情況。34.Theadjustedinternalrateofreturnisusuallycalculatedastheinternalrateofreturnontheprojectcashflowmodifiedsothatallcostsarediscountedtothepresentandallbenefitsarecompoundedtotheendoftheplanninghorizon.一般是為經(jīng)過(guò)調(diào)整的項(xiàng)目現(xiàn)金流計(jì)算內(nèi)部收益率，辦法是計(jì)算所有費(fèi)用的現(xiàn)值，所有的收益率都計(jì)算為規(guī)劃周期末的終值，這樣計(jì)算出來(lái)的內(nèi)部收益率就是經(jīng)過(guò)調(diào)整的內(nèi)部收益率。136.ReturnonInvestment.投資收益35.Whenanaccountantreportsincomeineachyearofamulti-yearproject,thestreamofcashflowsmustbebrokenupintoannualratesofreturnforthoseyears.當(dāng)會(huì)計(jì)報(bào)告一個(gè)多年項(xiàng)目的年收入時(shí)，這些現(xiàn)金流就被分開(kāi)計(jì)算出每年的投資回收率。36.Thereturnoninvestment(ROI)asusedbyaccountantsusuallymeanstheaccountant'srateofreturnforeachyearoftheprojectdurationbasedontheratiooftheincome(revenuelessdepreciation)foreachyearandtheundercoatedassetvalue(investment)forthatsameyear.會(huì)計(jì)師使用的投資收益率（ROI）一般是項(xiàng)目生命周期內(nèi)各年的會(huì)計(jì)收益率，是根據(jù)每一年的利潤(rùn)率（扣除折舊的年收入）和未貶值資產(chǎn)價(jià)值得到的。1437.Hence,theROIisdifferentfromyeart