第六章投資決策的其他方法和科學決策與信息分析

ChapterOutline6.1WhyUseNetPresentValue?6.2ThePaybackPeriodRule6.3TheDiscountedPaybackPeriodRule6.4TheAverageAccountingReturn6.5TheInternalRateofReturn6.6ProblemswiththeIRRApproach6.7TheProfitabilityIndex6.8ThePracticeofCapitalBudgeting6.9SummaryandConclusions6.1WhyUseNetPresentValue?AcceptingpositiveNPVprojectsbenefitsshareholders.NPVusescashflowsNPVusesallthecashflowsoftheprojectNPVdiscountsthecashflowsproperlyTheNetPresentValue(NPV)RuleNetPresentValue(NPV)=TotalPVoffutureCF’s+InitialInvestmentEstimatingNPV:1.Estimatefuturecashflows:howmuch?andwhen?2.Estimatediscountrate3.EstimateinitialcostsMinimumAcceptanceCriteria:AcceptifNPV>0RankingCriteria:ChoosethehighestNPVGoodAttributesoftheNPVRule1.Usescashflows2.UsesALLcashflowsoftheproject3.DiscountsALLcashflowsproperlyReinvestmentassumption:theNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.6.2ThePaybackPeriodRuleHowlongdoesittaketheprojectto“payback”itsinitialinvestment?PaybackPeriod=numberofyearstorecoverinitialcostsMinimumAcceptanceCriteria:setbymanagementRankingCriteria:setbymanagementThePaybackPeriodRule(continued)Disadvantages:IgnoresthetimevalueofmoneyIgnorescashflowsafterthepaybackperiodBiasedagainstlong-termprojectsRequiresanarbitraryacceptancecriteriaAprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPVAdvantages:EasytounderstandBiasedtowardliquidity6.3TheDiscountedPaybackPeriodRuleHowlongdoesittaketheprojectto“payback”itsinitialinvestmenttakingthetimevalueofmoneyintoaccount?Bythetimeyouhavediscountedthecashflows,youmightaswellcalculatetheNPV.6.4TheAverageAccountingReturnRuleAnotherattractivebutfatallyflawedapproach.RankingCriteriaandMinimumAcceptanceCriteriasetbymanagementDisadvantages:IgnoresthetimevalueofmoneyUsesanarbitrarybenchmarkcutoffrateBasedonbookvalues,notcashflowsandmarketvaluesAdvantages:TheaccountinginformationisusuallyavailableEasytocalculate6.5TheInternalRateofReturn(IRR)RuleIRR:thediscountthatsetsNPVtozeroMinimumAcceptanceCriteria:AcceptiftheIRRexceedstherequiredreturn.RankingCriteria:SelectalternativewiththehighestIRRReinvestmentassumption:AllfuturecashflowsassumedreinvestedattheIRR.Disadvantages:Doesnotdistinguishbetweeninvestingandborrowing.IRRmaynotexistortheremaybemultipleIRRProblemswithmutuallyexclusiveinvestmentsAdvantages:EasytounderstandandcommunicateTheInternalRateofReturn:ExampleConsiderthefollowingproject:0123$50$100$150-$200Theinternalrateofreturnforthisprojectis19.44%TheNPVPayoffProfileforThisExampleIfwegraphNPVversusdiscountrate,wecanseetheIRRasthex-axisintercept.IRR=19.44%6.6ProblemswiththeIRRApproachMultipleIRRs.AreWeBorrowingorLending?TheScaleProblem.TheTimingProblem.MultipleIRRsTherearetwoIRRsforthisproject:0 1 2 3$200 $800-$200-$800100%=IRR20%=IRR1Whichoneshouldweuse?TheScaleProblemWouldyourathermake100%or50%onyourinvestments?Whatifthe100%returnisona$1investmentwhilethe50%returnisona$1,000investment?TheTimingProblem0 1 2 3$10,000$1,000 $1,000-$10,000ProjectA0 1 2 3$1,000 $1,000 $12,000-$10,000ProjectBThepreferredprojectinthiscasedependsonthediscountrate,nottheIRR.TheTimingProblem10.55%=crossoverrate12.94%=IRRB16.04%=IRRACalculatingtheCrossoverRateComputetheIRRforeitherproject“A-B”or“B-A”10.55%=IRRMutuallyExclusivevs.IndependentProjectMutuallyExclusiveProjects:onlyONEofseveralpotentialprojectscanbechosen,e.g.acquiringanaccountingsystem.RANKallalternativesandselectthebestone.IndependentProjects:acceptingorrejectingoneprojectdoesnotaffectthedecisionoftheotherprojects.MustexceedaMINIMUMacceptancecriteria.6.7TheProfitabilityIndex(PI)RuleMinimumAcceptanceCriteria:AcceptifPI>1RankingCriteria:SelectalternativewithhighestPIDisadvantages:ProblemswithmutuallyexclusiveinvestmentsAdvantages:MaybeusefulwhenavailableinvestmentfundsarelimitedEasytounderstandandcommunicateCorrectdecisionwhenevaluatingindependentprojects6.8ThePracticeofCapitalBudgetingVariesbyindustry:Somefirmsusepayback,othersuseaccountingrateofreturn.ThemostfrequentlyusedtechniqueforlargecorporationsisIRRorNPV.ExampleofInvestmentRulesComputetheIRR,NPV,PI,andpaybackperiodforthefollowingtwoprojects.Assumetherequiredreturnis10%. Year ProjectA ProjectB 0 -$200 -$150 1 $200 $50 2 $800 $100 3 -$800 $150ExampleofInvestmentRules

ProjectA ProjectBCF0 -$200.00 -$150.00PV0ofCF1-3 $241.92 $240.80NPV= $41.92 $90.80IRR= 0%,100% 36.19%PI= 1.2096 1.6053ExampleofInvestmentRulesPaybackPeriod: ProjectA ProjectB Time CF Cum.CF CF Cum.CF 0 -200 -200 -150 -150 1 200 0 50 -100 2 800 800 100 0 3 -800 0 150 150PaybackperiodforprojectB=2years.PaybackperiodforprojectA= 1or3years?RelationshipBetweenNPVandIRR

Discountrate NPVforA NPVforB -10% -87.52 234.77 0% 0.00 150.00 20% 59.26 47.92 40% 59.48 -8.60 60% 42.19 -43.07 80% 20.85 -65.64 100% 0.00 -81.25 120% -18.93 -92.52 ProjectAProjectB($200)($100)$0$100$200$300$400-15%0%15%30%45%70%100%130%160%190%DiscountratesNPVIRR1(A)IRR(B)NPVProfilesIRR2(A)Cross-overRate6.9SummaryandConclusionsThischapterevaluatesthemostpopularalternativestoNPV:PaybackperiodAccountingrateofreturnInternalrateofreturnProfitabilityindexWhenitisallsaidanddone,theyarenottheNPVrule;forthoseofusinfinance,itmakesthemdecidedlysecond-rate.第3章科學決策與信息分析主要內(nèi)容：信息分析在決策中的作用；各類型決策中的信息保障；信息分析的工作流程?；疽螅毫私飧黝悰Q策中信息利用的重要性；了解不同決策階段信息服務(wù)的特點；理解決策對信息的基本要求；掌握信息分析工作的基本流程。3.1信息分析在決策中的作用3.1.1決策活動中的信息利用信息分析:是對情報進行定向濃集和科學抽象的一種科學勞動.信息在軍事戰(zhàn)略制定中的作用；信息在制定地區(qū)經(jīng)濟發(fā)展規(guī)劃中的作用；信息在科學管理中的作用；信息在對外貿(mào)易中的作用；信息在制定生產(chǎn)計劃中的作用；信息在提高產(chǎn)品質(zhì)量、發(fā)展花色品種中的作用。3.1信息分析在決策中的作用決策階段信息服務(wù)的內(nèi)容與特點決策前（超前服務(wù)）促成決策及早完成（快）；有助于決策者掌握預測性信息（準）；有助于決策者更新知識、增強判斷力（增）決策中（跟蹤服務(wù)）確立目標階段；決策方案準備階段；選定決策方案階段。決策后（反饋服務(wù)）跟蹤反饋；循環(huán)反饋；同步追蹤反饋。3.1.2不同決策階段的信息服務(wù)3.1信息分析在決策中的作用3.1.3決策對信息的基本要求可靠性（可信度）——信息的真實性和準確性。信息源；信息獲取手段；信息獲取的條件。完整性（完全度）——包括決策對象全部的信息全面收集歷史的、現(xiàn)實的和未來的信息；兼顧反映正面的和反面問題的信息。精確性（精確度）——反映事物特征的細微化程度。不同決策對信息的精確度要求不同；劃定范圍，確定上限和下限。3.2各類型決策中的信息保障3.2.1新產(chǎn)品研制的信息保障創(chuàng)意產(chǎn)生與篩選階段的信息保障創(chuàng)意產(chǎn)生于對信息的收集、吸收和理解；創(chuàng)意孕育著新產(chǎn)品，要盡可能多的收集；篩選是從多個創(chuàng)意中選擇出具有開發(fā)價值項目的過程，其要求是：新意；可行；實用；有效。3.2各類型決策中的信息保障3.2.1新產(chǎn)品研制的信息保障開發(fā)決策階段的信息保障主要任務(wù)是針對經(jīng)過初步篩選出的幾個創(chuàng)意中的每一個新產(chǎn)品開發(fā)構(gòu)想收集信息；主要目的是從若干初步入選的新產(chǎn)品開發(fā)設(shè)想中挑選一個，作為本企業(yè)的新產(chǎn)品研制項目。新產(chǎn)品設(shè)計階段的信息保障方案設(shè)計：正確選型，確定新產(chǎn)品的基本結(jié)構(gòu)和基本參數(shù)。技術(shù)設(shè)計：確定產(chǎn)品的具體結(jié)構(gòu)和形式，進行各部分、各部件的設(shè)計和組裝設(shè)計。