Investment appraisal for non-financial managers: a step-by-step guide to making profitable decisions
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Pitman
1997
|
| Ausgabe: | 1. publ., [Nachdr.] |
| Schriftenreihe: | Financial solutions
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 285 S. graph. Darst. |
| ISBN: | 0273626825 |
Internformat
MARC
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| 245 | 1 | 0 | |a Investment appraisal for non-financial managers |b a step-by-step guide to making profitable decisions |c Kate Moran |
| 250 | |a 1. publ., [Nachdr.] | ||
| 264 | 1 | |a London [u.a.] |b Pitman |c 1997 | |
| 300 | |a XI, 285 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Financial solutions | |
| 650 | 4 | |a Unternehmen | |
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| 650 | 4 | |a Capital investments | |
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Datensatz im Suchindex
| _version_ | 1804126214867124224 |
|---|---|
| adam_text | Contents
¦ ¦ ¦
Preface ™
1 What is investment appraisal? 1
Why do companies invest? 3
The eight steps in an appraisal process 4
Questions to ask
Reviewing types of investments 10
Examining the capital budgeting process 13
Considering the environment Cost Benefit Analysis 15
2 Using Net Present Value 19 L
The four components of investment appraisal 21
Introducing the jargon the time value of money and
present values
Understanding the NPV method 27
Shortcuts 3^
Setting criteria for any investment appraisal technique 36
Why managers don t use NPV 36
3 Using alternative appraisal methods 49
The Payback method ^
Improving on the Payback method: Discounted Payback 54
The Average Return on Book Value method or accounting
rate of return
The Internal Rate of Return method ™*
The Profitability Index ~j|
Ranking projects
When to use each technique (or not at all!) °°
Ranking projects under capital contraints
4 Estimating cashflows 77
80
Part I Types of cashflows
Part II Relevant cashflows over differing time horizons »i
Part III The impact of tax
¦ Contents
5 Forecasting cashflows m
Part I How to deal with inflation 113
Part II Dealing with uncertainty 118
6 Case studues 139
How to get the most out of these case studies 140
Case study 1: Diversifying into an overseas market 141
Case study 2: Evaluating a cost saving investment
in a food manufacturing company 145
Case study 3: Choosing between investment projects
when there is a limited budget 149
Case study 4: Expansion into a new product area for a
manufacturing company 153
Case study 5: Evaluating the centralisation of a
customer service department 157
Case study 6: Deciding when to replace a piece of
equipment 161
~ 7 1 Case study 7: Lease or buy decision for a voice mail
system 165
7 Risk and uncertainty Introducing some theory 171
Why the theory is important 173
Risk and uncertainty 173
Sources of capital 174
The cost of equity 174
The Capital Asset Pricing Model (CAPM) 175
The cost of borrowing 178
Simplified version of the Weighted Average Cost of
Capital 180
Introducing Modigliani and Miller 181
Reasons why the WACC does change 183
Tax implications of borrowing 184
Costs of financial distress including bankruptcy 187
A new Weighted Average Cost of Capital 187
Other methods for calculating the cost of equity 189
8 Risk and uncertainty What is the cost of capital
of the investment 193
How to estimate the discount rate 195
Part I Assuming all equity financing 195
The traditional approach the concept of a risk
premium 196
Part II Introducing financing implications 202
Contents ¦
The Weighted Average Cost of Capital (WAAC) 203
Adding in the financial implications 203
9 Assessing the terminal value of an investment 215
What is the terminal value of an investment project 217
The Perpetuity (or Annuity) method 218
The Price/Earnings ratio method 222
The Book Value method 225
The Liquidation Value method 226
Further considerations 228
10 How to sell an investment project with a
positive NPV 237
Part I Checking it s the right decision 240
Part II Selling the investment proposal 249
Part III After your investment proposal is accepted 253
11 Conclusion 261 Vll
The most appropriate method to use 262
The information inputs into the investment appraisal 263
The best way to sell the investment appraisal 264
Cutting out irrelevant detail 265
The importance of judgement 265
When you cannot use the NPV method 266
An alternative: option pricing 267
Appendices 269
Glossary of terms 277
Index 283
|
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| author | Moran, Kate |
| author_facet | Moran, Kate |
| author_role | aut |
| author_sort | Moran, Kate |
| author_variant | k m km |
| building | Verbundindex |
| bvnumber | BV011679342 |
| classification_rvk | QP 700 |
| ctrlnum | (OCoLC)43125238 (DE-599)BVBBV011679342 |
| dewey-full | 658.152 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.152 |
| dewey-search | 658.152 |
| dewey-sort | 3658.152 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 1. publ., [Nachdr.] |
| format | Book |
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| id | DE-604.BV011679342 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:13:54Z |
| institution | BVB |
| isbn | 0273626825 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007873833 |
| oclc_num | 43125238 |
| open_access_boolean | |
| physical | XI, 285 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| publisher | Pitman |
| record_format | marc |
| series2 | Financial solutions |
| spelling | Moran, Kate Verfasser aut Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions Kate Moran 1. publ., [Nachdr.] London [u.a.] Pitman 1997 XI, 285 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financial solutions Unternehmen Business enterprises Finance Capital investments Investition (DE-588)4027556-5 gnd rswk-swf Investition (DE-588)4027556-5 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007873833&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moran, Kate Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions Unternehmen Business enterprises Finance Capital investments Investition (DE-588)4027556-5 gnd |
| subject_GND | (DE-588)4027556-5 |
| title | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions |
| title_auth | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions |
| title_exact_search | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions |
| title_full | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions Kate Moran |
| title_fullStr | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions Kate Moran |
| title_full_unstemmed | Investment appraisal for non-financial managers a step-by-step guide to making profitable decisions Kate Moran |
| title_short | Investment appraisal for non-financial managers |
| title_sort | investment appraisal for non financial managers a step by step guide to making profitable decisions |
| title_sub | a step-by-step guide to making profitable decisions |
| topic | Unternehmen Business enterprises Finance Capital investments Investition (DE-588)4027556-5 gnd |
| topic_facet | Unternehmen Business enterprises Finance Capital investments Investition |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007873833&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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