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by Kay Poggensee (Author), Jannis Poggensee (Author)
About this Book
This textbook introduces readers to the most relevant aspects of Investment Evaluation in the context of enterprise evaluation. It utilises a clear didactic concept and concisely presents representative cases, supported by calculations and their step-by-step, Excel-based solutions. In addition, the book analyses the respective benefits of the calculation models discussed from a management standpoint.
Brief Contents
1 Introduction to Investment Evaluation 1
1.1 Objectives 1
1.2 Significance and Relevance of the Investment Evaluation 2
1.3 Aim and Definition of Investment Calculation 8
1.4 Differentiation of Investment Calculation from Other Business Studies 11
1.5 Investment Calculation Procedures at a Glance 14
1.6 Historical Development of Investment Calculation 17
1.7 The Organisational Structure for Investment Analysis 18
1.8 Process Organisation of Investment Calculation 20
1.9 The Problem of Collecting Data for Investment Calculation 22
1.10 Necessity and Limits of Investment Calculation 28
1.11 Summary 29
References 30
2 Static Investment Calculation Methods 31
2.1 Objectives 31
2.2 Fundamental Aspects of Static Investment Calculation Methods 32
2.3 A Modular System for the Creation of Static Investment Calculation Formulas 35
2.4 The Cost Comparison Calculation 45
2.5 The Profit Comparison Calculation 54
2.6 The Profitability Calculation 62
2.7 The Static Amortisation Calculation 70
2.8 Case Study 78
2.9 Summary 83
Reference 84
3 Dynamic Investment Calculation Methods 85
3.1 Objectives 85
3.2 Model Assumptions of Dynamic Investment Calculation Methods 86
3.3 Fundamentals of Financial Mathematics 93
3.4 The Net Present Value Method 98
3.5 The Horizon Value Method 110
3.6 The Annuity Method 115
3.7 The Internal Rate of Return Method 122
3.8 The Dynamic Amortisation Calculation 131
3.9 Case Study 136
3.10 Summary 138
Reference 140
4 Selection of Alternatives and Investment Programme Planning 141
4.1 Objectives 141
4.2 Selection of Alternatives as a Problem in Investment Calculation 142
4.3 Removal of the Reinvestment Premise 148
4.4 Fictitious Investments 157
4.5 Ambiguity of the Internal Rate of Return 166
4.6 The Utility Value Analysis 172
4.7 The Account Development Planning 176
4.8 The Dean Model 180
4.9 The Linear Optimisation 184
4.10 Case Study 196
4.11 Summary 201
References 202
5 Optimum Useful Life and Optimum Replacement Time 203
5.1 Objectives 203
5.2 Useful Life Optimisation as an Economic Problem 204
5.3 Model Assumptions for the Calculation of Useful Life 205
5.4 Determination of the Optimum Useful Life 208
5.5 Determination of the Optimal Replacement Time 225
5.6 Case Study 234
5.7 Summary 237
6 Investment Decisions in Uncertainty 239
6.1 Objectives 239
6.2 Data Uncertainty as a Decision-Making Problem 240
6.3 The Correction Procedures 244
6.4 Sensitivity Analyses 249
6.5 Sequential Investment Decisions 264
6.6 Investment Decision in Uncertainty 272
6.7 The Risk Analysis 279
6.8 Portfolio Selection 286
6.9 Case Study 296
6.10 Summary 309
References 310
Tables of Financial Mathematics 311
Index 327
Series： Springer Texts in Business and Economics
ASIN : B08T6ZF7X4
Publisher : Springer; 1st ed. 2021 edition (January 15, 2021)
Language : English
Pages : 342
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