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Investment Appraisal: Methods and Models (Hardcover)
Author:Uwe Götze
Publisher: Springer
Publishing date: December 12, 2007
Amazon Price: $139.00
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Contents
List of Figures .....................................................................................................XIII
Part I Introduction................................................................................................1
1 Capital Budgeting and Investment Decisions ........................................................3
1.1 Characteristics and Classification of Investment Projects..............................3
1.2 Investment Planning and Investment Decisions .............................................6
1.2.1 Investment Planning as Part of the Management Process ....................7
1.2.2 Investment Planning as Part of the Capital Investment
Decision-Making Process .....................................................................8
1.2.3 Strategic Analysis Tools Supporting the Capital Investment
Decision-Making Process ...................................................................20
1.3 Investment Appraisal Methods as Tools for Investment Planning...............24
Further Reading ........................................................................................................27
Part II Basic methods of investment appraisal..................................................29
2 Static Methods .....................................................................................................31
2.1 Cost Comparison Method .............................................................................32
2.2 Profit Comparison Method ...........................................................................39
2.3 Average Rate of Return Method...................................................................41
2.4 Static Payback Period Method......................................................................44
Assessment Material ............................................................................................47
3 Discounted Cash Flow Methods ..........................................................................51
3.1 Introduction...................................................................................................51
3.2 Net Present Value Method............................................................................54
3.3 Annuity Method............................................................................................65
3.4 Internal Rate of Return Method ....................................................................67
3.5 Dynamic Payback Period Method ................................................................75
3.6 Data Collection .............................................................................................77
Assessment Material ............................................................................................84
Further Reading ........................................................................................................87
X Contents
Part III Advanced Methods and Applications of Investment Appraisal ..........91
4 Compounded Cash Flow Methods.......................................................................93
4.1 Compound Value Method.............................................................................93
4.2 Critical Debt Interest Rate Method ...............................................................98
4.3 Visualisation of Financial Implications (VoFI) Method.............................100
Assessment Material ..........................................................................................109
5 Selected Further Applications of Investment Appraisal Methods .....................111
5.1 Income Taxes and Investment Decisions....................................................111
5.1.1 Taxes and the Net Present Value Method.........................................111
5.1.2 Taxes and the Visualisation of Financial
Implications (VoFI) Method .............................................................116
5.2 The Assessment of Foreign Direct Investments .........................................118
5.2.1 Special Characteristics of Foreign Direct Investments .....................118
5.2.2 Net Present Value Model and the Assessment of
Foreign Direct Investments...............................................................122
5.2.3 The Visualisation of Financial Implications (VoFI) Method and
the Assessment of Foreign Investments............................................127
5.3 Models for Economic Life and Replacement Time Decisions ...................131
5.3.1 Overview...........................................................................................131
5.3.2 Optimum Economic Life without Subsequent Projects....................133
5.3.3 Optimum Economic Life with a Limited Number of
Identical Subsequent Projects ...........................................................137
5.3.4 Optimum Economic Life with an Unlimited Number of
Identical Subsequent Projects ...........................................................141
5.3.5 Optimum Replacement Time with an Unlimited Number of
Identical Subsequent Projects ...........................................................144
5.3.6 Optimum Replacement Time with a Limited Number of
Non-Identical Subsequent Projects ...................................................148
5.4 Models to Determine Optimum Investment Timing...................................151
Assessment Material ..........................................................................................161
Further Reading ......................................................................................................167
Contents XI
Part IV Multi-Criteria Methods and Simultaneous Decision-Making ...........169
6 Multi-Criteria Methods ......................................................................................171
6.1 Introduction.................................................................................................171
6.2 Utility Value Analysis.................................................................................175
6.3 Analytic Hierarchy Process.........................................................................179
6.4 Multi-Attribute Utility Theory....................................................................193
6.5 PROMETHEE.............................................................................................203
Assessment Material ..........................................................................................215
7 Simultaneous Decision-Making Models............................................................221
7.1 Static Model for Simultaneous Investment and Financing Decisions
(DEAN Model) .............................................................................................221
7.2 Multi-Tier Model of Simultaneous Investment and Financing Decisions
(HAX and WEINGARTNER Model) ...............................................................228
7.3 Multi-Tier model of Simultaneous Investment and Production Decisions
(Extended FÖRSTNER and HENN Model).....................................................238
Assessment Material ..........................................................................................248
Further Reading ......................................................................................................255
Part V Methods and Models that Incorporate Uncertainty...........................259
8 Methods and Models for Appraising Investment Projects under Uncertainty...261
8.1 Decision Theory..........................................................................................262
8.2 Risk-Adjusted Analysis ..............................................................................268
8.3 Sensitivity Analysis ....................................................................................274
8.4 Risk Analysis ..............................................................................................280
8.5 Decision-Tree Method ................................................................................286
8.6 Options Pricing Models ..............................................................................296
Assessment Material ..........................................................................................308
9 Analysing Investment Programmes under Uncertainty .....................................317
9.1 Overview.....................................................................................................317
9.2 Portfolio Selection ......................................................................................320
9.3 Flexible Planning ........................................................................................329
Further Reading ......................................................................................................337
XII Contents
Solutions.................................................................................................................341
References..............................................................................................................369
Index.......................................................................................................................383
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