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1、13-1Chapter 13Capital Budgeting Capital Budgeting TechniquesTechniques13-2Capital Budgeting Capital Budgeting TechniquesTechniquesu u Project Evaluation and Project Evaluation and Selection Selectionu u Potential Difficulties Potential Difficultiesu u Capital Rationing Capital Rationingu u Project M
2、onitoring Project Monitoringu u Post-Completion Audit Post-Completion Audit13-3Project Evaluation:Project Evaluation:Alternative MethodsAlternative Methodsu u Payback Period(PBP)Payback Period(PBP)u u Internal Rate of Return(IRR)Internal Rate of Return(IRR)u u Net Present Value(NPV)Net Present Value
3、(NPV)u u Profitability Index(PI)Profitability Index(PI)13-4Proposed Project DataProposed Project DataJulie Miller is evaluating a new project Julie Miller is evaluating a new project for her firm,for her firm,Basket Wonders(BW)Basket Wonders(BW).She has determined that the after-tax She has determin
4、ed that the after-tax cash flows for the project will be cash flows for the project will be$10,000;$12,000;$15,000;$10,000;$10,000;$12,000;$15,000;$10,000;and$7,000,and$7,000,respectively,for each of respectively,for each of the the Years 1 through 5 Years 1 through 5.The initial.The initial cash ou
5、tlay will be cash outlay will be$40,000$40,000.13-5Independent ProjectuuIndependent-A project whose acceptance(or rejection)does not prevent the acceptance of other projects under consideration.uFor this project,assume that it is independent of any other potential projects that Basket Wonders may un
6、dertake.13-6Payback Period(PBP)Payback Period(PBP)PBP PBP is the period of time is the period of time required for the cumulative required for the cumulative expected cash flows from an expected cash flows from an investment project to equal investment project to equal the initial cash outflow.the initial cash outflow.0 1 2 3 4 5-40 K 10 K 12 K 15 K 10 K 7 K