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[경제성공학] Chapter 8. Rate of Return Analysis : Multiple Alternatives 본문
[경제성공학] Chapter 8. Rate of Return Analysis : Multiple Alternatives
incastle 2019. 5. 29. 00:01경제성공학 김장호 교수님 수업 (19-1)
Rate of Return
- 이번 챕터는 2개 이상의 대안을 ROR comparison을 통해 선택하는 방법을 배운다.
- ROR analysis evaluates the increments between two alternatives in pairwise comparisons
8.1 Why incremental Analysis is necessary
- No incremental analysis is necessary when independent projects are evaluated because each project is evaluated separately
(and more than one can be selected)
8.2 Calculation of incremental cash flows for ROR analysis
Incremental cash flow
- 계산 방법 : cash flow(b) - cash flow(a)
이때 initial investment가 큰 것을 b라고 잡는다.
- If the two alternatives have different lives (length), apply either the LCM method or the study period method
8.3 Interpretation of ROR on the Extra investment
Extra Investment
- The incremental cash flow in year 0 reflect the extra investment (extra cost) required if the alternative with the larger investment is selected
- If the incremental cash flows of the larger investment don’t justify it, must select the cheaper one
- If the worth of the (future) savings is greater than the worth of extra investment at the MARR, the extra investment should be made
= MARR보다 worth of the future saving이 크면 => larger initial investment 대안을 선택한다.
- Since incremental cash flow series is only representing the difference between two alternatives, the return that is common to
both alternatives must meet or exceed the MARR
- 따라서 incremental ROR 분석을 시작하기 전에, 가 각 대안의 internal ROR i*을 확인해야 한다.
- When independent projects are evaluated, there is no comparison on extra investment since each project is
evaluated separately.
- 그런데 대안들이 독립적이면 둘이 서로 비교할 필요 없음. 각자의 고독한 싸움만이 있을 뿐
8.4 ROR Evaluation using PW:Incremental and Breakeven
Incremental Analysis
- i*을 구해서 MARR보다 크냐? 작냐를 확인하는 것이겠지?
분석 방법
1. initial investment가 작은 것부터 시작한다.
2. incremental cash flow diagram을 그린다.
3. the number of sign changes를 확인하여 해가 몇개까지 있는지 본다.
4. PW=0d으로 하고 incremental cash flow의 i*을 구한다.
5. MARR과 비교한다.
Break-even(손익 분기점)
8.6 Incremental ROR analysis of multiple Alternatives
Multiple Alternatives
- We can also use the ROR method when there are multiple alternatives that are mutually exclusive
- In these situations, we want to select only one alternative where do-nothing (DN) is also an alternative
- Acceptance of one alternative automatically precludes the acceptance of any other.
- 하는 방법은 앞에 배운 거랑 똑같음. => Pair-wise comparison = 토너먼트 식으로 싸움
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