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By Don Dayananda, Richard Irons, Steve Harrison, John Herbohn, Patrick Rowland

This publication for complicated scholars and execs in administration and finance explains the monetary appraisal of capital budgeting tasks. It develops simple thoughts, ideas and strategies and applies them to case stories in forestry, estate and foreign investments. source constraints are brought to the capital budgeting judgements with various labored examples utilizing linear programming innovations. All calculations are generally supported by means of Excel workbooks on the net, and finish of bankruptcy questions.

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Additional info for Capital Budgeting: Financial Appraisal of Investment Projects

Example text

Since it is specifically stated that it is to occur at the end of year 3 (as opposed to during year 3), it is timed as at the end 30 Capital Budgeting of year 3. If we were told, however, that the upgrade is to occur in year 3, then following the standard practice that capital expenditures are assumed to occur at the beginning of the year, we would have timed it as at the end of year 2 so that it is treated as a capital expenditure at the beginning of year 3. Recall the general principle for timing of the capital expenditures stated in a previous subsection titled ‘Within-year timing of cash flows’.

They include property investment analysis (Chapters 14 and 15), and evaluation of international investments (Chapter 16). Capital budgeting decisions under resource constraints 10 Capital Budgeting analysed in the two linear programming chapters (11 and 12) also provide a number of special cases in project analysis. Simulation and financial modelling in forestry project evaluation as discussed in Chapters 10 and 13 may also be viewed as special topics in capital budgeting because they apply to specific type of investments, namely investments in forestry.

This extended version is used again in Chapter 8 to illustrate sensitivity and break-even analysis for decision support under risk. The proposal Delta Corporation is considering an investment proposal (the Delta Project), to expand one of its product lines. The project is planned to start at the beginning of the year 2001 (denoted EOY 0, which in this case is the end of 2000). Capital outlay in the first year is $1 million. 5 million is required for an upgrade. The economic life of the project is estimated to be eight years.

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