Academic literature on the topic 'Investment appraisal methods'
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Journal articles on the topic "Investment appraisal methods"
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Adams, A. T., P. M. Booth, and B. D. MacGregor. "Property Investment Appraisal." British Actuarial Journal 5, no. 5 (December 1, 1999): 955–82. http://dx.doi.org/10.1017/s1357321700000763.
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ABSTRACTThis paper considers the application of discounted cash flow (DCF) techniques to the analysis of the property investment market. The traditional method of property valuation is briefly outlined and its shortcomings highlighted. An alternative DCF procedure is derived to calculate the present value of a property investment. This method will be familiar to actuaries, but is not always used in property disciplines. The sensitivities of this formulation to changes in the force of real interest, force of real rental growth and force of inflation are derived. It is suggested how these formulae may be used for property investment appraisal and risk analysis. We conclude that DCF offers a more flexible and accurate means of estimating the value of a property, and that property valuers, financial economists and actuaries should work jointly to develop practical DCF methods. However, so long as traditional methods of valuation prevail, a rational investor must use both methods to identify mispriced property assets. There have been few property contributions to the actuarial literature in the United Kingdom; this paper is intended to build on the few previous papers and suggests directions for future work.
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Serguieva, Antoaneta, and John Hunter. "Fuzzy interval methods in investment risk appraisal." Fuzzy Sets and Systems 142, no. 3 (March 2004): 443–66. http://dx.doi.org/10.1016/s0165-0114(03)00166-0.
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Austin, Sarah. "BARRIERS TO INVESTMENT: THE APPRAISAL AND FINANCING OF NEW MANUFACTURING TECHNOLOGIES IN SMEs." Journal of Small Business and Enterprise Development 1, no. 1 (January 1, 1994): 38–46. http://dx.doi.org/10.1108/eb020931.
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The exploitation of new manufacturing technologies by large organisations is placing increasing pressures on the ability of SMEs to compete, since they enable large firms to compete through advantages traditionally associated with SMEs (e.g. flexibility, small production runs and specialised products). If SMEs are to maintain and improve their competitive position, a more proactive stance is required in relation to new technology investment. The identification and removal of barriers to adoption could greatly aid small firm investment in new technology. The internal investment appraisal process has been identified as one of the major barriers to the adoption of new manufacturing technologies in large firms (Price et al., 1990; Finnie, 1988). Little, however, is known about how SMEs conduct investment appraisals. Further, where SMEs seek external funds, they face additional appraisal by the funding institution. Research (Joyce et a/., 1990; Watkins and Morton, 1992) has indicated that SMEs view financing difficulties as a major barrier to investment. Given the nature of new manufacturing technologies, it is anticipated that such investments may create specific financing problems, particularly in relation to the appraisal by the financial institution. The focus of this paper, therefore, is on these two potential barriers to investment. Firstly, the paper investigates the extent to which the appraisal problems faced by large organisations are common to SMEs and establishes the extent to which the appraisal methods advocated in the literature are relevant to SMEs. Secondly, it examines external constraints on the financing of new technology investments from the firm perspective. In examining these barriers, the paper identifies the characteristics of the investment and financing decision‐making processes in SMEs. The main findings of the research project, involving case studies of 15 SMEs in the South East, are that SMEs do face problems in appraising and justifying new technology investments. However, these difficulties appear to cause fewer problems for SMEs in terms of the outcomes of the appraisal process than might be expected. Surprisingly, the financing of new technologies was not found to constitute a significant barrier to investment and few of the firms had experienced any real difficulties in raising finance for this purpose. The reasons for these apparent conditions are explored in depth and factors affecting the results are identified.
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Mei, Bin. "Investment returns of US commercial timberland: insights into index construction methods and results." Canadian Journal of Forest Research 47, no. 2 (February 2017): 226–33. http://dx.doi.org/10.1139/cjfr-2016-0186.
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This study compares different index construction methods of timberland investment returns and evaluates the resulting indices by various asset pricing models. In addition to various NCRIEF indices, I include a de-smoothed index that attempts to restore property market values, a transaction-based index that tracks ex post transaction prices, and a pure-play index that is based on unleveraged returns of public timber firms and only has exposures to the timber segment. The findings are that the appraisal-based timberland index has higher mean and lower volatility compared with the transaction-based timberland index, separate accounts outperform comingled funds in the private timberland market, the pure-play timberland index exhibits higher return and lower risk than the corresponding portfolio of public timber firms, and abnormal performance of timberland asset becomes less significant after controlling for the appraisal smoothing or by using real transaction data. These results can help timberland investors better benchmark their financial performance.
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Lovell-Greene, N. J., J. F. Affleck-Graves, and A. H. Money. "A survey of investment appraisal methods used by financial analysts in South Africa." Investment Analysts Journal 15, no. 28 (November 1986): 7–19. http://dx.doi.org/10.1080/10293523.1986.11082249.
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Magnusková, Jana, Zdeněk Pavelek, and Lucie Krčmarská. "Possibilities of Application of Static Investment Appraisal Methods for Optimizing Purchase under Conditions of Mine Rescue Service." GeoScience Engineering 60, no. 1 (March 1, 2014): 35–44. http://dx.doi.org/10.2478/gse-2014-0004.
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Abstract The present article focuses on the importance of making investment decisions and its long-term effect on the economy of companies. It presents a specific investment in the recovery of rescue equipment used for interventions in the irrespirable or deleterious environment on an example of the company HBZS, a.s. The objective is to evaluate the effectiveness of the investment project using static methods in relation to setting an optimal price level for leasing the equipment. The optimization of such setting is examined in terms of the economic lifetime of relevant tangible fixed assets
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Hadelan, Lari. "Investment analysis of plum brandy production – methodology approach." Applied Studies in Agribusiness and Commerce 2, no. 1-2 (October 31, 2008): 103–5. http://dx.doi.org/10.19041/apstract/2008/1-2/15.
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The major prerequisite of successful entrepreneurship venture is quality of decision-making process. Decision in investment is the most important financial decision. It is a part of both long-term business planning process and strategic business definition. Using available investment appraisal methods, entrepreneur should make positive or negative investment decision. Within the development of the economic theory and the practice many of methods made decision-making process rational and gave the scientific and practical base for successful project evaluation.
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Tomek, Radan. "Improving the Effectiveness of Public Spending on Transport Infrastructure." Periodica Polytechnica Architecture 48, no. 1 (May 17, 2017): 65–71. http://dx.doi.org/10.3311/ppar.11037.
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The highways network is the backbone of every national transport system and plays a strategic role in a country’s economic development. With regards to the large investments, operational and maintenance costs that it requires, sound asset management and a thorough economic appraisal of investments are of high importance. Therefore, it is appropriate to analyse and possibly modify existing methods for evaluating the economic efficiency of road construction and asset management at the scientific level, with the support of the real practice experience. Our research concentrates on an evaluation of the current approach to the asset management of the transport infrastructure, methods of economic appraisal, their consecutive improvement, incorporation of the LCCA agenda and an evaluation of environmental and social aspects in the investment decision process. Consequently, it focuses on the possibilities for improving the effectivity of these aspects through the proposal of very concrete measures based on the results of our research and the experience of real practice management construction.
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Keca, Ljiljana, and Nenad Keca. "Investment appraisal of a poplar plantation aged 42 years." Bulletin of the Faculty of Forestry, no. 107 (2013): 127–40. http://dx.doi.org/10.2298/gsf120706002k.
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Commercial profitability of poplar cultivation was analyzed in an artificial poplar plantation in Serbia. The aim of this study was to validate the invested financial means in the artificial poplar plantation, on the basis of the analysis of costs and receipts during a 42-year rotation, on alluvial semigley, at a discount rate of 12%. Methods of dynamic investment calculation (net present value - NPV, internal rate of return - IRR, benefit-cost method - B/C and payback period - PBP) were used. The investigated plantations were established from Populus x euramericana cl. I-214, with a planting spacing of 6 x 3 m. At the calculation discount rate of 12%, the project for the production cycle of 42 years was not cost-effective from the economic aspect. The discount rate of 6% can be accepted in the studied plot because of the better site (alluvial semigley), but the oldness of the stand is unfavourable. For the studied sample plot, IRR was 5.51 %. B/C at r=12% in the study compartment was 0.24. The analysis shows that PBP is practically unacceptable for the investor at the discount rate of 6%. In practice, it is necessary to improve the position of producers in getting financial means for investment in poplar cultivation, so as to stimulate the establishment of artificial poplar plantations, especially in the private sector (on private land).
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Golubev, Andrej, and Galina Golubeva. "ACCOUNTING OF RESERVES IN MODELS OF FINANCIAL AND ECONOMIC EVALUATION OF INVESTMENT PROJECTS." Baltic Economic Journal 1, no. 29 (March 18, 2020): 4–11. http://dx.doi.org/10.46845/2073-3364-2020-1-29-4-11.
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The article deals with account of material stock influence in a process of investment projects computer modelling in appraisal purpose. At the beginning of the article, the role of material stock in investment projects evaluation is stressed. The main part is focused on methods of including incoming stock and finished goods stock values to the investment projects financial models. Further development of the issue shows approaches of accounting methods (such as LIFO, FIFO, average and individual) applications while calculating value of material goods in stock. Authors give recommendation regarding average method preference due to other methods complexity.
Dissertations / Theses on the topic "Investment appraisal methods"
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Pretorius, Anri. "Investigating the financial implications of alternative water heating systems / Anri Pretorius." Thesis, North-West University, 2012. http://hdl.handle.net/10394/8450.
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Background: Electricity tariffs charged by Eskom have sharply increased over the past three years, with a 25% annual increase approved by Nersa until April 2012. There is no indication on what to expect in the future with regard to electricity tariffs. Many South Africans are searching for ways to save on their monthly electricity bills by seeking out alternative water heating systems. Solar geysers became a popular investment option, but this might not be the best options available on the market.
Purpose: The purpose of this study is to determine the most financially viable investment option in order to reduce electricity cost when it comes to water heating systems for use in households. This is done by comparing the capital expenditure and operational cost needed with the financial benefits generated by the investment, taking into consideration the size of the household.
Design and method: A literature study was done on the different alternative water heating systems in order to obtain a better understanding of how these systems operate and what savings they can generate. Different investment appraisals were identified and a literature review was performed in order to identify the most appropriate investment appraisals for the purpose of this study. It was found that the net present value, equivalent annual annuity, internal rate of return, modified internal rate of return, accounting rate of return, discounted payback period and the economic value added were the best investment appraisal methods to use for the purpose of this study.
Findings and conclusion: It was found that the five investment options identified in the literature review would all, to some extent, be financially viable to implement within households with high as well as low volume hot water consumption. All the investment appraisals gave positive outcomes. The conclusion was made that a saving will be generated on the monthly electricity bill no matter what alternative water heating system were to be installed in the place of a conventional geyser.
Recommendations: It is recommended that a household with low volume hot water consumption should install a time switch as this investment option renders the highest IRR, MIRR, ARR and discounted payback period. The second best investment option for a household with low volume hot water consumption is a heat pump and the third best option is a gas geyser. For a household with high volume hot water consumption, the best investment options is again a time switch, as this renders the best IRR, MIRR, ARR and discounted payback period. The second best investment option is a heat pump, with a gas geyser as the third best investment option.
Value of the research: This study focuses on five alternative water heating systems for a household within South Africa in times where electricity charges sharply increase. The financial viability of each of the alternatives is determined through various investment appraisals and the best option can be identified by comparing the outcomes of the alternatives. Furthermore, each individual is able to determine the viability of the alternatives by using the Excel model attached to this study and by inputting his/her own variables, where applicable.
Research limitation: Limited literature was available on the different alternative water heating systems. No indication could be found of the maintenance cost of the different water heating systems. Assumptions had to be made with regard to households, although no two households are the same.
Areas for further research: The same study could be performed, but with the focus on small businesses and large organisations. Furthermore, a study could be performed to determine the appropriate discount rate for individuals as well as the maintenance cost for water heating systems.Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2012
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Široká, Pavlína. "Hodnocení ekonomické efektivnosti investičního záměru." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225335.
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The intention of this diploma work is based on an assessment of the present state of the company Industrial Engineering Ltd. to economically evaluate the effectiveness of planned investment. The last state of the company is evaluated by using financial analysis. For evaluating of the effectiveness are used static and dynamic methods. The conclusion of the diploma work evaluates investments and recommendations based on these facts and after assessing the risks of investments.
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Park, Sang-Jeong. "Investigation of factors influencing the determination of discount rate in the economic evaluation of mineral development projects." Diss., Pretoria : [s.n.], 2009. http://upetd.up.ac.za/thesis/available/etd-11292009-082936/.
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Veselý, Jakub. "Zhodnocení ekonomické efektivnosti investičního záměru podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223416.
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The main goal of my master thesis is evaluation an investment project of company on the base of dynamic methods of investment evaluation. Methods of evaluation are net present value, payoff period, gross investment, profitability index and internal rate of return.
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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.
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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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Gamito, Ana Rita Ferreira. "Understanding appraiser independence : a multi-method research." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/11001.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisEste estudo foca-se na relação entre gestores e avaliadores no sector nacional, de fundos de investimento imobiliário, com o objetivo de desenvolver um quadro teórico de como a independência dos avaliadores é percebida por ambos os agentes. Sobre a metodologia, o estudo combina uma pesquisa qualitativa através de entrevistas com especialistas para entender quais são os principais conceitos relacionados com a independência do avaliador e uma pesquisa quantitativa com base num questionário distribuído individualmente a vários gestores de fundos imobiliários e avaliadores. Podemos concluir que o conceito de independência do avaliador não tem uma definição simples e que os fatores mais citados na definição são a pressão, os conflitos de interesses, ter ética de trabalho e ser qualificado. A pesquisa qualitativa trouxe grande valor acrescentado a este estudo permitindo entender os fatores que influenciam a independência dos avaliadores. Os resultados estatísticos mostram que os cinco fatores mais correlacionados com a independência do avaliador são a dimensão do cliente, o risco de sanções disciplinares impostas por autoridades reguladoras ou de associações profissionais, o acesso a trabalhos anteriores do mesmo imóvel, forma de remuneração das avaliações e a experiência do avaliador. Além disso, também concluiu que os avaliadores e os gestores de fundos têm as mesmas perceções sobre a importância de cada fator para a independência das avaliações. Algumas limitações deste estudo são a falta de controlo direto sobre os inquiridos ao responder ao questionário e o fato dos fatores terem sido todos tratados da mesma forma.
This study focuses on the relationship between fund managers and appraisers in the national sector, of real estate investment funds, with the aim of developing a theoretical framework of how the independence of the appraisers is perceived by both agents. Regarding the methodology, this study combines a qualitative interview survey with experts to understand which are the main concepts related to the appraiser´s independence and a quantitative survey based on a questionnaire distributed individually to several real estate fund managers and appraisers. We can conclude that the concept of appraiser independence does not have a simple definition and that the factors more mentioned in the definition are the pressure, the conflicts of interests, work ethic, and be qualified. The qualitative research brought great added value to this study allowing us to understand the factors that influence the appraisers? independence. The statistic results show that the five factors more correlated with the appraiser´s independence are client dimension, risk of disciplinary sanctions imposed by regulatory authorities or professional associations, access to the previous works of the same real estate, form of remuneration of the appraisals, and appraiser´s experience. Additionally, we also found that appraisers and other agents have the same perceptions about the importance of each factor to the appraisals independence. Some limitations of this study are the lack of direct control over respondents while answering the questionnaire and the fact we have handled all factors the same way.
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Beisler, Matthias Werner. "Modelling of input data uncertainty based on random set theory for evaluation of the financial feasibility for hydropower projects." Doctoral thesis, Technische Universitaet Bergakademie Freiberg Universitaetsbibliothek "Georgius Agricola", 2011. http://nbn-resolving.de/urn:nbn:de:bsz:105-qucosa-71564.
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The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated resultsDie Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben
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Beisler, Matthias Werner. "Modelling of input data uncertainty based on random set theory for evaluation of the financial feasibility for hydropower projects." Doctoral thesis, 2010. https://tubaf.qucosa.de/id/qucosa%3A22775.
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The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects.
Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process.
One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered.
Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method.
The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results.Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben.
Books on the topic "Investment appraisal methods"
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Gajjar, Y. P. Are companies using the appropriate methods of investment appraisal. Oxford: Oxford Brookes University, 1996.
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Schuster, Peter, Uwe Götze, and Deryl Northcott. Investment Appraisal: Methods and Models. Springer, 2007.
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Schuster, Peter, Uwe Götze, and Deryl Northcott. Investment Appraisal: Methods and Models. Springer, 2015.
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Schuster, Peter, Uwe Götze, and Deryl Northcott. Investment Appraisal: Methods and Models. Springer, 2010.
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1947-, Green C. H., Glennie Edward, and Middlesex Polytechnic. Flood Hazard Research Centre., eds. Appraisal of investment in sewers: Rehabilitation methods and problems : proceedings of a workshop held at Ludgrove Hall, 10th. December 1985. [London]: Middlesex Polytechnic, Flood Hazard Research Centre, 1986.
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Lonie, Douglas. Measuring Outcomes and Demonstrating Impact. Edited by Brydie-Leigh Bartleet and Lee Higgins. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780190219505.013.24.
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This chapter explores approaches to evaluation and measurement in community music, within a policy environment increasingly focused on establishing the impact of public investment on individuals, communities, and society as a whole. It seeks to critically engage with terminology and appraise common models of evaluation and measurement advocated by a range of funders of community music by reviewing policy documents and evaluation approaches promoted across the public and third sectors, using recent history in the United Kingdom as a case study. Drawing on published examples of community music evaluations, a variety of methods are discussed including quantitative studies, interpretative and qualitative approaches, and standardized tools. These are examined in relation to their ability to convey project learnings, as well as the extent to which ‘impact’ can be attributed and claimed. The findings are then discussed in relation to the broader literature relating to the impact of community music, and an emerging field of applicable methods is proposed.
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Tunaru, Radu S. A Review of Real-Estate Indices. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198742920.003.0002.
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This chapter presents the main real-estate indices used worldwide for investment purposes and on which derivatives contracts are very likely to be issued. It is important to know the type of real-estate index based on the method of construction. The chapter contains a description of the main real-estate indices used in real-estate derivatives contracts, indices that are built using various methodologies such as hedonic, repeat sales, appraisal, or transaction based. Themethod of construction of the real-estate index should be taken into consideration when modelling the real-estate indices. The stylized facts about the real-estate indices are important not only for a better understanding of the real-estate investmentmarket per se but also for better model construction for pricing real-estate derivatives. Serial correlation is amajor feature of real-estate indices as demonstrated comprehensibly in this chapter and in general this is positive short-term, and negative medium-term. Longer-term serial correlationmay switch back to being positive, albeit weakly positive, or disappear as in the case of daily calculated indices. Taking into account the stylized features of real-estate indices is necessary to avoid model risk.
Book chapters on the topic "Investment appraisal methods"
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Oakshott, Les. "Investment Appraisal." In Quantitative Methods, 165–77. London: Macmillan Education UK, 2014. http://dx.doi.org/10.1007/978-1-137-34086-3_10.
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Konstantin, Panos, and Margarete Konstantin. "Investment Appraisal Methods." In Power and Energy Systems Engineering Economics, 39–64. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-72383-9_4.
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Oakshott, Les. "Investment appraisal." In Essential Quantitative Methods for Business, Management and Finance, 23–37. London: Macmillan Education UK, 1998. http://dx.doi.org/10.1007/978-1-349-14759-5_3.
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Oakshott, Les. "Choosing wisely: investment appraisal." In Essential Quantitative Methods, 313–34. London: Macmillan Education UK, 2012. http://dx.doi.org/10.1007/978-1-137-01432-0_12.
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Oakshott, Les. "Choosing Wisely Investment Appraisal." In Essential Quantitative Methods, 31–53. London: Macmillan Education UK, 2009. http://dx.doi.org/10.1007/978-0-230-36581-0_3.
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Oakshott, Les. "Choosing wisely: investment appraisal." In Essential Quantitative Methods, 300–320. London: Macmillan Education UK, 2016. http://dx.doi.org/10.1007/978-1-137-51856-9_12.
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Collis, Jill, Andrew Holt, and Roger Hussey. "Discounting methods of investment appraisal." In Business Accounting, 391–404. London: Macmillan Education UK, 2012. http://dx.doi.org/10.1007/978-1-137-00662-2_19.
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Götze, Uwe, Deryl Northcott, and Peter Schuster. "Selected Further Applications of Investment Appraisal Methods." In Springer Texts in Business and Economics, 105–59. Berlin, Heidelberg: Springer Berlin Heidelberg, 2015. http://dx.doi.org/10.1007/978-3-662-45851-8_5.
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"3. Discounting Methods of Investment Appraisal." In Fundamentals of Investment Appraisal, 55–108. De Gruyter Oldenbourg, 2014. http://dx.doi.org/10.1524/9783110347197.55.
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"2. Non-discounting Methods of Investment Appraisal." In Fundamentals of Investment Appraisal, 11–54. De Gruyter Oldenbourg, 2014. http://dx.doi.org/10.1524/9783110347197.11.
Full textConference papers on the topic "Investment appraisal methods"
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"USING REAL ESTATE INVESTMENT APPRAISAL METHODS TO EVALUATE REGIONAL POLICY EFFECTS." In 15th Annual European Real Estate Society Conference: ERES Conference 2008. ERES, 2008. http://dx.doi.org/10.15396/eres2008_277.
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Nnamani, Obinna. "The Application of Probabilistic Methods of Risk Analysis in the Investment Appraisal of Residential Properties in Enugu Metropolis, Nigeria." In 25th Annual European Real Estate Society Conference. European Real Estate Society, 2016. http://dx.doi.org/10.15396/eres2016_185.
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Ransome, Cherise M., and Randell T. Jackman. "Applying Front End Loading FEL Approach to Rationalizing Heritage Petroleum Company Limited Forward Development Strategy." In SPE Trinidad and Tobago Section Energy Resources Conference. SPE, 2021. http://dx.doi.org/10.2118/200891-ms.
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Abstract This paper presents the methodology used by the Offshore Business Unit of Heritage Petroleum Company Limited (HPCL), to reorganize its future development portfolio. This methodology enabled us to re-organize and rank future projects in order of 1) Developability, 2) Subsurface, Drilling, Flow Assurance and HSSE risks, 3) Financial indicators such as CAPEX and $/BOE, as an approach to maximizing return on investment whilst maintaining the stated goals of the company of monetizing our oil reserves and resources. Following the incorporation of HPCL, the organization attempted to embark on a production stabilization and growth strategy but faced challenges regarding financial and human resource allocation as well as understanding project development best suited for the mature 70 year kit it currently operates. There was a sizable Forward Drilling Campaign (FDP) that remained to be executed from the Legacy company, but there was a need to determine how best to proceed with it. The question was how can we optimize this FDP to attain Heritage’s goals in the short and near term. The answer resided in holding a Pre-Appraisal workshop. A Pre-Appraise Level-1 workshop was held analyzing risk and uncertainty for all future drilling projects. Key to understanding and quantifying inherent risks and opportunities was the presence of a full multidisciplinary team, which included subsurface, facilities, drilling, finance, planning and HSSE personnel. This approach yielded a list of future opportunities that best fit HPCL’s debt-to-capital ratio or debt service coverage position. It also helped to identify projects better suited for joint venture or external capital expenditure options. This workshop resulted in upper management having clear line-of sight regarding the project portfolio, and resource assignment. Once the projects were ranked and grouped, the process of calculating the associated investment to capitalize production across the entire lifecycle was undertaken. A matrix showing Dollar/BOE vs. Project Risk was then built for the new growth strategy. This tool allowed HPCL to select those opportunities that required minimum investment coupled with low HSSE risks. The Pre-Appraise Level-1 workshop guided HPCL to initiate the Shallow Forest Main Field re-development and the East Field drilling development projects as developments to undertake with least risk. The Main Field Shallow Forest Development requires the lowest CAPEX (Drilling and Facilities) and is capital efficient. The proved to non-proven reserves ratio is small (0.05) indicating a high developable remaining resource which will be accessible through secondary or tertiary methods. This approach to understanding development portfolios is new within HPCL; although it has been tried and tested by many operators worldwide when reviewing their capital projects. The Shallow Forest Main Field development carries a low risk profile and is being managed using the Capital Value Process. This project is now in the appraise stage.
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Mylonas, Chrysostomos, and Yiannis Xenidis. "Conceptual Definition of a Megaproject Feasibility Analysis Method." In IABSE Symposium, Guimarães 2019: Towards a Resilient Built Environment Risk and Asset Management. Zurich, Switzerland: International Association for Bridge and Structural Engineering (IABSE), 2019. http://dx.doi.org/10.2749/guimaraes.2019.0407.
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<p>Infrastructure systems and assets are, worldwide, facing challenges due to aging and increased requirements to serve the growing social and environmental needs. In addition, various frameworks supporting asset replacement decisions have been proposed but they mainly consider dimensions such as structural performance and life-cycle costs. This paper confronts infrastructure renewal problem at a higher level by shedding light to its interface with megaproject development. Through the brief review of two discrete research areas, namely ‘methods for infrastructure project feasibility analysis’ and ‘integrated infrastructure systems modelling’, it seeks to conceptualise a new method that is able to appraise megaproject investments by simulating and measuring the performance of the whole infrastructure network, into which a megaproject is about to be incorporated.</p>
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Shah, Sunny, Hannah Buckland, Philipp R. Thies, Claire Cohen, and Tom Bruce. "De-Risking Marine Energy Project Development Through Improved Financial Uncertainty Analysis." In ASME 2017 36th International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/omae2017-61667.
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The financial performance of a marine energy project is based on assumptions with significant uncertainty. To fully appraise the risk, potential investors require an understanding of the likelihood of deviations from the assumed most likely case for a project’s financial performance. A Monte Carlo Analysis (MCA) model with flexible user defined uncertainty definitions for all inputs is developed for this study. A realistic tidal energy project is used as a case study to compare the central, optimistic and pessimistic Levelised Cost of Energy (LCOE) and Internal Rate of Return (IRR) values derived using commonly used deterministic methods and the probabilistic MCA model. The improvement in decision support due to the probabilistic analysis is shown and the possibility for misinterpreting the deterministic results in highlighted. Two sensitivity analysis methods are employed to identify key risks and emphasise the need to use the most appropriate method for the type of analysis being conducted. Finally, the significance of some commonly ignored parameters is tested and shown to be important for accurately appraising the investment risk in a real project. Thus this paper provides guidance and tools to help investors make informed decisions with confidence.
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Thamilyanan, Thivyashini, Hasmizah Bakar, Irzee Zawawi, and Siti Aishah Mohd Hatta. "Low Well Cost: Effective Cost Optimisation for Marginal Green Field Development Using Fit-for-Purpose Well Design." In IADC/SPE Asia Pacific Drilling Technology Conference. SPE, 2021. http://dx.doi.org/10.2118/200988-ms.
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Abstract During the low oil price era, the ability to deliver a small business investment yet high monetary gains was the epitome of success. A marginal field with its recent success of appraisal drilling which tested 3000bopd will add monetary value if it is commercialized as early as possible. However, given its marginal Stock Tank Oil Initially in Place (STOIIP), the plan to develop this field become a real challenge to the team to find a fit-for-purpose investment to maximize the project value. Luxuries such as sand control, artificial lift and frequent well intervention need to be considered for the most cost-effective measures throughout the life of field ‘Xion’. During field development study, several development strategies were proposed to overcome the given challenges such as uncertainty of reservoir connectivity, no gas lift supply, limited footprint to cater surface equipment and potential sand production. Oriented perforation, Insitu Gas Lift (IGL), Pressure Downhole Gauge (PDG), Critical Drawdown Pressure (CDP) monitoring is among the approaches used to manage the field challenges will be discussed in this paper. Since there are only two wells required to develop this field, a minimum intervention well is the best option to improve the project economics. This paper will discuss the method chosen to optimize the well and completion strategy cost so that it can overcome the challenges mentioned above in the most cost-effective approach. Artificial lift will utilize the shallower gas reservoirs through IGL in comparison to conventional gas lift. Sand Production monitoring will utilize the PDG by monitoring the CDP. The perforation strategy will employ the oriented perforation to reduce the sand free drawdown limit compare to the full perforation strategy. The strategy to monitor production through PDG will also reduce the number of interventions to acquire pressure data in establishing reservoir connectivity for the second phase development through secondary recovery and reservoir pressure maintenance plan. This paper will also explain the innovative approaches adopted for this early monetization and fast track project which is only completed within 4 months. This paper will give merit to petroleum engineers and well completion engineers involved in the development of marginal fields.