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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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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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Guedes, Maria do Carmo Vaz de Miranda. "Mathematical models in capital investment appraisal." Thesis, University of Warwick, 1988. http://wrap.warwick.ac.uk/107492/.
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Galagedera, Don U. A. "Investment performance appraisal and asset pricing models." Monash University, Dept. of Econometrics and Business Statistics, 2003. http://arrow.monash.edu.au/hdl/1959.1/5780.
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Wang, Yungchih George. "Topics in investment appraisal and real options." Thesis, Imperial College London, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.412292.
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Bakri, Bakri Ahmed. "Capital investment appraisal : the case of Lebanon." Thesis, University of Dundee, 2019. https://discovery.dundee.ac.uk/en/studentTheses/5a2ff0a3-8cbc-46b7-96cd-423ccc2969b6.
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The goal of this thesis is to investigate the capital budgeting practices of Lebanese companies. In particular, this thesis examines four main research questions: (1) How are capital investment projects appraised in Lebanon?; (2) Is risk incorporated into this process by Lebanese firms?; (3) Do Lebanese companies experience capital rationing and, if so, is it imposed internally or externally?; (4) How important is the impact of political risk on the capital budgeting process? The thesis employs an interpretive approach to investigate these issues, and the results are obtained using the qualitative methods of questionnaires and semi-structured interviews. In particular, a total of 151 questionnaires were completed by firms from across three industrial sectors - 51 firms participated in the first questionnaire and 100 firms took part in the second questionnaire; 12 semi-structured interviews were also conducted with two groups of individuals who were thought to be knowledgeable about the capital budgeting process: 'insiders', who work in Lebanese firms, and 'outsiders', such as bankers and chartered accountants, who are involved in an advisory capacity with the capital budgeting processes of Lebanese firms. The results of this research indicate that Lebanese firms place more emphasis on non-financial factors, such as political priorities and personal experience, than financial factors when analysing potential projects. The study also finds that Lebanese companies tend to employ more than one method of investment appraisal to evaluate projects and that, increasingly, these firms are using more sophisticated discounted cash flow (DCF) techniques. However, the payback method is the most popular method of investment appraisal. In addition, although the use of DCF methods is increasing, they are not used as frequently relative to companies in developed countries. The study also finds that appraisal processes are impacted by the source of funding used, as well as the size and nature of the project being undertaken. In terms of risk evaluation, the most widely using methods include scenario analysis and sensitivity analysis; very few companies use Monte Carlo simulation. Most of the companies surveyed use the weighted average cost of capital as the discount rate in capital budgeting, although a sizeable number use the interest rate. Another key finding to emerge from the study relates to capital rationing. Specifically, a majority of the companies surveyed indicated that they had experienced capital rationing and that this rationing tended to be imposed externally, typically as a result of external constraints in the equity and debt markets. A sizeable number of the companies surveyed indicated that the stock market was currently not a feasible source of firm or project funding due to its small size. A key finding that emerged from the study is that political risk plays a very important role in the capital budgeting processes of Lebanese companies. Most of the participants in the study highlighted the high level of political risk in Lebanon, and indicated that it plays a major role in determining which method should be used to evaluate a project.
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Murray, Barrie E. "Investment appraisal in a deregulated electricity market." Thesis, Aston University, 1996. http://publications.aston.ac.uk/15359/.
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This thesis analyses the impact of deregulation on the theory and practice of investment decision making in the electricity sector and appraises the likely effects on its long term future inefficiency. Part I describes the market and its shortcomings in promoting an optimal generation margin and plant mix and in reducing prices through competition. A full size operational model is developed to simulate hour by hour operation of the market and analyse its features. A relationship is established between the SMP and plant mix and between the LOLP and plant margin and it is shown bow a theoretical optimum can be derived when the combined LOLP payments and the capital costs of additional generation reach a minimum. A comparison of prices against an idealised bulk supply tariff is used to show how energy prices have risen some 12% in excess of what might have occurred under the CEGB regime. This part concludes with proposals to improve the marl
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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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Seward, Cheryl. "Capital budgeting and the control of corporate investment." Thesis, University of the West of England, Bristol, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.274690.
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Harris, Elaine Pamela. "An insight into strategic investment appraisal : project risk assessment." Thesis, Henley Business School, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.311275.
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Smith, Stephen John Edgar. "Productivity measurement and capital investment appraisal in electronics design." Thesis, University of Nottingham, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.239482.
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Mohammed, Moftah. "The capital investment appraisal process : the case of Libya." Thesis, University of Dundee, 2013. https://discovery.dundee.ac.uk/en/studentTheses/863c06e2-6491-4065-b472-ba05041c49f2.
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This thesis aims to explore and investigate the state of current investment appraisal practices within Libyan firms. In particular, the thesis attempts to answer four research questions: (1) How do Libyan firms appraise capital investments? (2) Do Libyan firms incorporate risk into their capital investment appraisal processes? (3) Do Libyan firms face capital rationing and, if so, is it externally or internally imposed? and (4) Does the availability of Islamic Finance affect Libyan firms' view of the capital investment appraisal process? This study is based on a qualitative empirical approach, with a subjectivist orientation but a main concern with the sociology of regulation; the interpretive paradigm is employed in this thesis. Rather than simply providing a simple description of the phenomena under investigation, the aim of this thesis is to interpret and understand the issues surrounding the problem being considered. Thus, this study seeks to establish a better understanding about the nature of the capital investment appraisal process in Libyan corporations, and how it differs across Libyan economic sectors. In order to provide evidence and contribute to our knowledge about this topic, two research methods, both compatible with the interpretive paradigm and consistent with the methodology and the researcher’s beliefs about the topic under investigation, are employed. The research methods used are: (i) a semi-structured interviews; then (ii) a questionnaire survey based upon the literature review and on the key results from (i). For the former, 20 interviews were conducted, involving two groups: firm-based interviewees (‘insiders’ working in firms) in five economic sectors with different size and ownership structures and ‘outsider’ interviewees (bankers, academics and chartered accountants). In the second phase, 45 questionnaires were collected from firms which operate in five economic sectors, again with various size and ownership patterns. The main findings indicate that non-financial criteria (e.g. political priorities, State development plan and personal experience) play a more important role than financial factors. While Libyan companies use multiple techniques to appraise capital investments, usage of discounted cash flow techniques (DCF), although increasing is not yet as high as in developed nations, with payback remaining the most popular. The evidence shows that the source of the funding (followed by project size and nature of the project, respectively) also plays a role in choosing the appraisal techniques. Typically, the process of capital investment appraisal in Libya appears to have five stages (determination of budget, research and development, evaluation, authorisation, and monitoring and controlling). Libyan firms consider the first of these as the most important stage. The majority of the respondents employ a post-audit phase of two years or less; about half the sampled firms conduct the post-audit by comparing the actual performance with the feasibility study on which the project was based. The companies consider real options when looking at flexibility, but they have no effect on the choice of the appraisal techniques or the process generally. Similarly, there are no changes in the techniques or the process when advanced manufacturing technology investments are considered. Regarding risk evaluation, this is mostly subjective although scenario analysis and sensitivity analysis are employed to some extent. Around 50% of the firms calculate the cost of capital, but most of these firms do so subjectively (e.g. via interest rate observations), while the rest use CAPM to calculate the cost of capital. Fewer than one in ten of the firms that calculate the cost of capital employ project-specific rates. The majority of the companies noted their experience of capital rationing, mostly of the external variety (primarily reflecting State actions). The majority of the firms claimed to be considering the Libyan Stock Market as source of funding, but not in the near future, essentially because of a lack of knowledge among Libyan companies about its functioning. The findings suggest that use of Islamic finance is not yet common among Libyan firms. However, two thirds of the firms suggested that they would use Islamic financial products to finance their future projects for several reasons; mainly religion, to avoid paying interest or demurrage, plus risk sharing though the use of Islamic financial products such as Musharakah. Those firms, which did not view Islamic finance positively, mentioned the incompatibility of the current products with Islamic Shariah law, suggesting that in reality they are just traditional financial products with Islamic names. Some notable differences between theory and practice emerged in this research. For instance, certain non-financial criteria (e.g. political priorities) were more important than financial factors. Relatedly, there was evidence of external interested parties such as academics seeing practice and ideals differently. This type of finding suggests a key contribution of this study as highlighting the need for contextual specificities to be carefully considered when investigating an issue as (theoretically) straightforward as investment decision-making in practice.
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Backhouse, Martin E. "Economic analysis and randomised controlled trials : an investment appraisal approach." Thesis, University of Nottingham, 2006. http://eprints.nottingham.ac.uk/11757/.
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Randomised controlled trials (RCTs) play a fundamental role in the development and marketing activities of pharmaceutical companies. They are the primary means of evaluating the tolerability, safety and efficacy of a drug, and for providing information relevant for pricing and reimbursement decisions and clinical decision-making. RCTs require a substantial investment by pharmaceutical companies and the financial consequences of poorly or sub-optimally designed trials are potentially substantial. Revenue does not materialise unless a licence to market a product is granted and sales may be restricted if a trial fails to provide evidence of sufficient strength or relevance for those involved in product adoption decisions. From a pharmaceutical company's perspective, the value of RCTs can therefore be judged on the contribution they make to the performance of a drug in the market and hence on their contribution to the performance of the firm. Consequently the design choices made in the planning of RCTs are effectively investment appraisal decisions. However, the application of investment appraisal techniques to RCT design has not previously been proposed. The purpose of this thesis is to consider how private sector investment appraisal methods might be applied to RCT design decision-making and to explore aspects of the practicalities of application. A general investment appraisal model is presented and its application to determine profit maximising RCT designs is illustrated. Considering the cost side of the investment appraisal equation, it is shown how decision-makers' requirements for cost-effectiveness evidence derived from trials could have a significant impact on the major determinants of cost (sample size and study duration) depending on their specific preferences for evidence defined over key components of RCT design. Considering the revenue side of the investment appraisal equation, it is shown how discrete choice analysis could be used to incorporate decision-makers' preferences for RCT designs into the planning of studies. Specifically, it is shown how the predicted probabilities derived from the application of this technique could be used within an investment appraisal framework. Directions for future research into the application of investment appraisal to RCT design are proposed.
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Jones, S. "Information systems investment and value appraisal in the public sector." Thesis, University of Salford, 2002. http://usir.salford.ac.uk/26741/.
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This thesis develops the hypothesis for a new interpretive approach to the evaluation of information systems (IS), termed situated hermeneutic IS evaluation. The thesis adds to the body of knowledge in this area as this new approach moves away from the dominant evaluation paradigm based upon functionalism and introduces a new interpretive IS evaluation approach based upon hermeneutics and situated action, which incorporates a post-modern perspective on the nature of IS. This approach is particularly appropriate in the UK public sector, where traditional IS evaluation methods based upon economic, functional and mechanistic principles are largely irrelevant. The nature of information systems, information systems investment, information systems evaluation and the role of information systems evaluation in public sector organisations form a major part of the thesis. In particular, the study reviews the area of IS evaluation by considering the methods available for use and their underlying assumptions. Another major element of the study is the empirical work. This involved two UK local authorities where two in-depth interpretive case studies were undertaken. The results from the study are presented in terms of learning and are analysed to help understand, conceptually, the appropriateness of the new evaluation approach and to elicit salient issues and lessons for IS practice. A conceptual, practical framework for undertaking situated hermeneutic evaluation is also presented. In addition, an analysis is undertaken with regard to developing the key themes arising from the literature and the empirical work, with the aim of informing IS theory and practice. The case studies were undertaken using the Grounded Theory method in an interpretivist paradigm to explore issues from a rich, contextual and experiential perspective. As such it provides a view on the IS evaluation issues from a position rarely adopted by other researchers, as interpretivism is an emerging paradigm for research into IS evaluation An analysis is presented to help understand the underlying assumptions of the researchers that utilise Grounded Theory in IS research, and to help increase the understandinu of the Stephen Jonex I'niver.Mlv of'SalforJ Information Systems Research Centre I'hD Resetin. 7i Thesis July 2002 I'age Kiimher 11application of the method. The pitfalls and the opportunities that such a methodological approach could have in future IS evaluation studies is also presented. The outcomes of the research argue for a new complementary interpretive IS evaluation approach based on situated practice, which provides a richer view and a more practically oriented approach, especially within the public sector domain, and explores the use of a social science methodology, Grounded Theory, in information systems research.
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Li, Rong. "Power plant investment appraisal : electric industry and economic growth nexus." Thesis, University of Strathclyde, 2012. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=25811.
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Electric power industries are undergoing restructuring around the world. Under deregulation, the non-utility, independent power producers (IPP) are allowed to invest in the power system. Each year, many new investments in different types of power plants are proposed by generators all over the world. However, investment in generation projects involves large amounts of capital with a long payback period, comparable with the lifetime of the plant. Moreover, macroscopic situation of electrical industry and economic environment also need to be taken into account. Therefore, how to make an investment decision is a complex problem. This thesis considers the power plant investment issues in UK and China from microscopic and macroscopic viewpoint. The microscopic viewpoint focuses on investment appraisal approaches, different types of generation technologies, and levelised cost of generation. The macroscopic viewpoint focuses on investment environment in UK and China, such as the relationship among electricity consumption, installed capacity and GDP. The thesis begins by presenting the current situation of electricity generation in UK and China. It continues to introduce some classic and practical investment theories and project analysis tools. Then, the applications of these approaches on the investment of eight types of electricity generation technologies in the UK and pulverised coal plant in China are given. The analysis results show evidences for several investment advices on microscopic viewpoint. These advices could help investors to more clearly make their investment decision on different types of power plant. From macroscopic viewpoint, the relationship among electricity consumption, economic growth and installed capacity in the UK and China are found by applying econometric approaches. The forecast of electricity consumption and GDP of China are also given. After this, the thesis takes into account the differences of economic growth and environment in different regions of China, and classifies China's provinces into four parts: Northeast, Coastal, Central and West. The relationship between electricity consumption and economic growth in China are determined based on provincial data and panel time series approaches. These results can help investors to fully understand the electric industry investment environment of China, which lead to some policy suggestions.
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Nieto, Javier. "Multigrid methods in network optimization : overview and appraisal." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1994. http://handle.dtic.mil/100.2/ADA280992.
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Thesis (M.S. iin Operations Research and M.S. in Applied Mathematics) Naval Postgraduate School, March 1994.Thesis advisor(s): V. Emden Henson, Gordon H. Bradley, Craig W. Rasmussen. "March 1994." Bibliography: p. 143-146. Also available online.
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Möller, Ian Robert. "An investigation into appraisal methods for industrial projects." Master's thesis, University of Cape Town, 1990. http://hdl.handle.net/11427/17306.
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A wide variety of tools exists for appraisal in general. There are, however, very few widely accepted guidelines governing their specific application in industrial projects. It would be useful to a practicing project appraiser to be able to discern which appraisal methods are most applicable to a particular situation. This research has therefore undertaken to investigate the relationship between the appraisal methods available and their application to industrial projects. As such, a number of specific objectives have been discerned. The first of these was to analyse the literature in order to determine the general views held. The second was to corroborate the views of literature with actual industrial trends. The final objective was to compare theory and practice in order to develop broad guidelines for future project appraisers. The procedure adopted to meet these objectives firstly involved conducting a survey of the literature. This yielded a number of conclusions which suggest a preferred approach to appraisal. To evaluate this approach an appropriate questionnaire was compiled. This questionnaire was then circulated to a representative target area, namely the industrial sector of the South Western Cape. The response to this survey provided a database of actual industrial projects. From this database trends were extracted using a number of statistical techniques, such as Analysis of Variance, Contingency Analysis and Log-linear Modelling. The results of this analysis were then used to complement the conclusions of literature and to confirm the preferred approach to project appraisal. The conclusions from the literature where consensus was found to exist involve the following issues: The chronological position of appraisal in the project life-cycle. The types of study that should be included in project appraisal. The chronological order of these studies. The extent to which formal techniques should be used. The background that the appraisers should have. The extent to which project characteristics influence the appraisal approach. The database provided by the industrial survey consisted of 173 projects conducted in 33 different organisations. Analysis conducted on this database yielded a number of simple one-to-one relationships between project success, appraisal method used and project characteristics. From these relationships a picture of the reality experienced in the South Western Cape could be formed. Such a picture was compared with literature in order to form an overall set of guidelines for use by the practising project appraiser. As a result of the analysis and the subsequent comparison between literature and practice, conclusions were drawn concerning a number of aspects in the research. Such aspects include the success of the research method, uncertainties of the industrial survey, consensus between literature and practice on appraisal procedures and the existence of a preferred approach to project appraisal. A number of recommendations could also be made with regard to two areas of interest. The first concerns recommendations for further research in the field of project appraisal. These include extending the database so as to accommodate multi-variate analysis, researching the formal techniques available for operational suitability and technical feasibility studies and adopting a different mode of survey to that of a posted questionnaire. The second area of interest recommends a set of broad guidelines to the practising project appraiser. These guidelines rationalise such issues as the influence of project characteristics on the use of appraisal methods, the chronological position of appraisal within the project life-cycle, the type and chronological order of studies that should be conducted in the appraisal procedure and the techniques and expertise that should be utilised within each study.
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Shan, Wenhua. "The legal framework of EU-China investment relations : a critical appraisal /." Oxford [u.a.] : Hart, 2005. http://www.gbv.de/dms/spk/sbb/recht/toc/483331600.pdf.
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Tebbutt, Robin James. "Developing a capital investment appraisal technique for the UK water industry." Thesis, Imperial College London, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.406907.
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Lindvall, Nils. "Investment appraisal in the public sector : Incorporating flexibility and environmental effects." Thesis, Mittuniversitetet, Avdelningen för informations- och kommunikationssystem, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-25011.
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The public sector often invests in large projects in different sectors, such as education, health care and infrastructure. It can be argued that investment appraisal process in these projects should differ from conventional approaches due to the complex interests the public sector holds, which often implies that several aspects need to be considered. Conventional techniques may not suffice and therefore this thesis aims to investigate the applicability of real options analysis and multi-criteria analysis in a combined approach. The study is conducted in the form of a case study at publicly owned Sundsvalls Logistikpark, where options in the form of the utilization of development areas and the non-monetary aspect reduction of carbon dioxide are included in the appraisal. The model developed compares two alternative strategies where one is based upon conventional usage of the area and the other represents the environmentally friendly alternative. The results show that including the value of flexibility in the appraisal significantly raises the initial valuation, whereas the comparison of the strategies show that the results either details which strategy is preferred, if input to both strategies are available, or where the threshold for indifference lies. It is concluded that this model is applicable in terms of its ability to capture the value of flexibility and inclusion of several aspects of the decision problem. However, it is also concluded that the numerous simplifications made may lead to unreliability in the results, and the process of obtaining accurate input may time-consuming, depending on the case. The usability of the model is high in terms of its potential, but lower in terms of the knowledge-based threshold required of the user.
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郭國全 and Kwok-chuen Kwok. "The political economy of educational investment: a review and an appraisal." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B31974764.
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Kwok, Kwok-chuen. "The political economy of educational investment : a review and an appraisal /." [Hong Kong] : University of Hong Kong, 1986. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12323275.
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Bulut, Zeynep. "Real Estate Appraisal Methods And Their Application In Ankara." Master's thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613252/index.pdf.
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Real estate is one of the reliable and important investment types for individuals and institutions. Interest in the price appraisal of real estate has increased with rapid development of real estate sector and its legal infrastructure in recent years. Conducting planned urbanization, choosing settlement areas and estimating their inner or outer transport costs, improving capital markets transparency, and reliability require a reliable price valuation of real estate assets. Appraisal in real estate is also important for the tax income of the national budget. In this thesis, it is investigated appraisal methods that are used in various countries and valuation approaches and methods that are used in Turkey are reviewed. The value, in the appraisal reports, is estimated with three traditional approaches: Sales Comparison, Cost, and Income Capitalization. In this thesis, Hedonic Price Approach and the availability of the application of this method in practice are investigated within the framework of seeking an alternative method for appraisal beyond three traditional approaches.
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Baygeldi, Murat. "Social construction of IS evaluation : a case study of IT investment appraisal." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/363/.
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This study explores the phenomenon of the social construction of IS investment evaluation in the financial services industry. The extensive literature on information systems (IS) evaluation stretches back more than thirty years and it is widely agreed that IS evaluation is an important and complex issue. Constructivist evaluation, which serves to develop the interpretivist strand of the literature, concentrates on the notion that evaluations are the outcomes of an interaction and argumentation process between various interested parties. The purpose of this research is to shed further light on the IS investment evaluation area. Explaining the practice of IS evaluation within the dynamic and technologically sophisticated financial services industry would benefit academics and financial services firms alike. This context is relatively neglected in the existing literature. The chosen case study reflects the demands in the financial services industry to upgrade their infrastructure in order to manage an ever increasing number of transactions, as well as increased regulation. The fieldwork produced extensive data concerning traditional trading, brokerage, high frequency algorithmic trading and transaction clearing. The rapid rise of derivative transactions during the last few years caused problems in terms of clearing and managing the transactions. At the same time, hedge funds‘ growing demand for low latency execution services and changes in regulations increased, pressuring firms in the industry to invest heavily. Actor-network theory (ANT) is used in order to describe and explain the formation of networks between human and non-human actors. The theory‘s specific vocabulary allows IS evaluation to be seen in a new light and the study uses ANT analysis to produce insight into the longstanding problem of IS evaluation, human and non-human interactions and roles within the context if IT investment appraisal. Building on ANT, this thesis is an in-depth case study of the employment process of an IT evaluation method at a global financial services company.
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Shan, Wenhua. "A critical appraisal of the legal framework governing EU investment in China." Thesis, University of Cambridge, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.615773.
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Halden, Keith. "Appraisal of biotechnological methods for renovation of halocarbon polluted sites." Thesis, University of Cambridge, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.283928.
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Irani, Zahir. "Investment justification of information systems : a focus on the evaluation of MRPII." Thesis, Brunel University, 1998. http://bura.brunel.ac.uk/handle/2438/5373.
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A review of the normative literature, in the field of Information Technology (IT)/ Information System (IS) justification, examines how organisations evaluate their investments in Manufacturing Resource Planning (MRPII). This is achieved through investigating the issues surrounding capital budgeting, with a particular focus on investment appraisal. In doing so, a novel taxonomy of generic appraisal techniques is proposed. This taxonomy identifies a number of methods for appraising MRPII investments, and through describing these techniques, a classification is offered that identifies their respective characteristics and limitations. In doing so, it becomes clear that although many of the benefits and savings resulting from MRPII are suitable for inclusion within traditional accountancy frameworks, it is their intangible and non-financial nature, together with a range of indirect project costs that confuse the justification process. These factors, together with a range of human and organisational implications, that further complicate the decision making process are also identified. Hence, it appears through a critical review of the literature that many companies are unable to assess the implications of their MRPII investments, thus amounting to a myopic appraisal process that focuses on the analysis of those benefits and costs that are financially quantifiable. In acknowledging the limitations of traditional appraisal techniques, a conceptual model for IT/IS investment evaluation is proposed, which is underpinned by research hypotheses. To test the validity of the proposed hypotheses, a robust novel research methodology is then developed. In doing so, an interpretivist stance is adopted, which favours the use of qualitative research methods during a multiple case enquiry. Whilst conducting the empirical research, it soon emerged that the hypotheses represented significant factors for consideration within the presented model. As a result, such constructs now establish themselves as integral parts within a structured evaluation process. However, during the empirical research, complementary evaluation criteria also emerged, which resulted in modifications being made to the previously presented conceptual model. In doing so, culminating in the development of descriptive MRPII evaluation criteria and a model, which provides investment decision makers with novel frames of reference during the evaluation of MRPII investment proposals.
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Grundy, A. N. "Managers' perspectives on the linkages of strategic and financial appraisal of major investment decisions." Thesis, Cranfield University, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.357077.
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Mahajan, Sohan. "Investment Appraisal of Robotic Systems taking into consideration the quantitative, qualitative and strategic benefits." University of Cincinnati / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1250544145.
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Eves, Alfred Christopher, University of Western Sydney, College of Law and Business, and of Construction Property and Planning School. "Developing a NSW rural property investment performance index." THESIS_CLAB_CPPP_Eves_A.xml, 2003. http://handle.uws.edu.au:8081/1959.7/810.
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This thesis is based on the analysis of all rural property sales transactions that occurred in NSW over the period 1990-2000 and is the first complete state wide analysis of a rural property market in Australia. Previous studies on rural land performance have been restricted in both limited time periods and limited location areas. The importance of rural property, as an investment asset has been recognised in the US and UK with both countries having a rural property performance index. These indices are similar in construction, quality and reliability as the commercial property, residential property and share market indices that are also available in these countries to analyse the performance of these investment assets. Until the development of the rural property capital and total return indices in this thesis, there has never been a comprehensive and complete set of rural property investment indices available to assess the risk/return performance and investment portfolio benefits of rural property in Australia. The actual construction of the indices in this thesis have been based on the current indices produced by the Property Council of Australia for office, retail, industrial and hotel property in Australia. Based on the work in this thesis, rural property investment performance can now be compared to all major investment assets available in Australia. This research will be ongoing to ensure that the performance of rural property will be available on a semi-annual basis for use by all institutions, companies and individuals with an interest in the investment potential of rural property in AustraliaDoctor of Philosophy (PhD)
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Urdahl, Hege Fjell. "An appraisal of methods to increase generalisabilty of economic evaluation of pharamaceuticals." Thesis, University of York, 2001. http://etheses.whiterose.ac.uk/9759/.
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Van, der Walt Jacobus. "An analysis of the use of mass appraisal methods for agricultural properties." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/61385.
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Farms are highly heterogeneous and never identical. No two farms are ever alike in terms of (1) the basic resources, land, labour, or capital that are available, (2) the way these resources or factors of production are combined, or (3) in terms of the amounts of various crops and livestock produced. There are numerous factors that influence the price of a farm and some of these factors are not monetary related. This makes the task of the valuer complex, and it increases the possibility of large differences in the estimated market value determined and the actual selling price.
The development and use of AVM (Automated Valuation Method) models in the valuation of especially residential property, is a worldwide phenomenon. The majority of AVM models use MRA (Multiple Regression Analysis) as a basis. The accuracy of a MRA relies heavily on the quality and accuracy of the data that are used. Thus, the availability of quality and accurate data has a significant impact on the potential accuracy of a MRA.
Accurate MRA valuation estimates will be fair to individual farm owners regarding their municipal tax assessments and it will lead to a wider use of MRAs for the valuation of farms, with the associated benefits of lower valuation costs and speedier valuations, especially by financial institutions.
This study analyses the unique and distinctive attributes of farms, which must be taken into account when a MRA model is developed. By following a stepwise regression approach, a regression model is developed which is fairly accurate, but it does not achieve a high level of accuracy.
Furthermore, the results of the study show that it is difficult to have enough appropriate and accurate data available to develop a regression analysis for agricultural property to satisfy accuracy requirements. Although it is difficult, it is possible to develop MRA models that are fairly accurate. Therefore, if MRA models are currently used for the municipal valuation of farms, which are not fairly accurate, it should be possible to improve the accuracy. However, maximum accuracy cannot be achieved with MRA models. Thus, it cannot replace a valuation done by a skilled and knowledgeable professional valuer, when maximum accuracy is required.Dissertation (MSc)--University of Pretoria, 2017.
Construction Economics
MSc
Unrestricted
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Grytli, Tuva. "Integration of Methods for Environmental Assessment and Investment Analysis." Thesis, Norwegian University of Science and Technology, Department of Energy and Process Engineering, 2010. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-10933.
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Background, aim and scope. In this thesis a framework for integrating life cycle assessment and investment analysis is derived, aimed to (1) unite economic and environmental perspectives, and (2) strengthen system borders. The application of the model is shown in a case study of a bioenergy facility in central Norway. Prices and environmental impacts are calculated, and the results are compared to those for electricity generated from natural gas. Two examples of utilisation of the results are presented. Methods. Hybrid life cycle assessment is employed to enable the use of the price model from input-output analysis. The price model is extended to facilitate the integration of investment analysis. The resulting framework embodies all aspects from investment analysis, including tax and discounting. The result is a model performing a state of the art hybrid life cycle assessment and a net present worth analysis to obtain environmental and economic results with consistent system borders. Application. The method is applied to a case study, evaluating an electricity generating bioenergy facility in central Norway. The bioenergy facility was found to be a viable investment. Using bioenergy as an abatement measure against global warming was found to be competitive against carbon credits in the case of CO2 quota prices at the level assumed in 2030. Results and discussion. The model produced robust results comparable to those found in other studies. The framework proved to have several advantages in addition to strengthened system borders; amongst others a mutual empowerment between the two base analyses in relation to decision making, and a possibility for establishing eco-efficiency indicators.
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Hottle, Nathan E. (Nathan Edward) 1976. "Valuation methods for capital investment in merchant power plants." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/30032.
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Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology and Policy Program, 2003.Includes bibliographical references (p. 87-88).
Wholesale electricity in the U.S. and many other countries is increasingly being supplied by unregulated firms competing to sell their product in competitive markets. Developers of the new merchant plants face a different set of risks than the regulated vertically integrated utilities that formerly owned the generating resources that supplied electricity to customers in their service area. This thesis evaluates the impact that industry restructuring will have on investments in capital-intensive electricity generation technologies and assesses the applicability of traditional economic valuation methods to investment decisions in a competitive wholesale electricity market. The evidence is presented through the use of a case study on the Likelihood of investment in new nuclear power plants in both organizational arrangements as predicted by two economic valuation methods. The results suggest that merchant developers will favor less capital-intensive technologies and that the traditional valuation method for power plant investment fails to capture the total effect on investment decisions of the new market arrangement. Economic studies that ignore the true nature of merchant plant investment will provide misleading conclusions regarding the relative competitiveness of generating technologies.
by Nathan E. Hottle.
S.M.
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Fu, Qi. "Numerical methods for pricing callable bonds." Thesis, University of Macau, 2011. http://umaclib3.umac.mo/record=b2493162.
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Hamrin, Sanna, and Carina Sipi. "Byggnadsinvesteringsbedömning : En studie av 44 svenska kommuner 2011." Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-14885.
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Syfte: Syftet med studien är att undersöka och presentera vilka investeringskriterier som svenska kommuner använde år 2011 vid byggnadsinvesteringar, samt i vilken utsträckning extern hjälp vid investeringsbedömning och utförande av byggnadsinvesteringar användes. Frågeställning: Vilka samband fanns mellan investeringsandel per omsättning och i hur stor utsträckning beslutade byggnadsinvesteringar blev dyrare än beräknat? Vilka skillnader fanns mellan större och mindre kommuner med hänsyn till investeringsbedömningar i byggnader? I vilken utsträckning förekom samarbete mellan kommuner gällande byggnadsinvesteringar? I hur stor utsträckning anlitades extern hjälp med projektledning och kalkylering vid byggnadsprojekt? Metod: Studien är baserad på en webbenkätundersökning med 44 deltagande kommuner och en personlig intervju. Denna undersökning analyserades och jämfördes sedan med en referensram baserad på sekundära källor. Slutsats: Större kommuner behöver förbättra sina planeringar och kontrollera sina byggnadsinvesteringar i och med att investeringarna ofta är större och fler saker kan gå fel än för mindre kommuner. Fler kommuner borde samarbeta mer vid byggnadsinvesteringar för att på det viset kunna matcha byggföretagen vid upphandling. Kommunerna bör fortsätta kontrollera den externa hjälp de använder vid byggnadsinvesteringar och göra tydliga kontrakt.Purpose: The purpose of this study is to examine and present what investment criteria’s Swedish municipals used in 2011 when investing in buildings, and in what extent consultants were used in investment appraisal and implementation of building investments. Research question: Is there a connection between the amount invested in buildings in proportion of net turnover and cost overrun? Is there a difference between large and small municipals with regards to investment appraisal of buildings? Did collaboration occur between municipals with regards to investment appraisal of buildings? To what extent was consultants used to calculate and appraise building projects? Method: This study is based on a Web survey with 44 answers from municipals and one personal interview. The survey was analyzed and compared with the frame of reference based on secondary sources. Conclusion: Larger municipals need to improve their planning and control their investments in buildings because the investments are usually large and more numerous things can go wrong than for smaller municipals. Municipals should collaborate more when investing in buildings and therefore better be able to match the construction companies when negotiating terms. The municipals should continue controlling the external help they use when they invest in buildings and make contracts with clear terms.
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Atkins, Stephen Lewis. "Investment decisions and rural poverty : an appraisal of the Lower Usuthu smallholder irrigation project in Swaziland." Thesis, University of the West of England, Bristol, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.441825.
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Al, Abasey Nidham Gabbar T. "Reformist framework of the foreign investment environment in the post-conflict : critical appraisal of Iraq case." Thesis, Bangor University, 2014. https://research.bangor.ac.uk/portal/en/theses/reformist-framework-of-the-foreign-investment-environment-in-the-postconflict--critical-appraisal-of-iraq-case(292c8280-905c-4748-8c5b-66afb766e864).html.
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Eves, Alfred Christopher. "Developing a NSW rural property investment performance index /." View thesis, 2003. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20051125.144519/index.html.
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Koetse, Mark Jan-Jochem. "Determinants of investment behaviour methods and applications of meta-analysis /." [Amsterdam] : Thela Thesis, 2006. http://www.gbv.de/dms/zbw/508622425.pdf.
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Abrahamsson, Lars. "Railway Power Supply Models and Methods for Long-term Investment Analysis." Licentiate thesis, Stockholm : Royal Institute of Technology, 2008. http://kth.diva-portal.org/smash/record.jsf?searchId=3&pid=diva2:117.
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Marková, Petra. "Analýza systému hodnocení zaměstnanců." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192418.
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The Master's Thesis is focused on the analysis of the employee performance appraisal system in the selected company. The aim of the thesis is to identify a strengths and weaknesses of the performance appraisal system and based on the discovered facts to suggest suitable solutions for increasing the efficiency of the evaluation system. The theoretical part deals with fundamental theoretical concepts and also with personal activities related to the employee performance appraisal. In the practical part is found out how the system of the employee performance appraisal is perceived through the questionnaire survey. Based on the survey results are identified shortcomings of the current system and proposed the measures for streamline the performance system.
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Hornung, Mareike. "Heuristic reasoning in the setting of hurdle rates and in the projection of cash flows in investment appraisal." Thesis, University of the West of England, Bristol, 2017. http://eprints.uwe.ac.uk/29685/.
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A growing body of literature in investment appraisal has focused on bounded rationality of managerial decision-makers. It mostly addresses the actual investment decision stage, i.e. project approval. The investment decision is usually supported by a financial appraisal of the investment projects under consideration. Bounded rationality of the decision-makers determining the parameters of a financial appraisal have, however, attracted little attention. In the field of judgement and decision-making, decision-makers have been found to rely on a variety of effort-reducing strategies, i.e. heuristics, when making a judgement. This work addresses heuristic reasoning in the narrow field of setting the parameters required for a discounted cash flow analysis. Both dimensions, the projection of cash flows and the setting of a risk-adjusted hurdle rate, have been found to incorporate a high degree of subjective judgement. Moreover, given the complex and uncertain environment of companies and of the investment context in particular, optimal parameters may be difficult to determine. This work identifies heuristics that actors involved in this narrow stage of investment appraisal intuitively apply. It proceeds in two steps. First, and based on a conceptual framework, a qualitative study of practitioners detects and classifies indications of judgement in the projection of cash flows and in the setting of a hurdle rate. The findings that are indicative of heuristics translate into hypotheses for a second, quantitative study: Five experiments on practitioner-proxies are used to examine heuristic reasoning in the narrow contexts of investment appraisal. We find evidence that the affect heuristic and the anchoring effect substitute the more difficult judgement of a project’s risk that is manifested in a project-specific hurdle rate. Our hypothesis that the availability heuristic may also be involved in judging project risk cannot be confirmed; it is not found to contribute to an explanation of the paradox of setting hurdle rates higher than appropriate. As regards the projection of cash flows, application of the representativeness heuristic was not found to be applicable – despite strong indications in the qualitative study. Strong evidence is found in favour of the anchoring effect in making cash flow estimates – with finance or accounting experts being particularly prone to rely on arbitrary anchors. A sixth experiment investigates the practice of adjusting hurdle rates to mitigate the risk of overconfident cash flow projections. This work therefore contributes to an enhanced understanding of the role of judgement and the underlying judgemental processes in the two dimensions of investment appraisal. It highlights boundedly rational behaviour of the actors involved in the vital process of investment decision-making which has not been systematically addressed elsewhere. It can contribute to an improved understanding of organisational behaviour and ultimately to corporate success.
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Dehghani, Sanij Abbas A. "An appraisal of the autolevelling systems and of the methods needed to assess their behaviour." Thesis, University of Leeds, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.352984.
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Hopkinson, P. G. "Methods for measuring environmental disturbances affecting residents and pedestrians - a contribution to rail project appraisal." Thesis, University of Leeds, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.233810.
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Hallin, Elena, and Rimon Khames. "Framtagande av en investerings- beslutsmodell för mindre tjänsteföretag." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-22141.
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Problems: How would a decision model that takes into account more aspects and dimensions than just the financial aspect look for smaller service compa-nies? What aspects are important to consider in such a decision model? Purpose: The purpose of this master thesis is to develop a decision model based on previous research, to improve decision making in smaller service com-panies – by considering perspectives that traditional investment calcula-tions ignore. Method: The study was qualitative and was based on both primary and secondary data. As data collection method for the development of the model we used literature search on previous research. The study’s primary data consisted of responses from five smaller service companies. The model was evaluated empirically by five smaller service companies to explore the model’s practical relevance and applicability. Conclusions: The study confirmed the need for a comprehensive investment decision model, since it has been clearly shown that aspects other than the tradi-tional calculation methods could have big impact on an investment deci-sion. The key factors for small service companies has shown to be cus-tomer relationships, previous experience, competitors and corporate strategy. The developed model was based on these factors and was con-sidered as useful and interesting by the responded companies.Problemformuleringar: Hur kan en beslutsmodell som tar hänsyn till fler aspekter och dimens-ioner än enbart det finansiella se ut för mindre tjänsteföretag? Vilka aspekter är viktiga beakta i en sådan beslutsmodell? Syfte: Syftet med denna magisteruppsats är att med utgångspunkt i tidigare forskning utveckla en modell för att förbättra beslutsfattandet i mindre tjänsteföretag, genom att beakta perspektiv som traditionella investe-ringskalkyler förbiser. Metod: Studien var av kvalitativ karaktär och baserades på såväl primärdata som sekundärdata. Som datainsamlingsmetod för framtagandet av investe-ringsmodellen användes till störst del litteratursökning om tidigare forskning. Studiens primärdata utgjordes av responsen från fem mindre tjänsteföretag, som utvärderade den framtagna modellens praktiska rele-vans och applicerbarhet. Slutsats: Studien bekräftade att ett behov av en heltäckande modell för investe-ringsbeslut finns eftersom det tydligt har visat sig att andra aspekter än de traditionella kalkylmetoderna kan ha minst lika stor inverkan på ett investeringsbeslut. De viktigaste faktorerna för mindre tjänsteföretag har utöver det finansiella visat sig vara företagets anställda, kundrelationer, tidigare erfarenheter, konkurrenter och företagets strategi. Den framtagna modellen som bygger på dessa faktorer ansågs av de responderade före-tagen som användbar och intressant.
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Mahmoud, Oubay. "Managerial judgement and the real options approach in the investment appraisal process : evidence from the British automotive components manufacturers." Thesis, Bournemouth University, 2008. http://eprints.bournemouth.ac.uk/10309/.
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While there has been extensive research on the use of financial appraisal techniques (Pay back, Return on Capital Employed, Internal Rate of Return and Net Present Value) in the Investment Appraisal Process (lAP), little research has been conducted on the role of the Real Options Approach (ROA) and Managerial Judgement (MJ) in the IAP. In an ideal world, prior to making Strategic Investment Decisions (SIDs), a detailed analysis of the benefits generated by the investments would be conducted. This would cover financial and nonfinancial benefits. In practice, however, many investments are undertaken on the basis of financial returns with little or no analysis of the growth options embedded in the proposed investments. The exploitation of these options contributes to the enhancement of the business strategy as financial returns do. Essential to considering these options in the IAP is the deployment ofMJ inthe lAP. This thesis aims to make a sound contribution to the development of the emerging literature on capital budgeting. First, it provides a critical review of the existing investment appraisal literature. Second, it investigates whether or not British Automotive Components Manufacturers (BACMs) deploy the ROA and MJ in the lAP in order to accommodate the growth options. And fmally, it presents an alternative perspective of the IAP by the development of a conceptual framework that integrates the ROA & MJ into the lAP, while taking account ofproject risk and business strategy. This research draws on a 73-firm survey of finance directors in this industry enhanced by fieldwork (11 interviews) to set out the relative importance of the strategic approach (ROA informed by MJ) and financial analysis when making the SIDs. The findings from the survey show similar results to earlier studies in relation to the popularity of PB and the use of more than one financial technique in the lAP. However, in contrast to previous studies, DCF techniques seem to be less popular and higher usage of ROCE is evident, and no relationship is found between company size and the range and type of techniques used in the lAP. The main thrust of the findings of the statistical analysis is the absence of the formal adoption of the ROA in the IAP. However, the impact of the growth options regarding the deployment of MJ in the lAP appeared to be evident. The analysis shows that MJ is considered when assessing both investments with growth options and risky projects. The fieldwork provides insights into the context of the lAP and the factors that influence the deployment of the ROA and MJ in the lAP. Conclusions are drawn regarding the interrelationships between financial analysis and the ROA and MJ in the lAP. The integration of the ROA and MJ into the lAP appears to involve moving the focus of attention in the lAP away from financial analysis and a short-term perspective towards a more strategic perspective. More importantly, it contributes to bridging the gap between risk management and strategic analysis.