Real Options in Project Evaluation

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فهرست عناوین اصلی در این پاورپوینت

● Real Options in Project Evaluation
● NPV and Real Options
● Scenario 1a
● Scenario 1b
● Scenario 2
● Scenario 2a (continued)
● Scenario 2b
● Remarks
● Scenario 3 – Add abandonment
● Scenario 3 (continued)
● NPV and Real Options

نوع زبان: انگلیسی حجم: 0.16 مگا بایت
نوع فایل: اسلاید پاورپوینت تعداد اسلایدها: 62 صفحه
سطح مطلب: نامشخص پسوند فایل: ppt
گروه موضوعی: زمان استخراج مطلب: 2019/05/17 07:47:26

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عبارات مهم استفاده شده در این مطلب

عبارات مهم استفاده شده در این مطلب

option, ., real, npv, project, example, expand, output, produce, value, contract, flexibility,

توجه: این مطلب در تاریخ 2019/05/17 07:47:26 به صورت خودکار از فضای وب آشکار توسط موتور جستجوی پاورپوینت جمع آوری شده است و در صورت اعلام عدم رضایت تهیه کننده ی آن، طبق قوانین سایت از روی وب گاه حذف خواهد شد. این مطلب از وب سایت زیر استخراج شده است و مسئولیت انتشار آن با منبع اصلی است.

https://faculty.fuqua.duke.edu/~charvey/Teaching/BA456_2006/Real_options_in.ppt

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عبارات پرتکرار و مهم در این اسلاید عبارتند از: option, ., real, npv, project, example, expand, output, produce, value, contract, flexibility,

مشاهده محتوای متنیِ این اسلاید ppt

مشاهده محتوای متنیِ این اسلاید ppt

real options in project evaluation stephen gray campbell r. harvey npv and real options npv often misapplied ignores strategic values if misapplied real option valuation values contingencies in project outcomes i.e. alternative future uses of the asset . npv and real options many types of real options key is to identify often they are difficult to value – however even using judgment one can tell if they add or subtract value to the project npv and real options input mix options or process flexibility the option to use different inputs to produce the same output is known as an input mix option or process flexibility. examples agriculture a beef producer will value the option to switch between various feed sources preferring to use the cheapest acceptable alternative npv and real options input mix options or process flexibility examples utility industry. an electric utility may have the option to switch between various fuel sources to produce electricity. in particular consider an electric utility that has the choice of building a coal fired plant or a plant that burns either coal or gas. npv and real options output mix options or product flexibility the option to produce different outputs from the same facility is known as an output mix option or product flexibility. examples toy industry. a manufacturer s ability to cease producing a style of toy that has become unfashionable and quickly begin producing a popular new style of toy. npv and real options abandonment or termination options whereas traditional capital budgeting analysis assumes that a project will operate in each year of its lifetime the firm may have the option to cease a project during its life. this option is known as an abandonment or termination option. abandonment options which are the right to sell the cash flows over the remainder of the project s life for some salvage value are like american put options. when the present value of the remaining cash flows falls below the liquidation value the asset may be sold. npv and real options abandonment or termination options examples these options are particularly important for large capital intensive projects such as nuclear plants airlines and railroads. they are also important for projects involving new products where their acceptance in the market is uncertain. npv and real options abandonment or termination options npv and real options temporary stop or shutdown options for projects with production facilities it may not be optimal to operate a plant for a given period if revenues will not cover variable costs. examples if the price of oil falls below the cost of extraction for example it may be optimal to temporarily shut down the oil well until the oil price recovers. npv and real options temporary stop or shutdown options examples farming may be exercised if the cost of fertilizing watering and harvesting exceeds the sale price of the product. real estate development may be exercised if the cost of construction exceeds rent revenues. npv and real options intensity or operating scale options intensity or operating scale options involve the flexibility to expand or contract the scale of the project. management may have the option to change the output rate per unit of time or to change the total length of production run time. npv and real options intensity or operating scale options in order to obtain the option to expand production if demand increases suddenly a firm may build production capacity in excess of the expected level of output. in this case management has the right but not the obligation to expand and will exercise the option only if project conditions turn out to be favorable. npv and real options intensity or operating scale options whereas the excess capacity will have an initial cost the project with the option to expand is worth more than the project without the possibility of expansion in which case the extra cost may be justified. also a firm may build a plant whose physical life exceeds the expected duration of use thereby providing the firm with the option of producing more by extending the life of the project. npv and real options option to expand build production capacity or the infrastructure for the capacity in excess of expected level of output so it can produce at higher rate if needed . management has the right not the obligation to expand . if project conditions turn out to be favorable management will exercise this option. example mozal project npv and real options option to expand npv and real options option to contract this is the equivalent to a put option. many projects can be engineered in such a way that output can be contracted in future. forgoing future expenditures is equivalent to exercising the put option. example modularization of project. npv and real options option to contract npv and real options option to expand or contract switching option it is equivalent to the firm having a portfolio of call and put options. restarting operations when project currently shut down is a call option. shutting down is a put option. npv and real options option to expand or contract switching option example a project whose operation can be dynamically turned on and off or switched to two distinct locations is worth more than the same project without the flexibility to switch. npv and real options option to expand or contract switching option npv and real options initiation or deferment options the option to choose when to start a project is an initiation or deferment option. examples the purchaser of an off shore lease can choose when if at all to develop property. npv and real options initiation or deferment options examples initiation options are particularly valuable in natural resource exploration where a firm can delay mining a deposit until market conditions are favorable. if natural resource companies were committed to producing all resources discovered they would never explore in areas …

کلمات کلیدی پرکاربرد در این اسلاید پاورپوینت: option, ., real, npv, project, example, expand, output, produce, value, contract, flexibility,

این فایل پاورپوینت شامل 62 اسلاید و به زبان انگلیسی و حجم آن 0.16 مگا بایت است. نوع قالب فایل ppt بوده که با این لینک قابل دانلود است. این مطلب برگرفته از سایت زیر است و مسئولیت انتشار آن با منبع اصلی می باشد که در تاریخ 2019/05/17 07:47:26 استخراج شده است.

https://faculty.fuqua.duke.edu/~charvey/Teaching/BA456_2006/Real_options_in.ppt

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