Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
Find more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2table projects in competitive markets and the importance of the search.Finding Profitable ProjectsLO2Determine whether a new project should be accepted or rejected using the payback period, the net present value, the profitability index, and the internal rate of return.Capital-Budgeting Decision Cri Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2teriaLO3Explain how the capital-budgeting decision process changes when a dollar limit is placed on the capital budget.Capital RationingLO4Discuss theEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
problems encountered when deciding among mutually exclusive projects.Ranking Mutually Exclusive ProjectsBack in 1955, the Walt Disney Company changedFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 opened theme parks in Orlando, Florida; Tokyo, Japan; Paris, France; and in September 2005, ír/SÌÈi Jẽ^íSÌ, or Hong Kong Disneyland, was opened. This S3.5 billion project, with much of that money provided by the Hong Kong government, was opened in hopes of reaching what has largely been an untapped Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 Chinese market. For Disney, a market this Size was simply too large to pass up. Unfortunately, although Hong Kong Disneyland's opening was speơacularEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
, it did not turn a profit until 2013, and a relatively small profit at that of only about s 14 million after years of losses. One of the unexpected pFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2n their rides and put them in use before Hong Kong Disneyland opened.For Disney, keeping its theme parks and resorts division healthy is extremely important because this division accounts for about a third of the company's revenues and 20 percent of its operating profits. Certainly, there are opport Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2unities for Disney in350China; with a population of 1.26 billion people, China accounts for 20 percent of the entire world's total population, and HonEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
g Kong Disneyland was supposed to provide Disney With a foothold in the potentially lucrative China market. Although Hong Kong Disneyland has not liveFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2om Shanghai, it picked its next location. Work has already begun on the Shanghai Disney Resort, which will be home to Shanghai Disneyland, targeted to open at the end of 2015. Learning from its mistakes in Hong Kong, Disney has designed its Shanghai park to be much larger and easier for Chinese fami Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2lies to visit and has deliberately been a bit vague on the park's specifics, in an attempt to avoid a repeat of competition from knockoff rides that iEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
t experienced in Hong Kong.To say the least, with a total investment of around S5.5 billion shared by Disney and its Chinese partner, the outcome of tFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 this chapter are: How did Disney go about making this decision to enter the Chinese market and build Hong Kong Disneyland, and, after losing money on its Hong Kong venture, how did It go about making the decision to build Shanghai Disney Resort? The answer is that the company did it using the decis Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2ion criteria we will examine in this chapter.This chapter is actually the first of two chapters dealing with the process of decision making with respeEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
ct to making investments in fixed assets—that is, should a proposed project be accepted or rejected? We will refer to this process as capital budgetinFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 flows. Free cash flows represent the benefits generated from accepting a capital-budgeting proposal. We will assume we know what level of free cash flows is generated by a project and will work on determining whether that project should be accepted. In the following chapter, we will examine what a Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2free cash flow is and how we measure it. We will also look at how risk enters into this process.Finding Profitable ProjectsWithout question it is easiEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
er to evaluate profitable projects or investments in fixed assets, a process referred to as capital budgeting, than it is to find them. In competitiveFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2en uncovered, competitors generally rush in, pushing down prices and profits. For this reason a firm must have a systematic strategy for generating capital-budgeting projects basedLO1 Discuss the difficulty encountered in finding profitable projects in competitive markets and the importance of the s Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2earch.capital budgeting the process of decision making with respect to investments made in fixed assets— that is. should a proposed project be accepteEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
d or rejected?351Find more at www.downloadslide.comPART 3 • Investment in Long-Term Assetson these ideas. Without this flow of new projects and ideas,Find more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 do these ideas come from for new products, or for ways to improve existing products or make them more profitable? The answer is from inside the firm—from everywhere inside the firm, in fact.Typically, a firm has a research and development (R&D) department that searches for ways of improving existin Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2g products or finding new products. Ihese ideas may come from within the R&D department or may be based on referral ideas from executives, sales persoEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
nnel, anyone in the firm, or even customers. For example, at Ford Motor Company, bonuses are provided to workers for their cost-cutting suggestions, aFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2he mobile app that lets you start and finish your taxes on your phone, was developed by a small group of Intuit workers during their "unstructured" lime lime given to employees to work on anything they find interesting. Although not all projects prove to be profitable, many new ideas generated from Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2within the firm, like SnapTax, turn out to be good ones.Another way an existing product can be applied to a new market is illustrated by Kimberly-ClarEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
k, the manufacturer of Huggies disposable diapers. The company took its existing diaper product line, made the diapers more waterproof, and began markFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 and more customer needs. For example, Hanes introduced Sheer Energy pantyhose for support, lust My Size pantyhose aimed at larger-sized women, and Silken Mist pantyhose in shades better suited for African American women.Big investments such as these go a long way toward determining the future of th Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2e company, but they don't always work as planned. Just look at Burger King's development of its new french fries. It looked like a slam-dunk great ideEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
a. Burger King took an uncooked french fry and coated it with a layer of starch that made it crunchier and kept it hot longer. The company spent over Find more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2ger King was left to eat the loss. Given the size of the investment we're talking about, you can see why such a decision is so important.Concept Check_____________________________________________________________________1Why is it so difficult to find .111 exceptionally profitable project?2Why is the Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 search for new profitable projects so irri|xirt.int?109 Determine whether a new project should be accepted Of rejected using the payback period, theEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
net present value, the profitability index, and the internal rate of return.payback period the number of years It takes to recapture a project's initiFind more at www.downloadslide.comCapital-BudgetingTechniques and PracticeìõLearning ObjectivesLO1Discuss the difficulty encountered in finding profit Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2 represent the benefits generated from accepting a capitalbudgeting proposal. In this chapter we assume a given cash flow is generated by a project, and we work on determining whether that project should be accepted.We consider four commonly used criteria for determining the acceptability of investm Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2ent proposals, The first one is the least sophisticated in that it docs not incorporate the lime value of money into its calculations; the other threeEbook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
do lake it into account. For the time being, the problem of incorporating risk into the capital-budgeting decision is ignored. This issue is examinedGọi ngay
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