运营管理第14版蔡斯ipptappc

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1、FinancialAnalysisAppendixCCopyright©2014byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinLearningObjectivesLOC–1:Evaluatecapitalinvestmentsusingthevarioustypesofcost,riskandexpectedvalue,anddepreciation.C-2ConceptsandDefinitionsFixedc

2、osts:anyexpensethatremainsconstantregardlessofthelevelofoutputVariablecosts:expensesthatfluctuatedirectlywithchangesinthelevelofoutputSunkcosts:pastexpensesorinvestmentsthathavenosalvagevalueandthereforeshouldnotbetakenintoaccountinconsideringinvestm

3、entalternativesC-3ConceptsandDefinitions(continued)Opportunitycost:thebenefitforgone,oradvantagelost,thatresultsfromchoosingoneactionoverthebestalternativecourseofactionAvoidablecosts:includeanyexpensethatisnotincurredifaninvestmentismadebutmustbeinc

4、urrediftheinvestmentisnotmadeExpectedvalue:theexpectedoutcomemultipliedbytheprobabilityofitsoccurrenceC-4ConceptsandDefinitions(continued)Economiclifeofamachine:thetimeperiodoverwhichitprovidesthebestmethodforperformingitstaskObsolescence:occurswhena

5、machineiswornoutDepreciation:amethodforallocatingcostsofcapitalinvestment,includingbuildings,machinery,andsoonMaynotreflectanasset’struevaluebecauseobsolescencemayatanytimecausealargedifferencebetweenthetruevalueandbookvalueC-5DepreciationMethodsStra

6、ight-linemethod:anasset’svalueisreducedinuniformannualamountsoveritsestimatedusefullifeSum-of-the-years’-digits(SYD)method:reducesthebookvalueofanassetrapidlyintheearlyyearsandslowerlaterinitslifeDeclining-balancemethod:anasset’svalueisdecreasedbyred

7、ucingitsvaluebyaconstantpercentageeachyearC-6DepreciationMethods(continued)Double-declining-balancemethod:usesapercentagetwicethestraightlinefortheliftspanbutappliesthisratetotheunderappreciatedoriginalcostDepreciation-by-usemethod:thelifeofamachinei

8、sestimatedinnumberofoperationsandthenactualusageisusedtocalculatedepreciationC-7Activity-BasedCostingToknowthecost,somemethodofallocatingoverheadmustbeapplied.Traditionalapproachistouselaborhours.CanleadtoquestionableinvestmentdecisionsRequireseffort