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1、Advancedconcepts&frameworksMBAsandothercandidateswithbusinessbackgrounds,takenote-interviewerswillexpectyoutohaveamoredetailedtakeonyourcasethananundergraduatewouldhave.Herearesomecommonlyusedcaseconcepts.NetpresentvaluePerhapsthemostimportanttypeofdecisioncompanymana
2、gersmustmakeonadailybasisiswhethertoundertakeaproposedinvestment.Forexample,shouldthecompanybuyacertainpieceofequipment?Buildaparticularfactory?Investinanewproject?Thesetypesofdecisionsarecalledcapitalbudgetingdecisions.Theconsultantmakessuchdecisionsbycalculatingthen
3、etpresentvalueofeachproposedinvestmentandmakingonlythoseinvestmentsthathavepositivenetpresentvalues.Example:HernandezistheCFOofWesternManufacturingCorp.,anautomobilemanufacturer.ThecompanyisconsideringopeninganewfactoryinOhiothatwillrequireaninitialinvestmentof$1milli
4、on.Thecompanyforecaststhatthefactorywillgenerateafter-taxcashflowsof$100,000inYear1,$200,000inYear2,$400,000inYear3,and$400,000inYear4.AttheendofYear4,thecompanywouldthensellthefactoryfor$200,000.Thecompanyusesadiscountrateof12percent.Hernandezmustdeterminewhetherthec
5、ompanyshouldgoaheadandbuildthefactory.Tomakethisdecision,Hernandezmustcalculatethenetpresentvalueoftheinvestment.Thecashflowsassociatedwiththefactoryareasfollows:HernandezthencalculatestheNPVofthefactoryasfollows:Sincethefactoryhasanegativenetpresentvalue,Hernandezcor
6、rectlydecidesthatthefactoryshouldnotbebuilt.ThenetpresentvalueruleNotefromtheexampleabovethatoncetheconsultanthasfiguredouttheNPVofaproposedinvestment,shethendecideswhethertoundertaketheinvestmentbyapplyingthenetpresentvaluerule:Makeonlythoseinvestmentsthathaveapositi
7、venetpresentvalue.Aslongastheconsultantfollowsthisrule,shecanbeconfidentthateachinvestmentismakingapositivenetcontributiontothecompany.TheCapitalAssetPricingModel(CAPM)Intheaboveexample,weassumedagivendiscountrate.However,partofaconsultant'sjobistodetermineanappropria
8、tediscountrate(r)tousewhencalculatingnetpresentvalues.Thediscountratemayvarydependingontheinvestment.BetaThefirststepinarriv
