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1、UnitSixBasicConceptsofEconomicEvaluationAsystematicapproachforeconomicevaluationoffacilitiesconsistsofthefollowingmajorsteps:1.Generateasetofprojectsorpurchasesforinvestmentconsideration.2.Establishtheplanninghorizonforeconomicanalysis.3.Estimatethecash
2、flowprofileforeachproject.4.Specifytheminimumattractiverateofreturn. 5.Establishthecriterionforacceptingorrejectingaproposal,orforselectingthebestamongagroupofmutuallyexclusiveproposals,onthebasicofobjectiveoftheinvestment. 6.Performsensitivityoruncerta
3、intyanalysis. 7.Acceptorrejectaproposalonthebasicoftheestablishedcriterion.Itisimportanttoemphasizethatmanyassumptionsandpolicies,someimplicitandsomeexplicit,areintroducedineconomicevaluationbythedecisionmaker.Thedecisionmakingprocesswillbeinfluencedbyt
4、hesubjectivejudgmentofthemanagementasmuchasbytheresultofsystematicanalysis.Theperiodoftimetowhichthemanagementofafirmoragencywishestolookaheadisreferredtoastheplanninghorizon.Sincethefutureisuncertain,theperiodoftimeselectedislimitedbytheabilitytoforeca
5、stwithsomedegreeofaccuracy.Forcapitalinvestment,theselectionoftheplanninghorizonisofteninfluencedbytheusefullifeoffacilities,sincethedisposalofuseableassets,onceacquired,generallyinvolvessufferingfinanciallosses.Ineconomicevaluations,projectalternatives
6、arerepresentedbytheircashflowprofilesoverthenyearsorperiodsintheplanninghorizon.Thus,theinterestperiodsarenormallyassumedtobeinyears(t=0,1,2...n),t=0representingthepresenttime.LetBt,xbetheannualbenefitattheendofyeartforainvestmentprojectxwherex=1,2...re
7、fertoprojectsNo.1,No.2,etc.,respectively.LetCt,xbetheannualcostattheendofyeartforthesameinvestmentprojectx.Thenetannualcashflowisdefinedastheannualbenefitinexcessoftheannualcost,andisdenotedbyAt,xattheendofyeartforaninvestmentprojectx.Then,fort=0,1...n：
8、At,x=Bt,x-Ct,xWhereAispositive,negativeorzerodependsonthevaluesofBt,xandCt,x,bothofwhicharedefinedaspositivequantities.Oncethemanagementhascommittedfundstoaspecificproject,itmustforegootherinvestmentopportunitieswhichmighthavebee
