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1、19878_13_c13_p435-478.qxd2/22/0610:32AMPage435CHAPTER13CapitalBudgeting:EstimatingCashFlowsandAnalyzingRiskThebasicprinciplesofcapitalbudgetingwerecoveredinChapter12.Givenaproject’sexpectedcashflows,itiseasytocalculateitspayback,discountedpayback,NPV,IRR,MIRR,andPI.Unfortunately,cashflowsa
2、rerarelyjustgiven—rather,man-agersmustestimatethembasedoninformationcollectedfromTheThomsonNOWWebsitecontainsansourcesbothinsideandoutsidethecompany.Moreover,uncer-Excelfilethatwillguideyouthroughthetaintysurroundsthecashflowestimates,andsomeprojectsarechapter’scalculations.Thefileforthisr
3、iskierthanothers.Inthefirstpartofthechapter,wedevelopchapterisIFM9Ch13ToolKit.xls,andweproceduresforestimatingthecashflowsassociatedwithcapitalencourageyoutoopenthefileandfol-budgetingprojects.Then,inthesecondpart,wediscusstech-lowalongasyoureadthechapter.niquesusedtomeasureandtakeaccounto
4、fprojectrisk.TODISCCOLLECTIONIMAGE:©GETTYIMAGES,INC.,PHO43519878_13_c13_p435-478.qxd2/22/0610:32AMPage436BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyou2.Define(a)externalitiesand(b)sunkcosts,wouldanswerthefollowingquestions.Youandthengiveexamplesofeachthatmightshouldnotnec
5、essarilybeabletoanswerthebeinvolvedinaproposalbyanenergycom-questionsbeforeyoureadthechapter.Rather,panytobuildanewcoal-firedelectricpoweryoushouldusethemtogetasenseoftheissuesgeneratingunit.Howwouldthesefactorsbecoveredinthechapter.Afterreadingthechap-workedintotheanalysis?ter,youshouldbe
6、abletogiveatleastpartial3.IfCongressshorteneddepreciationlivesforanswerstothequestions,andyoushouldbetaxpurposes,howwouldthisaffecttheabletogivebetteranswersafterthechapterhasenergyproject’sNPV,assumingnothingelsebeendiscussedinclass.Note,too,thatitisoftenchanges?useful,whenansweringconcep
7、tualquestions,to4.Ifthecompany’scapitalbudgetinganalystusehypotheticaldatatoillustrateyouranswer.decidedtoshowallprojectedcashflows,WeillustratetheanswerswithanExcelmodelbothpositiveandnegative,incurrentdollarsthatisavailableontheThomsonNOWWebsite.ratherthanin
