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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtodeterminetheMAKINGCAPITALrelevantcashflowsforaproposedproject.LO2HowtodetermineifaINVESTMENTprojectisacceptable.10LO3Howtosetabidpriceforaproject.DECISIONSLO4Howtoevaluatetheequivalentannualcostofaprojec
2、t.ISTHEREGREENINGREEN?GeneralElectricAsyounodoubtrecognizefromyourstudyofthepre-(GE)thinksso.Throughits“Ecomagination”program,viouschapter,GE’sdecisiontodevelopandmarketgreenthecompanyplannedtodoubleresearchandtechnologyrepresentsacapitalbudgetingdecision.Indevelopmentspen
3、dingongreenproducts,fromthischapter,wefurtherinvestigatesuchdecisions,how$700millionin2004to$1.5billionin2010.Withtheyaremade,andhowtolookatthemobjectively.productssuchasahybridrailroadlocomotiveThischapterfollowsuponourpreviousonebydelv-(describedasa200-ton,6,000-horsepow
4、er“Priusoningmoredeeplyintocapitalbudgeting.Wehavetworails”),GE’sgreeninitiativeseemstobepayingoff.maintasks.First,recallthatinthelastchapter,wesawRevenuefromgreenproductswas$14billionin2007,thatcashflowestimatesarethecriticalinputintoanetwithatargetof$25billionin2010.Theco
5、mpany’spresentvalueanalysis,butwedidn’tsaymuchaboutinternalcommitmenttoreducedenergyconsumptionwherethesecashflowscomefrom;sowewillnowsaveditmorethan$100millionfrom2004to2007,examinethisquestioninsomedetail.OursecondgoalisCapitalBudgetingPART4andthecompanywasontargettoreduc
6、eitswatertolearnhowtocriticallyexamineNPVestimates,and,inconsumptionby20percentby2012,anotherconsid-particular,howtoevaluatethesensitivityofNPVesti-erablecostsavings.matestoassumptionsmadeabouttheuncertainfuture.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadshe
7、et.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Sofar,wevecoveredvariouspartsofthecapitalbudgetingdecision.Ourtaskinthischapteristostartbringingthesepiecestogether.Inparticular,wewillshowyouhowtospreadthenumbersforapro-posedinvestmentorprojectand,basedonthosenumber
8、s,makeaninitialassessmentaboutwhethertheprojectshouldbeundertaken.Inthediscussionthatfoll
