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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtoperformandinterpretasensitivityanalysisforaproposedPROJECTinvestment.LO2HowtoperformandinterpretascenarioanalysisforaproposedANALYSISANDinvestment.11LO3Howtodetermineandinterpretcash
2、,accounting,andfinancialEVALUATIONbreak-evenpoints.LO4Howthedegreeofoperatingleveragecanaffectthecashflowsofaproject.LO5Howcapitalrationingaffectstheabilityofacompanytoacceptprojects.INTHESUMMEROF2008,themovieSpeedabout4of10movieslosemoneyattheboxRacer,st
3、arringEmileHirschandChristinaRicci,spunoffice,thoughDVDsalesoftenhelpthefinaltally.itswheelsattheboxoffice.TheSpeedRacersloganOfcourse,therearemoviesthatdoquitewell.Alsois“GoSpeedRacer,Go!”butcriticssaid“Don’tgoin2008,theParamountmovieIndianaJonesand(see)S
4、peedRacer,Don’tgo!”Onecriticsaid“thetheKingdomoftheCrystalSkullrakedinaboutracesfeltlikeadrag.”Otherswereevenmoreharsh,$780millionworldwideataproductioncostofsayingthemoviewas“likespendingtwohourscar-$185million.omingthroughapinballmachine”anda“long,dre
5、ary,Obviously,WarnerBrothersdidn’tplantolosemigraine-inducingslog.”$60orsomilliononSpeedRacer,butithappened.AsLookingatthenumbers,WarnerBrothersspenttheboxofficespinoutofSpeedRacershows,projectscloseto$150millionmakingthemovie,plusmillionsdon’talwaysgoas
6、companiesthinktheywill.Thismoreformarketinganddistribution.Unfortunatelychapterexploreshowthiscanhappen,andwhatforWarnerBrothers,SpeedRacercrashedandcompaniescandotoanalyzeandpossiblyavoidCapitalBudgetingPART4burned,pullinginonly$90millionworldwide.Infa
7、ct,thesesituations.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Inourpreviouschapter,wediscussedhowtoidentifyandorganizetherelevantcashflowsforcapitalinvestmentdeci-sions.Ourprimaryi
8、nteresttherewasincomingupwithapreliminaryestimateofthenetpresentvalueforaproposedproject.Inthischapter,wefocusonassessingthereliabilityofsuchanestimateandonsomeadditionalconsiderationsinprojectanalysis.Webeginbydiscussingtheneedf
