成本预算英文版课件（PPT87页）

11-1•TwodecisionsMakeorbuy•Comparing_____with______•Activityanalysis•Useoffacilities•StrategicissusesJointproductprocessfurther•Comparingsalevalue____and____theprocess•TwocostsOpportunitycostSunkcostCapitalBudgetingChapter1111-3Long-Term(Capital)Assets•Capitalassetsareequipmentorfacilitiesthatprovideservicestotheorganizationformorethanonefiscalperiod.•Capitalassetscreatethesecapacity-relatedcosts11-4NeedtoControlCapitalAssets•Organizationshavedevelopedspecifictoolstocontroltheacquisitionanduseoflong-termassetsbecause:Organizationsareusuallycommittedtolong-termassetsforanextendedtime,creatingthepotentialfor•Excesscapacitythatcreatesexcesscosts•ScarcecapacitythatcreateslostopportunitiesTheamountofmoneycommittedtotheacquisitionofcapitalassetsisusuallyquitelargeThelong-termnatureofcapitalassetscreatestechnologicalriskReduceanorganization’sflexibility11-5MeaningofCapitalBudgeting•Capitalbudgetingcanbedefinedastheprocessofanalyzing,evaluating,anddecidingwhetherresourcesshouldbeallocatedtoaprojectornot.•Capitalbudgetinghasthreephases:Identifyingpotentialinvestments,Choosingwhichinvestmentstomake,andFollow-upmonitoringoftheinvestments.11-611-7TypesofCapitalBudgetingDecisions•Shouldweaddanewproducttoourexistingproductline?•Shouldweexpandintoanewmarket?•Shouldwereplaceourexistingmachinery?•Shouldwebuyfullyautomaticorsemiautomaticmachinery•Wheretolocatemanufacturingfacility?11-8InvestmentandReturn•Investmentandreturnformthefoundationofcapitalbudgetinganalysis,whichfocusesonwhethertheexpectedincreasedcashflows(return)willjustifytheinvestmentinthelong-termasset•Investmentisthemonetaryvalueoftheassetstheorganizationgivesuptoacquirealong-termassetwhichareoftencalledcapitaloutlays.•Returnistheincreasedfuturecashinflowsattributabletothelong-termasset11-9Obviously,$1,000today.Moneyreceivedsoonerratherthanlaterallowsonetousethefundsforinvestmentorconsumptionpurposes.ThisconceptisreferredtoastheTIMEVALUEOFMONEY!!TheTimeValueofMoneyWhichwouldyouratherhave--$1,000todayor$1,000in5years?11-10TimeValueofMoneyAdollartodayisworthmorethanadollarayearfromnowsinceadollarreceivedtodaycanbeinvested,yieldingmorethanadollarayearfromnow.11-11TimeValueofMoney(1of2)•Timevalueofmoney(TVM)isacentralconceptincapitalbudgeting•Inmakinginvestmentdecisions,theproblemisthatinvestmentcashispaidoutnow,butthecashreturnisreceivedinthefutureWeneedanequivalentbasistocomparethecashflowsthatoccuratdifferentpointsintime11-12TimeValueofMoney(2of2)•Thecriticalideaunderlyingcapitalbudgetingis:•Amountsofmoneyspentorreceivedatdifferentperiodsoftimemustbeconvertedintotheirvalueonacommondateinordertobecompared11-13SomeStandardNotation•Forsimplicity,thefollowingnotationisused:Abbr.MeaningnFVPVarNumberofperiodsconsideredintheinvestmentanalysis;commonperiodlengthsareamonth,aquarter,orayearFuturevalue,orendingvalue,oftheinvestmentnperiodsfromnowPresentvalue,orthevalueatthecurrentmomentintime,ofanamounttobereceivednperiodsfromnowAnnuity,orequalamount,receivedorpaidattheendofeachperiodfornperiodsRateofreturnrequired,orexpected,fromaninvestmentopportunity;therateofinterestearnedonaninvestment11-14TypesofInterest•CompoundInterestInterestpaid(earned)onanypreviousinterestearned,aswellasontheprincipalborrowed(lent).SimpleInterestInterestpaid(earned)ononlytheoriginalamount,orprincipalborrowed(lent).SIn=P0(1+i×n)CIn=P0(1+i)n11-15PresentValue•Analystscallafuturecashflow’svalueattimezeroitspresentvalue•Theprocessofcomputingpresentvalueiscalleddiscounting•WecanrearrangetheFVformulatocomputethepresentvalue:FV=PVx(1+r)nPV=FV/(1+r)norPV=FVx(1+r)-n•MethodssimilartothosedescribedearliermaybeusedtocomputethisvalueCalculator,tables,orspreadsheetsoftware11-16Assumethatyouneedtohaveexactly$4,000saved10yearsfromnow.Howmuchmustyoudeposittodayinanaccountthatpays6%interest,compoundedannually,sothatyoureachyourgoalof$4,000?0510$4,0006%PV0PresentValue(Graphic)11-18QuickCheckHowmuchwouldyouhavetoputinthebanktodaytohave$100attheendoffiveyearsiftheinterestrateis10%?PVorFV?Table:____a.$62.10b.$56.70c.$90.90d.$51.9011-19Howmuchwouldyouhavetoputinthebanktodaytohave$100attheendoffiveyearsiftheinterestrateis10%?a.$62.10b.$56.70c.$90.90d.$51.90QuickCheck$1000.621=$62.1011-2000.20.40.60.811.202468101214161820PRESENTVALUEYear5%10%15%1.952.909.8702.907.826.7565.784.621.49710.614.386.24720.377.149.061PRESENTVALUEOF$111-2100.20.40.60.811.202468101214161820PRESENTVALUEYear5%10%15%1.952.909.8702.907.826.7565.784.621.49710.614.386.24720.377.149.061PRESENTVALUEOF$1Afixedamountofcashtobereceivedatsomefuturetimebecomelessvaluableasinterestrateincreaseandthetimeperiodincreased11-22AnnuitiesAnAnnuityrepresentsaseriesofequalpayments(orreceipts)occurringoveraspecifiednumberofequidistantperiods.•OrdinaryAnnuity:Paymentsorreceiptsoccurattheendofeachperiod.•AnnuityDue:Paymentsorreceiptsoccuratthebeginningofeachperiod.11-23ExamplesofAnnuities•StudentLoanPayments•CarLoanPaymentsMortgagePayments•RetirementSavings11-24PartsofanAnnuity0123$100$100$100(OrdinaryAnnuity)EndofPeriod1EndofPeriod2TodayEqualCashFlowsE