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Tuesday, October 20, 2009

Chapter 10 - Project Analysis

Learning objectives:
  1. appreciate the practical problems of capital budgeting in large corporations
  2. Use sensitivity, scenario and break-even analysis to see how project profitability would be affected by an error in your forecasts
  3. Understand why an overestimate of sales is more serious for projects with high operating leverage.
  4. Recognize the importance of managerial flexibility in capital budgeting
Two stages of investment evaluation
1) The capital budget: list of planned investment projects. earch year the list is generated and then assessed by senior management. senior management needs to ensure that the budgets matches teh firm's strategic plans. that the firm is concentrating efforts in areas of competitive advantage and identifying declining business that should be sold or allowed to run down.

2) project authorization: If you're on teh capital budget that doesn't mean your project is authorized. at a later stage you will need to draw up details on engineering analyses, cash-flow forecasts, PV calculations.

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