, , , , . , .
. ϳ ( , ).
䳿:
;
;
() '. ( 䳿 . , ' .)
䳿. 䳿 . :
( , , , , , .); ( , , , 㳿 , );
, .
, :
(Net Present Value, NPV);
(Profitability Index, PI);
(Internal Rate of Return, IRR)
(Modified Internal Rate of Return, MIRR);
(Payback Period, PP);
(ccounting Rate of Return, ARR)
(NPV) , . ϳ 쳺 . (Net Present Value, NPV):
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(8.1)
Pk - - ; IC - ; r - .
(NPV) :
(8.2)
- .
:
NPV < 0, ( );
NPV = 0, , ᒺ (- );
, NPV>0, .
, (PI), , , . (Profitability Index, PI):
(8.3)
PI >1, ;
PI <1, ;
PI =1, - ;
: (PI) , , , .
(IRR) . ³ , , . (Internal Rate of Return, IRR) IRR = r, NPV = f(r) = 0:
(8.4)
IRR > , ;
IRR < , ;
IRR = , - .
IRR: , , , IRR, .
(Modified Internal Rate of Return, MIRR)
(8.5)
Ofi - - ; Ifi - - ; r - ; n - .
MIRR : , () , .
(Payback Period, PP):
(8.6)
( ) : , , .
: ) , ; ) , .
(Accounting Rate of Return, ARR):
(8.7)
, PN - , ; - ; RV - .
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ARR , .
:
NPV > 0, IRR > CC, PI > 1;
NPV < 0, IRR < CC, PI < 1;
NPV = 0, IRR = CC, PI = 1;
- , .
NPV, IRR, PI, MIRR, . :
- ;
- ( , ) .