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, , , , . , .

. 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):

(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 - .

ARR , .

:

NPV > 0, IRR > CC, PI > 1;

NPV < 0, IRR < CC, PI < 1;

NPV = 0, IRR = CC, PI = 1;

- , .

NPV, IRR, PI, MIRR, . :

- ;

- ( , ) .





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