31 views

Original Title: strategic management

Uploaded by chitu1992

- Chapter 2 - Project Integration Management
- financial management 2
- Finance 3
- Maj Shawkat
- Caoital Case Study
- Zahid Sohaib PROJECT
- Paper 2
- SFM Past 10 Year Papers
- Corporate Finance
- Finance Examples
- Chapter 4: Project Integration Management
- RETScreen Help-Sensitivity and Risk Analysis
- Tugas Individu I MKB Capital Budgeting
- Mgrl Corner 4e SM AISE 14
- Chapter 10 and 12 Gitman
- Week 7 Chapter 9
- Engg. Economics Project
- If The Coat Fits.docx
- Tutorial About
- APPENDIX a- List of Figures and Tables

You are on page 1of 36

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 1

Learning objectives

Q1: How are strategic investment decisions made? Q2: What cash flows are relevant for strategic investment decisions? Q3: How is net present value (NPV) analysis performed and interpreted? Q4: What are the uncertainties and limitations of NPV analysis? Q5: What alternative methods (IRR, payback, and accrual accounting rate of return) are used for long-term decision making? Q6: What additional issues should be considered for strategic investment decisions? Q7: How do income taxes affect strategic investment decision cash flows? Q8: How are the real and nominal methods used to address inflation in NPV analysis (Appendix 12A)

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 2

The process used to compare and analyze long-term investment projects is called capital budgeting. The capital budgeting process includes the following stages:

Identify decision alternatives. Identify relevant cash flows. Apply the appropriate quantitative techniques. Perform sensitivity analysis. Identify and analyze qualitative factors. Consider quantitative and qualitative factors and make a decision.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 3

Methods that consider the time value of money: Net present value (NPV) method Internal rate of return (IRR) method

Methods that do not consider the time value of money: Payback method Accounting rate of return method

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 4

Relevant cash flows occur in the future and are different across the alternatives. Examples of relevant cash outflows include: Initial investment outlay Future operating costs Project closing and cleanup costs Examples of relevant cash inflows include: Future revenues Decreased operating costs Salvage value of assets at projects end

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 5

The NPV of a project is the sum of the projects discounted cash flows:

NPV =

n t=0

t t

t = year of the projects life in which cash flow occurs n = life of the project r = discount, or hurdle rate If a projects NPV > 0, it is acceptable

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 6

NPV analysis is often used to screen projects as to whether they are acceptable.

After screening, acceptable projects may be ranked according to their profitability index.

Profitability index = Present value of benefits Present value of costs

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 7

Joseph Leasing is considering an investment in a new apartment building. The Lindie Lane building will cost $450,000 and the net annual cash inflows are expected to be $45,000 for 7 years. At the end of the 7th year, Joseph expects to be able to sell Lindie Lane building for $400,000. Joseph demands a minimum required rate of return of 8% on all investments. Assume all cash inflows occur at the end of each year. Compute the NPV of the Lindie Lane building. Is it an acceptable investment?

PV of cash inflows: Annuity of cash inflows: $45,000 x PV annuity factor of 5.206 $234,270 Sale of building: $400,000 x PV of $1 factor of 0.583 233,200 467,470 PV of cash outflows: Initial investment 450,000 NPV $17,470

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 8

Joseph Leasing is also looking at the purchase of a lot with a double-wide trailer on it. The cost is $65,000 and the expected net cash inflows are $6,800 per year for 10 years. At the end of the 10th year, Joseph expects to be able to sell the lot and trailer for $45,000. Compute the NPV of the trailer investment. Is it an acceptable investment?

PV of cash inflows: Annuity of cash inflows: $6,800 x PV annuity factor of 6.710 Sale of lot and trailer: $45,000 x PV of $1 factor of 0.463 PV of cash outflows: Initial investment NPV

Yes, the NPV > 0, so the investment is acceptable

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 9

Compare the two investments for Joseph using the profitability index, and describe to him what the index means. Which investment (or both) should he make?

Profitability index Lindie Lane building: PV of cash inflows PV of cash outflows Trailer: PV of cash inflows PV of cash outflows 467,470 = 450,000 66,463 = 65,000 1.0388

1.0225

The Lindie Lane yields a slightly greater PV for each invested dollar than does the trailer.

If Joseph has sufficient capital, he should invest in both unless he has alternatives that have even greater profitability indices.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 10

The uncertainty about future cash flows increases the further the cash flow is in the future, but NPV analysis uses only one discount rate for all future periods.

Individuals providing information about the future cash flows are likely to have a vested interest in the projects acceptance.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 11

The IRR method computes the discount rate required to set the NPV to zero.

For projects with equal annual cash inflows where the only cash outlay is the initial investment, the IRR can be determined by computing the PV of an annuity factor and solving for the interest rate.

Initial investment = PV of an annuity factor Annual cash inflow

Then the discount rate is found by locating the column for the PV factor, given n.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 12

Graham Enterprises is considering the purchase of a new machine. The cost is $100,000 and the machine is expected to generate cost savings of $17,700 each year for 10 years. The machine is not expected to have any salvage value at the end of its life. Assume the cost savings are realized at the end of the year. Graham requires a 10% rate of return on all new investments. Compute the IRR for the proposed machine. Should Graham purchase the machine? Locate the 5.65 factor in the present $100,000 = 5.650 value of an annuity table, using n = $17,700 10 years and note that it is found in the 12% column, so the IRR = 12%.

Since the machines IRR exceeds Grahams minimum rate of return, the machine is an acceptable investment, but of course should still be compared to other, potentially better, investments.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 13

The payback method computes the number of years before the initial investment is recovered. If cash inflows are the same each year and the project has only one initial outlay, the payback period is computed as:

Payback period in years =

Initial investment Annual cash inflow

For projects where annual cash inflows are not equal, the payback period is computed by merely counting the years required before the initial investment is recovered.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 14

The payback method is widely used because of its simplicity. However, the payback method is flawed because:

It ignores the time value of money. It ignores cash flows that occur after the payback period.

If used at all, the payback method should be used in conjunction with the NPV or IRR methods to help assess project risk.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 15

Graham Enterprises is considering the purchase of a new machine. The cost is $100,000 and the machine is expected to generate cost savings of $17,700 each year for 10 years. The machine is not expected to have any salvage value at the end of its life. Compute the payback period for the proposed machine.

Notice that the payback period is the same as the PV factor computed in the IRR example.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 16

Cophil, Inc. is considering the purchase of a new machine. There are two alternatives, and the cash flow information is given below. Compute the payback period for each and comment on your findings.

Time Cash Flow period Machine A Machine B The payback period for 0 ($100,000) ($100,000) Machine B is 2 years. The 1 $10,000 $50,000 payback period for Machine A 2 $20,000 $50,000 is 3.5 years ($60,000 covered after 3 years, and $40,000 is 3 $30,000 of year 4s cash inflow). 4 $80,000 5 $80,000 The payback method shows Machine B to be 6 $80,000 preferable to Machine A, but ignores the large cash inflows of Machine A that occur after the payback period.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 17

The accrual accounting rate of return computes the projects rate of return using operating income in place of cash flows.

Accrual accounting rate of return

= Operating income Annual cash inflow

This method is widely used because the financial accounting information is readily available, but is is flawed because it ignores the time value of money.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 18

Blanche Manufacturing is considering the purchase of a new machine. The cost is $100,000 and it is expected to last 5 years and have no salvage value. The machine is expected to generate cost savings of $32,000 per year. Ignoring income tax effects, compute the accrual accounting rate of return for this investment.

$32,000

Effect on annual operating income Accrual accounting rate of return

John Wiley & Sons, 2005

20,000

$12,000

$12,000 $100,000

= 12%

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 19

the effects of the decision on the companys reputation, the effects on the quality of the companys products and services, the effects on the companys community, and the effects on employees.

After a capital budgeting decision is made, a post-investment audit should be performed to assess the decision process.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 20

All cash flows should first be converted to an after-tax amount. The tax savings that result from the depreciation deduction is called the depreciation tax shield.

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 21

Colby Products is considering the purchase of a new machine. The cost is $180,000 and it is expected to last 6 years and have no salvage value. The machine is expected to generate cost savings of $50,000 per year. Colbys tax rate is 30% and its discount rate is 10%. For simplification, suppose that Colby uses straight-line depreciation for both books and taxes. Compute the IRR of this machine. Cash inflows after taxes [$50,000 x (1 30%)] Tax savings from depreciation [$30,000 x 30%] Net after-tax annual cash inflows $35,000 9,000 $44,000

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 22

Colby Products is considering the purchase of a new machine. The cost is $180,000 and it is expected to last 6 years and have no salvage value. The machine is expected to generate cost savings of $50,000 per year. Colbys tax rate is 30% and its discount rate is 10%. For simplification, suppose that Colby uses straight-line depreciation for both books and taxes. Compute the IRR of this machine. Cash inflows after taxes [$50,000 x (1 30%)] Tax savings from depreciation [$30,000 x 30%] Net after-tax annual cash inflows $180,000 $44,000 $35,000 9,000 $44,000

Locate the 4.091 factor in the present value of an annuity table, using n = 6 years and note that it is found between the 12% & 13% columns, so the IRR is just over 12%.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 23

Colby Products is considering the purchase of a new machine. The cost is $180,000 and it is expected to last 6 years and have no salvage value. The machine is expected to generate cost savings of $50,000 per year. Colbys tax rate is 30% and its discount rate is 10%. For simplification, suppose that Colby uses straight-line depreciation for both books and taxes. Compute the payback period of this machine. Cash inflows after taxes [$50,000 x (1 30%)] Tax savings from depreciation [$30,000 x 30%] Net after-tax annual cash inflows $35,000 9,000 $44,000

$180,000 $44,000

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 24

Q7: Capital Budgeting and Income Tax Considerations (Accrual Accounting ROR) Example

Colby Products is considering the purchase of a new machine. The cost is $180,000 and it is expected to last 6 years and have no salvage value. The machine is expected to generate cost savings of $50,000 per year. Colbys tax rate is 30% and its discount rate is 10%. For simplification, suppose that Colby uses straight-line depreciation for both books and taxes. Compute the accrual accounting rate of return of this machine. Cash inflows after taxes [$50,000 x (1 30%)] Tax savings from depreciation [$30,000 x 30%] Net after-tax annual increase in operating income $44,000 $180,000 $35,000 9,000 $44,000

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 25

When the purchasing power of the dollar declines over time, it is known as inflation. The real rate of interest does not consider changes in the purchasing power of a dollar.

The nominal rate of interest is the rate that investors demand when inflation is taken into consideration in their decisions.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 26

The risk-free rate is the rate of interest that is paid on long-term government bonds. The risk premium is the additional rate of return investors demand to compensate them for taking risk. The risk premium increases for riskier investments.

The real rate of interest is the nominal rate plus the risk premium demanded for that investment.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 27

Nominal rate of = interest

(1 + real rate) x (1 + inflation rate) -1

Nominal future cash flows are real cash flows inflated to future dollars:

Nominal cash flow = Real cash flow x (1 + i)t, where i = rate of inflation, and t = the number of time periods in the future the cash flow occurs

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 28

In the real method of NPV analysis, future cash flows are state in real dollars (without considering changes in the purchasing power of the dollar) and a real rate of interest is used as the discount rate.

In the nominal method of NPV analysis, future cash flows and the terminal project value must be inflated to future dollars and a nominal rate of interest is used as the discount rate.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 29

1.Calculate the annual depreciation deduction for tax purposes, 2.Convert each years depreciation deduction from year zero dollars to real dollars by dividing by (1 + inflation rate)t, 3.Multiply the real value of the depreciation deduction times the tax rate.

Calculate the NPV for the incremental cash flows, including the tax savings from depreciation, using the real rate of interest.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 30

Stiles, Inc. is considering the purchase of a new machine. The cost is $400,000 and it is expected to last 6 years and have a salvage value of $80,000. Stiles tax rate is 30%, the risk-free rate is 3%, the expected inflation rate is 2%, and Stiles believes that a risk premium of 5% for this machine is appropriate. The machine qualifies as 5-year MACRS property for tax purposes, which means that the depreciation deduction is taken over 6 years at 20%, 32%, 19.2%, 11.52%, 11.52%, and 5.76% of asset cost, respectively. Compute the depreciation tax shield in real dollars for this machine. *this is the nominal depreciation over (1.02)t

MACRS rate Depreciation deduction (nominal) Depreciation deduction (real)* Tax savings (real)

John Wiley & Sons, 2005

1 20.00%

2 32.00%

Slide # 31

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Compute the tax on the gain on the sale of the machine, in real dollars.

Asset cost Depreciation taken Tax basis of asset Proceeds from sale of asset Gain on sale Tax rate Taxes on gain $400,000 $400,000 $0 $80,000 $80,000 30% $24,000

Note that the tax will be paid in the same year as the disposal, so the $24,000 is already in real dollars. On the prior slide, depreciation deductions taken in years 2 6 are based on an investment stated in year 1 dollars, so they were not in real dollars and needed to be deflated.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 32

Incremental cash inflows and the terminal cash flow must be adjusted (inflated) for inflation.

Calculate the gain on asset disposal as the historical cost compared to the nominal depreciation deduction. The nominal and real methods yield the same NPV when the inflation rate is constant over the investments life.

John Wiley & Sons, 2005 Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e Slide # 33

Stiles, Inc. is considering the purchase of a new machine. The cost is $400,000 and it is expected to last 6 years and have a salvage value of $80,000. Stiles tax rate is 30%, the risk-free rate is 3%, the expected inflation rate is 2%, and Stiles believes that a risk premium of 5% for this machine is appropriate. The machine qualifies as 5-year MACRS property for tax purposes, which means that the depreciation deduction is taken over 6 years at 20%, 32%, 19.2%, 11.52%, 11.52%, and 5.76% of asset cost, respectively. Compute the depreciation tax shield in nominal dollars for this machine.

1 2 32.00% $38,400 3 19.20% $76,800 $23,040 4 11.52% $46,080 $13,824 5 11.52% $46,080 $13,824 6 5.76% $23,040 $6,912

Tax savings

20.00% $24,000

$80,000 $128,000

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 34

Compute the tax on the gain on the sale of the machine, in nominal dollars.

Disposal value Inflation factor Inflated disposal value Tax basis of asset Gain on sale Tax rate Taxes on gain

= (1.02)6

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 35

Suppose the machine generates cost savings of $60,000 per year for 6 years. Compute the NPV of the machine using the nominal method.

Time period Cash inflows Inflated cash inflows Taxes on cash inflows Taxes on gain Depreciation tax savings $24,000 Net cash inflows PV factor (nominal) PV of annual net cash flow Initial outlay NPV $66,840 0.90777 $60,675 $38,400 $82,097 0.82405 $67,652 $23,040 $67,611 0.74805 $50,576 $13,824 $59,286 0.67905 $40,258 $13,824 0.61643 $37,106 1 $60,000 $61,200 2 $60,000 $62,424 3 $60,000 $63,672 4 $60,000 $64,946 5 $60,000 $66,245 6 $60,000 $67,570 $90,093 $6,912 0.55957 $65,624 $321,892 $400,000 ($78,108) Total $360,000 $386,057 $90,093 $120,000 $453,305

($18,360) ($18,727) ($19,102) ($19,484) ($19,873) ($20,271) ($115,817) ($27,028) ($27,028) $60,195 $117,276

Chapter 12: Strategic Investment Decisions Eldenburg & Wolcotts Cost Management, 1e

Slide # 36

- Chapter 2 - Project Integration ManagementUploaded bySankalp Navghare
- financial management 2Uploaded byIvani Katal
- Finance 3Uploaded byJesfer Averie Manarang
- Maj ShawkatUploaded byShawkat Siddiki
- Caoital Case StudyUploaded byTanvir Ahmed Rajib
- Zahid Sohaib PROJECTUploaded byZAHIDHUSSAIN88
- Paper 2Uploaded byKing Thomas
- SFM Past 10 Year PapersUploaded byAkash Kumar
- Corporate FinanceUploaded bynavnitafun
- Finance ExamplesUploaded byhopes80677
- Chapter 4: Project Integration ManagementUploaded bybelive_3006
- RETScreen Help-Sensitivity and Risk AnalysisUploaded byAbolfazl Pezeshkzadeh
- Tugas Individu I MKB Capital BudgetingUploaded byAndryo Rachmat
- Mgrl Corner 4e SM AISE 14Uploaded byvem arcayan
- Chapter 10 and 12 GitmanUploaded byLBL_Lowkee
- Week 7 Chapter 9Uploaded byNo Promises
- Engg. Economics ProjectUploaded bykawthar
- If The Coat Fits.docxUploaded byAngelica Olesco
- Tutorial AboutUploaded byCzerine Diaz Bautista
- APPENDIX a- List of Figures and TablesUploaded byJaypaul Acidera
- Chap012 by SirUploaded bykonyatan
- Ma2 Project Screening Projec Ranking and Capital RationingUploaded byMangoStarr Aibelle Vegas
- Capital BudgetingUploaded byAtul Kumar Rai
- Chapter 14aUploaded bympare85
- DEMO FinanceUploaded byVannesa Ronquillo Compasivo
- 11ch21Uploaded byLJane
- FIN630-Exam I Winter 2014Uploaded byjimmy_chou1314
- 03 Investment CriteriaUploaded byAniruddha
- Energy Management1Uploaded byVaraPrasad
- 23 Tejas Garje SIP ESUploaded byShrikant Kishor Mantri

- 1300 Math Formulas a SvirinUploaded byIon Logofătu Albert
- II MBA VI Trimester Time Table 3Uploaded bychitu1992
- Role of Technology in Indian Banking SectorUploaded bychitu1992
- South East Asian CrisisUploaded bychitu1992
- ERP Benefits and RiskUploaded bychitu1992
- JaiibUploaded byManikantha Pattugarala
- II MBA VI Trimester Time Table Version 1Uploaded bychitu1992
- Trimester 5Uploaded bychitu1992
- ColgateUploaded bychitu1992
- Nilkamal.docxUploaded bychitu1992
- IMBA Version 7 & II MBA Version 11 e From 17.12.2013. (3)Uploaded bychitu1992
- Role of Banks in IndiaUploaded bychitu1992
- ValuationUploaded bychitu1992
- Chapter OneUploaded bychitu1992
- Raghuram Rajan EffectUploaded bychitu1992
- FDIUploaded bychitu1992
- Data WarehouseUploaded bychitu1992
- RM ProjectUploaded bychitu1992
- IMBA Version 7 & II MBA Version 11 e From 17.12.2013Uploaded bychitu1992
- International Financial MarketsUploaded bychitu1992
- II MBA Version 9 e 12.12.2013Uploaded bychitu1992
- Investment Banking - An OverviewUploaded bychitu1992
- Bloomberg Assessment TestUploaded byManish Gujjar
- MODULE-AUploaded bynivedhitha_01
- ERP Implementation LifecycleUploaded bychitu1992
- V Trimester Time Table.xls Version 4Uploaded bychitu1992
- Banking BookUploaded bychitu1992
- Antonyms.text.MarkedUploaded bySandeep Kodali
- BankPOUploaded byBalasubramanian Gurunathan
- Analytical ReasoningUploaded bychitu1992

- Management Accounting/Series-2-2011(Code3024)Uploaded byHein Linn Kyaw
- at6Uploaded byLey Esguerra
- MGT604 Project Management Week 1-1_RS(1)Uploaded byLee Zhong Hou
- Final CoverpageUploaded byCarolyn Pestilos
- Final Presentation Full Year FY14Uploaded byManish
- Assignment 1Uploaded bySarthakArya
- 64018.pdfUploaded byCuttie Catz
- Study NotesUploaded bykgoof
- Victoria Chemicals Part 2Uploaded bycesarvirata
- understanding financial management - a practical guideUploaded byapi-239303870
- Final f3 Peg September 2010 v2Uploaded bySarith Samarajeewa
- MxCalcPPC 12c User GuideUploaded byMarco Aurelio Antunes
- CFA Level 1 Schweser Notes 2006 - eBook 3.pdfUploaded bylemur6666
- PMP NotesUploaded byGanesh Kumar
- Mathemetics of Real Estate AppraisalUploaded byJigesh Mehta
- Chapter 4: Project Integration ManagementUploaded bybelive_3006
- Project Management [Compatibility Mode]Uploaded byDebapriya Basu
- ch12Uploaded byghsoub777
- Assignment 2 -MCQsUploaded byRizwan Khalid
- 562_spring2003Uploaded byEmmy W. Rosyidi
- Le MeridienUploaded byJyotikaLal
- AC100 HighlightsUploaded byAnonymous RnapGaSIZJ
- Investment Banking - How to Become an Investment BankerUploaded byMichael Herlache MBA
- Chp. 19Uploaded byMathew Stacks Rincon
- 00017547_Application of Equivalent Drawdown Time in Well Testing_Swift S CUploaded byAna Cruz
- FINA2303 Topic 03 Capital BudgetingUploaded byRayne Chan
- Financial Analysis - Savico Shopping CentreUploaded byHoang Pham
- PMP Notes Rajesh Thallam v1.0 (1)Uploaded bynclogesh_1981
- capitalbudgeting-copy-150418191426-conversion-gate02.pdfUploaded bySunil RAYALASEEMA GRAPHICS
- TestBankCh02Ed5.docUploaded byJoshua Teng