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Engineering Economy 教材:洪军 《 工程经济学 》 高等教育出版社 主 讲: 赵 旭 PowerPoint PPT Presentation


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工 程 经 济 学. Engineering Economy 教材:洪军 《 工程经济学 》 高等教育出版社 主 讲: 赵 旭. 第一章 工程经济学概论. 课堂提问. 1. 经济学( economics ) :是一门研究如何合理地配置和利用有限资源的学科。 2. 经济 (economy) :节约、效益

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Engineering Economy 教材:洪军 《 工程经济学 》 高等教育出版社 主 讲: 赵 旭

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Engineering Economy



  • 1.economics

  • 2.(economy)

  • 3.(engineeringproject)




  • 1

  • 2


  • 1.

  • 2.

  • 3.







  • 1.

  • 2.

  • 3.



1.Understand the problem and define the objective.

2.Collect relevant information.

3.Define the feasible alternative solutions and make realistic estimates.

4.Identify the criteria for decision making using one or more attributes.


  • 5.Evaluate each alternative,using sensitivity analysis to enhance the evaluation.

  • 6.Select the best alternative.

  • 7.Implement the solution and monitor the results.


1-1




  • 1.

  • 2.

  • 3.

  • 4.


  • 1.interest


  • 2.(interest rate)


  • (simple interest)

  • 1.


  • 2.

  • P(principal) i( interest rate)

  • n(number of periods) I(interest)

  • (total due)


  • compound interest)

  • (interest on top of interest)


  • 1.


  • 2.



  • nominal insterest rate


  • 1%


  • 1.

  • 2.(effective insterest rate)


  • 1.


  • 2.




  • 1500517%16%



  • r10%



  • ff

  • 1+=1+ f*1+


  • 100110%5%

  • =1+10%/1+5%-1=4.76%

    =10%-5%=5%



  • 1.(equivalence)

  • 2.


  • 1.Ppresent worth or present value

  • 2.F()(future worth or future value)

  • 3.A() (annual worth)

  • n3


  • 4.() (discount) (discounted cash flow,DCF)

  • 5. ()(insterest rate or rate of return per time period;percent per year,percent per month)


  • 1.

  • cash inflows(cash outflows)

  • 2.

  • (net cash flow,NCF)

  • =


cash flow diagram


cash flow diagram

  • A vertical arrow pointing up indicates a positive cash flow ,conversely,an arrow pointing down indicates a negative cash flow.


F

0

1

2

3

n-1

n

P


  • 500250150860


0


250

60

1

2

3

4

5

6

7

8

9

150

500



  • 1.

  • 2.


1.

(F/P,in)


F=

0

1

2

3

n-1

n

P()

(F/P,i,n)


  • 200510%


2.(P/F)

  • (P/F, i, n)


F()

0

1

2

3

n-1

n

P=

(P/F,i,n)


  • 1.(P/A)

  • 2.(A/P)

  • 3.(F/A)

  • 4. (A/F)


A()

1

2

3

4

5

0

n

n2

n1

P=

1.(P/A)


(P/A)


  • 10210



A=

1

2

3

4

5

0

n

n2

n1

P()

2.(A/P)


(A/P)

PA


  • 200410%



F=

1

2

3

4

5

0

n

n2

n1

A()

3.(F/A)



F()

1

2

3

4

5

0

n

n2

n1

A=?

4.(F/A)




F=

0

1

2

3

4

n-1

n

A1

A1+G

A1+2G

A1+3G

A1+(n-2)G

A1+(n-1)G


1.


2.


F=

2

0

1

3

4

n-1

n

A1

A1q

A1q2

A1q3

A1q(n-2)

A1q(n-1)



1

  • 200010691215412%


2

  • 305606%31210%






  • Investment or invest capital or capital

  • 1.

  • 2.





(fixed assets; capital assets; permanent assets)



  • :

  • :





  • 20002



  • (intangible assets; invisible assets)





330060040012%



  • (current funds; circulating funds; operating funds; working capitall)



  • =++

  • =+

  • =-






  • 1.

  • 2.


1.

  • 1

  • 2

  • 3

  • 4


2.

  • 1

  • 2

  • 3


  • 1.

  • 2.

  • 3.




1.


I

c

e

f

e0.60.650


2.

I

a

Q

=/


3.

I

E

P

f

C


4.

I

C

K

fi

fc


  • 1.

  • 2.

  • 3.


1.


2.


1

PF

t

f

n

m


21

  • 5000300020005%1320%60%20%6%



5000+3000+20005%=500

  • 5000+3000+2000+500=10500

  • 1050020%=210

  • 1050060%=630

  • 1050020%=210



3.

  • =+/2*


2

  • 330060040012%


  • 18+74.16+143.06=235.22



  • 90005%2%0%133120%250%330%450008%


  • 9000

  • 90005%=450

  • 9000+450=9450

  • 9450*20%=1890

  • 9450*50%=4725

  • 9450*30%=2835


  • 56.98+239.81+203.46=500.25


  • 5000*20%=1000

  • 5000*50%=2500

  • 5000*30%=1500


  • 1000*0.5*8.24%=41.20

  • 1000+41.20+2500*0.5*8.24%=188.79

  • 1000+41.20+2500+188.79+1500*0.5*8.24%

    =369.15

  • 41.20+188.79+369.15=599.14


  • 9000+450+500.25+599.14=10549.39




  • 1.

  • 2.

  • 3.

    15%20%5%12%



1.

  • =+++


  • =+

2.


3.

  • =-

  • =-


4.

  • =-


1

  • 360

    =360/


2

  • =/


3

  • =/


4


=+++

=/

  • =/


  • =+++/

  • =-/


5

  • =+/


  • =++

    =++-




6


  • =/


  • =/


11007.2086066019200210003300010%8001200304030403030


  • 1.=-

  • 2.=+++

  • 3.=+


  • 1=/

    =21000/360/30=1750

  • 2=/

    =800/360/30=66.67


  • =+++

  • =/

  • =/

  • =+++/

  • =-/


  • =19200/360/40=2133.33

  • =19200+1100*7.2+21000*10%+660/360/40=3320.00

  • =21000/360/40=2333.33

  • =2133.33+3320.00+2333.33=7786.66


  • =+/

    =1100*7.2+860/360/40=975.56


  • 1750+66.67+7786.66+975.56=10578.89


  • =/

    =19200/360/30=1600.00


  • =/

    =1200/360/30=100.00


  • =1600.00+100.00=1700.00


  • =10578.89-1700.00=8878.89



  • 1.

  • 2.

  • 3.

  • 4.

  • 5.

  • 6.

  • 7.

  • 8.



  • 1.

  • 2.

  • 3.


1.



2.


  • 1.

  • 2.

  • 3.

  • 4.


1.

  • 1

  • 2

  • 3


1

  • D

  • Vk

  • Vl

  • N


2

  • d

  • W

  • W


3


  • VR



  • 1=

  • =

  • 2<

  • =-+

  • =-


  • 48004180620104%66



  • 200205


  • 1


  • 2

  • 200-80=120

  • 120-48=72


  • 72-28.8=43.2

  • 43.2-11.6=31.6

  • 31.6-11.6=20





2.

  • 120

  • 210

  • 35

  • 44

  • 53


3.

  • 1

  • 2

  • 310


4.

  • 5





  • =----





  • AB42700BA





  • 50


  • (income)

  • (taxes)



  • 1.

  • 2.

  • 3.

  • 4.

  • 5.

  • 6.


1.

  • 17%13%0%


12317%

213%


3

417%


  • =

  • =*

  • =[/1+]*

  • =[/1+]*


  • 1+

  • 1


1

2

313% =


47%

=


  • = 3%


  • 508050%

  • 2009113%


  • 200811534200911


  • 17%72004900



2.

  • 3%5%

  • =*


3.

  • 1

  • 2


4.

  • 25%20%15%

  • 5

  • =*


5.


  • 3.00 2.30 1.60 1.00 0.50 0.20M2

  • 1612~8


  • 1%2%3%5%


6.

  • : 3% 3% 3% 3% 8% 5% 5% 5% 10%

  • 7%5%1%++

  • 3%

    ++


  • --=

  • -=





  • =+

  • =++++

  • =++


  • +++


  • =++++++

  • =++





  • l02380%42800l1000218002500l000500635


  • 85151055

  • 315004101800505440


  • 1.

  • 2.

  • 3.348


  • 1

  • 2800+2485%=2400.4

  • 2400.45%=120.02

  • =2400.4-120.02/10=228.02

  • =2800+2415%=423.6

  • =423.6/5=84.72


  • 2=10-8228.02+120.02=576.06

  • 33=1500+228.02+84.72+49.44=1862.18

  • 4=1800+228.02+84.72+39.552=2152.292

  • 8=1800+228.02=2028.02








  • PtPt`



  • Pt =-1+/



  • Pt` =-1+/


10%


0

1

2

3

4

5

6

10%

-6000

-5000

4000

3500

4000

4500

4000

-6000

-11000

-7000

-3500

500

5000

9000

-6000

-4545

3306

2630

2732

2794

2258

-6000

-10545

-7239

-4609

-1877

917

3175

4-1+3500/4000=3.875

5-1+1877/2794=4.672






T


  • 3

  • 10060

  • 11055

  • 14045


  • PC,AC

  • NPV

  • NAV




PC

AC

t

n


5. ABi0=10%


: A:

B:

=4.157


  • NPV


  • NPV0

  • NPV0 NPV




NPV

0

i

NPVi


NAV

  • NPV


  • NAV 0

  • NAV 0 NAV




3IRRi

NPV

0

i

IRR

i


  • a. ij

  • NPV (ij) = 0ij=IRR

  • NPV (ij) > 0 ij

  • NPV (ij) < 0 ij

  • b. i1NPV(i1)>0i2NPV (i2)<0


c. IRR

4

IRR


  • i0=10%



  • IRR


i0=10%

IRR=13.5%



  • ERR



t

t

3.


i0=10%


ERR=10.1%10%


IRRERR

3.

IRRi0IRR ERR i0

IRRIRR


0



  • 0



3

IRRi0

IRRi0


i0=10%


i1=20% NPV1=0.106

i2=25% NPV2=-0.048

IRR=23.4% i0YX


1.

2.

3. NPVI > 0 NPVI

4.NPVNPVI


  • 1.

  • 2.


(1)

(2)

1.


=/100%

=--

=/100%

=-


=/100%


2.-B-C


  • -=/

  • B-C1


-

  • -1






  • NPVAW NPV IRR


ABC20003000400070095011506i0=10%


1

NPVBNPVA NPVC

B


2

B


3

B

4NAVNFV


IRR

  • A:IRR=26.4%

  • B:IRR=22.1%

  • C:IRR=18.2%


  • 2

  • (1)NPVPC

  • (2) (NAVAC)


ABi0=12%


1.

2.

A


  • NPVR,IRR


  • ABCi=8%

1.

2.450


1.

ABCNPV

ABCNPV0ABC

1.


2.


1

ABC

  • ABCABACBCABC

  • BC ABC

  • NPV

  • NPVA=54.33NPVB=89.18NPVC=78.79

  • NPVA+B=54.33+89.18=143.51

  • NPVA+C=54.33+78.79=133.12

  • 450AB


NPVRIRR

0.543

19.06%

0.315

14.61%

A

0.297

14.27%

C

B

100

250

300

100

350

650

2

AC





ABC i0=10%

1.

2.40005000


1.

A2

B2


C2

A2B2C2

2.


NPVR

3.5

2

C1-0

A1-0

0.7

0.5

B2-0

A2-A1

C2- C1

1000

1000

2000

1000

1000

1000

2000

4000

5000

6000

1


  • 4000

  • A1+B2 +C1

  • 5000

  • A2+B2 +C1



  • 1.

  • BEP

  • Break-even point (),


  • 2.



3300078003000


Q0=3P=3000/C=7800

Cf=3000

CV=7800-3000/3=1600/

=3000/3000-1600=2.14

=2.14/3100%=71.3%

=1600+3000/3=2600/

=3000-3000/3=2000/



X

X0


3.5/m22/m21


X

C1=3.5X

C2=2 X+10000

C1= C2

3.5X= 2 X+10000

X=6667

X6667X6667


  • 1.


2.

1

2


3.

  • 1 2

  • 3 4

  • 5 6

  • 7 8

  • 9


4.

1

NPVNAVTPIRR

2

3

4


5.

  • 1


2


  • NPV=0IRR=i0


  • 20%10%



  • KxSyCzL

  • NPV i0=10% =-K+S-CP/A10%10

  • P/F10%1+LP/F10%11

  • NPV i0=10% =-K1+x+S-CP/A10%10P/F10%1+LP/F10%11

  • NPV i0=10% =-K+ S (1+y) -C P/A10%10P/F10%1+LP/F10%11

  • NPV i0=10% =-K+ S -C (1+z) P/A10%10P/F10%1+LP/F10%11



NPV

11394

-20 -15 10.3-10 -5

5 10 13.4 15 20


  • 93.6%0

  • 13.42%0

  • 10.3%0

  • -1.32

  • -7.45

  • 9.70




  • E(X)X X

  • P


1

  • 7.9652.10121812%




  • 70%

    1-0.1-0.2=0.7

    /=2.1894

    2


  • 1

  • 2

  • 3


  • 11


  • 134



  • 0

  • 136










FNPVFIRRPt

FIRR

FIRR






1

2



  • =-

    =+++

    =+



  • 1

    2

    3



1.


2.



1.

  • 1.

  • 2.

  • 3.

    15%20%5%12%


2.

  • =-

  • =+++

  • =+

  • =-


3.



1.

  • =+

  • =++++

  • =++


2.

  • =++++++

  • =++


3.


4.






1

  • 3600306060540104%26



  • 46%4%

  • 6

  • 38/6%25%8%

  • 10%15%


  • 210%30%

  • 1.

  • 2.

  • 3.FIRRFNPV

  • 4.





1

  • ()

  • ()()



2

  • ()

    ()()


()()()()()


3

  • ()

  • 1


  • 2

  • 3


3

  • 4

    ()


4

  • ()

  • 1()

  • 2


5

  • ++


5

  • ++>

  • =--
















1.FIRR2.FNPV

  • FIRRfinancial internal rate of return

  • FNPV: financial net present value


3.ROI

  • ROIreturn on investment

  • ROI=EBIT/TI*100%

    =/*100%

  • EBIT:earnings before interest and tax=+

  • TI:total investment


4.ROE

  • ROE:return on equity

  • ROE=NP/EC*100%=/*100%

  • NP: net profit

  • ECequity capital


5.ICR

  • ICR:interest coverage ratio

  • ICR=EBIT/PI

    =/

  • PI:pay interest

  • ICR1


6.DSCR1

  • DSCRdebt service coverage ratio

  • DSCR=(EBITDA-TAX)/PD=/

  • EBITDAEarnings Before Interest Taxes Depreciation and Amortization

  • EBITDA

  • TAX

  • Depreciation[d,prien ]

  • Amortization[mtzen ]


7.

  • LOAR)

  • LOAR:liability on asset ratio

  • Liability:[,lablt] , ; ;,

  • LOAR=/*100%

  • 40%~60%


8.

  • =/*100%

  • 200%

  • =/*100%

  • =-

  • 100%






2

  • 1.5263.9060028

  • 2.10%43.83001233%

  • 4.370%490%

  • 5.50%270%90%



  • 2.

  • 3.




  • 1

  • 2

  • 3


  • 1

  • 2

  • 3




  • 1.

  • 2.

  • 3.

  • 4.

  • 5.

  • 6.

  • 7.


  • 35%

    30%


  • 65%40%25%40%25%



  • 1.

  • 2.

  • 3.

  • 4.

  • 5.


  • 1.

  • 2.

  • 3.

  • 4.

  • 5.






  • =/-100%


1


2


3


4


5


(6)(WACC)

Weighted average cost of capital


2.

  • 1

  • 2

  • 3

  • 4

  • 5

  • 6

  • 7

  • 8


3.

  • 1

  • 2

  • 3

  • 4

  • 5

  • 6


4.

  • 1

  • 2

  • 3

  • 4


5.

  • 1

  • 2


1


2




1.


2.

  • 1

  • 2

  • 3



  • 1.:

  • 2.:

  • 3.:

  • 4.:


  • ABC


1.


2. ABC

  • A20%70%B40%20%C40%10%A CB



  • 17ABC


3.




4.

  • V=F/C


  • 1.

  • 2.

  • 3.


1.


2.


  • 1

  • 2

  • 3


1


2


3


3.

  • 1

  • 2

  • 3


1

  • 0-1

  • 0-4


0-1

  • 10

  • =/


  • Babcde12


  • 408.5506.82.5


  • 1.

  • 2.

  • 3.





  • =10*0.267+8*0.333+8*0.133+10*0.200+10*0.067=9.06

  • =8.80

  • =9.06/9.06+8.80=0.507

  • =0.493


=8.5+40/2.5=24.5/

=6.8+50/2.5=26.8/

=24.5/24.5+26.8=0.478

  • =0.522


=0.507/0.478=1.061

  • =0.493/0.522=0.944


  • 3.X

  • (8.5+40/X)/(6.8+50/X)=0.507/0.493

  • X=7.58


0-4

  • 40312


  • bcdeadab



  • ABCD1420/1230/1150/1360/


  • 1.

  • 2.



A9*0.350+10*0.225+9*0.225+8*0.100+9*0.100=9.125

  • B9.275

  • C: 8.900

  • D: 8.150

  • 9.125+9.275+8.900+8.150=35.45


  • A:9.125/35.45=0.257

  • B:0.262

  • C:0.251

  • D:0.230


  • A:1420/(1420+1230+1150+1360)=1420/5160=0.275

  • B:1230/5160=0.238

  • C:0.223

  • D:0.264


  • A:0.257/0.275=0.935

  • B:1.101

  • C:1.126

  • D:0.871

  • CC


  • 2.

  • =/

  • 3.

  • =/

  • 11


  • 4.

  • 1

  • 2

  • 3

  • =


1

  • 2


  • A93%1438/


BA87%1108/C79%1082/



  • 1.

  • 2.12170



11 21 31


1.


39.05+8.75+7.4525.25


2.

3.

B


  • 2

  • 2





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