# Discounted Cash Flow Analysis (aka Engineering Economy)

Save this PDF as:

Size: px
Start display at page:

## Transcription

1 Discounted Cash Fow Anaysis (aka Engineering Economy) Objective: To provide economic comparison of benefits and costs that occur over time Assumptions: Future benefits and costs can be predicted A Benefits, Costs measured in money Singe point of view (generay, the project owner) + - P Cash Fow R Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 1 of 16 F time Issue - Vaue over time Money now has a different vaue than the same amount at a different date Comparabe to but not equa to interest rate Proper name: Discount Rate, r because future benefits/costs are reduced (that is, discounted ) to compare with present Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 2 of 16

2 Formuas for N Periods Singe amounts a) Future Amount = P (1 + r) N = P (caf) caf = Compound Amount Factor b) Present Amount = F/caf 1/caf = Present Worth Factor Finite Series c) F = Σ i R (1 + r) i = R [(1 + r) N -1] / r d) R = P (crf) = [P*r (1+r) N ] / [(1 + r) N -1] crf = Capita Recovery Factor Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 3 of 16 Formuas for N Periods (cont ) Infinite Series 1 << (1 + r) N => (1+ r) N / [(1 + r) N - 1] => 1 => crf = r Sma Periods (1 + r) N ==> e rn Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 4 of 16

3 Present Vaue Anaysis Present Vaue Anaysis puts a future amounts on a common basis, typicay the present It may be some other reference year that is convenient, such as year of proposed investment Net Present Vaue is the tota of the present vaues of a future amounts, typicay: Revenues Costs = Net Amount Referred to as NPV Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 5 of 16 Exampe Appication of Present Vaue Anaysis A by spreadsheets! Exampe: Year Investment Net Income Cash Fow NPV at 12% \$0.79 Formua: NPV(12%, B9:K9) Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 6 of 16

4 Effect of Different Discount Rates Higher Discount rates => smaer vaue of future benefits discourages projects with ong pay back periods project advocates try to minimize discount rate Exampes: Massive Dams ; Airports; Aircraft projects Argument over Discount rates Often very difficut poiticay Not hard from technica perspective Generay higher than poiticians want, for exampe, US Government base case before 2000 was 7%, but under current administration it is ~5% (see ater sides) MORE DISCUSSION NEXT WEEK Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 7 of 16 US Govt base position on Discount rate (OMB Circuar A-94,1992,revised yeary) 1. Base-Case Anaysis. Constant-doar benefit-cost anayses of proposed investments and reguations shoud report net present vaue and other outcomes determined using a rea discount rate of 7 percent. This rate approximates the margina pretax rate of return on an average investment in the private sector in recent years. Significant changes in this rate wi be refected in future updates of this Circuar. 2. Other Discount Rates. Anayses shoud show the sensitivity of the discounted net present vaue and other outcomes to variations in the discount rate. The importance of these aternative cacuations wi depend on the specific economic characteristics of the program under anaysis. For exampe, in anayzing a reguatory proposa whose main cost is to reduce business investment, net present vaue shoud aso be cacuated using a higher discount rate than 7 percent. (accessed pre 2000) Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 8 of 16

5 Graphica view of Effect of Different Discount Rates and Lengths of Time Reative Present Vaue Reative Vaue r = 0 r = 5% r = 10% r = 15% r = 20% Year Increments Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 9 of 16 Discount Rate Approximation To appreciate effect of discounting: Rue of 72 or Rue of 70 e rn = 2.0 when rn = 0.72 (actuay = 0.693) Therefore, present amount doubes when future amount haves rn = 72 with r expressed in percent Exampes When woud \$1000 invested at 10% doube? What is, at 9%, the vaue of \$1000 in 8 years? Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 10 of 16

6 Effect of Different Time Horizons Longer Periods of Benefits Increase Present Vaues Increment depends on discount rate What ength of time matters? For US Government Rate, not much over 30 years For Rates commony used in business (15 to 20%), anything over 20 years has itte vaue Exception: If future benefits grow exponentiay, they may compensate for discounting of future revenues Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 11 of 16 Current US Government position on Discount rate (OMB Circuar A-94) Provides 2 rates: Nomina represents future purchasing power; refects infation Rea represents constant-doar; assumes no infation => Difference impies assumed rate of infation These rates change yeary (as of ast severa years) These rates differ according to period ower rates for shorter periods Note: assumed rate of infation differs by period (See next sides) Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 12 of 16

7 Discount rates by OMB Circ. A-94, Appendix C [Ref: Nomina Discount Rates. A forecast of nomina or market interest rates for 2007 based on the economic assumptions from the 2008 Budget are presented beow. These nomina rates are to be used for discounting nomina fows, which are often encountered in ease-purchase anaysis. Nomina Interest Rates on Treasury Notes and Bonds of Specified Maturities (in percent) 3-Year Year Year Year Year Year 5.1 Rea Discount Rates. A forecast of rea interest rates from which the infation premium has been removed and based on the economic assumptions from the 2008 Budget is presented beow. These rea rates are to be used for discounting rea (constant-doar) fows, as is often required in cost-effectiveness anaysis. Rea Interest Rates on Treasury Notes and Bonds of Specified Maturities (in percent) 3-Year Year Year Year Year Year 3.0 Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 13 of 16 However Guideines appear precise (2 significant figures) But they are highy variabe from year to year (see next side), so anaysis done in year N can be significanty off in year N+1 Woud seem to be poitica, as evidenced by comparing rates from ast 6 years with those given before 2000 (see side 8) Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 14 of 16

8 Previous Discount rates by OMB. A-94 Nomina Discount Rates for years into future For Year Rea Discount Rates for years into future For Year Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 15 of 16 Summary Formuas Simpe Especiay by Spreadsheets Discount rate is key issue High rates recommended (but see ater presentations) Longer term benefits not arge Engineering Systems Anaysis for Design Richard de Neufvie Massachusetts Institute of Technoogy Discounted Cash Fow Side 16 of 16

### Present Value, Discounted Cash Flow. Engineering Economy

Page 1 Present Value, Discounted Cash Flow. Engineering Economy Objective: To provide economic comparison of benefits and costs that occur over time Assumptions: All Benefits, Costs measured in money Single

### Present Value, Discounted Cash Flow. Engineering Economy

Present Value, Discounted Cash Flow. Engineering Economy! Objective: To provide economic comparison of benefits and costs that occur over time! Assumptions: All Benefits, Costs measured in money Single

### LESSON 13 TIME VALUE OF MONEY 13.0 AIMS AND OBJECTIVES 13.1 INTRODUCTION CONTENTS

Accounting and Finance for Managers LESSON 13 TIME VALUE OF MONEY CONTENTS 13.0 Aims and Objectives 13.1 Introduction 13.2 Foundations of The Time Vaue of Money 13.3 Cassifications of The Time Vaue of

### Choice of Discount Rate

Choice of Discount Rate Discussion Plan Basic Theory and Practice A common practical approach: WACC = Weighted Average Cost of Capital Look ahead: CAPM = Capital Asset Pricing Model Massachusetts Institute

### Risk Margin for a Non-Life Insurance Run-Off

Risk Margin for a Non-Life Insurance Run-Off Mario V. Wüthrich, Pau Embrechts, Andreas Tsanakas February 2, 2011 Abstract For sovency purposes insurance companies need to cacuate so-caed best-estimate

### CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS

Dehi Business Review X Vo. 4, No. 2, Juy - December 2003 CONTRIBUTION OF INTERNAL AUDITING IN THE VALUE OF A NURSING UNIT WITHIN THREE YEARS John N.. Var arvatsouakis atsouakis DURING the present time,

### Risk Margin for a Non-Life Insurance Run-Off

Risk Margin for a Non-Life Insurance Run-Off Mario V. Wüthrich, Pau Embrechts, Andreas Tsanakas August 15, 2011 Abstract For sovency purposes insurance companies need to cacuate so-caed best-estimate reserves

### TERM INSURANCE CALCULATION ILLUSTRATED. This is the U.S. Social Security Life Table, based on year 2007.

This is the U.S. Socia Security Life Tabe, based on year 2007. This is avaiabe at http://www.ssa.gov/oact/stats/tabe4c6.htm. The ife eperiences of maes and femaes are different, and we usuay do separate

### Older people s assets: using housing equity to pay for health and aged care

Key words: aged care; retirement savings; reverse mortgage; financia innovation; financia panning Oder peope s assets: using housing equity to pay for heath and aged care The research agenda on the ageing

Financia Assistance Scheme Eary access to FAS payments for members in poor heath Pension Protection Fund Protecting Peope s Futures The Financia Assistance Scheme is administered by the Pension Protection

### Key Features of Life Insurance

Key Features of Life Insurance Life Insurance Key Features The Financia Conduct Authority is a financia services reguator. It requires us, Aviva, to give you this important information to hep you to decide

### Oligopoly in Insurance Markets

Oigopoy in Insurance Markets June 3, 2008 Abstract We consider an oigopoistic insurance market with individuas who differ in their degrees of accident probabiities. Insurers compete in coverage and premium.

### Secure Network Coding with a Cost Criterion

Secure Network Coding with a Cost Criterion Jianong Tan, Murie Médard Laboratory for Information and Decision Systems Massachusetts Institute of Technoogy Cambridge, MA 0239, USA E-mai: {jianong, medard}@mit.edu

### Fast Robust Hashing. ) [7] will be re-mapped (and therefore discarded), due to the load-balancing property of hashing.

Fast Robust Hashing Manue Urueña, David Larrabeiti and Pabo Serrano Universidad Caros III de Madrid E-89 Leganés (Madrid), Spain Emai: {muruenya,darra,pabo}@it.uc3m.es Abstract As statefu fow-aware services

### PENALTY TAXES ON CORPORATE ACCUMULATIONS

H Chapter Six H PENALTY TAXES ON CORPORATE ACCUMULATIONS INTRODUCTION AND STUDY OBJECTIVES The accumuated earnings tax and the persona hoding company tax are penaty taxes designed to prevent taxpayers

### CONDENSATION. Prabal Talukdar. Associate Professor Department of Mechanical Engineering IIT Delhi E-mail: prabal@mech.iitd.ac.in

CONDENSATION Praba Taukdar Associate Professor Department of Mechanica Engineering IIT Dehi E-mai: praba@mech.iitd.ac.in Condensation When a vapor is exposed to a surface at a temperature beow T sat, condensation

### Investigating the Risk-Return Relationship of Information Technology Investment: Firm-Level Empirical Analysis 1. Forthcoming in Management Science

Investigating the Risk-Return Reationship of Information Technoogy Investment: Firm-Leve Empirica Anaysis 1 Forthcoming in Management Science Sanjeev Dewan (sdewan@uci.edu) Chares Shi (cshi@uci.edu) Vijay

### Magnetic circuits. Chapter 7. 7.1 Introduction to magnetism and magnetic circuits. At the end of this chapter you should be able to:

Chapter 7 Magnetic circuits At the end of this chapter you shoud be abe to: appreciate some appications of magnets describe the magnetic fied around a permanent magnet state the aws of magnetic attraction

### Pay-on-delivery investing

Pay-on-deivery investing EVOLVE INVESTment range 1 EVOLVE INVESTMENT RANGE EVOLVE INVESTMENT RANGE 2 Picture a word where you ony pay a company once they have deivered Imagine striking oi first, before

### 1 Basic concepts in geometry

1 asic concepts in geometry 1.1 Introduction We start geometry with the simpest idea a point. It is shown using a dot, which is abeed with a capita etter. The exampe above is the point. straight ine is

### 3.5 Pendulum period. 2009-02-10 19:40:05 UTC / rev 4d4a39156f1e. g = 4π2 l T 2. g = 4π2 x1 m 4 s 2 = π 2 m s 2. 3.5 Pendulum period 68

68 68 3.5 Penduum period 68 3.5 Penduum period Is it coincidence that g, in units of meters per second squared, is 9.8, very cose to 2 9.87? Their proximity suggests a connection. Indeed, they are connected

### Structural Developments and Innovations in the Asset- Backed Commercial Paper Market

Structura Deveopments and Innovations in the Asset- Backed Commercia Paper arket ark H. Adeson anaging Director, Asset-Backed Commercia Paper oody s Investors Service Strategic Research Institute 1997

### Best Practices for Push & Pull Using Oracle Inventory Stock Locators. Introduction to Master Data and Master Data Management (MDM): Part 1

SPECIAL CONFERENCE ISSUE THE OFFICIAL PUBLICATION OF THE Orace Appications USERS GROUP spring 2012 Introduction to Master Data and Master Data Management (MDM): Part 1 Utiizing Orace Upgrade Advisor for

### AA Fixed Rate ISA Savings

AA Fixed Rate ISA Savings For the road ahead The Financia Services Authority is the independent financia services reguator. It requires us to give you this important information to hep you to decide whether

### Breakeven analysis and short-term decision making

Chapter 20 Breakeven anaysis and short-term decision making REAL WORLD CASE This case study shows a typica situation in which management accounting can be hepfu. Read the case study now but ony attempt

### 3.3 SOFTWARE RISK MANAGEMENT (SRM)

93 3.3 SOFTWARE RISK MANAGEMENT (SRM) Fig. 3.2 SRM is a process buit in five steps. The steps are: Identify Anayse Pan Track Resove The process is continuous in nature and handed dynamicay throughout ifecyce

### A Description of the California Partnership for Long-Term Care Prepared by the California Department of Health Care Services

2012 Before You Buy A Description of the Caifornia Partnership for Long-Term Care Prepared by the Caifornia Department of Heath Care Services Page 1 of 13 Ony ong-term care insurance poicies bearing any

### Aggregate demand. Student workpoint 14.1 Be reflective Make a list of five durable goods and five non-durable goods used in your household.

Aggregate demand 14 By the end of this chapter, you shoud be abe to: distinguish between demand and aggregate demand (AD) define and iustrate aggregate demand define and describe the components of AD expain

### A Supplier Evaluation System for Automotive Industry According To Iso/Ts 16949 Requirements

A Suppier Evauation System for Automotive Industry According To Iso/Ts 16949 Requirements DILEK PINAR ÖZTOP 1, ASLI AKSOY 2,*, NURSEL ÖZTÜRK 2 1 HONDA TR Purchasing Department, 41480, Çayırova - Gebze,

### Chapter 1 Structural Mechanics

Chapter Structura echanics Introduction There are many different types of structures a around us. Each structure has a specific purpose or function. Some structures are simpe, whie others are compex; however

### Managing money and making a profit

Managing money and making a profit For your information How to get the most from today s workshop Ask questions Participate Worksheets Action Pan Today s objectives To hep you gain a greater understanding

### German Working Papers in Law and Economics

German Working Papers in Law and Economics Voume 2003 Paper 21 Efficient Third Party Liabiity of Auditors in Tort Law and in Contract Law Hans-Bernd Schäfer University of Hamburg, Germany Copyright c 2003

Lecture 7 Dataink Ethernet, Home Peter Steenkiste Schoo of Computer Science Department of Eectrica and Computer Engineering Carnegie Meon University 15-441 Networking, Spring 2004 http://www.cs.cmu.edu/~prs/15-441

### Energy Density / Energy Flux / Total Energy in 3D

Lecture 5 Phys 75 Energy Density / Energy Fux / Tota Energy in D Overview and Motivation: In this ecture we extend the discussion of the energy associated with wave otion to waves described by the D wave

### Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey

Distribution of Income Sources of Recent Retirees: Findings From the New Beneficiary Survey by Linda Drazga Maxfied and Virginia P. Rena* Using data from the New Beneficiary Survey, this artice examines

### Betting Strategies, Market Selection, and the Wisdom of Crowds

Betting Strategies, Market Seection, and the Wisdom of Crowds Wiemien Kets Northwestern University w-kets@keogg.northwestern.edu David M. Pennock Microsoft Research New York City dpennock@microsoft.com

### Capacity of Multi-service Cellular Networks with Transmission-Rate Control: A Queueing Analysis

Capacity of Muti-service Ceuar Networs with Transmission-Rate Contro: A Queueing Anaysis Eitan Atman INRIA, BP93, 2004 Route des Lucioes, 06902 Sophia-Antipois, France aso CESIMO, Facutad de Ingeniería,

### Income Protection Options

Income Protection Options Poicy Conditions Introduction These poicy conditions are written confirmation of your contract with Aviva Life & Pensions UK Limited. It is important that you read them carefuy

### Virtual trunk simulation

Virtua trunk simuation Samui Aato * Laboratory of Teecommunications Technoogy Hesinki University of Technoogy Sivia Giordano Laboratoire de Reseaux de Communication Ecoe Poytechnique Federae de Lausanne

### Accounting in the Construction Industry

Accounting in the Construction Industry How your CPA can hep you be among the 80 percent of contractors expected to survive the next year, rather than the 20 percent expected to fai. This whitepaper wi

### Introduction the pressure for efficiency the Estates opportunity

Heathy Savings? A study of the proportion of NHS Trusts with an in-house Buidings Repair and Maintenance workforce, and a discussion of eary experiences of Suppies efficiency initiatives Management Summary

### FRAME BASED TEXTURE CLASSIFICATION BY CONSIDERING VARIOUS SPATIAL NEIGHBORHOODS. Karl Skretting and John Håkon Husøy

FRAME BASED TEXTURE CLASSIFICATION BY CONSIDERING VARIOUS SPATIAL NEIGHBORHOODS Kar Skretting and John Håkon Husøy University of Stavanger, Department of Eectrica and Computer Engineering N-4036 Stavanger,

### Engineering Economics: Comparing Financial Characteristics of Design Options

Engineering Economics: Comparing Financial Characteristics of Design Options Engineering Economic nalysis: Slide 1 Engineering Econ Example: Comparing lternatives \$ Where Should You Build? Far or Near

### Pricing and Revenue Sharing Strategies for Internet Service Providers

Pricing and Revenue Sharing Strategies for Internet Service Providers Linhai He and Jean Warand Department of Eectrica Engineering and Computer Sciences University of Caifornia at Berkeey {inhai,wr}@eecs.berkeey.edu

### Measuring operational risk in financial institutions

Measuring operationa risk in financia institutions Operationa risk is now seen as a major risk for financia institutions. This paper considers the various methods avaiabe to measure operationa risk, and

### Market Design & Analysis for a P2P Backup System

Market Design & Anaysis for a P2P Backup System Sven Seuken Schoo of Engineering & Appied Sciences Harvard University, Cambridge, MA seuken@eecs.harvard.edu Denis Chares, Max Chickering, Sidd Puri Microsoft

### Oracle Project Financial Planning. User's Guide Release 11.1.2.2

Orace Project Financia Panning User's Guide Reease 11.1.2.2 Project Financia Panning User's Guide, 11.1.2.2 Copyright 2012, Orace and/or its affiiates. A rights reserved. Authors: EPM Information Deveopment

### Budgeting Loans from the Social Fund

Budgeting Loans from the Socia Fund tes sheet Pease read these notes carefuy. They expain the circumstances when a budgeting oan can be paid. Budgeting Loans You may be abe to get a Budgeting Loan if:

### FUNDING FOR RETAINED WORKERS COMPENSATION EXPOSURES. Brian Z. Brown Michael D. Price

FUNDING FOR RETAINED WORKERS COMPENSATION EXPOSURES Brian Z. Brown Michae D. Price Funding for Retained Workers Compensation Exposures ABSTRACT by Brian Z. Brown and Michae D, Price The sef-insured workers

### The guaranteed selection. For certainty in uncertain times

The guaranteed seection For certainty in uncertain times Making the right investment choice If you can t afford to take a ot of risk with your money it can be hard to find the right investment, especiay

### Figure 1. A Simple Centrifugal Speed Governor.

ENGINE SPEED CONTROL Peter Westead and Mark Readman, contro systems principes.co.uk ABSTRACT: This is one of a series of white papers on systems modeing, anaysis and contro, prepared by Contro Systems

### GWPD 4 Measuring water levels by use of an electric tape

GWPD 4 Measuring water eves by use of an eectric tape VERSION: 2010.1 PURPOSE: To measure the depth to the water surface beow and-surface datum using the eectric tape method. Materias and Instruments 1.

### Pricing Internet Services With Multiple Providers

Pricing Internet Services With Mutipe Providers Linhai He and Jean Warand Dept. of Eectrica Engineering and Computer Science University of Caifornia at Berkeey Berkeey, CA 94709 inhai, wr@eecs.berkeey.edu

### Waterside Control Fan Coil Units

Issue A, Devember 2011 Waterside Contro Fan Coi Units Horizonta Chassis Type - EPIC Range EPIC the most energy efficient fan coi unit utiising an ECM motor Company Profie Fan Coi Unit Overview Advanced

### Finance 360 Problem Set #6 Solutions

Finance 360 Probem Set #6 Soutions 1) Suppose that you are the manager of an opera house. You have a constant margina cost of production equa to \$50 (i.e. each additiona person in the theatre raises your

### How to Cut Health Care Costs

How to Cut Heath Care Costs INSIDE: TEN TIPS FOR MEDICARE BENEFICIARIES What is one of the biggest financia surprises in retirement? Heath care costs. It s a growing concern among many Medicare beneficiaries,

Tabe of Contents SECTION 1. TRAINING PROGRAM INTRODUCTION..................3 Training Objectives...........................................3 Rationae for Training.........................................3

### Pricing and hedging of variable annuities

Cutting Edge Pricing and hedging of variabe annuities Variabe annuity products are unit-inked investments with some form of guarantee, traditionay sod by insurers or banks into the retirement and investment

### Teamwork. Abstract. 2.1 Overview

2 Teamwork Abstract This chapter presents one of the basic eements of software projects teamwork. It addresses how to buid teams in a way that promotes team members accountabiity and responsibiity, and

### Vendor Performance Measurement Using Fuzzy Logic Controller

The Journa of Mathematics and Computer Science Avaiabe onine at http://www.tjmcs.com The Journa of Mathematics and Computer Science Vo.2 No.2 (2011) 311-318 Performance Measurement Using Fuzzy Logic Controer

### Mean-field Dynamics of Load-Balancing Networks with General Service Distributions

Mean-fied Dynamics of Load-Baancing Networks with Genera Service Distributions Reza Aghajani 1, Xingjie Li 2, and Kavita Ramanan 1 1 Division of Appied Mathematics, Brown University, Providence, RI, USA.

### SELECTING THE SUITABLE ERP SYSTEM: A FUZZY AHP APPROACH. Ufuk Cebeci

SELECTING THE SUITABLE ERP SYSTEM: A FUZZY AHP APPROACH Ufuk Cebeci Department of Industria Engineering, Istanbu Technica University, Macka, Istanbu, Turkey - ufuk_cebeci@yahoo.com Abstract An Enterprise

### Business Banking. A guide for franchises

Business Banking A guide for franchises Hep with your franchise business, right on your doorstep A true understanding of the needs of your business: that s what makes RBS the right choice for financia

### Management Accounting

Management Accounting Course Text Professiona, Practica, Proven www.accountingtechniciansireand.ie Tabe of Contents FOREWORD...v SYLLABUS: MANAGEMENT ACCOUNTING...vii PART 1 INTRODUCTION Chapter 1: Introduction

### Fixed income managers: evolution or revolution

Fixed income managers: evoution or revoution Traditiona approaches to managing fixed interest funds rey on benchmarks that may not represent optima risk and return outcomes. New techniques based on separate

### COMPARISON OF DIFFUSION MODELS IN ASTRONOMICAL OBJECT LOCALIZATION

COMPARISON OF DIFFUSION MODELS IN ASTRONOMICAL OBJECT LOCALIZATION Františe Mojžíš Department of Computing and Contro Engineering, ICT Prague, Technicá, 8 Prague frantise.mojzis@vscht.cz Abstract This

### Week 3: Consumer and Firm Behaviour: The Work-Leisure Decision and Profit Maximization

AROEOOIS 2006 Week 3: onsumer and Firm Behaviour: The Work-Leisure Decision and Profit aximization Questions for Review 1. How are a consumer s preferences over goods represented? By utiity functions:

### Estimation of Liabilities Due to Inactive Hazardous Waste Sites. by Raja Bhagavatula, Brian Brown, and Kevin Murphy

Estimation of Liabiities Due to Inactive Hazardous Waste Sites by Raja Bhagavatua, Brian Brown, and Kevin Murphy ESTIMATION OF LIABILITIES DUE TO INACTIVE HAZARDOUS WASTE SITJZS Abstract: The potentia

### Is There Private Information in the FX Market? The Tokyo Experiment

Is There Private Information in the FX Market? The Tokyo Experiment Takatoshi Ito Richard K. Lyons Michae T. Mevin This draft: January 1996 First draft: October 1995 Abstract It is a common view that private

### Australian Bureau of Statistics Management of Business Providers

Purpose Austraian Bureau of Statistics Management of Business Providers 1 The principa objective of the Austraian Bureau of Statistics (ABS) in respect of business providers is to impose the owest oad

### 802.11 Power-Saving Mode for Mobile Computing in Wi-Fi hotspots: Limitations, Enhancements and Open Issues

802.11 Power-Saving Mode for Mobie Computing in Wi-Fi hotspots: Limitations, Enhancements and Open Issues G. Anastasi a, M. Conti b, E. Gregori b, A. Passarea b, Pervasive Computing & Networking Laboratory

Chapter 3: Investing: Your Options, Your Risks, Your Rewards Page 1 of 10 Chapter 3: Investing: Your Options, Your Risks, Your Rewards In This Chapter What is inside a mutua fund? What is a stock? What

### Insertion and deletion correcting DNA barcodes based on watermarks

Kracht and Schober BMC Bioinformatics (2015) 16:50 DOI 10.1186/s12859-015-0482-7 METHODOLOGY ARTICLE Open Access Insertion and deetion correcting DNA barcodes based on watermarks David Kracht * and Steffen

### WHITE PAPER UndERsTAndIng THE VAlUE of VIsUAl data discovery A guide To VIsUAlIzATIons

Understanding the Vaue of Visua Data Discovery A Guide to Visuaizations WHITE Tabe of Contents Executive Summary... 3 Chapter 1 - Datawatch Visuaizations... 4 Chapter 2 - Snapshot Visuaizations... 5 Bar

eg Enterprise vs. a Big 4 Monitoring Soution: Comparing Tota Cost of Ownership Restricted Rights Legend The information contained in this document is confidentia and subject to change without notice. No

### Solar Panels - (Photovoltaics) on Church Buildings

Soar panes Soar Panes - (Photovotaics) on Church Buidings As Christians it is our duty to care for the word with which we have been entrusted. It is now cear that our modern, energy-hungry ifestyes are

### A train dispatching model based on fuzzy passenger demand forecasting during holidays

Journa of Industria Engineering and Management JIEM, 2013 6(1):320-335 Onine ISSN: 2013-0953 Print ISSN: 2013-8423 http://dx.doi.org/10.3926/jiem.699 A train dispatching mode based on fuzzy passenger demand

### The Simple Pendulum. by Dr. James E. Parks

by Dr. James E. Parks Department of Physics and Astronomy 401 Niesen Physics Buidin The University of Tennessee Knoxvie, Tennessee 37996-100 Copyriht June, 000 by James Edar Parks* *A rihts are reserved.

### Financial Management

Financia Management Paper-20 M Com (Fina) Directorate of Distance Education Maharshi Dayanand University ROHTAK 124 001 2 jktuhfr fokku Copyright 2004, Maharshi Dayanand University, ROHTAK A Rights Reserved.

### Income Protection Solutions. Policy Wording

Income Protection Soutions Poicy Wording Wecome to Aviva This booket tes you a you need to know about your poicy, incuding: what to do if you need to caim what s covered, and expanations of some of the

### In the last decade, households have tended to

Wi the Shift to Stocks and Bonds By Househods Be Destabiizing? By Donad P. Morgan In the ast decade, househods have tended to shift out of bank deposits and money market funds and into stocks and bonds.

### Who Benefits From Social Health Insurance in Developing Countries?

Who Benefits From Socia Heath Insurance in Deveoping Countries? Pau Gerter University of Caifornia at Bereey and NBER Orvie Soon University of the Phiippines, Schoo of Economics March, 2000 Abstract A

### The width of single glazing. The warmth of double glazing.

Therma Insuation CI/SfB (31) Ro5 (M5) September 2012 The width of singe gazing. The warmth of doube gazing. Pikington Spacia Revoutionary vacuum gazing. Image courtesy of Lumen Roofight Ltd. Pikington

### Key Features and Terms & Conditions of the Stocks & Shares Junior ISA

June 2013 Key Features and Terms & Conditions of the This document shoud be read in conjunction with an up-to-date Key Investor Information Document (KIID) for the fund in which you want to invest. You

### APPENDIX 10.1: SUBSTANTIVE AUDIT PROGRAMME FOR PRODUCTION WAGES: TROSTON PLC

Appendix 10.1: substantive audit programme for production wages: Troston pc 389 APPENDIX 10.1: SUBSTANTIVE AUDIT PROGRAMME FOR PRODUCTION WAGES: TROSTON PLC The detaied audit programme production wages

### On Capacity Scaling in Arbitrary Wireless Networks

On Capacity Scaing in Arbitrary Wireess Networks Urs Niesen, Piyush Gupta, and Devavrat Shah 1 Abstract arxiv:07112745v3 [csit] 3 Aug 2009 In recent work, Özgür, Lévêque, and Tse 2007) obtained a compete

### An FDD Wideband CDMA MAC Protocol for Wireless Multimedia Networks

An FDD ideband CDMA MAC Protoco for ireess Mutimedia Networks Xudong ang Broadband and ireess Networking (BN) Lab Schoo of Eectrica and Computer Engineering Georgia Institute of Technoogy Atanta, GA 3332

### PROPAGATION OF SURGE WAVES ON NON-HOMOGENEOUS TRANSMISSION LINES INDUCED BY LIGHTNING STROKE

Advances in Eectrica and Eectronic Engineering 98 PROPAGATION OF SRGE WAVES ON NON-HOMOGENEOS TRANSMISSION LINES INDCED BY LIGHTNING STROKE Z. Benešová, V. Kotan WB Pisen, Facuty of Eectrica Engineering,

### AN APPROACH TO THE STANDARDISATION OF ACCIDENT AND INJURY REGISTRATION SYSTEMS (STAIRS) IN EUROPE

AN APPROACH TO THE STANDARDSATON OF ACCDENT AND NJURY REGSTRATON SYSTEMS (STARS) N EUROPE R. Ross P. Thomas Vehice Safety Research Centre Loughborough University B. Sexton Transport Research Laboratory

### 7. Dry Lab III: Molecular Symmetry

0 7. Dry Lab III: Moecuar Symmetry Topics: 1. Motivation. Symmetry Eements and Operations. Symmetry Groups 4. Physica Impications of Symmetry 1. Motivation Finite symmetries are usefu in the study of moecues.

ADVANCED ACCOUNTING SOFTWARE FOR GROWING BUSINESSES Product Features 1. System 2. Saes Ledger Unimited companies with password protection User security Muti-user system: 1 user comes as standard, up to

### The Use of Cooling-Factor Curves for Coordinating Fuses and Reclosers

he Use of ooing-factor urves for oordinating Fuses and Recosers arey J. ook Senior Member, IEEE S& Eectric ompany hicago, Iinois bstract his paper describes how to precisey coordinate distribution feeder

### PREFACE. Comptroller General of the United States. Page i

- I PREFACE T he (+nera Accounting Office (GAO) has ong beieved that the federa government urgenty needs to improve the financia information on which it bases many important decisions. To run our compex

### Comparison of Traditional and Open-Access Appointment Scheduling for Exponentially Distributed Service Time

Journa of Heathcare Engineering Vo. 6 No. 3 Page 34 376 34 Comparison of Traditiona and Open-Access Appointment Scheduing for Exponentiay Distributed Service Chongjun Yan, PhD; Jiafu Tang *, PhD; Bowen

### Program Management Seminar

Program Management Seminar Program Management Seminar The word s best management schoos are noted for their superior program execution, high eves of customer satisfaction, and continuous program improvements.

### Nordic Ecolabelling of Copy and printing paper - supplementary module

rdic Ecoabeing of Copy and printing paper - suppementary modue Version 4.1 22 June 2011 30 June 2016 rdic Ecoabeing Content What is rdic Ecoabeed copy and printing paper? 3 Why choose the rdic Ecoabe?

### 5. Introduction to Robot Geometry and Kinematics

V. Kumar 5. Introduction to Robot Geometry and Kinematics The goa of this chapter is to introduce the basic terminoogy and notation used in robot geometry and kinematics, and to discuss the methods used

### The Whys of the LOIS: Credit Risk and Refinancing Rate Volatility

The Whys of the LOIS: Credit Risk and Refinancing Rate Voatiity Stéphane Crépey 1, and Raphaë Douady 2 1 Laboratoire Anayse et Probabiités Université d Évry Va d Essonne 9137 Évry, France 2 Centre d économie