实物期权在资本预算中的应用.pptVIP

本章内容提要 8.1 Sensitivity Analysis, Scenario Analysis, and Break-Even Analysis Allows us to look the behind the NPV number to see firm our estimates are. When working with spreadsheets, try to build your model so that you can just adjust variables in one cell and have the NPV calculations key to that. Sensitivity Analysis and Scenario Analysis In the Stewart Pharmaceutical example, revenues were projected to be $7,000,000 per year. If they are only $6,000,000 per year, the NPV falls to $1,341.64 Sensitivity Analysis We can see that NPV is very sensitive to changes in revenues. For example, a 1