资本预算case1资本预算case1.doc

Contents Part 1: Introduction to the case background………………………………………………….….2 Part2: Problem definition and Assumption………………………………………………..……..2 Part 3: Case-study analysis………………………………………………………………………..……2 Ⅰ.Fundamental analysis…………………………………………………………………………3 Ⅱ.Sensitivity analysis……………………………………………………………………………3 （Ⅰ）Based on the analysis of inflation……………………………….………………3 （Ⅱ）Based on the analysis of discount rate……………………………………….4 （Ⅲ）Based on the analysis of the sources of initial investment…………….4 （Ⅳ）Based on the analysis of fixed assets…………………………………….……5 Part 4: Summary ………………………………………………………………………………………… 6 Introduction to the case background Tanzi pump is a major selling water pumps. The major users of oil processing and chemical. In 1986, Tanzi has made a major technological breakthrough and developed a large number of powerful, computer-controlled switching the oil refining pumps. But comparing the Tanzi power Ⅱ, Tanzi powerⅢ of 220 000 U.S. dollars more to buy, and demanded from many customers. Problem definition and Assumption In this case, the most important problem need to be solved is that if it is reasonable and effective to replace the pump line and choose from TanZi-powerⅡ to TanZI-powerⅢ .The challenge facing Tanzi and its sales management was that virtually all of their existing pumps were priced under $40,000 and were purchased by plant manager customers without the nuisance of a full “capital expenditure analysis”. With a $260,000 purchase, however, most customers need prepare a full “capital expenditure analysis” which was then sent to headquarters for approval. So now we have to make a comprehensive and thoughtful analysis of the capital expenditure report to tell headquarters whether it is worth to buy the new pump instead of the old one. To make the problem can be describe analysis and solve by the way of quantification, we make the follow assumption before we committee to analysis the question: First: Without inflation.