公司理财精要chap009.pptVIP

9-* Problems with Scenario Analysis Considers only a few possible out-comes Assumes perfectly correlated inputs All “bad” values occur together and all “good” values occur together Focuses on stand-alone risk, although subjective adjustments can be made 9-* Sensitivity Analysis Shows how changes in an input variable affect NPV or IRR Each variable is fixed except one Change one variable to see the effect on NPV or IRR Answers “what if” questions 9-* Sensitivity Analysis: Unit Sales 9-* Sensitivity Analysis: Fixed Costs 9-* Sensitivity Analysis: Strengths Provides indication of stand-alone