技术经济学英文版演示文稿C3.3.pptVIP

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技术经济学英文版演示文稿C3.3.ppt

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ROR（IRR) 的优缺点：易理解；与基准点无关；在项目寿命期内任意时刻，使项目收益换算值之和等于费用换算值之和的利率称为ROR (IRR)。所以，ROR的计算，可以用NPV(i)=0,NFV(i)=0, NAV(i)=0 进行计算。 Example 3.33 The following two alternatives are considered for a project. Based on the PIR analysis, select the best alternative. Assume the MROR to be 10%. Although PIRa PIRb , we need not select (a) unless we carry out one additional calculation. Since projects (a) and (b) require different amounts of investment, we will have to calculate the PIR for incremental investment, Example 3.35 Information for two mutually exclusive alternatives is given as follows. We can confirm this analysis by PIR method.Alternative ANPV=PVbenefits – PVcosts = 29,724 – 12,000=17,724 Example 3.27 An in-fill drilling project is being considered for an existing oil field to accelerate oil recovery. The following two scenarios, based on two alternatives (no in-fill drilling versus in-fill drilling) are predicted. Which alternative would you select? The numbers are in millions. Assume that MROR is 20%. 0 2 4 6 40 60 -20 B(in-fill drilling) 6 10 14 18 20 30 0 A(no drilling) 6 5 4 3 2 1 0 Year Solution In this example, we are considering two alternatives. One alternative requires no additional drilling; the other alternative requires in-fill drilling. The cash flow profiles are provided for both the alternatives. For both these cash flow profiles, we can easily show that the GRORMROR. Therefore, both alternatives are feasible alternatives. This brings us to the next step. The cash flow profile for the incremental analysis, along with the cash flow profile for each alternative, is reproduced below. -6 -8 -10 -12 20 30 -20 B-A 0 2 4 6 40 60 -20 B 6 10 14 18 20 30 0 A 6 5 4 3 2 1 0 Year Solving fo