财务管理学培训课程(英文版).pptxVIP

Chapter 14;Risk and Managerial Options in Capital Budgeting;An Illustration of Total Risk (Discrete Distribution);;;;;Summary of Proposal A;An Illustration of Total Risk (Discrete Distribution);;;;;Summary of Proposal B;;Probability Tree Approach;Probability Tree Approach;Probability Tree Approach;Probability Tree Approach;Joint Probabilities [P(1,2)];;NPV for Each Cash-Flow Stream at 5% Risk-Free Rate;;;;Calculating the Expected Net Present Value (NPV);Calculating the Variance of the Net Present Value;Summary of the Decision Tree Analysis;Simulation Approach;Simulation Approach;Simulation Approach;Simulation Approach;Combining projects in this manner reduces the firm risk due to diversification.; NPVP = S ( NPVj ) NPVP is the expected portfolio NPV, NPVj is the expected NPV of the jth NPV that the firm undertakes, m is the total number of projects in the firm portfolio.;;;;Managerial (Real) Options;Previous Example with Project Abandonment;;;Project Abandonment;;9、春去春又回，新桃换旧符。在那桃花盛开的地方，在这醉人芬芳的季节，愿你生活像春天一样阳光，心情像桃花一样美丽，日子像桃子一样甜蜜。1月-211月-21Wednesday, January 20, 2021 10、人的志向通常和他们的能力成正比例。00:28:0600:28:0600:281/20/2021 12:28:06 AM 11、夫学须志也，才须学也，非学无以广才，非志无以成学。1月-2100:28:0600:28Jan-2120-Jan-21 12、越是无能的人，越喜欢挑剔别人的错儿。00:28:0600:28:0600:28Wednesday, January 20, 2021 13、志不立，天下无可成之事。1月-211月-2100:28:0600:28:06January 20, 2021 14、Thank you very much for taking me with you on that splendid outing to London. It was the first time that I had seen the Tower or any of the other famous sights. If Id gone alone, I couldnt have seen nearly as much, because I wouldnt have known my way about. 。20 一月 202112:28:06 上午00:28:061月-21 15、会当凌绝顶，一览众山小。一月 2112:28 上午1月-2100:28January 20, 2021 16、如果一个人不知道他要驶向哪头，那么任何风都不是顺风。2021/1/20 0:28:0600:28:0620 January 2021 17、一个人如果不到最高峰，他就没有片刻的安宁，他也就不会感到生命的恬静和光荣。12:28:06 上午12:28 上午00:28:061月-21