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The Financial Management Toolkit_2

Tham khảo tài liệu 'the financial management toolkit_2', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Financial Management Workbook . .Tt J IM jsl ._ service lother methods There er other methods lọr ms Icing capita I budgeting decisions e.g. Pay-back Simple Rale of Return However Pay-back is not a true measure of the profitability of Bn investmeril and simple Rale of Return does nol consider I he lime value of money. I Page 39 Financial Management Workbook Intangible benefits Process improvement and aulomalion are common Ệkámpí sol difíií ílll-lũ-ustlrn - li- cash llovjs Thú Lip-front tangible COS Is are easy Io estimate. Tho InlangiblE beriL flls such aS tessonod risk. QfOalot reliability quality and speed are much more difficult to Htimale They are very real in Impact but still challenging irnjseh ffnvre Fortunately there is a simple procedure available. For example an organization seeks to purchase service management process automation software. The organization has an 8 discount rate. The useful life of the software is set to 5 years. A prior NPV analysis of the tangible costs and benefits shows an NPV of - 139 755. If the intangible benefits are large enough the NPV could go from negative to positive. To compute the benefit required inflow first we need to know the Present Value Factor e.g. 3.993 NPV excluding intangible benefits 139 755 35 000 Present value factor 8 5 years 3.993 The result serves as a subjective guideline for estimation. If the intangible benefits are at least 35 000 then the NPV is acceptable. The process automation should be performed. If in the judgment of senior managers the intangible benefits are not worth 35 000 then the process automation should not be performed. Page 40 Financial Management Workbook Preference Decisions IRR rt -of _ service There are ail Bp many jjjMjrt unities I hat pass tile screening process. The bad news is not ah can be acted 011 Financial or resource constraints may preclude líiVỄÈỄing In every opportunity. Preference decisions sometimes railed rationing 01 ranking decisions must be made. Tbe competing .