摘要:

This paper examines U.S. Office of Management and Budget (OMB) Circular A-94, which requires that costs and benefits of government programs be discounted at the U.S. Treasury borrowing rate on bonds of maturity equal to the period of analysis. It is shown that, in a 2-period problem, discounting at the Treasury rate always leads to the correct investment decision. That is, the winning project may always be transformed, via market transactions, into one that dominates the losing project. Some anomalies occur when evaluating projects of longer duration, but these anomalies are probably not important empirically. Finally, the dominating project may be computed using linear programming.

ISSN:0013-791X    

DOI:10.1080/00137919808903201

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor

摘要:

Disassembly planning is essential to justify end-of-life recycling of industrial products, its goal being an optimal tradeoff between process cost and materia! recoverable value. A framework for solving the computer-aided disassembly planning problem is proposed in this paper. The problem is defined as the constrained maximization of a profit rate function of time, which can be calculated for any candidate sequence of dismantling operations. Some properties of the objective function are highlighted to guide the search for an optimal plan, by either heuristic search or iterative improvement of a feasible initial solution.

ISSN:0013-791X    

DOI:10.1080/00137919808903202

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor

摘要:

Fuzzy discounted cash flow (DCF) techniques have been used to cope with the problems encountered by the deterministic or probabilistic evaluation of the investment alternatives. However, especially when a superior alternative cannot be spotted as a result of the DCF analysis, these techniques require a supplement such as the payback method or the duration analysis to assess liquidity risk. In this paper, 1 present fuzzy analogues of the payback method (conventional and discounted), which is a frequently used measure of liquidity risk in capital budgeting. Next, for investment projects, 1 propose a fuzzy economic evaluation criterion based on (he duration measure, which incorporates liquidity risk in capital investment while overcoming the obvious shortcomings of the payback method. Then, via a numerical example, I illustrate how to use the fuzzy payback method and fuzzy duration analysis as secondary decision criteria to rank investment alternatives, for which preference cannot be expressed in terms of fuzzy present worths.

ISSN:0013-791X    

DOI:10.1080/00137919808903203

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor

摘要:

This paper examines a capital budgeting problem in which a series of limited annual budgets is allocated and a portion of annual savings generated by a project may or may not be used as an additional capital investment. Specifically, a plastic injection machine selection and part assignment problem is investigated under such an annual budget constraint. The problem is mathematically formulated and solved to determine a set of optimal recommendations that include the injection machine sizes to be purchased, pan items to be assigned to them, and timing of purchase so that the net present value of the total net savings is maximized. The results are compared with those obtained when the annual budget constraint is removed.

ISSN:0013-791X    

DOI:10.1080/00137919808903204

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor

摘要:

When cash flows occur at equally spaced subperiods during an interest period, computing an approximate future worth is simplified by either assuming the aggregate cash flows occur at the end of the period or continuously throughout the period. This technical note shows that it is also computationally simple to assume that the aggregate occurs at the mid-point of the period, and the resulting approximation is better for commonly encountered interest rates and number of subperiods.

ISSN:0013-791X    

DOI:10.1080/00137919808903205

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919808903206

出版商:Taylor & Francis Group    

年代:1998

数据来源: Taylor