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1、confirmingpagesPART1"""""CHAPTERVALUE6MakingInvestmentDecisionswiththeNetPresentValueRule!Inlate2003BoeingannounceditsintentiontoThesepredictionsneedtobecheckedforproduceandmarketthe787Dreamliner.Thedecisioncompletenessandaccuracy,andthenpulledtogethercommittedBoeinganditspartnerstoa$10b
2、illiontoproduceasinglesetofcash-flowforecasts.Thatcapitalinvestment,involving3millionsquarefeetofrequirescarefultrackingoftaxes,changesinworkingadditionalfacilities.Ifthetechnicalglitchesthathavecapital,inflation,andtheend-of-projectsalvagevaluesdelayedproductioncanbesortedout,itlooksasi
3、fofplant,property,andequipment.ThefinancialmanagerBoeingwillearnagoodreturnonthisinvestment.mustalsoferretouthiddencashflowsandtakecaretoAswewritethisinAugust2009,Boeinghasbookedrejectaccountingentriesthatlooklikecashflowsbutordersfor865Dreamliners,makingitoneofthemosttrulyarenot.success
4、fulaircraftlaunchesinhistory.OurfirsttaskinthischapteristolookathowtoHowdoesacompany,suchasBoeing,decidetodevelopasetofprojectcashflows.Wewillthenworkgoaheadwiththelaunchofanewairliner?Weknowthrougharealisticandcomprehensiveexampleofatheanswerinprinciple.Thecompanyneedstoforecastcapitali
5、nvestmentanalysis.theproject’scashflowsanddiscountthemattheWeconcludethechapterbylookingathowtheopportunitycostofcapitaltoarriveattheproject’sNPV.financialmanagershouldapplythepresentvalueAprojectwithapositiveNPVincreasesshareholderrulewhenchoosingbetweeninvestmentinplantandvalue.equipme
6、ntwithdifferenteconomiclives.Forexample,ButthosecashflowforecastsdonotarriveonasupposeyoumustdecidebetweenmachineYwithasilverplatter.First,thecompany’smanagersneed5-yearusefullifeandZwitha10-yearlife.Thepresentanswerstoanumberofbasicquestions.HowsoonvalueofY’slifetimeinvestmentandoperati
7、ngcostscanthecompanygettheplaneintoproduction?HowisnaturallylessthanZ’sbecauseZwilllasttwiceasmanyplanesarelikelytobesoldeachyearandatwhatlong.DoesthatnecessarilymakeYthebetterchoice?price?HowmuchdoesthefirmneedtoinvestinnewOfcoursenot.Youwillfindthat,whenyouarefacedprodu
