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The financial study is the final part of the sequence analysis of the feasibility of a
project. This part of the analysis will determine the economic profitability of the
project; what is sought is to determine the value of money because it loses its real
value over time, at a rate approximately equal to the current level of inflation.
Economic evaluation studies take into consideration the value of the DNER over
time and are VPN and TIR .
TMAR : When the capital necessary to carry out a project is fully made by a natural
person , that person always puts a minimum rate of return on investment proposal,
called minimum acceptable rate of return ( MARR ) . The reference rate is
determined it is the inflation rate. However, when an investor puts his money, is not
attractive to maintain the purchasing power of your investment, but rather that it
has a real growth ; ie performance that interests you grow your money beyond that
offset the effects of inflation
VPN: This method is applied to the present project future cash flows at a discount
rate equal to the TMAR, add up all the profits and subtract the initial investment at
time zero. If this value is greater than zero investment is acceptable because the
value is positive and means to win the value of MARR more the result value ;
however, if the VPN is less than zero means that the profits of the project are not
even enough to win the TMAR and therefore investment is rejected
TIR: TIR calculation is performed by equating the sum of the discounted cash flow
investment. In the equation is used as incognita i, which is then called TIR project.
On the other hand, there are rates or financial reasons. In the planning stage of the
project is a basis to guide the direction of the company engaged to correct errors or
to support domestic successes in financial management. It is not advisable to use
financial ratios to evaluate the economic profitability of the company, they do not
take into account the value of money through the play time and this deficiency may
cause misinterpretation and inefficient decision-making.
There is one last step to consider the so-called cost / benefit. This relationship is
used to evaluate investments that apply to private companies. The annual cost
method is used exclusively to analyse the replacement of equipment, both in the
public sector and the private.