Need to define economic effect(profit) from the production and sale of wallpaper with sound-absorbing coating.

The economic effect (profit) from the production and sale of wallpaper with sound-absorbing coating for the billing period is determined by the following formula:

ET = RT - ST.

Hence ET = 22588 - 8444 = 14144 million rubles.

Example 11.3. Three inventions are proposed for implementation. Determine which one is the most cost effective.

Decision. Let's define the yield index

According to the first invention

.

According to the second invention

.

According to the third invention

.

Conclusion

In conclusion, in accordance with the goal set in the introduction, we will try to draw generalized conclusions.

The results of innovative activity may have a specific material form or an intangible form.

Intellectual property objects can generate income and are included in intangible assets.

Protective documents for inventions are patents, copyrights.

Trademark is a means of product individualization.

"Know-how" is fully or partially confidential knowledge, experience, skills, including technical, economic, administrative, financial and other information.

Commercial transfer of "know-how" is formalized by licensing agreements.

Industrial designs are also a consequence of innovation.

rights to inventions, trademarks and other results of innovative activity are issued by a license.

The material results of innovative activity are the created and mastered machines, equipment, devices, automation tools.

Entering the technology market indicates the effectiveness of innovation.

A distinction should be made between cost effectiveness innovative activity manufacturers and buyers of innovations.

The effect of using innovations depends on the results and costs taken into account. Determine the economic, scientific and technical, financial, resource, social and economic effect.

Depending on the time period for accounting for results and costs, there are indicators of the effect for the billing period and indicators of the annual effect.

EXERCISE 1

Four variants of the technological process for the manufacture of slate have been developed, ensuring the quality of products in accordance with applicable standards and specifications. The main indicators of the use of various options for the technological process are given in table 2.1.

Table 2.1

Initial data on the technological process of manufacturing slate

Note:

The given indicators have the following dimensions:

q - annual volume of production, million m²;

s - unit cost of production, thousand rubles/m²;

K - investment by option, million rubles.

The choice of the best variant of the technological process should be carried out by calculating the coefficients of comparative efficiency of additional capital investments and confirm the resulting solution by calculating the reduced costs.

The choice of the best option is carried out by one of the methods:

1) according to the efficiency coefficient add. investment,

The efficiency coefficient is determined by the formula:

where: S1 and S2 - the cost of the annual volume of production for two comparative options;

K1 and K2 - capital investments for two comparative options.

When E > Yen, a more capital-intensive option is introduced, when E< Ен - менее капиталоемкий.

2) by calculating the reduced costs.

The given costs are determined by the formula:

P \u003d S + En * K min, (2.2)

where: S - the cost of the annual volume of production according to the option;

Yen - normative coefficient of efficiency of additional capital investments;

K - investment by option.

The variant with the lowest cost will be implemented.

Let's present the initial information in the form of table 2.2.

Table 2.2

Normative coefficient of efficiency of additional investments

Since E>

Since E>

Since E>

P1 \u003d S1 + En * K1 \u003d 3000 * 76.5 + 0.200 * 115000 \u003d 252500 rubles.

P2 \u003d S2 + En * K2 \u003d 3000 * 78 + 0.200 * 110000 \u003d 256,000 rubles.

P3 \u003d S3 + En * K3 \u003d 3000 * 71 + 0.200 * 116000 \u003d 236200 rubles.

P4 \u003d S4 + En * K4 \u003d 3000 * 85 + 0.200 * 86000 \u003d 272200 rubles.

Thus, the calculation of the reduced costs for the options confirmed that option 3 is the best, since its costs turned out to be the lowest.

TASK 2

For the conditions that are presented in the previous task, it is necessary to determine the best variant of the technological process if investments are made within four years as a share of the total investment (Table 2.3).

Table 2.3

Share of investments by years

Before starting the search for the best option for the technological process, it is necessary to prepare information on capital costs by years of investment (Table 2.4). Their structure (in percent) is given in the assignment.

Table 2.4

Investments by years and options (thousand rubles)

Ordinal year	Option 1	Option 2	Option 3	Option 4
Third year
Second year
First year

The figures of the above table were determined as follows:

Option 1:

Year 0: K10 = 40% * 115 = 46 thousand rubles.

1st year: K11 \u003d 30% * 115 \u003d 34.5 thousand rubles.

2nd year: K12 = 20% * 115 = 23 thousand rubles.

3rd year: K13 \u003d 10% * 115 \u003d 11.5 thousand rubles.

The investments for options 2, 3, 4 are calculated in a similar way.

Let's recalculate investments taking into account the time factor.

Option 1:

Thus, taking into account the time factor, capital investments in option 1 will not amount to 115 thousand rubles, but 117.32 thousand rubles.

Similarly, investments are calculated for other options:

In the future, the coefficients of additional capital investments and the reduced costs are calculated according to the options by analogy with the first task, but using the newly obtained values ​​of capital investments:

Since the indicator of the cost of production is set in rubles / thousand. m², then capital investments should be converted into rubles, multiplying them by 1000.

Let's compare options 1 and 2:

Since E>En, then a more capital-intensive option is accepted for implementation, i.e. Option 1. Option 2 is excluded from further analysis as ineffective.

Let's compare options 1 and 3:

Since E>En, then a more capital-intensive option is accepted for implementation, i.e. Option 3. Option 1 is excluded from further analysis as ineffective.

Let's compare options 3 and 4:

Since E>En, then a more capital-intensive option is accepted for implementation, i.e. option 3. It is the most efficient of all the alternatives.

Let's check the obtained conclusion by calculating the reduced costs.

P1 \u003d S1 + En * K1 \u003d 3000 * 76.5 + 0.200 * 117320 \u003d 252965 rubles.

P2 \u003d S2 + En * K2 \u003d 3000 * 78 + 0.200 * 112220 \u003d 256444 rubles.

P3 \u003d S3 + En * K3 \u003d 3000 * 71 + 0.200 * 118340 \u003d 236687 rubles.

P4 \u003d S4 + En * K4 \u003d 3000 * 85 + 0.200 * 87740 \u003d 272548 rubles.

Thus, the calculation of the reduced costs by options confirmed that option 3 is the most economical.

TASK 3

Five options for the technological process of manufacturing bricks have been developed, which are characterized by different productivity, but ensure the release of products in accordance with applicable standards and specifications. The selling price of one brick is 0.285 rubles. Determine which of the options for the technological process is economically more profitable if the efficiency standard adopted by the company is En. Other initial data are given in tables 2.5 and 2.6.

Table 2.5

Initial data

Table 2.6

Information on the volume of production of bricks and the standard of efficiency of capital investments

The choice of the best option is carried out according to the given effect. The reduced effect is determined by the formula

E \u003d q * Z - (s + En * Ku) max, (2.3)

where: E is the annual reduced economic effect of the option;

q - annual volume of production in physical terms;

Z - selling price of products;

S - the cost of production of a unit of production according to the option;

En is the standard for the efficiency of capital investments;

Ku - specific capital investments according to the option.

Specific capital investments are determined by the formula:

where: K - investment by option.

Option 1:

Option 2:

Option 3:

Option 4:

Option 5:

Thus, option 5 is the most beneficial of all, since the effect shown is the most significant.

TASK 4

Five variants of the technological process for the manufacture of tiles have been developed, each differing from the others in quality finished products and performance of the equipment used. Determine which of the options is more cost-effective with the following initial data (tables 2.7, 2.8).

Table 2.7

Variants of the technological process for the manufacture of tiles

Table 2.8

Information about the price of tiles and the standard of efficiency of capital investments

According to the given initial data, alternative options differ in the volume of brick production. Therefore, to select the best option for the technological process, the reduced cost formulas should not be used. The solution of such a problem is possible only by applying the reduced effect formula.

In the process of calculations, it is necessary to ensure that the dimensions of the indicators are strictly maintained. With this requirement in mind, we define the reduced effect.

Option 1:

Option 2:

Option 3:

Option 4:

Option 5:

Thus, option 4 is the most beneficial of all, since the effect shown is the most significant.

TASK 5

A technical design for construction and operation has been developed brick factory production capacity M (thousand pieces/year). The period of construction and development of the production capacity of a new enterprise (? T) is 0.8 years.

It was recognized as expedient to use 10% of the plant's production capacity as a reserve.

In accordance with the project, the annual fixed costs of the plant are C (thousand rubles / year), and the variables - Y (rubles / piece). The market price of a brick at the time of designing the plant is defined as Zr (rubles/piece). Predicted studies show that by the beginning of the operation of the plant, the price of a brick will change: from min = 1.14 to max = 1.2. Capital investments in the creation of the plant are defined as K (thousand rubles). The rate of efficiency of capital investments (En), established by the company, is equal to 0.20. The expected demand for bricks is 1.25 M. The value of inflationary expectations can be neglected. All data are presented in Table 2.9.

Table 2.9

Initial data on the production program

Note:

a - change in the mass of goods supplied by competitors to the market, shares of units;

af - the market share of the new company in relation to the volume of the commodity mass of the base period, shares of units;

Katz - coefficient. price elasticity of demand for goods, shares of units;

D - coefficient. changes in the income of consumers of goods, shares of units;

Cad - coefficient. elasticity of the goods according to the income of consumers, shares of units.

All necessary calculations be done in two ways:

a) at cost pricing;

b) at market pricing.

In calculations, we will assume that the planned production of bricks is 85% of the production capacity of the enterprise, and taxes are defined as = 0.215 of the value of fixed costs (conditionally constant annual taxes) and = 0.28 of the balance sheet profit of the enterprise (variable taxes depending on production activities enterprises).

It is necessary to determine the value of the following indicators characterizing the effectiveness of the future business:

Annual production program;

Expected selling price of bricks per unit of production;

Annual revenue from the sale of bricks;

Annual variable operating costs;

Semi-fixed current costs per unit of output;

Cost of production per unit of output;

The cost of production of annual marketable products;

The value of the annual balance sheet profit of the enterprise

Profitability of brick production;

Annual production program of self-sufficiency of the enterprise;

Characteristics and degree of reliability of the future business;

The amount of the annual total tax (in the absence of tax incentives);

The annual production program of self-sufficiency of the enterprise, taking into account its taxation;

The share of revenue remaining at the disposal of the enterprise after paying taxes;

The share of balance sheet profit withdrawn to the budget as taxes (total tax as a percentage of balance sheet profit);

Efficiency ratio and payback period of capital investments (taking into account the risk of entrepreneurship).

After all the calculations carried out, it is necessary to draw a conclusion about the feasibility of the business (the main production indicators are given in the table).

The results of the calculations performed should be presented in a summary table. Build a schedule of costs and results of production, depending on the production program of the enterprise. Compare the results of calculations for different types of pricing and draw conclusions that explain the discrepancies in these results.

BUT) Based on cost pricing.

Let's determine the annual production program of the plant by the formula:

q \u003d Km * M \u003d 0.85 * 10,000 \u003d 8500 thousand pieces, (2.6)

where: M is the annual production capacity of the enterprise;

Km - coefficient of utilization of production capacity.

Let's determine the expected price of one brick by the formula:

Z \u003d 0.5 * (1.14 + 1.20) * 0.823 \u003d 0.9629 rubles / piece.

Let's determine the annual revenue from the sale of bricks by the formula:

B \u003d q * Z (2.8)

B \u003d 8,500,000 * 0.9629 \u003d 8,184,735 rubles / year.

Determine the annual variable costs of the enterprise by the formula:

Uper \u003d Y * q (2.9)

Uper \u003d 0.220 * 8,500,000 \u003d 1,870,000 rubles / year.

Let's define semi-fixed costs per unit of production by the formula:

c = C: q (2.10)

c \u003d 2,500,000: 8,500,000 \u003d 0.294118 rubles / piece.

Let's determine the cost of production of a unit of production by the formula:

s = Y + c (2.11)

s \u003d 0.220 + 0.294118 \u003d 0.514118 rubles / piece

Let's determine the cost of annual marketable products by the formula:

S = s * q (2.12)

S \u003d 0.514118 * 8,500,000 \u003d 4,370,000 rubles / year

Let us determine the value of the annual balance sheet profit of the enterprise according to the formula:

Pb = q * (Z - s) (2.13)

Pb \u003d 8,500,000 * (0.9629 - 0.514118) \u003d 3,814,735 rubles / year.

Let's determine the profitability of brick production by the formula:

Pi = (Z - s) : s (2.14)

Pi \u003d (0.9629 - 0.514118) : 0.514118 \u003d 0.8729, or 87.29%

Let's determine the annual production program of self-sufficiency of the enterprise's activities according to the formula:

Qc = C: (Z - Y) (2.15)

Qc \u003d 2,500,000: (0.9629 - 0.220) \u003d 3,365,145 pieces / year.

Let's determine the characteristics and degree of reliability of the future business. The ratio of production capacity to the production program of self-sufficiency is:

M / Qc \u003d 10,000,000 / 3,365,145 \u003d 2.97

The resulting figure indicates that the business takes into account the uncertainty of the future market situation and will be quite reliable, since its risk level is below average, and the correction rate for the effectiveness of capital expenditures Ep, taking into account the risk of investments, is:

Ep \u003d Km * En \u003d 0.85 * 0.20 \u003d 0.17.

Let us determine the value of the annual total tax of the enterprise (in the absence of tax benefits) according to the formula:

H \u003d Hpos + Nper \u003d * C + * Pb (2.16)

H \u003d 0.215 * 2,500,000 + 0.28 * 3,814,735 \u003d 1,605,626 rubles / year.

Let us determine the annual production program of self-sufficiency, taking into account taxation, according to the formula:

Qc = = 4 370 015 pieces/year.

The result obtained indicates that, taking into account taxation, the production program of self-sufficiency has increased significantly (from 3,365,145 to 4,370,015 units/year), i.e. increased by 1.3 times. This significantly reduces the amount of net profit, increases the risk of investing in this business.

Let's determine the share of revenue remaining at the disposal of the enterprise after paying taxes, according to the formula:

We substitute the initial and calculated data into this formula (18) and get:

This means that almost 27% of all revenue remains at the disposal of the enterprise after paying taxes, or:

On * B \u003d 0.27 * 8,184,735 \u003d 2,209,109 rubles / year.

Let us determine the total tax as a percentage of the balance sheet profit according to the formula:

n = N / Pb (2.19)

n \u003d 1 605 626 / 3 814 735 \u003d 0.4209, or 42%

This is a fairly high result, which allows us to conclude that almost 42% of the balance sheet profit remains for the enterprise for social and industrial development.

Let us determine the efficiency ratio and the payback period of capital investments, taking into account the risk of entrepreneurship, according to the following formulas:

We substitute the available data into formula (2.20) and get:

Consequently, taking into account the risk, the efficiency of capital investments fully satisfies the requirements of the theory and the limitation of the efficiency rate established by the entrepreneur. Now you can determine the payback period for capital investments using the formula (2.21):

The project of the future business provides the entrepreneur with a sufficiently high income and can be recommended for implementation, taking into account the uncertainty of the future market situation and the risk of investments. According to the calculated data, we will construct a graph of the dependence of costs and production results on the volume of output (Fig. 2.1).

Fig.2.1.

B) Based on market pricing.

1) First of all, it is necessary, according to the initial data and taking into account the adopted production program, to determine the price of one brick according to the following formula:

2) Since the obtained value does not represent the price of a brick itself, but its index, then in order to finally determine the desired value of the price, it is necessary to carry out the following calculation operation:

Z \u003d Z * d \u003d 0.9629 * 0.8194 \u003d 0.789 rubles / pc.

3) Determine the revenue of the enterprise according to the formula:

B \u003d q * Z \u003d 8,500,000 * 0.789 \u003d 6,706,572 rubles / year.

4) The cost of one brick remains unchanged, i.e. the same as with cost pricing, and is:

s \u003d 0.514118 rubles / piece

5) The cost of annual commodity output also remains unchanged:

S = 4,370,000 rubles/year.

6) Determine the annual balance sheet profit by the formula:

Pb \u003d q * (Z - s) \u003d 8,500,000 * (0.789 - 0.514118) \u003d 2,336,572 rubles / year.

7) Let's determine the profitability of brick production by the formula:

Pi \u003d (Z - s) : s \u003d (0.789 - 0.514118) : 0.514118 \u003d 0.5346.

8) Determine the amount of the annual total tax according to the formula:

H \u003d * C + * Pb \u003d 0.215 * 2,500,000 + 0.28 * 2,336,572 \u003d 1,191,740 rubles / year.

9) Let's determine the share of revenue remaining at the disposal of the enterprise according to the formula (2.18):

0.1251 or 13%

Thus, after the settlement with the budget, approximately 13% of the revenue will remain at the disposal of the enterprise, or:

B * On \u003d 6,706,572 * 0.1251 \u003d 838,832 rubles / year.

10) Determine the total tax as a percentage of the balance sheet profit according to the formula:

H \u003d H / Pb \u003d 1,191,740 / 2,336,572 \u003d 0.5100, or 51%.

11) Let's determine the efficiency factor and the payback period of capital investments according to the formulas (2.20) and (2.21):

In the conditions of market pricing, the business is not sufficiently profitable and reliable.

Let's compare the estimated results for cost and market pricing with each other and present all the information in Table 2.10.

Table 2.10

Results of cost and market pricing calculations

Name of indicator	Indicator value
at cost pricing	at market pricing
1) Annual production program, thousand pieces
2) Price per unit of production, rub./pc.
3) Annual revenue of the enterprise, rub./year
4) Annual variable costs, rub./year
5) Semi-fixed costs, rub./pc.
6) Cost of a unit of production, rub./pc.
7) Cost of commercial products, rub./year
8) Annual balance sheet profit, rub./year
9) Profitability of brick production,%
10) Manufacturing program self-sufficiency, pieces/year
11) Efficiency correction rate for investment risk
12) Annual total tax, rub./year
13) Production program of self-sufficiency, taking into account taxation, units/year
14) The share of revenue remaining at the disposal of the enterprise,%
15) Aggregate tax in relation to balance sheet profit, %
16) The coefficient of efficiency of capital expenditures, taking into account the risk (with En + Ep = 0.37)
17) Payback period of capital investments, years

Conclusion

The result obtained indicates that under market pricing conditions, production efficiency indicators with fixed initial data are worse than under costly pricing conditions. This is explained by the fact that the price of the goods decreases with an increase in the total mass on the market, therefore, all indicators formed on the basis of the price of the goods deteriorate (revenue, balance sheet profit, profitability of production, etc.).

At the same time, it can be stated that with market pricing after taxes, the company has less Money for further development. It should be emphasized that in this case, in the conditions of market pricing, an entrepreneurial project cannot be considered expedient, the future business is not sufficiently effective and reliable.

Issues for discussion

1. What is the relationship between innovation and investment?
2. What is the role of innovation in enterprise development?
3. What does the full innovation cycle include?
4. What forms and stages of technical preparation of production do you know?
5. By what criteria are investment projects evaluated?

Topics for reports and abstracts

1. Main components and directions of innovative activity.
2. Standards governing the process of technical preparation of production.
3. Economic efficiency of improving the quality of industrial products.
4. The effectiveness of investment projects in the banking sector.
5. Factors of uncertainty and risk in evaluating the effectiveness of the project.

Tasks for mastering the calculation of economic efficiency by different methods

The economic efficiency of capital investments is the result of the implementation of an appropriate measure, which can be expressed in savings from reducing the cost of production, an increase or increase in profits, and an increase in national income.

Distinguish between absolute and comparative economic efficiency capital investments, which are calculated in different ways.

Task 1

Formulation of the problem:

Capital investments per unit of production amount to 80 rubles, and the cost of a unit of production is 160 rubles. The enterprise has established wholesale price 200 rub. The annual output of products is 100,000 units. The level of profitability of the enterprise is 0.2. Determine the overall economic efficiency of capital investments for the construction of a new workshop.

Technology for solving the problem:

This problem can be solved in two ways.

The first method is based on the calculation of the profitability ratio as the ratio of profit from sales to capital investments:

(1)

where RR – profitability ratio;

TO - capital investments for construction;

Etc - sales profit.

Taking into account the fact that the annual production volume is 100,000 units, capital investments in this problem will be equal to:

K \u003d 80 * 100,000 \u003d 8,000 thousand rubles.

To determine the profit from sales, you need to subtract the cost of annual production from the sales proceeds. The sales proceeds will be calculated as the product of this volume and the wholesale price of the enterprise: Vyr r\u003d 200 * 100,000 \u003d 20,000 thousand rubles.

The cost of the annual output in this problem will be: s \u003d 160 * 100,000 \u003d 16,000 thousand rubles.

Thus, the profit from the sale will be equal to

P p \u003d 20,000 - 160 * 100 \u003d 4,000 thousand rubles.

We use formula (1) to calculate the profitability ratio

Since the resulting value ( R p= 0.5) more than the standard (R n = 0.2), - the project is recognized as effective.

The second method is based on estimating the ratio of profit from the sale of a unit of production and the volume of capital investments per unit of production:

The calculated efficiency coefficient also turned out to be higher than the normative one, therefore, the project is effective.

Answer : the efficiency of capital investments for the construction of a new workshop can be achieved with a design coefficient equal to 0.5.

Task 2

Formulation of the problem:

Estimated cost building a new industrial enterprise is 45 million rubles. Capital investment for creation working capital equal to 15 million rubles. Profit from the sale of finished products is 120 million rubles. It is known that the estimated profitability is not less than 0.25. Determine the economic efficiency of capital investments in the construction of a new industrial enterprise.

Technology for solving the problem:

It is advisable to evaluate the effectiveness of this project on the basis of a comparison of the estimated payback period with the standard one. If the estimated payback period does not exceed the standard, then the project is recognized as effective.

The estimated payback period is defined as the ratio of the need for capital investments to the profit from the sale of finished products:

Calculated value ( R p=2) more than the normative ( R n=0.25), therefore, the project is recognized as effective.

Answer : the estimated payback period does not exceed the standard, so the project is effective.

Tasks for determining the most effective option for the implementation of capital investments

The most efficient option for the implementation of capital investments is established on the basis of comparative efficiency, and in the presence of a large number of options - on the basis of the minimum of reduced costs.

Task 1

Formulation of the problem:

There are three possible investment options. Regulatory profitability 0.3. The initial data for these options are given in table. 1. Determine the most effective option.

Technology for solving the problem:

To determine the most efficient option, we use the following formula for calculating the reduced costs:

The third option provides the minimum of the reduced costs, therefore it is the most effective.

Answer: As the calculations showed, the third option is the most effective with the reduced costs equal to 16.7 million rubles.

Task 2

Formulation of the problem:

There are two possible investment options. Regulatory profitability 0.2. The initial data for these options are given in table. 1. Determine the most effective option.

Technology for solving the problem:

First, we calculate the specific capital investment and unit cost of production. To do this, we refer the aggregate values ​​​​known to us to the volume of production. We summarize the calculation results in a table.

Comparing the specific values ​​of capital investments and prime cost, we determine additional capital investments and savings per unit of output.

Additional investment per unit of production:

K beats \u003d 4 - 3 \u003d 1 rub.

Saving: E unit \u003d 2.5 - 2 \u003d 0.5 rubles.

Thus, the return on investment will be T p = 1/0,5 = 2.

Estimated efficiency ratio RR= ½ = 0.5. This value is greater than the normative one, so we come to the conclusion that the second option is the most economical.

Answer: the most economical is the second option.

Task 3

Formulation of the problem:

There are two possible investment options. The reduced costs for these options are 138 rubles/piece and 147 rubles/piece, respectively, and the annual output is 20,000 pieces. The given costs of the base case are equal to 150 rubles/piece. Calculate the conditional annual economic effect in the implementation of the optimal option.

Technology for solving the problem:

Before proceeding to the calculation of the conditional annual economic effect, we will choose the option that is optimal. If we proceed from the criterion of minimizing the reduced costs, then the first one is optimal in this problem. Now we calculate the conditional annual economic effect E according to the formula:

(5)

where 3 pr bases– reduced costs of the base case, rub.;

Z pr 1– reduced costs of the optimal variant, rub.;

Q 1

Using this formula, we get that the conditional annual economic effect is equal to E \u003d (150 - 138) 20000 \u003d 240 thousand rubles.

Answer: the annual economic benefit from the implementation of the optimal option will be 240 thousand rubles.

Task 4

Formulation of the problem:

There are two possible investment options, the first of which is optimal. The cost of production according to the first option is 105 rubles / piece, and according to the second - 118 rubles / piece. The annual production volume is 20 thousand pieces. The price of the product is 250 rubles / piece. Calculate the annual profit in the implementation of the optimal option.

Technology for solving the problem:

The annual amount of profit according to the optimal variant is determined by the formula:

(6)

where P g- the annual amount of profit according to the optimal variant, rub.;

C- the price of products, rubles / piece;

swholesale- the cost of production according to the optimal variant, rubles / piece;

Q 1 - the volume of production according to the optimal variant, pcs.

So, the annual profit for the optimal variant

Answer: annual the amount of profit according to the optimal variant will amount to 1,900 thousand rubles.

Tasks for mastering methods for assessing the effectiveness of an investment project

When evaluating the effectiveness of an investment project, indicators such as gross and net profit, economic effect by years, discounted income, integral effect (NPV), profitability index and investment payback period are used as criteria.

Task 1

Formulation of the problem:

Under consideration investment project, the volume of capital investments for which in the first year will be 5 million rubles, in the second - 1.5 million rubles. Determine the total amount of capital investments without discounting and taking into account discounting at a discount rate of 0.3.

Technology for solving the problem:

The total investment without discounting is calculated by simply summing up the investment funds:

K \u003d 5 + 1.5 \u003d 6.5 million rubles.

The total amount of capital investments, taking into account discounting:

(7)

where Tot– capital investments in year t, rub.

E is the discount rate.

Substituting the data known from the condition into the formula, we obtain:

Answer: the total volume of capital investments without discounting will be 6.5 million rubles, and with discounting - 4.7 million rubles.

Task 2

Formulation of the problem:

The net profit of the enterprise, according to calculations, will be: in the first year 800 thousand rubles, in the second - 2100 thousand rubles, in the third and fourth - 3500 thousand rubles each. Determine the effect by years of calculation if depreciation in the first year is 300, and in all subsequent years it is 400.

Technology for solving the problem:

The effect by years of calculation can be determined by summing net profit and depreciation. For convenience, we summarize the calculation results in the form of a table.

Year	Effect, thousand rubles
	800 + 300 = 1100
	2100 + 400 = 2500
	3500 + 400 = 3900
	3500 + 400 = 3900

Answer: the effect for the years of calculation is 1,100 thousand rubles. in the first year, 2500 thousand rubles. - in the second and 3900 thousand rubles each. - in the third and fourth.

Task 3

Formulation of the problem:

Technology for solving the problem:

The discounted income is the sum of the discounted effects. Let us calculate the reduced effects by formula (8):

Year	E t , thousand rubles	E p, thousand rubles

Answer: the discounted income as a whole will be 5466 thousand rubles.

Task 4

Formulation of the problem:

According to the results of calculations, the reduced income will be 5466 thousand rubles. Calculate the integral effect (NPV) if the total investment, taking into account discounting, is 4.7 million rubles.

Technology for solving the problem:

The integral effect, or net discount income (NPV), is calculated as the difference between the present (discounted) income and the total amount of capital investment, calculated taking into account discounting: NPV \u003d 5466 - 4700 \u003d 766 thousand rubles.

The result obtained is positive, which means that the project under consideration is effective, and the issue of its adoption can be considered.

Answer: the integral effect will be 766 thousand rubles.

Task 5

Formulation of the problem:

According to the results of calculations, the reduced income will be 5466 thousand rubles. Calculate the profitability index if the total amount of capital investments, taking into account discounting, is 4.7 million rubles.

Technology for solving the problem:

The yield index is calculated as the ratio of the present (discounted) income to the total investment, calculated taking into account discounting:

The value of the yield index 1,16 indicates that the project is cost-effective, since the main criterion looks like ID>1.

Answer: calculation of the profitability index showed that the project is cost-effective.

print version

There are three investment options. In the first variant of 120 cases, the profit is 800 UAH. was obtained in 40 cases, profit 200 hryvnia. - in 80 cases. In the second option out of 180 cases, the profit is 600 UAH. was obtained in 100 cases, profit 450 hryvnia. - in 60 cases, profit 300 UAH. - in 20 cases. In the third option out of 100 cases, the profit is 300 UAH. was obtained in 50 cases, profit 260 hryvnia. - in 30 cases, profit 220 UAH. - in 20 cases.

Choose the most profitable investment option.

Decision.

To find the most profitable investment option, you need to find the expected profit using the formula for calculating the mathematical expectation:

For the first option, the probability of making a profit is 800 UAH. will be:

The probability of making a profit is 200 UAH. will be:

The sum of all probabilities for the first option is equal to one.

As a result, the expected profit for the first option will be equal to:

The expected profit for the second option will be equal to:

The expected profit for the third option will be equal to:

Conclusion: the most profitable investment option is the second option.

Task 2

The board of an automobile manufacturing company must make a strategic decision about the future profile of production. At the same time, there are four preference options: cars, trucks, minibuses, sports cars. Depending on the situation on the market, the experts determined the following profit indicators (table);

Based on the risk minimization rules - the pessimism-optimism criterion, the minimax risk rule and the Laplace rule, choose the most profitable strategy.

Decision.

Laplace criterion .

This criterion is based on the calculation of the mathematical expectation in the absence of the probability of occurrence of options - the arithmetic mean value is determined by the formula
:

Strategy 1.
c.u.

Strategy 2.
c.u.

Strategy 3.
c.u.

Strategy 4.
c.u.

Since the optimality criterion is the maximum value of the average expected value, the best strategy is the production of trucks.

Criterion of pessimism - optimism .

We accept that the probability of an event occurring at which the profit is minimal is 0.70, then the probability of an event occurring at which the profit is maximum is 0.30.

The expected value of profit is determined by the formula
:

for the passenger car production strategy:

for truck production strategy:

for the minibus production strategy:

for the sports car production strategy:

Since the highest value of the expected profit corresponds to the strategy for the production of trucks, then, based on this criterion, this strategy is optimal.

Minimax risk criterion .

To solve the problem according to the minimax risk criterion, it is necessary to determine the maximum value of the profit indicator for each option and subtract from it the corresponding values ​​for other options. The second step is to determine for each strategy the maximum value of the difference, i.e. lost benefit. The minimum value of the maximum values ​​of lost benefits will correspond to the optimal strategy.

Calculation of indicators of lost profit (c.u.)

Based on this criterion, the optimal strategy for the production of cars.

Task 3

The entrepreneur is faced with a choice as to how much to buy 400 or 500 units of goods. When purchasing 400 units, the purchase price is 90 UAH, and when purchasing 500 units. - 70 UAH. The entrepreneur will sell this product for 110 UAH. for a unit. The demand for the product is not exactly known: the probability of selling 400 and 500 units is initially estimated at 60: 40. All goods not sold on time can be returned at 30 UAH.

How many units of the product need to be purchased? What is the price of additional sales information?

Decision.

Profit from the purchase of 400 units of goods and the demand for goods in the amount of 400 units will be

Profit from the purchase of 400 units of goods and the demand for goods in the amount of 500 units will also be 8000 UAH.

The average expected profit for the purchase of 400 units of goods is determined by the formula for calculating the mathematical expectation:

The profit from the purchase of 500 units of the product and the demand for the product in the amount of 400 units will be:

Profit from the purchase of 500 units of the product and the demand for the product in the amount of 500 units will be

The average expected profit for the purchase of 500 units of goods is determined by the formula:

Data calculation

A risk-averse person would choose a purchase volume of 500 units. A risk-neutral person would choose a purchase volume of 500 units because the average expected profit is higher for a given purchase volume. A risk-averse person will also choose a purchase volume of 500 units of goods, since with any demand, the profit will be more (12,000 or 20,000 UAH) than 8,000 UAH. when purchasing 400 units of goods. Wherein Additional Information about future demand is not needed. Let's confirm this with calculations.

The cost of additional information is defined as the difference between the expected return under certainty and the expected return under uncertainty.

The expected profit under certainty conditions (that is, when the volume of demand is precisely known - 400 or 500 units) will be .

The expected profit in the face of uncertainty will be 15200 hryvnia.

Cost of additional information: , i.е. information should not be purchased.

Task 4

By granting a loan to a firm, a forecast of possible losses and corresponding probabilities is made. Numerical data are presented in the table.

Initial data

Determine the expected amount of risk, that is, losses.

Decision.

The amount of risk (expected damage) is determined by the formula
:

those. the firm should not provide a loan, since the expected loss is 16 thousand hryvnia.

Problem 7.1. There are investments in the amount of 5 million rubles. Banks offer to place capital for two years, but one offers to invest money at 20% per annum, taking into account the accrual of simple interest at the end of each year, the second - at 20% per annum, but with quarterly compound interest. Determine the future cost of capital and choose the best option.

1. Determine the future value when calculating simple interest:

To t= K(1+E t) = 5 (1+0.2∙2) = 7.0 million rubles.

2. Determine the coefficient of growth (capitalization):

3. Determine the future value when calculating compound interest:

Conclusion: the second option is more profitable.

Problem 7.2. The depositor has 100 thousand rubles free throughout the year. The bank offers three options for investing money for a period of two years at 24% per annum: with capitalization of interest after the next month, next quarter, next half year. Determine the best investment option.

1. Determine the future value of money with monthly capitalization:

2. Determine the future value of money with quarterly capitalization:

3. Determine the future value of money with a semi-annual capitalization:

Conclusion: the first option is the best.

Problem 7.3. The initial amount is 100 thousand rubles, the final amount is 121 thousand rubles. Determine at what percentage you need to put money in the bank for 2 years.

Let's determine the percentage that will make it possible to receive 121 thousand rubles:

Problem 7.4. Determine how much you should deposit in the bank today at 10% per annum so that in 2 years you have 121 thousand rubles.

Determine the current amount of money:

Problem 7.5. The depositor has a free amount of 100 thousand rubles. He wants to receive 121 thousand rubles. The bank offers to invest money at 10% per annum with capitalization of interest after the next year. Determine how many years the depositor will be able to receive the desired amount?

Determine the number of years to obtain the desired amount.

We derive from the formula:

Problem 7.6. The bank offers 25% per annum. Determine the discount factor and the initial contribution in order to have 100 thousand rubles in the account in 3 years.

1. Define the discount factor:

2. Define the initial contribution:

Problem 7.7. Two options for making capital investments for the construction of a new workshop are proposed, corresponding to different technologies. Construction period - 3 years. The amount of costs for the options is the same - 450 million rubles. Investments are made at the beginning of each year. According to the first option, the sequence of depositing funds is 150 million rubles. annually. According to the second option, the procedure for investing funds by year is 200, 150, 100 million rubles. Profitability is 10% per year. Determine the current value of the options and choose the most preferable among them.

1. Let's determine the current value of funds according to the first option:

2. Determine the current value cash investments for the second option:

Conclusion: Option I is the best, it requires a smaller initial amount.

Problem 7.8. The amount of invested capital is 900 thousand rubles, the duration of the investment is 4 years, the annual cash inflow is 300 thousand rubles, the interest rate is 10%. Determine the net present value.

Problem 7.9. The amount of invested capital is 900 thousand rubles, the duration of the investment is 4 years. Cash inflow by years: 100, 200, 300, 400 thousand rubles. Interest rate - 10%. Determine the net present value and decide whether it is worth investing in this project.

Determine the net present value of invested capital:

Conclusion: an investor should not invest money, because. the project is inefficient.

Problem 7.10. The organization is installing new equipment. The discount rate is 10%. Determine the net discounted income from its use according to table. 7.1.

Table 7.1

Let's determine the NPV from the use of equipment:

NPV \u003d (14260 - 996) 0.909 + (15812 - 4233) 0.826 + (16662 - 10213) 0.751 + (18750 -

–11650)0.683+(26250 - 18400)0.621+(28750 - 20150)0.564 = 41050.30 thousand rubles.

Problem 7.11. The amount of capital investment is 900 thousand rubles, the duration of the investment is 4 years, the annual cash inflow is 300 thousand rubles, the interest rate is 10%. Determine the internal rate of return on capital and conclude whether the investment is effective.

1. Determine the calculated value of the discounted multiplier:

2. Let's determine the value of the discounted multiplier at E VNR = 12%:

3. Let's determine the value of the discounted multiplier at E VNR = 13%:

4. Define the internal rate of return:

Investments are effective because their internal rate of return (12.6%) is higher than the interest rate (10%).

Problem 7.12. The reduced integral effect is 3,792 thousand rubles, and the reduced capital investments are 2,212 thousand rubles. Determine the net present value and the yield index.

1. Define the net present value:

NPV = IE ref. - To bring. = 3792 - 2212 = 1580 thousand rubles.

2. Define the yield index:

Problem 7.13. The discount rate (interest rate) at which the bank issues loans is 25%. Values ​​of net present value and yield index.

Table 7.2

1. Define the reduced effect:

2. Let us determine the reduced investments, taking into account their depreciation:

3. Determine the net present value:

NPV \u003d 884.81 - 328.73 \u003d 556.08 thousand rubles.

4. Define the yield index:

Conclusion: the value of NPV is positive, ID>1; project is efficient.

Problem 7.14. According to the first option, the total construction period is 4 years, the estimated cost is 40 million rubles; sequence of investment of funds - 10 million rubles. annually. According to the second option, construction starts a year later and is carried out for three years. The estimated cost is 42 million rubles, the procedure for investing funds by year is 6, 10, 26 million rubles. Investments are made at the end of each year. The standard for bringing over-time costs is set at 10%. Determine the most efficient option.

1. Let's determine the amount of capital investments according to the first option, reduced to the fourth year, i.e. by the year of completion of construction:

K 4 \u003d 10 (1 + 0.1) 3 + 10 (1 + 0.1) 2 + 10 (1 + 0.1) 1 + 10 \u003d 46.41 million rubles.

2. Let's determine the amount of capital investments according to the second option, reduced to the third year, i.e. by the year of completion of construction:

K 3 \u003d 6 (1 + 0.1) 2 + 10 (1 + 0.1) 1 + 26 \u003d 44.26 million rubles.

Despite the higher cost, the second option is the best.

Problem 7.15. The loan amount is 200 million rubles, the duration of the loan is 4 years, the annual interest rate is 20%, the share of capital investments by years is 0.25. Two options for repayment of a long-term loan are offered: at the end of its advance period; annually, subject to the interest rate. Determine the repayment amount for the loan and choose the best repayment option.

1. Determine the amount of the loan repayment for the option that provides for its payment at the end of the advanced period:

2. Determine the loan repayment amount for the option that provides for the annual payment of a part of the loan:

Conclusion: the second option is the best, as it gives a smaller return amount.

Problem 7.16. The contractor commissioned the facility under construction on September 1, with a contractual deadline of December 1 and a contractual price of 1,000 million rubles. The expected efficiency of the facility is 0.12 rubles / rub. in year. In accordance with the contract agreement, the contractor must receive an additional payment of 0.5% of the earned investment for each month of accelerated commissioning. Determine the economic effect of the early commissioning of the facility for the investor and contractor.

1. Let us determine the additional profit that the investor should receive for the additional operating time of capital investments:

2. Determine the amount of additional payment that the investor is obliged to transfer to the contractor in connection with the early commissioning of the facility:

In order to create economic interest, the investor transfers to the contractor half of the profit received in connection with the early commissioning of the object.

Problem 7.17. Overhead costs according to the estimate - 60 million rubles. The share of semi-fixed costs is 0.5. The firm can reduce the construction period of the facility from 12 to 10 months. Determine the savings from reducing construction time.

Determine the savings from reducing the construction period:

Problem 7.18. Three options for capital investments in the construction of a plant are compared with different investments by years (Table 7.3). Choose the most effective option for investing money if the rate of return on invested capital is 20%.

Table 7.3

Let us determine the amounts of discounted capital investments by options:

The third option is the best, it requires a smaller initial one.