According to the World Health Organization (WHO), the population over the age of 65 in Taiwan has reached over 7% of the total population, making Taiwan an aging society and the senior consumer market a target market with significant potential. This study attempts to identify, quantify, and target the potential of senior living. First, the study identifies the senior living market demand, and product examples within the senior living market. Secondly, the report quantifies the senior living market demand. Lastly, the study proposes a senior living community resort as an investment. The study targets the senior population over 60 years old, indigenous peoples over 55 years old, are capable of independent living, and spouses no less than 50 years old. The study method is based upon secondary research and comparative analysis. This research analyzes the current residential market for seniors, identifies trends in the senior residential market, and based on existing research on the senior living market; discuss product design, target market, and pricing strategies for a senior residential product. From this research, we provide an investment valuation model that can be used to develop an investment proposal for a community-style senior living resort. This study aims for two main contributions from this research. First, current studies on seniors currently do not address the investment possibilities of senior living resorts or provide an investment valuation model for a workable investment proposal. Secondly, this research report provides actual management experience and industry information appropriate for Taiwanese businesses that require an investment valuation model for the development of an investment plan of a community-style senior living resort.

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Whenever someone starts a company from scratch there is a great chance he or she (the entrepreneur) looks for funding. People who fund entrepreneurs and start-­‐ups are usually venture capitalists or business angels. Whether it is one or the other these people want to invest wisely. However without last year’s report piling up at the reception of this start-­‐up another approach is necessary. This master thesis focuses on how valuation is possible without haveing financial data. The main focus the thesis is to find whitch personal attributes you should look for in a successful future entrepreneur.

Software systems are today a part of more or less every organization. The varieties of software used in organizations are ranging from simple log-keeping applications to advanced decision support systems. The task of a priori valuation of software investments has attracted a lot of research for a long time. One of the main themes of this research has been which types of consequences software investments result in and how these consequences can be incorporated in the a priori valuation of the investment. Much of this research has stated the problem as how to incorporate intangible consequences in the valuation since intangible costs and benefits are assumed to represent a large part of the consequences from a software investment. These consequences are therefore highly relevant in the appraisal of software investments. This thesis is concerned with the question of how intangible consequences can be incorporated in the a priori valuation of a software investment. To answer this question, this thesis presents a theoretical model for the valuation of a software investment based upon a discounted cash flow model in continuous time. The general model argued for in this thesis is that usage results in consequences which must be translated into cash flows to be incorporated in a discounted cash flow model. The software usage is chosen as the underlying value creating function since it is the basic underlying function that creates all consequences specific to the software investment. This thesis develops a stochastic cash flow model to incorporate the uncertainty and characteristics of when the intangible conse quences have an effect on the cash flow by adopting a Brownian motion into the valuation model. To find an analytic model for the problem, the expectations of the future cash flows is transformed into risk-neutral expectations. This allows us to use the risk-free rate of return as a discount factor in the model.

No contexto da avaliação econômica de projetos de desenvolvimento de produtos e serviços percebem-se muitas dificuldades: ausência de classificação dos métodos de avaliação de investimentos apropriados para o contexto de priorização e seleção de projetos; ausência de sistematização das condições necessárias (conhecimentos, informações, habilidades, formulações e critérios de avaliação) à aplicação dos métodos; ausência de um framework de avaliação econômica que integre condições necessárias para a aplicação dos métodos com o apoio à escolha e aplicação de métodos de avaliação de investimentos apropriados aos conhecimentos disponíveis. Com o objetivo de superar tais dificuldades, essa pesquisa propõe uma sistematização e análise da avaliação econômica de projetos de desenvolvimento de produtos e serviços para poder apoiar a escolha e aplicação de métodos. O método de pesquisa adotado consiste em múltiplos estudos de casos. A pesquisa compreende três fases: (1) Aquisição de conhecimentos; (2) Sistematização da avaliação econômica, com base na revisão bibliográfica e em pesquisa de campo exploratória; (3) Análise da avaliação econômica com base em sete casos. Os resultados colaboram com evidências de que uma sistematização da avaliação econômica pode apoiar a escolha e a aplicação de métodos de avaliação de investimentos para a priorização e seleção de projetos de desenvolvimento de produtos e serviços conforme os conhecimentos disponíveis. Além disso, uma proposta de planilha e a simulação de um exemplo fictício foram elaboradas, com o objetivo de apoiar a avaliação de projetos de desenvolvimento de produtos e serviços. Os resultados compreendem desde a caracterização e sistematização dos métodos de avaliação de investimentos na priorização e a seleção de projetos de desenvolvimento de produtos e serviços, a análise de diversos constructos chaves em estudos de casos, até a proposição de possíveis melhorias do processo decisório nos casos. / In the context of economic evaluation, many difficulties are perceived: lack of classification of evaluation methods according to the context of investment prioritization and selection of projects to develop products and services; lack of systematization of the required conditions (knowledge, information, skills, formulation and evaluation criteria) to the applications of methods; lack of economic evaluation framework that integrates the required conditions to support the choice of methods to apply according to the available knowledge. In order to overcome these difficulties, this research proposes a systematization and analysis of the economic evaluation of the product and service development projects to support the methods choice and selection. The research method adopted is based on multiple case studies. The research comprehends three phases: (1) Acquisition of knowledge; (2) Economic evaluation systematization, through literature review and exploratory field research; (3) Analysis of the economic evaluation based on seven cases. The results provide evidence that a systematization of economic evaluation can support the choice and application of valuating investments methods for the prioritization and selection of the product and service development projects according to the available knowledge. Furthermore, a proposal of a spreadsheet and its simulation based on a fictional example were prepared, aiming at supporting the evaluation of development projects for products and services. The results comprises from the characterization and systematization of the methods to evaluate investments concerning the prioritization and selection of projects for development of products and services, the analysis of several key constructs in case studies, to the proposition of possible improvements in the decision-making in those cases.

No contexto da avaliação econômica de projetos de desenvolvimento de produtos e serviços percebem-se muitas dificuldades: ausência de classificação dos métodos de avaliação de investimentos apropriados para o contexto de priorização e seleção de projetos; ausência de sistematização das condições necessárias (conhecimentos, informações, habilidades, formulações e critérios de avaliação) à aplicação dos métodos; ausência de um framework de avaliação econômica que integre condições necessárias para a aplicação dos métodos com o apoio à escolha e aplicação de métodos de avaliação de investimentos apropriados aos conhecimentos disponíveis. Com o objetivo de superar tais dificuldades, essa pesquisa propõe uma sistematização e análise da avaliação econômica de projetos de desenvolvimento de produtos e serviços para poder apoiar a escolha e aplicação de métodos. O método de pesquisa adotado consiste em múltiplos estudos de casos. A pesquisa compreende três fases: (1) Aquisição de conhecimentos; (2) Sistematização da avaliação econômica, com base na revisão bibliográfica e em pesquisa de campo exploratória; (3) Análise da avaliação econômica com base em sete casos. Os resultados colaboram com evidências de que uma sistematização da avaliação econômica pode apoiar a escolha e a aplicação de métodos de avaliação de investimentos para a priorização e seleção de projetos de desenvolvimento de produtos e serviços conforme os conhecimentos disponíveis. Além disso, uma proposta de planilha e a simulação de um exemplo fictício foram elaboradas, com o objetivo de apoiar a avaliação de projetos de desenvolvimento de produtos e serviços. Os resultados compreendem desde a caracterização e sistematização dos métodos de avaliação de investimentos na priorização e a seleção de projetos de desenvolvimento de produtos e serviços, a análise de diversos constructos chaves em estudos de casos, até a proposição de possíveis melhorias do processo decisório nos casos. / In the context of economic evaluation, many difficulties are perceived: lack of classification of evaluation methods according to the context of investment prioritization and selection of projects to develop products and services; lack of systematization of the required conditions (knowledge, information, skills, formulation and evaluation criteria) to the applications of methods; lack of economic evaluation framework that integrates the required conditions to support the choice of methods to apply according to the available knowledge. In order to overcome these difficulties, this research proposes a systematization and analysis of the economic evaluation of the product and service development projects to support the methods choice and selection. The research method adopted is based on multiple case studies. The research comprehends three phases: (1) Acquisition of knowledge; (2) Economic evaluation systematization, through literature review and exploratory field research; (3) Analysis of the economic evaluation based on seven cases. The results provide evidence that a systematization of economic evaluation can support the choice and application of valuating investments methods for the prioritization and selection of the product and service development projects according to the available knowledge. Furthermore, a proposal of a spreadsheet and its simulation based on a fictional example were prepared, aiming at supporting the evaluation of development projects for products and services. The results comprises from the characterization and systematization of the methods to evaluate investments concerning the prioritization and selection of projects for development of products and services, the analysis of several key constructs in case studies, to the proposition of possible improvements in the decision-making in those cases.

Made available in DSpace on 2010-04-20T21:00:41Z (GMT). No. of bitstreams: 3 sergioramosturma2004.pdf.jpg: 19119 bytes, checksum: c4452e9e93bc1e82148de68f00864d12 (MD5) sergioramosturma2004.pdf: 722906 bytes, checksum: 3151a2172e75c81a782bb19b7692cb4f (MD5) sergioramosturma2004.pdf.txt: 165454 bytes, checksum: 93511c7811fc9cf507401fdf79de903a (MD5) Previous issue date: 2007-02-05T00:00:00Z / This work has the goal to create a market entry project valuation model that encompasses two important characteristics: considers the possibility to increase or decrease the project during its execution and incorporates the strategic decision through a competitive scenario modeling, by considering the competitors’ reactions to the threat of a new entrant. The traditional valuation models are discussed briefly, enumerating some arguments for and against its use and create a comparision basis for the proposed model. The real options theory is then used to improve the traditional valuation model through scenario analysis and incorporation of flexibilities related to the project. Finally, with the game theory, its shown how the interactions among the market players can be sistematized and analysed more formally. The model is demonstrated step-by-step, explaining how the strategic games in a duopoly scenario could be modeled, by determining the equilibrium price, the expected profit earned by each player, the investment return and the binomial tree that will return the final value of the valuation process. Through the analysis of the binomial tree generated, it’s also possible to establish what is the dominant strategy for the investment: a simultaneous investment resulting in a Bertrand equilibrium or a sequential movement, resulting in a Stackelberg equilibrium. The investment strategy is then associated to one of the two possible alternatives to enter a new market: by buyout or building of the new business. At the end of this work, based on the proposed model, it’s presented a case study to analyse a new player entry in a specific market, indicating the recommended strategy: for the building or the buyout of a established player. For this study was chosen the airline company Gol Linhas A´ereas, as the new entrant in the brazilian (domestic) market of air transportation of passengers. / O trabalho tem como objetivo criar um modelo de avaliação de investimentos para a entrada em um novo mercado que possua duas características fundamentais: que considere a possibilidade de aumentar ou reduzir o projeto ao longo da sua implementação e que incorpore a decisão estratégica através da modelagem de um cenário competitivo, onde os concorrentes reagem à ameaça de um novo participante. Para ressaltarmos as vantagens dessa nova abordagem de avaliação de investimentos, os modelos tradicionais mais utilizados são analisados brevemente, ressaltando os seus pontos fortes e fracos. Em seguida, explicamos como o modelo de avaliação por opções reais consegue aprimorar avaliação através da análise dos cenários possíveis e das flexibilidades envolvidas. Com a teoria dos jogos, mostramos como a interação de participantes de um mercado pode ser sistematizada e analisada de maneira formal. O modelo é então demonstrado passo-a-passo, mostrando como devemos tratar os jogos estratégicos em um ambiente de duopólio, determinar o preço de equilíbrio do mercado, o lucro esperado para os participantes, o valor do investimento e criar a árvore binomial que determinará o valor final do processo de avaliação. Através da análise da árvore binomial resultante, é possível também verificar qual foi o tipo de estratégia dominante, seja o investimento simultâneo caracterizando um equilíbrio de Bertrand ou um movimento seqüencial, resultando em um equilíbrio de Stackelberg. Por fim, a estratégia de investimento escolhida é associada a alternativas de entrada no mercado, onde podemos comprar a empresa de um concorrente já estabelecido ou construir o novo negócio desde o começo. Ao final do trabalho, com base no modelo proposto, é apresentado um estudo de caso, onde é feita uma análise de entrada de uma nova empresa em um mercado com concorrentes bem estabelecidos, que poderá indicar pela construção e estabelecimento no mercado desde o início ou pela compra de um concorrente já estabelecido. Para esse estudo foi escolhida a companhia aérea Gol Linhas Aéreas como novo entrante no mercado doméstico de transporte aéreo de passageiros.

The aim of my diploma thesis is the valuation of investments to reduce operating costs at the National Theatre. For the valuation I used the discounted cash flow approach in the alternative with FCFF and FCFE. I also evaluated the effectiveness of the investment based on static and dynamic methods. In the theoretical part, I focused on the description of valuation approaches and methods used for the valuation of investment efficiency.

This diploma thesis addresses the issue of evaluation of investments in newly created companies in the high-tech industry, so-called start ups. Firstly, theoretical basis of investment decision-making are defined together with special aspects of venture capital investments. Furthermore, the known methods of investment evaluation are analysed in detail, their strengths and weaknesses are outlined and the suitability of using these methods to evaluate investments in start-ups is assessed. A case-study is then used to examine application of these methods in practice. Part of the thesis is also devoted to detailed analysis of financing options that are available to start-ups in the USA. The most widely used types of start-up financing are identified together with current trends in this area. Issues concerning various types of start-up financing are then explained and demonstrated on examples.

Evaluation of economic efficiency of the investment plan in TESYDO, s.r.o and a determination of a recommendatory award on the basis of results of the evaluation is the subject of this diploma thesis. The introductory part of the thesis is dedicated to theoretical knowledge in the field of financial analysis, evaluation of efficiency of the investments and the related risks. In the second part, this knowledge is used for a financial analysis of the company and subsequent evaluation of the investment plan. Summary evaluation of the investment plan forms a conclusion of this thesis.