The thesis focuses on determination of cash flow and evaluation of economic efficiency of the development project of the residential construction in Brno. The theoretical part deals with basic evaluation of economic efficiency of investment project including the most used indicators and gives insight into the developing activity including risks that companies must count with in such projects. The practical part deals with the particular project where cash flows are determined and its economic efficiency is evaluated.

En la ciudad del Cusco, la vialidad urbana está enmarcada en una grave problemática de ausencia total de acciones periódicas dirigidas al mantenimiento de vías pavimentadas, produciendo como resultado el deterioro acelerado de los pavimentos hasta casi su destrucción, por lo que, las vías urbanas pavimentadas de la ciudad del Cusco exigen una nueva manera de enfrentar la gestión vial. Para ello primeramente se realizó un análisis y diagnóstico situacional de los procesos de mantenimiento vial utilizados por la entidad responsable. Y luego como resultado de la investigación se presenta una propuesta de implementación del sistema de gestión de mantenimiento vial para las vías urbanas de la ciudad del Cusco. Asimismo como caso de estudió se presenta la gestión del pavimento de una vía de primer orden de la ciudad del Cusco, la Av. de la Cultura, cuyo pavimento fue construido el año 1972, en su ciclo de vida se realizaron actividades de mantenimiento a partir del año 1984, el año 1,999 se realizó la primera evaluación funcional y estructural, cuyos resultados exigieron que se realice un mantenimiento periódico. El año 2012-2013 se realizó una nueva evaluación funcional y estructural del pavimento, para predecir su modelo de comportamiento cuyos resultados indican que máximo el año 2020 debe realizarse un segundo mantenimiento periódico. Con los resultados obtenidos se realizó el análisis del estado de deterioro del ciclo de vida del pavimento y el análisis del costo del ciclo de vida para un periodo de 50 años en dos escenarios: escenario 1 considerando las actividades de mantenimiento rutinario y periódicos; escenario 2 sin considerar mantenimiento. En el análisis del estado de deterioro, análisis determinístico y grafico encontramos en el escenario 2 un VPN de S/.1, 003,829 más que el escenario 1. Lo que demuestra que la aplicación de actividades de mantenimiento rutinario y sobre todo periódico en la Av. De La Cultura (escenario 1), ha tenido resultados desde el punto de vista económico mucho más ventajosos que el no haber aplicado actividades de mantenimiento periódico y esto aumenta más si sumamos la mejora de la calidad de servicio y seguridad a los usuarios. / In the city of Cusco, the urban road is framed in a serious problem of total absence of periodic actions directed to the maintenance of paved roads, resulting in the accelerated deterioration of the pavements until almost their destruction, so, urban paved roads of the city of Cusco demand a new way of dealing with road management. Firstly, a situational analysis and diagnosis of the road maintenance processes used by the responsible entity was carried out. And then as a result of the investigation, a proposal for the implementation of the road maintenance management system for the urban roads of the city of Cusco is presented. Also as a case study is presented the management of the pavement of a road of the first order of the city of Cusco, the Av. de la Cultura, whose pavement was built in 1972, in its life cycle maintenance activities were carried out from from the year 1984, the year 1,999, the first functional and structural evaluation was carried out, the results of which required periodic maintenance. In 2012-2013, a new functional and structural assessment of the pavement was carried out to predict its behavior model, the results of which indicate that a second periodic maintenance should be carried out in the year 2020. With the results obtained, the analysis of the deterioration state of the life cycle of the pavement and the analysis of the life cycle cost for a period of 50 years was carried out in two scenarios: scenario 1 considering routine and periodic maintenance activities; Scenario 2 without considering maintenance. In the analysis of the state of deterioration, deterministic analysis and graph we find in scenario 2 a VPN of S/. 1, 003,829 more than scenario 1. This shows that the application of routine maintenance activities and especially newspaper in the Av. de la Cultura (scenario 1), has had results from the economic point of view much more advantageous than not having applied periodic maintenance activities and this increases more if we add the improvement of service quality and safety to users. / Trabajo de investigación

The net present value (NPV) approach has been widely accepted by corporate practitioners and academics as the principle tool for evaluating the feasibility of corporate financial investment opportunities. It conceptually provides an estimate in present value terms of a proposed investment's incremental contribution to the firm, enabling the company to pursue its goal of value maximization with more assurance. NPV uses a discount rate that in theory captures market risks. In the stable growth or mature industries, NPV works well. However, in high investment/high risk-return (HI/HRR) industries, where the investment environment is often profiled as highly uncertain with high returns, NPV is insufficient to reflect the multidimensional risks, hence unable to capture the extensive investment returns that may consist of non-financial values. This dissertation applies the real option (RO) valuation methodology, supplementing the NPV method to evaluate the return of the sports retail industry (SRI) flagship stores investments. This study further demonstrates that there are strategic values captured by the RO valuation method, complementing the financial values attained by the NPV. To test this assertion, we use case methodology to analyze four flagship investment activities (proprietary business data are concealed). These investments represent various investment options, including growth, expansion, staging, and delay. The cases include projections made prior to the investment, the retrospective application of RO to estimate strategic value, and the actual returns from these investments. Findings demonstrate convincingly RO methodology can and should be usefully applied to supplement the NPV method in HI/HRR industries, and SRI in particular.

The goal of harvest scheduling is to produce a practical operations schedule that can be implemented in the field by operational foresters and maximizes all values. The resulting harvest units need to represent a close approximation to what will be done operationally and while emulating natural disturbance regimes and topographic boundaries. using flow direction surfaces. Two methods of meeting spatially acceptable harvest units through a heuristic algorithm and a mixed integer programming method. A factor analysis was conducted on both to determine the statistical significance between 3 forest characterizations and mean financial and shape index indicators. Mixed integer programming had higher cash flows and net present values per hectare and the heuristic method had higher net present value per cubic meter at the 95% level of significance.

The purpose of this research was to model the growth and yield of bottomland hardwood forests of the Lower Mississippi Alluvial Valley and to explain the economic tradeoffs of even- and uneven-aged management. The US Forest Service (USFS) Forest Vegetation Simulator was used to model growth and yield for four different bottomland hardwood forest types using USFS inventory data. Even- and uneven-aged management scenarios were optimized for timber revenue maximization using the Land Expectation Value formula. Analyses suggested that growth and yield of even-aged and uneven-aged management approaches differ in terms of end products and harvesting time. The even-aged management scenarios performed better over the uneven-aged management scenarios with few exceptions; however, the magnitude of the economic tradeoff depended upon initial stand conditions and required rates of return. These analyses will allow landowners to understand how much economic gain or loss they may realize by adopting an alternative management.

Under de senaste Ã¥ren har flygets klimatpÃ¥verkan blivit alltmer uppmärksammad för att den, precis som annan klimatpÃ¥verkan, behöver minska. Samtidigt väntas flygresandet öka de kommande Ã¥ren och flyget är en viktig faktor för ekonomisk tillväxt i världen. Därför syftar denna studie till att undersöka hur de ekonomiska förutsättningarna för el- och hybridflygplan i regional kommersiell flygtrafik i Sverige är genom investeringskalkylering. Som en fallstudie väljs tre regionala flyglinjer frÃ¥n Malmö Airport för att kunna applicera kalkylmetoderna pÃ¥ och vid applicering av dessa kartläggs utbetalningskällor för flygplan och lämpliga nivÃ¥er av inbetalningar i form av passagerarbiljetter bestäms. Resultatet för studien utarbetas genom tre scenarier och visar ett positivt nuvärde för investeringar av el- och hybridflygplan när investeringen inte belastar flygoperatören. Om flygoperatören däremot genomför investeringen av flygplanen utan nÃ¥got ekonomiskt stöd uppnÃ¥s lönsamhet endast i väldigt begränsad omfattning vid vissa förutsättningar. En slutsats frÃ¥n studien är att det kommer att krävas stora investeringar för att kunna använda el- och hybridflygplan i kommersiell flygtrafik, antingen av flygoperatören eller en annan aktör som möjliggör att investeringen inte belastar flygoperatören. El- och hybridflygplanens fÃ¥tal stolar ombord och de investeringar som behöver göras innebär att de genomsnittliga biljettpriserna pÃ¥ samtliga tre regionala flyglinjer som undersökts ökar. Dock kan subventioner för resenärer som reser med el- och hybridflygplan och samt eller investeringsstöd till flygoperatörer förbättra möjligheten att använda el- och hybridflygplan i kommersiell flygtrafik. / <p>Examensarbetet är utfört vid Institutionen för teknik och naturvetenskap (ITN) vid Tekniska fakulteten, Linköpings universitet</p>

Cuba’s government has set a goal to generate 24 percent of the country’s electricity from renewable sources by 2030. The country’s many sugar mills have been identified as key contributors to reach this goal as their cogeneration units have the potential to significantly increase Cuba’s electricity production from biomass by upgrading them to bioelectric plants. This study evaluates the feasibility of upgrading the cogeneration unit of George Washington sugar mill in the province of Villa Clara, Cuba. An energy balance of the proposed upgraded scheme is done to deduce its feasibility from an energy perspective. To deduce the project’s feasibility from a financial standpoint its net present value (NPV), internal rate of return (IRR), discounted payback period (DPP) and levelized cost of energy (LCOE) are calculated. The spared CO2 emissions by integrating more biopower in the Cuban electricity system are calculated from the avoided burning of diesel for electricity production. The impact on Cuba’s energy independence is quantified by calculating the avoided diesel imports. The NPV of the proposed scheme is 64.9 MUSD, the IRR is 25.6 percent which is significantly higher than the set discount rate of 6.5 percent, the DPP is 5.3 years and the LCOE is 0.0533 USD/kWh which is lower than the maximum LCOE set by AZCUBA to 0.14 USD/kWh. The avoided CO2 emissions and imported diesel are estimated to be 110,173 tonnes CO2 and 36,724 tonnes diesel each year, respectively. These indicators suggest that the upgrade of George Washington’s cogeneration unit is feasible.​ / Kubas regering har satt som mål att generera 24 procent av landets elektricitet från förnyelsebara källor till år 2030. Landets många sockerbruk har identifierats som nyckelaktörer för att nå detta mål då sockerbrukens kraftvärmeenhet har potential att öka Kubas elproduktion från biomassa genom att uppgradera dem till bioelektriska kraftverk. Denna studie utvärderar möjligheten att uppgradera kraftvärmeenheten på sockerbruket George Washington i provinsen Villa Clara, Kuba. Först görs en energibalans på det föreslagna uppgraderade systemet för att utläsa dess genomförbarhet ur ett energiperspektiv. För att utvärdera projektets genomförbarhet ur ett finansiellt perspektiv beräknas investeringens nettonuvärde (NPV), interna avkastningsgrad (IRR), diskonterade återbetalningstid (DPP) och energiproduktionskostnad (LCOE). De undvikta CO2 utsläppen genom integrering av mer biokraft i det kubanska elsystemet beräknas från den uteblivna förbränningen av diesel för elproduktion i landet. Effekterna på Kubas energioberoende kvantifieras genom att man beräknar den minskade dieselimporten. NPV i det föreslagna uppgraderade systemet är 64,9 MUSD, IRR är 25,6 procent vilket är betydligt högre än den fastställda diskonteringsräntan på 6,5 procent, DPP är 5,3 år och LCOE är 0,0533 USD/kWh vilket är lägre än det maximala LCOE som fastställts av AZCUBA till 0,14 USD/kWh. De uteblivna CO2-utsläppen och minskningen av importerad diesel beräknas uppgå till 110 173 ton CO2 respektive 36 724 ton diesel varje år. Dessa indikatorer tyder på att uppgraderingen av George Washingtons kraftvärmeenhet är genomförbar.​

Real estate investments are more frequently crossing borders. The national cultural differences, which are influencing investment preferences and decision processes, are challenging Real Estate Companies, whereas not only capital, but also individuals are moving more frequently across country borders. Real Estate Companies’ risk profile concerning uncertainty avoidance, regarding real  estate investments haven’t  been studied before, thus a gap in the literature is identified. This study aims to identify risks, risk management tools, uncertainty avoidance in Real Estate Companies with different national cultural background, helping to develop a deeper understanding of the differences in their risk profiles. I have found that the Israeli respondents are highly uncertainty avoiding and risk loving, but only regarding familiar risks, while concerning unfamiliar risks, they are rather risk averse. The Swedish respondents are weakly uncertainty avoiding and risk neutral, no matter known or unknown ris

This thesis was started in order to find out how pre-commercial thinnings are violated in Lithuania. Analysis has been done in four methodological steps. Understanding forest owners’ behaviour to pre-commercial thinnings (PCT) is impossible without verifying real situation in practice. Therefore in the beginning inspection of 15 thoroughly selected sample stands was carried in central part of Lithuania. Results revealed that in none of 15 stands pre-commercial thinnings were performed as it is required by legislation. Only two stands showed some marks of PCT. Important factor having significant effect on application of thinnings in private forests is legislation system. Therefore Forest Law (2010a), Regulations for forest felling (2010b) and Regulations for tending and usage of private forests (2004) were analyzed. Regretfully pre-commercial thinnings as mandatory forest management tool until recently has not been described in any of the listed documents. Economic factors such as subsidies or loans could also be a part of implication of pre-commercial thinnings in private forests. Support from European Union funds is available in Lithuanian, though some requirements and stages of application process are not well appreciated by forest owners and stop them from using it. The main causes are: prohibition to perform thinnings for owners themselves; relatively small percent PCT expenses covered; too long and in some cases too messy support implementation process. For analysis... [to full text] / Šiuo metu pusė visų Lietuvos miškų priklauso valstybei, tačiau nemenka dalis yra ir privačių miškų savininkų rankose. Valdydami 829,4 tūkst. hektarų miškų, privačių miškų savininkai dažniausiai įžvelgia tik apsaugines ir estetines jų panaudojimo galimybes. Tiesa, kai kurie savininkai panaudoja turimą mišką kuro ar statybinių medžiagų gavimui, tačiau dažniausiai tik savo reikmėms tenkinti. Tai yra visiškai suprantama, kadangi vidutinės miško valdos dydis yra vos 3,28 hektaro (LRAM. 2010). Tik labai maža dalis privačių miškų savininkų pagalvoja apie ekonominę naudą, kurią galėtų gauti iš savo valdomo miško – tai, Lietuvos sąlygomis, didelių (5 ha ir daugiau) miško valdų savininkai (Mizaraite, 2001; Pivoriūnas, Lazdinis 2004). Ugdomieji miško kirtimai visuomet buvo ypač svarbi miškininkavimo dalis miškais garsėjančiose valstybėse. Tai yra ne kas kita, kaip tenykščių žmonių įžvalga ir supratimas, kad gerai ir teisingai prižiūrimas miškas ateityje gali būti daug vertingesnis, nei santaupos banke. Deja, tai nėra taisyklė Lietuvoje, kur ugdomieji miško kirtimai yra pamirštami arba nepakankami. To priežastimis galėtume laikyti finansinių išteklių trūkumą, nepakankamą žinių, kaip teisingai vykdyti ugdomuosius kirtimus, bagažą ar net savininkų amžių. Paskutinių tyrimų duomenimis, tipinis privataus miško savininkas Lietuvoje yra 56 metų amžiaus moteris, gyvenanti 100 kilometrų atstumu nuo jai priklausančios valdos (Mikalajūnas, 2009). Anot naujųjų miško kirtimų taisyklių, kurios... [toliau žr. visą tekstą]

Today, a large proportion of the world's plenteous offshore natural gas resource are stranded, flared or re-injected due to constraints pertaining to its utilisation. The major constraint in the utilisation of this resource is linked to its properties, which makes it difficult to transport or store. Although the resource presents an excellent opportunity for the Gas-to-Liquid (GTL) technology (process for converting natural gas into high energy liquid fuels with qualities that surpass the most stringent current and future clean-fuel requirements), the further processing of this resource is still impeded by high cost of transportation. However, it is believed that the emerging Floating GTL concept could offer superb opportunities to bring such offshore stranded natural gas reserves to markets by converting the gas into high quality liquid fuels, at the production sites, before it is transported using conventional oil tankers or vessels. But the question is: can this venture be profitable or economically viable? In response, an Economic Model (the EV Model) to review the economic viability of the Floating GTL option was developed. Analyses on technical and economical aspects of the floating GTL application offshore are presented with case studies on Syntroleum's and Statoil's floating GTL designs. Profitability analyses were conducted using the EV model to evaluate economic parameters such as Net Present Value (NPV), Internal Rate of Return (IRR), Discounted PayBack Period (DPBP), Profitability index (PI), Break-Even Analysis (BEA) and Scale Economies for some assumed case scenarios involving both designs. In addition, sensitivity analyses were also carried out to find the most sensitive parameters which affect the viability of the floating GTL option. The economic analyses revealed that, a modest feedstock cost (~0 - $3/MSCF), high crude oil price (that stays above $30 per barrel) and reduction trend in capital expenditure (for stand alone Floating GTL plant) up to $20,00O/BPD or lower in the next few years, will open windows for the floating GTL concept. Finally, the energy policy needed to achieve the capitalisation of the plenteous offshore stranded gas resource via floating GTL is also discussed. / Thesis (M.Ing. (Development and Management))--North-West University, Potchefstroom Campus, 2007.