The aim of the work is to introduce various ways of economical evaluation of investments and present their practical application for industry branch of electrical devices. The work is divided into two parts: theoretical and practical one. The introductory part presents framework of economical evaluation and describes basics of economical evaluation and terms such as NPV, discount rate, investment decision) The work focuses on the most favorite approach -- discounted cash flow method - of economical evaluation of investments in detail. However, practical experiences show that conventional approach does not take probability distributions of input variables into account. When the higher risk is implied to discount rate, promising project could be rejected. That is why DCF concept is complemented by Monte Carlo risk modeling application.

The subject of this Diploma thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary perspectives and possibilities for Estimation of the Company Market Value. This thesis presents most of using (so less using) techniques for evaluation end rocommendation for its using. Pracitical part includes estimation of real company market value by profit method of discounted cash flow.

This diploma thesis deals with the determination of the value of company Reda a.s. to 31.12.2019, by using income-based method. The first part of thesis defines the theoretical assumptions and procedure for determining the value of company. The analytical part contains a strategic analysis, financial analysis, prognosis of value generators and the compilation of a financial plan. At the end of the diploma thesis, the value of the company is determined using the discounted cash flow method.

The Master's thesis solves the question of financing an acquisition of fixed assets from external resources. It deals with a detailed analysis of products offered by leasing companies and banking institutions. It primarily examines financial leasing and investment credits. The essence of the thesis is to find the most appropriate external financing option for a purchase of cargo trucks, based on the analysis of particular offers.

Por el presente trabajo pretende mostrar como objetivo principal, mostrar los resultados de la valorización económica realizado a la Empresa Minsur S.A. al cierre del período del año 2018. Para llegar a esa meta, se han analizado data histórica de la Empresa, información relacionada a ingresos, gastos e inversiones por un período de acuerdo a la vida útil de las minas, incluyendo supuestos utilizados en las metodologías de valorización con el propósito de sensibilizar los datos obtenidos. Como resultado final, se ha obtenido que el valor fundamental de la Empresa es de miles de USD $ 2,154,042 y el precio por acción es de S/. 1.584, los mismos que se han obtenido utilizando información tanto pública y de la propia Empresa, entre otras fuentes confiables de información, y por supuesto en el uso de herramientas financieras. Finalmente, el valor fundamental obtenido en el presente trabajo es de carácter conservador, debido a que no se está dentro de la misma, la valorización relacionada con nuevos proyectos mineros. Así mismo, en el desarrollo del presente trabajo hubo una ligera volatilidad en el precio de los commodities, con proyecciones basados en pronósticos que indicarían una turbulencia de los mismos en el futuro, de acuerdo a proyecciones del Banco Mundial publicadas en enero del año 2019. / For the present work it intends to show as its main objective, to show the results of the economic valuation made to the Minsur S.A. Company. at the end of the 2018 period. To reach this goal, historical data of the Company, information related to income, expenses and investments for a period according to the useful life of the mines have been analyzed, including assumptions used in the methodologies of recovery in order to sensitize the data obtained. As a final result, it has been obtained that the fundamental value of the Company is USD $ thousand 2,154,042 and the price per share is S /. 1,584, the same ones that have been obtained using both public information and that of the Company itself, among other reliable sources of information, and of course in the use of financial tools. Finally, the fundamental value obtained in this work is of a conservative nature, because it does not include the valuation related to new mining projects. Likewise, in the development of this work there was a slight volatility in the price of commodities, with projections based on forecasts that would indicate turbulence in the future, according to World Bank projections published in January 2019. / Trabajo de investigación

With environmental concerns and energy needs increasing, many regions in the world are promoting renewable energy technologies making use of various policy instruments. Although today the PV systems price is decreasing, which gives it a competitive edge; we see the technology still being dependent on policy instruments for its dissemination.   The aim of this study is to research on whether or not a solar PV system is economically viable under certain circumstances. The study analyzes this by performing a cost beneficial analysis for the lifetime of the solar PV system making use of a discounted savings model. The systems being considered in this study are from California and Germany as these regions are leading in solar PV dissemination in their respective regions. The policies that are aiding the deployment of solar PV technologies are varied and thus this study compares benefits from different policy instrument for a residential customer investing in a solar PV system.   The research objectives in this study are pursued making use of major concepts such as Grid Parity, Levelized Cost of Electricity and financial methods such as discounting.  Further, to understand how the different independent variables such as retail electricity prices, PV system pricing, WACC, self-consumption rate and storage availability are having an impact and how the results change with variation in these variables, a sensitivity analysis is conducted.   The results obtained in this study show that a solar PV system installed in California and Germany both make net benefits over their lifetime. When compared, the Californian solar PV system under the Net Energy Metering policy is making more net economic benefits in the range of $ 40,351 in Eureka and $53,510 in San Francisco; when compared to the German solar PV systems under the Feed in Tariff ranging $4,465 in Berlin and $11,769 in Munich. Furthermore the Californian solar PV systems still prove to be more beneficial even when compared to the German solar PV systems under the self-consumption law of the Feed in Tariff ranging $ 6,443 in Berlin and $ 13,141 in Munich.  But when the self-consumption rate is increased in the German case, it is noted that the associated benefits increase.   The study at hand thus results in the California Net Energy Meter policy instrument proving to be more beneficial to a residential customer than the German Feed in tariff with and without self-consumption. Another important finding made in this study is that despite the German solar PV system making lesser benefits than the Californian ones, they attain Grid Parity before the ones in California.

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.

В современных рыночных отношениях, при постоянной динамике, завоевания новых рынков сбыта становится приоритетом для многих компаний. В этих условиях грамотно спланированный и организованный процесс диверсификации способствует повышению продуктивности работы компании и каждого его подразделения, таким образом, выбранная тема представляется актуальной. Целью данной работы является разработка методики оценки экономической эффективности диверсификации действующего предприятия. В работе исследованы понятие «диверсификация» её виды и методы. Детально разобран процесс стратегического планирования. Разработан алгоритм планирования при выборе стратегии диверсификации на производственном предприятии, который включает оценку экономической эффективности через интегрированную дисконтированную валовую добавленную стоимость, позволяющий сделать экономически обоснованный выбор стратегии предприятия. В результате апробации предложенной методики в ООО "Экоальянс" был сделан вывод о целесообразности диверсификации производства и эффективности предложенной методики. Таким образом, на ООО "Экоальянс" был проведён анализ выбора экономической стратегии и доказана её экономическая эффективность. / In modern market relations, with constant dynamics, the conquest of new markets becomes a priority for many companies. Under these conditions, a well-planned and organized diversification process helps to increase the productivity of the company and each of its divisions, so the chosen topic is relevant. The purpose of this work is to develop a methodology for assessing the economic efficiency of diversification of the existing enterprise. The paper investigates the concept of "diversification" its types and methods. The process of strategic planning is analyzed in detail. The algorithm of planning at the choice of strategy of diversification at the production enterprise which includes an assessment of economic efficiency through the integrated discounted gross value added allowing to make a choice of economic strategy of the enterprise is developed. As a result of approbation of the offered technique in ltd. Ecoalliance the conclusion about expediency of diversification of production and efficiency of the offered technique was drawn. Thus, the analysis of the choice of economic strategy was carried out at ltd Ecoalliance and its economic efficiency was proved.

<p dir="ltr">Reinforcement learning (RL), which aims to train an agent to maximize its accumulated reward through time, has attracted much attention in recent years. Mathematically, RL is modeled as a Markov Decision Process, where the agent interacts with the environment step by step. In practice, RL has been applied to autonomous driving, robotics, recommendation systems, and financial management. Although RL has been greatly studied in the literature, most proposed algorithms are model-based, which requires estimating the transition kernel. To this end, we begin to study the sample efficient model-free algorithms under different settings.</p><p dir="ltr">Firstly, we propose a conservative stochastic primal-dual algorithm in the infinite horizon discounted reward setting. The proposed algorithm converts the original problem from policy space to the occupancy measure space, which makes the non-convex problem linear. Then, we advocate the use of a randomized primal-dual approach to achieve O(\eps^-2) sample complexity, which matches the lower bound.</p><p dir="ltr">However, when it comes to the infinite horizon average reward setting, the problem becomes more challenging since the environment interaction never ends and can’t be reset, which makes reward samples not independent anymore. To solve this, we design an epoch-based policy-gradient algorithm. In each epoch, the whole trajectory is divided into multiple sub-trajectories with an interval between each two of them. Such intervals are long enough so that the reward samples are asymptotically independent. By controlling the length of trajectory and intervals, we obtain a good gradient estimator and prove the proposed algorithm achieves O(T^3/4) regret bound.</p>

Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: The oil industry is under pressure to select refinery projects that will provide higher and more predictable returns. In the past Discounted Cash Flow (DCF) techniques have been used to choose between refinery project alternatives. One of the problems with DCF techniques is that they ignore management flexibility when evaluating projects that contain embedded options. Real Option Valuation (ROV) is an approach that takes management flexibility into account and places a value on this flexibility. ROV has been used extensively by the oil industry for the evaluation of oil and gas reserves. The aim of this study is to determine the extent to which the use of ROV will improve the decision making process when evaluating a refining project containing embedded options as well as to determine the most appropriate option valuation method for refining projects. This was done by evaluating a refining project using both a probabilistic DCF approach and the various option pricing models and comparing the results. It was concluded that ROV will improve the decision making process when evaluating refining projects containing embedded options. The most appropriate option pricing method for refining projects was found to be the simulation approach since simulation is already being used by refineries to perform probabilistic DCF analysis. It is not recommended that ROV should be blindly applied to all refining projects containing embedded options. The use of ROV should be limited to larger refining projects for which probabilistic cash flows have been developed and the extent of the ROV analysis required should be determined by a careful review of the net present value (NPV) cumulative probability curves. / AFRIKAANSE OPSOMMING: Die olie industrie is onder druk geplaas om projekte te kies met 'n hoër opbrengs op kapitaal en 'n opbrengs wat meer voorspelbaar is. In die verlede is slegs die Verdiskonteerde Kontant Vloei (VKV) metode gebruik om projekte te selekteer vir die raffinadery. Een van die onderliggende tekortkominge met die gebruik van die VKV metode is dat verskillende bestuursopsies in terme van alternatiewe met ingeboude opsies, nie voldoende ondersoek word nie. Reële Opsie Waardasie (ROW) is 'n metode wat bestuursopsies in ag neem deur 'n waarde te plaas op elke beskikbare bestuursopsie. ROW het wye toepassings in die olie industrie vir die evaluasie van gas en olie reserves. Die doel van hierdie studie is om te bepaal tot watter mate die gebruik van ROW die besluitnemingsproses sal verbeter in terme van die evaluasie van projekte met ingeboude opsies vir raffinaderye en watter opsiewaardasie metode die mees geskikte is vir sulke projekte. 'n Raffinadery projek is evalueer deur beide KV en verskeie opsie-prysbepalingsmetodes te gebruik en die resultate is vergelyk. Die resultate van die studie het bewys dat die ROW metode die besluitnemingsproses verbeter. Die studie het gewys dat die mees geskikte opsie-waardasie metode vir projekte in the raffinadery die simulasie benadering is omdat simulasie alreeds vir probalisties VKV ontleding gebruik word. 'n Verdere aanbeveling is dat die ROW metode nie blindelings gevolg moet word vir alle projekte met ingeboude opsies nie. Die gebruik van ROW moet beperk word tot groter projekte waarvoor probabilistiese kontantvloei alreeds ontwikkel is. Die mate van ROW ontleding moet bepaal word deur 'n noukeurige ondersoek te doen van die kumulatiewe netto huidige waarde-waarskynlikheidskurwe.