Energy is central to economic development. It has been established that there is a clear correlation between energy consumption and living standards. Nigeria is a country of very industrious and enterprising people. However, due to non availability of adequate energy in the country, especially in the remote, off grid locations, the entrepreneurial inclination of the average Nigerian living in these locations has been largely stunted. Over the years, successive governments in the country, in realisation of the pivotal role of energy in national development, have explored various options to improve energy supply and availability, but the situation has not experienced any remarkable improvement. This has forced many businesses and households to resort to self provision through generators, often at exorbitant costs. This research work addresses the challenge of energy in remote, off grid locations by appraising the techno economic potential of renewable energy, using Obudu Ranch as a case study. This ranch is the foremost tourism resort in Nigeria, and has played host to a number of international events over the years. Presently, electricity is being generated through the use of diesel powered generating sets. The adjoining communities are currently without electricity, although a few of the residents have acquired generators for self provision, mostly for their domestic use. Aside the high cost associated with this, the discharge of noxious contaminants into the atmosphere is undesirable. The research entailed a working collaboration with some notable Non Governmental Organisations (NGOs) that have done extensive ground work in the area for access to some secondary data, as well as a number of corporate and governmental agencies that are relevant to the study. Further, the ranch was visited to establish hands-on, the existing renewable energy sources. A trade-off of these sources was carried out with reference to a number of relevant evaluation parameters to identify the most suited option for addressing the energy challenge. A comparative analysis of this selected source was then made to establish its techno economic potential against the existing source of power generation- diesel powered generating sets, which currently costs R1.5 million annually in running expenses. The findings from this research have established that a Renewable Energy source (mini hydro) is a more cost effective option than the diesel powered gen set, providing a 43% reduction in cost of energy generation, and a 42% reduction in the life cycle cost over the five year of analysis, compared to the status quo. In addition, it is also more environmentally friendly. Conclusively, the findings and recommendations of this research effort, if well implemented, will be beneficial to the ranch, the adjoining communities and other relevant stakeholders. / Thesis (M.Ing. (Development and Management Engineering))--North-West University, Potchefstroom Campus, 2009.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / As reservas brasileiras de petróleo e gás natural apresentarão um significativo crescimento a partir do desenvolvimento das reservas da camada do pré-sal. Segundo estimativas elaboradas pela EPE e pela EIA, nos próximos vinte anos, haverá um quadro de grande oferta de gás natural no país, com a oferta excedendo a demanda. Como o segmento de transporte do gás natural tem grande importância na formação do custo desse energético, uma tecnologia de transporte menos onerosa irá proporcionar um cenário mais vantajoso para a entrada do gás no mercado. A presente dissertação analisa duas tecnologias disponíveis para escoamento do gás natural da camada pré-sal gasoduto submarino e gás natural liquefeito embarcado e as possibilidades de utilização no mercado interno ou para ser exportado. De acordo com dados da Petrobras, foram utilizadas três rotas para escoar o gás do pré-sal. A metodologia Valor Presente Líquido (VPL) foi utilizada para analisar qual dos investimentos em transporte é mais viável economicamente. Os resultados mostraram que de acordo com as perspectivas de produção do gás natural no horizonte de tempo analisado as duas tecnologias serão viáveis, com o transporte por gasodutos a alternativa mais viável economicamente. / The Brazilian reserves of oil and natural gas will present a significant growth from the development of the reserves of the pre-salt layer. According to estimates prepared by the EPE and the EIA, the next twenty years, the supply of natural gas will exceed demand. As the transportation sector natural gas has great importance in the formation of the cost of energy, a less costly transport technology will provide a more advantageous to enter the gas market. This dissertation examines two technologies available to transport the gas from the pre-salt layer - offshore pipeline and liquefied natural gas shipped - and the possibilities of using the domestic market or for export. According to data from Petrobras, three routes were used to drain the gas from the pre-salt. The methodology Net Present Value (NPV) was used to analyze which of the investments in transport is more economically viable. The results showed that according to the outlook for natural gas production in the time horizon analyzed the two technologies will be feasible to transport by pipeline economically the most viable alternative.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / As reservas brasileiras de petróleo e gás natural apresentarão um significativo crescimento a partir do desenvolvimento das reservas da camada do pré-sal. Segundo estimativas elaboradas pela EPE e pela EIA, nos próximos vinte anos, haverá um quadro de grande oferta de gás natural no país, com a oferta excedendo a demanda. Como o segmento de transporte do gás natural tem grande importância na formação do custo desse energético, uma tecnologia de transporte menos onerosa irá proporcionar um cenário mais vantajoso para a entrada do gás no mercado. A presente dissertação analisa duas tecnologias disponíveis para escoamento do gás natural da camada pré-sal gasoduto submarino e gás natural liquefeito embarcado e as possibilidades de utilização no mercado interno ou para ser exportado. De acordo com dados da Petrobras, foram utilizadas três rotas para escoar o gás do pré-sal. A metodologia Valor Presente Líquido (VPL) foi utilizada para analisar qual dos investimentos em transporte é mais viável economicamente. Os resultados mostraram que de acordo com as perspectivas de produção do gás natural no horizonte de tempo analisado as duas tecnologias serão viáveis, com o transporte por gasodutos a alternativa mais viável economicamente. / The Brazilian reserves of oil and natural gas will present a significant growth from the development of the reserves of the pre-salt layer. According to estimates prepared by the EPE and the EIA, the next twenty years, the supply of natural gas will exceed demand. As the transportation sector natural gas has great importance in the formation of the cost of energy, a less costly transport technology will provide a more advantageous to enter the gas market. This dissertation examines two technologies available to transport the gas from the pre-salt layer - offshore pipeline and liquefied natural gas shipped - and the possibilities of using the domestic market or for export. According to data from Petrobras, three routes were used to drain the gas from the pre-salt. The methodology Net Present Value (NPV) was used to analyze which of the investments in transport is more economically viable. The results showed that according to the outlook for natural gas production in the time horizon analyzed the two technologies will be feasible to transport by pipeline economically the most viable alternative.

This thesis deal with the judgement of investment intention for the company XYZ Ltd. The company XYZ operates as a authorized cars dealer for ___, ___, ___ and ___. The investment is planned for acquiring the sale authorization for a new brand and for the construction of a new building, which would include showroom and service spaces. The company plans on constructing the building on its own. The goal of the thesis is to evaluate possibilities for gaining authorization for one of six selected brands. The selected brands include A, B, C, D, E and F.

In my thesis I dealt with the capital decision making, with the methods to classification of the investments and with decision making under risk and uncertainty. The aim of the thesis was the application of mathematical methods by selection the options of the investments. The main task was to show the possibility of using decision trees, which are the graphical instruments for describing actions available to the decision maker. In the practical part there is described the process of making a decision tree on the example of the sale of real properties and on the example of the extraction of coal oil.

This diploma work is dealing with problems related to production of electrical energy in compliance with environmental protection and assessment of its production from non-renewable sources in reference to sources being renewable. The work puts emphasis on the importance and utilization of solar electrical energy. The sun is a source that will not get dried or mined out and will not stop shining. The goal of diploma work was to appraise the investment effectiveness with regard to a photovoltaic power station and assess the power plant influence in relation to classic sources for energy production and environmental protection. Within the diploma work, there were appraised three variants of the investment project which assumed life time longer than 20 years comprising conventional financial flows, surface size of 30 000 m2 and roughly required output of 1.5 MW. Single options were assessed upon economical evaluation regarding different ways of financing, in terms of price, output and guarantees provided by suppliers including the assessment of grant influence on the project effectiveness. Based on these data, the most suitable version for the investment project of building up the photovoltaic power plant was chosen. At the conclusion, it is possible to state that the photovoltaic power plant is very considerate towards the living environment in contrast to classical sources for electrical energy production, for example coal-fired power plants which heavily contaminate the environment, and nuclear power plants with risks of radiation escapes.

Com a intensificação da competitividade do mercado, empresas que realizam escolhas equivocadas podem comprometer significativamente sua atuação. Portanto, para se destacar dentre as demais, decisões não mais podem ser intuitivas e perdas tornam-se inadmissíveis. Sob o aspecto financeiro, a análise apropriada de projetos de investimento é fundamental para o crescimento solidificado da firma. Quando questionados sobre a implantação de determinado projeto, gestores adeptos de diferentes métodos de análise de investimento tendem a tomar a mesma decisão. Porém, ao depararem-se com uma diversidade de projetos de investimento, métodos usuais de análise de investimento causam divergências, conturbando o processo decisório. Ao priorizar algum projeto de investimento, aparentemente atraente economicamente, em detrimento de outros, a firma pode vir a sofrer prejuízos financeiros, decorrentes de características relevantes desconsideradas pelos métodos usualmente utilizados. A partir da análise crítica de métodos determinísticos, métodos que apreciam a incerteza e métodos que consideram a flexibilidade dos projetos, tornou-se factível a retificação da tomada de decisão na comparação entre investimentos. Assim, adequações dos métodos usuais de análise de investimento foram apresentadas como forma de conduzir a resultados mais eficientes. Nesse sentido, o presente trabalho desenvolve os conceitos de valor presente líquido equivalente (VPLE) e taxa interna de retorno equivalente (TIRE), como métodos determinísticos voltados exclusivamente para a tomada de decisão diante de diversas opções de investimento. Em seguida, com a flexibilização de tais conceitos, determina-se o conceito de opções reais equivalentes como principal ferramenta para a comparação parametrizada de projetos de investimento. Para a verificação de sua contribuição na análise econômica, um estudo de caso foi realizado e seus resultados comparados com aqueles esperados pelos métodos tradicionais. Logo, concluiu-se que, ao avaliar projetos sob as mesmas condições de contorno, diferentes ferramentas levam a semelhantes resultados. Porém, a parametrização das variáveis e a flexibilização permitida pelas opções reais equivalentes adicionam valor ao investimento e, conseqüentemente, à empresa. / Considering the increasing level of competition of many markets, companies that take wrong decision choices for their businesses may compromise its performances. Therefore, in order to reach better performance than its competitors, the decisions should not be based on intuition and unnecessary losses become unacceptable. Under the financial scope, the appropriate analysis of investment projects is essential to promote a solidified growth of a firm. When asked about the implementation of some project, managers that make use of different methods of investment analysis tend to take the same decision choice. However, when the situation involves a variety of investment projects, the usual methods of investment analysis can imply in different results, disturbing the decision process. When any investment project considered apparently more economically attractive is put up front in any company\'s choice, the ones that are taking this decision may suffer financial losses due to some important issues not considered by the usually methods used. By using a critical analysis of deterministic methods, methods that assess the uncertainty and methods that consider some flexibility of projects, it becomes of major importance to apply some decision-making process to compare the possibilities of investment projects. So, some arrangements in the usual methods of analysis of investment were presented in order to reach more efficient goals. That is the reason that this research development the concepts of equivalent net present value (ENPV) and equivalent internal rate of return (EIRR), as deterministic methods used exclusively to the decision making with a variety of investment projects. After this, with the flexibility of this concepts, it is established the concept of equivalent real options as it main tool to make a parameterized comparison of investment projects. To prove its contribution to the economic analysis techniques, it was set an application of the proposed methodology and its results were compared to the ones obtained if the traditional methods. Therefore, this paper work got the conclusion that, if analyzed investment projects under the same conditions, different tools generate similar results. However, the same parameters and the flexibility given if used Equivalent Real Options adds value to investment and, consequently, to the company.

Submitted by Ruy Rey Chaves (ruyrchaves@gmail.com) on 2018-07-17T16:42:09Z No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-07-20T19:41:49Z (GMT) No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Approved for entry into archive by Raphael Xavier (raphael.xavier@fgv.br) on 2018-07-20T19:51:26Z (GMT) No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) / Made available in DSpace on 2018-07-20T19:51:26Z (GMT). No. of bitstreams: 1 Finanças_Dissertação_Chaves_Final.pdf: 8946276 bytes, checksum: 9333c5a0543cc682623a7bce8a672b1c (MD5) Previous issue date: 2018-06-28 / A questão de quanto um investidor está disposto a pagar por um terreno parte do estudo de viabilidade econômico-financeira de um possível empreendimento imobiliário naquele local, que é, tradicionalmente, analisado pelos métodos de valor presente líquido (VPL) e taxa interna de retorno (TIR). No entanto, nesses métodos de análise, não se fornece ao investidor a noção exata da volatilidade do seu retorno quanto a possíveis mudanças de planos por parte do incorporador e mudanças no mercado, que podem ocorrer entre a compra do terreno e a venda das unidades imobiliárias prontas. Com este trabalho, propôs-se olhar para o investimento no desenvolvimento de um empreendimento imobiliário, levando-se em consideração o prêmio da opção de se desenvolver um projeto de incorporação em um terreno após sua aquisição. O objetivo foi mostrar que ao considerar, na análise de viabilidade financeira, a volatilidade da probabilidade de venda das unidades imobiliárias, o retorno do investidor não é o mesmo que o previsto em uma análise de viabilidade padrão de mercado e que existe um valor de investimento para determinada faixa de risco que o investidor esteja disposto a assumir ao financiar o projeto. Calculou-se, portanto, o valor do prêmio da opção de realizar um empreendimento imobiliário a partir da variação da probabilidade de venda dos imóveis lançados em um caso real de incorporação. Os resultados são muito significantes para a tomada de decisão do investidor. A modelagem mostra que existia um prêmio de opção de quase duas vezes o valor que foi pago pelo terreno do empreendimento, no cenário econômico em questão, no entanto, revela que o investimento que prometia taxa de retorno de 31% a.a. de acordo com a análise de viabilidade do incorporador, pagaria somente 19% a.a. A dissertação propõe uma maior qualidade de informação ao investidor fornecendo os limites inferior e superior desta taxa de retorno esperada, para um intervalo de confiança de 95% e, também, demonstra a existência de um preço ótimo de venda da unidade imobiliária, nem sempre conhecido pelo incorporador, e sua relação com a volatilidade do resultado do empreendimento. A metodologia demonstra que a maximização do resultado pode não coincidir com o melhor cenário de risco para o investidor. / The question of how much an investor is willing to pay for a land is part of an economicfinancial study of a potential real estate venture in that location, which is traditionally analyzed by its net present value (NPV) and internal rate of return (IRR). However, in these methods of analysis, investors are not given an accurate notion of the volatility of their return on possible changes of plans by the developer and changes in the market that may occur between the purchase of the land and the sale of the real estate units. This work was proposed to look at the investment in the development of a real estate project taking into consideration the value of the option to develop the project in a land after its acquisition. The goal was to show that when considering, in the financial viability analysis, the volatility of the probability of sale of real estate units, the return of the investor is not the same as predicted in a standard financial analysis and that there is an investment value for a certain risk range that the investor is willing to assume when financing the project. The value of the option for realizing a real estate project was then calculated based on the variation in the probability of sale of real estate units in a real case scenario. The results are very significant for the decision-making of the investor. The model shows that there was an option premium of almost twice the value that was paid for the land of the development, in the economic scenario studied, however, reveals that the investment that promised a rate of return of 31% pa. according to the financial viability analysis of the developer, would pay only 19% pa. The dissertation proposes a higher quality of information to the investor by delivering the upper and lower limits of this expected rate of return, with a 95% confidence interval, and also demonstrates the existence of an optimum sale price for the real estate unit, not always known by the developer, and its relation to the volatility of the project result. The methodology demonstrates that the maximization of the result may not coincide with the best risk scenario for the investor.

La presente investigación denominada “Propuesta de reducción del costo de despacho de cereales a granel” tiene el objetivo de determinar una propuesta de reducción del costo de despacho de cereales a granel de la empresa objeto de estudio. Se realizó un estudio de causa - efecto, análisis de datos cuantitativos y observaciones instantáneas para identificar la actividad donde se tiene un sobre costo en el servicio de despacho. Identificando como problemas los altos costos que significan las actividades de liberación de paneles y barredura de silos metálicos que se realizan de manera manual. Se presentó el estudio económico de dos propuestas de solución, de las cuales se optó que la mejor propuesta tiene una inversión que asciende a S/.232,700.49 nuevos soles; el cual será asumido al 100% por la misma empresa. La evaluación económica muestra un Valor Actual Neto (VAN) mayor a cero y una Tasa Interna de Retorno (TIR) mayor al costo de oportunidad del accionista por lo que se concluye que el proyecto genera valor y es económicamente viable, al implementar dicha propuesta las actividades de liberación de paneles y barredura de silos metálicos se realizaran de manera semiautomática. This research entitled "Proposal for reducing the cost of bulk grain exports" aims to determine a method for reducing the cost of bulk grain dispatch of the company under study. A cause and effect study was conducted using quantitative analysis of data and instant feedback to identify where the activity has a cost overrun on the dispatch service. As problems identifying significant than the high costs brought Activities Liberation panels and metal silo sweep carried out manually. An economic study of two proposed solutions, of which it was decided that the best proposal is an investment amounting to S/. 232,700.49 was presented; which shall be provided 100% by the same company. The economic assessment shows a higher Net Present Value (NPV) of zero and a Internal Rate of Return (IRR) greater than the opportunity cost of shareholders. Therefore, it is concluded that the project creates value and is economically feasible to implement this proposal, the proposal to implement activities and sweep release panels were held metal silo semi-automatically.

The gravity of the Global Warming consequences force us to face the issue and try the best to mitigate its effects. Green Logistics practices, and especially the case of a Solar Panels Installation on a warehouse or plant’s roof, are studied in this article as solutions to reduce the economic, social and environmental casualties. The Net Present Value (NPV) Model in this paper and its results analysis show that project duration, Carbon Tax, initial energy price and its increasing rate are all positively related to the NPV Value. A high discount rate will, however, turn the NPV negative, thus raising the need of financing help for Green Logistics projects.