Bakgrund: Investeringen kännetecknas av att någon, företag eller privatperson, avsäger sig möjlighet till konsumtion idag för ökad konsumtion i framtiden. Den är en faktor som kan öka företagets värde och det är därför viktigt att rätt investering väljs. Investeringskalkyleringen ger företaget värdefull information om en investering. De vanligaste kalkylmetoderna är NPV, IRR, payback och diskonterad payback. Payback är en särskilt intressant metod av två anledningar. För det första är den, enligt ett flertal undersökningar, den mest använda metoden. För det andra är den idogt kritiserad av akademiker för dess teoretiska brister. Det finns därmed en paradox mellan metodens användning och kritiken som framförs mot den, en paradox som denna uppsats djupdyker i. Syfte: Vi vill undersöka hur småföretag resonerar vid investeringskalkylering då payback används för att finna de kännetecken som gör metoden välanvänd. Genomförande: För att besvara problemformuleringen har en kvalitativ undersökning genomförts. Sex besöksintervjuer med småföretag inom olika branscher har utförts. Slutsatser: Vi har funnit att endast en av paybacks teoretiska tillkortakommanden verkar existera i praktiken. Payback innehar dessutom ett antal egenskaper som gör den välanvänd i praktiken för småföretag. Dessa egenskaper kan delas upp i två kategorier. För det första kännetecknas metoden av att den är ett universellt verktyg vid investering; den är snabb, enkel att använda och kommunicera, den är högst justerbar och den visar tydligt på likviditetspåverkan. För det andra drar vi slutsatsen att payback är en metod för alla; den används med fördel både för de som sysslar med avancerad kalkylering och för de med mindre avancerade tillvägagångssätt. Metoden kan användas som ett inledande filtreringsverktyg för de avancerade användarna. Den kan även bidra med ekonomiska beräkningar för de användare som är mindre avancerade och som annars endast förlitar sig till "magkänslan". Originalitet: Vi gör något originellt med denna uppsats, en kvalitativ studie vars mål är att se småföretags resonemang kring payback. En sådan har så vitt vi vet inte genomförts tidigare. Nyckelord: diskonterad payback, diskontering, investeringskalkylering, IRR, kalkyleringsmetod, kassaflöde, likviditet, likviditetsmått, lönsamhet, NPV, payback, riskindex, småföretag, tidsvärde, återbetalningstid. Förslag till fortsatt forskning: Vi har upptäckt tre forskningsfrågor för fortsatt forskning.  Är payback trots allt ett mått på lönsamhet? Kan payback användas som ett riskindex vid investering? Hur ser investeringskalkyleringens användning i Sverige under det senaste decenniet?

The purpose of this paper is to examine what role anger plays in the moral realm. To do so, I will critique Martha Nussbaum’s view that anger is normatively problematic for sustaining moral relations due to its prevalent relation to seeking payback and status. I will expand the limits Nussbaum imposes on what people can be angry at as well as what are normal responses to the emotion, to attempt to show how anger can be a vital tool in our moral lives as a tool in response to wrongdoing or injustice.

This master's thesis talks about main burners of clinker rotary kiln. The first part is focused on the review of burners designed by main global producers. Description of the burners M.A.S.© and Turbu-Flex™ used in kiln system CEMMAC a.s. is in the next part. The influence of the replacement of M.A.S.© burner by Turbu-Flex™ burner is analysed in the last part of this thesis.

As biotecnologias reprodutivas têm uma importante relação com os resultados econômicos dos rebanhos leiteiros. Sua adoção implica o investimento de quantidades conhecidas de recursos, porém, há uma clara dificuldade por parte de produtores em avaliarem o retorno desses investimentos. O objetivo deste estudo foi desenvolver um modelo de simulação que permita analisar os impactos do uso de biotecnologias reprodutivas sobre o desempenho econômico de rebanhos leiteiros. Com o auxílio de uma planilha eletrônica do Microsoft® Office Excel®, foi desenvolvido um modelo determinístico, em função de parâmetros produtivos, reprodutivos e econômicos, com o fim de representar a conformação do rebanho em períodos de 21 dias ao longo de 25 anos. Foram realizadas simulações de quatro cenários de aplicação de biotecnologias: inseminação artificial com sêmen convencional (IAC) e com sêmen sexado (IAS), inseminação artificial em tempo fixo com sêmen convencional (IATFC) e com sêmen sexado (IATFS). Finalmente, foram calculados para cada cenário o Payback, o valor presente líquido (VPL) e a taxa interna de retorno (TIR) como indicadores da viabilidade econômica. Sob as condições simuladas, observou-se que o cenário com melhor desempenho econômico foi IATFS (Payback 3 anos; VPL R$ 2.558.490,80; e TIR 42,5% aa), seguido de IATFC (Payback 3 anos; VPL R$ 2.357.639,40; e TIR 42,9% aa). O cenário IAC apresentou valores superiores (Payback 3 anos; VPL de R$ 759.353,90; e TIR 29,3% aa), quando comparado com IAS (Payback 4 anos; VPL R$ 676.870,90; e TIR 23,3% aa). O modelo desenvolvido neste estudo permite auxiliar o processo de tomada de decisão na seleção da estratégia reprodutiva mais adequada com base em parâmetros específicos. / Reproductive biotechnologies have an economic impact on dairy herds. Its implementation requires the investment of known amounts of resources; however, the producers still have a clear difficulty in assessing the profitability of these investments. The aim of this study was to develop a simulation model to analyze how the use of reproductive biotechnologies impact on the economic performance of dairy herds. Using a Microsoft® Office Excel® spreadsheet, a deterministic model was created considering productive, reproductive and economic parameters, in order to represent the herd conformation in 21-day periods over 25 years. Then, four reproductive programs were simulated: artificial insemination using conventional semen (AIC) or sex-sorted semen (AIS) and fixed-time artificial insemination using conventional semen (FTAIC) or sex-sorted semen (FTAIS). Finally, indicators of economic viability: Payback, net present value (NPV) and internal rate of return (IRR) were calculated for each reproductive program. Under the simulated conditions, it was observed that the program with the best economic performance was FTAIS (Payback 3 years; NPV R$ 2,558,490.80; and IRR 42.5% per annum), followed by FTAIC (Payback 3 years; NPV R$ 2,357,639.40; and IRR 42.9% per annum). The AIC program presented higher economic returns (Payback 3 years, NPV R$ 759,353.90, and IRR 29.3% per annum) when compared with AIS (Payback 4 years; NPV R$ 676,870.90, and IRR 23.3% per annum). The mathematical model developed in this study can assists the decision-making process to select the most appropriate reproductive strategy based on specific parameters.

As biotecnologias reprodutivas têm uma importante relação com os resultados econômicos dos rebanhos leiteiros. Sua adoção implica o investimento de quantidades conhecidas de recursos, porém, há uma clara dificuldade por parte de produtores em avaliarem o retorno desses investimentos. O objetivo deste estudo foi desenvolver um modelo de simulação que permita analisar os impactos do uso de biotecnologias reprodutivas sobre o desempenho econômico de rebanhos leiteiros. Com o auxílio de uma planilha eletrônica do Microsoft® Office Excel®, foi desenvolvido um modelo determinístico, em função de parâmetros produtivos, reprodutivos e econômicos, com o fim de representar a conformação do rebanho em períodos de 21 dias ao longo de 25 anos. Foram realizadas simulações de quatro cenários de aplicação de biotecnologias: inseminação artificial com sêmen convencional (IAC) e com sêmen sexado (IAS), inseminação artificial em tempo fixo com sêmen convencional (IATFC) e com sêmen sexado (IATFS). Finalmente, foram calculados para cada cenário o Payback, o valor presente líquido (VPL) e a taxa interna de retorno (TIR) como indicadores da viabilidade econômica. Sob as condições simuladas, observou-se que o cenário com melhor desempenho econômico foi IATFS (Payback 3 anos; VPL R$ 2.558.490,80; e TIR 42,5% aa), seguido de IATFC (Payback 3 anos; VPL R$ 2.357.639,40; e TIR 42,9% aa). O cenário IAC apresentou valores superiores (Payback 3 anos; VPL de R$ 759.353,90; e TIR 29,3% aa), quando comparado com IAS (Payback 4 anos; VPL R$ 676.870,90; e TIR 23,3% aa). O modelo desenvolvido neste estudo permite auxiliar o processo de tomada de decisão na seleção da estratégia reprodutiva mais adequada com base em parâmetros específicos. / Reproductive biotechnologies have an economic impact on dairy herds. Its implementation requires the investment of known amounts of resources; however, the producers still have a clear difficulty in assessing the profitability of these investments. The aim of this study was to develop a simulation model to analyze how the use of reproductive biotechnologies impact on the economic performance of dairy herds. Using a Microsoft® Office Excel® spreadsheet, a deterministic model was created considering productive, reproductive and economic parameters, in order to represent the herd conformation in 21-day periods over 25 years. Then, four reproductive programs were simulated: artificial insemination using conventional semen (AIC) or sex-sorted semen (AIS) and fixed-time artificial insemination using conventional semen (FTAIC) or sex-sorted semen (FTAIS). Finally, indicators of economic viability: Payback, net present value (NPV) and internal rate of return (IRR) were calculated for each reproductive program. Under the simulated conditions, it was observed that the program with the best economic performance was FTAIS (Payback 3 years; NPV R$ 2,558,490.80; and IRR 42.5% per annum), followed by FTAIC (Payback 3 years; NPV R$ 2,357,639.40; and IRR 42.9% per annum). The AIC program presented higher economic returns (Payback 3 years, NPV R$ 759,353.90, and IRR 29.3% per annum) when compared with AIS (Payback 4 years; NPV R$ 676,870.90, and IRR 23.3% per annum). The mathematical model developed in this study can assists the decision-making process to select the most appropriate reproductive strategy based on specific parameters.

The European Commission has proposed a “renovation wave” to increase energy efficiency in buildings. Retrofitting can decrease operational energy usage but requires material production. Using the concepts of energy payback time and carbon payback time, this thesis aims to analyse under what circumstances operational energy savings from window replacement compensate for the climate impact of producing new windows. The literature review shows that carbon payback times for energy retrofitting measures are often reported to be merely a few years. In some cases, however, carbon payback time exceeds the service life of the added material. In general, diverging results can be attributed to both case specific circumstances and methodological choices. In this thesis, values for the main parameters determining carbon and energy payback time for window replacement are retrieved from environmental product declarations and scientific literature. The analysis shows that, only accounting for operational energy, energy payback times are within the expected service life of the researched windows for all energy saving scenarios and well within the service life for the midrange scenarios. Taking account of primary energy stretches the span of results. The analysis also shows that carbon payback time for window replacement varies by a factor of 38 for the midrange studied scenarios and a factor of almost 4 600 for the most extreme among the studied scenarios. Divergence stems from all investigated parameters: the embodied climate impact of window production, the amount of saved operational energy and the emission factor attributed to saved energy. In countries with mainly renewable operational energy, case studies may arrive at long carbon payback times for window replacement. The result can be altered if saved energy is considered to come from marginal production techniques, a methodological choice made in some case studies.   This thesis concludes that if energy and carbon payback time calculations are to be used for comparing retrofit alternatives, the research community needs to address methodological issues. Another conclusion is that the analysis of climate performance needs to include the interconnectedness of different societal sectors. It also needs to include more impact categories than energy and greenhouse gases, for example resource depletion.

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / The purpose of this thesis is to analyze the impact the installation of an automated packaging system would have on the predominately manual bulk packaging work centers at Wixon Inc., a privately held, integrated food and beverage developer, manufacturer, and processor. The objective of this thesis is to determine if converting to an automated system would minimize costs and increase line speeds. The owners desire a 3-year payback on the investment. In addition to the financial and economical aspects of automating the equipment, there are potential food safety and personnel safety improvements that would be brought to the firm by changing equipment. The firm’s owners want to be proactive and minimize any impact a reduction in the labor pool might see cause from the exit of workers from the Baby Boomer generation. Methods used to determine the objectives of this thesis include a comparative time study of bag filling rates, an analysis of incremental cost savings, net present value (NPV) analysis and return on investment (ROI). Data were collected from studies conducted by the engineering consulting firm of Middough Incorporated, from Wixon Inc. accounting records and, interviews of key Wixon employees. The report provided by Middough determined that the new system would be able to replace three work centers in the Bulk Packaging department based on bag fill rates and flexibility in bag sizes. This reduces the employee cost per bag. The incremental costs were analyzed using accounting records for past history. Floor space, labor costs and other integral costs were compared to determine what costsavings there may be. Cost savings were treated as cash flow. The NPV and ROI for the project used this cash flow to determine if an investment in automation is a wise one. The conclusion based on the analysis made was that, based on NPV the investment would be profitable. However, the 3-year payback of $1.5 million would not be possible under current assumptions. The automation would reduce the number of needed employees enough to absorb any reduction in the labor pool while providing increased food and employee safety.

Made available in DSpace on 2014-06-12T17:41:44Z (GMT). No. of bitstreams: 2 arquivo7337_1.pdf: 772062 bytes, checksum: 69207d13175f25d9fc5c642ee5b6a457 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2006 / Diante das dificuldades encontradas pelas empresas privadas na escolha de projetos cujo intuito é maximizar os lucros, através do estudo de viabilidade com base nas técnicas de engenharia econômica, o presente trabalho tem o objetivo de contribuir com o processo decisório mediante a utilização de um modelo alternativo definido como Ponto de Equilíbrio do Investimento (PEI). Este modelo difere do payback period e do payback descontado por encontrar o tempo mínimo de recuperação do capital investido considerando o valor do dinheiro no tempo e, também, os fluxos de caixa que ocorrem após o ponto mínimo, numa perspectiva futura. Neste enfoque, o PEI se torna o período de tempo efetivamente apropriado que não necessita do estabelecimento de uma data subjetiva como tempo máximo aceitável e, por este motivo, está afirmado que ele aponta reparos aos métodos payback period e payback descontado. O modelo foi definido para projetos de investimento simples e convencionais mostrando as diferenças existentes quando se analisa pelo modelo tradicional (clássico) em comparação ao modelo alternativo, ressalvando ainda que este último confirma os resultados do Valor Presente Líquido e da Taxa Interna de Retorno mantendo uma estrutura lógica onde as interpretações e os argumentos trazidos por aquele são condizentes à realidade factual contribuindo para uma decisão empresarial com a devida acuidade

In South Africa, there is an increasing interest in installing rooftop mounted solar photovoltaic systems. However, financing the photovoltaic systems causes most interest to be abandoned, largely due to the cost required to replace a building's asbestos roof. An alternative solution to replacing an asbestos roof is to install a ground-mounted photovoltaic system, which is more costly compared to a rooftop mounted system. This study aims to determine if a ground-mounted or a rooftop mounted solar photovoltaic system is the most financially feasible solar photovoltaic configuration. In this study three photovoltaic systems were analysed, all of which are installed in Atlantis, Western Cape (WC). Since all three systems are in the same area, they are all exposed to the same metrological conditions, allowing for identical energy generation potential. Two of the photovoltaic systems are ground-mounted systems located respectfully at the South African Renewable Energy Incubator (SAREBI) and at Stripform Packaging. The third system is a rooftop mounted system located at SA Tyre Recyclers. The photovoltaic system at SAREBI is a 9.75 kWp system consisting of 30 Canadian Solar CS6U-325P modules, one Schneider Electric 20 kW inverter, a tilt angle of 15° and an azimuth angle of -19°. The photovoltaic system at SA Tyre Recyclers is a 231 kWp system consisting of 700 JA Solar JAP72S-01-330-SC modules, 7 SolarEdge 27.6 kW inverters, a tilt angle of 13° and an azimuth angle of 22°. The photovoltaic system at Stripform Packaging is a 20.1 kWp system consisting of 60 Canadian Solar CS6U-335P modules, one SMA 20 kW inverter, a tilt angle of 15° and an azimuth angle of 46°. To achieve the aim of this study, the performance of each of the solar photovoltaic systems was examined, by comparing their annual specific yield. After which the technical aspects and differences of each of the photovoltaic systems were explored, to illustrate how each of the systems differ technically and how each system can be improved. Finally, the comparative cost of each of the solar photovoltaic systems was examined by analysing the levelized cost of energy (LCOE) and the payback period for each of the photovoltaic systems. The results demonstrated that from an annual specific yield perspective, the ground-mounted configuration was the best performing, whilst from a financial perspective, the rooftop mounted configuration had the lowest levelized cost of energy (LCOE) and payback period. However, installing a ground-mounted system is more financially feasible than replacing an asbestos roof and then installing a rooftop mounted system. In conclusion, by fully understanding the performance, payback period and levelized cost of energy, a clear understanding of potential risk can be determined, thus making the installation of photovoltaic systems more appealing for financiers. It is recommended that this study be repeated in a manner in which each of the photovoltaic system configurations are constructed consisting of all the same photovoltaic components, measuring equipment, tilt and azimuth angles. All of which would result in two identical photovoltaic systems where one is installed on a rooftop and the other installed on the ground. Once the two photovoltaic system configurations are equal in all aspects, an accurate comparison to determine which configuration is the most optimal performer and which is the most financially viable will be possible.

No description available.