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ikt321_09_08b
Course: İKTISAT Mühendisl, Spring 2010School: University of Economics...
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Deer 02.02.2009 Yillik Analizi KT 321 Mhendislik Ekonomisi Yillik (E)Deer Analizi (Chapter 6) Annual Worth Analysis (AW) / Annual Equivalent (AE) Birok mhendislik ekonomisi problemi AW ynteminde PW, FW veya Getiri Orani yntemine gre daha iyi/anlailir sonular verir. AW yntemi projenin ve alternatiflerinin yillik olarak eit dailimli getirisini (veya maliyetini) ifade eder. Hesaplanmasi daha kolaydir Yillik...
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Deer 02.02.2009
Yillik Analizi
KT 321 Mhendislik Ekonomisi Yillik (E)Deer Analizi (Chapter 6)
Annual Worth Analysis (AW) / Annual Equivalent (AE) Birok mhendislik ekonomisi problemi AW ynteminde PW, FW veya Getiri Orani yntemine gre daha iyi/anlailir sonular verir. AW yntemi projenin ve alternatiflerinin yillik olarak eit dailimli getirisini (veya maliyetini) ifade eder. Hesaplanmasi daha kolaydir Yillik raporlama veya bteleme yapilmasi gerektiinde kullanilir. mrleri eit olmayan projelerin deerlendirilmesinde kullanilir. AE(i) = AW = PW(A/P;i;n) = FW(A/F;i;n)
KT 321 Mhendislik Ekonomisi
TOBB ET
Yillik Deer Analizi
Ama: proje alternatiflerinin deerlerini yillik bazda lmek. Fayda: Yillik edeeri bilerek
Tutarli bir rapor formati oluturabiliriz; Birim maliyeti (veya birim geliri) hesaplayabiliriz; Farkli mrleri olan projeleri karilatirabiliriz;
Yillik Deer Analizi
Tek gelir proje deerlendirmesi:
AE(i) > 0, yatirimi kabul et AE(i) = 0, yatirim kabul de edilebilir red de AE(i) < 0, yatirimi reddet
AW yntemi ile PW yntemi alternatifler iin ayni deerlendirme ve seim sonularini verir.
Karilikli ayrik projeler:
Hizmet projeleri: alternatiflerden en kk yillik deere sahip olani se Gelir projeleri: alternatiflerden en yksek yillik deere sahip olani se
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
1
02.02.2009
Yillik Deer Analizi
rnek: Enerji santralinde (150MW'lik) geri dnen suyun isitilmasi iin bir isitici yerletirilecektir.
lk yatirim = $1,650,000 Projenin mr (Service life) = 25 yil Hurda deeri (Salvage value) = 0 Bu nitenin kurulmasiyla yakit verimliliindeki beklenen iyileme (0,55 -> 0,56) = 1% Yakit maliyeti = $0.05 kWh Yk faktr = 85%
Yillik Deer Analizi
Isiticiyi eklemeden nceki giri enerjisi:
150, 000kW 0.55 272, 727 kW
Isiticiyi eklemeden sonraki giri enerjisi: Enerji tketimindeki azalma: 4,871kW : Yillik alima saati: annual operating hours = (365)(24)(0.85) =7,446 hours/year Yakit tasarrufu: .A (reduction in fuel requirement) (fuel cost)
fuel savings
150, 000kW 0.56
267,857 kW
(operating hours per year) = 150,000kW 150, 000kW 0.55 0.56 (8,760)(0.85)hours/year (4,871kW) ($0.05 / kWh) (7, 446 hours/year) =$1,813,473/year ($0.05/kWh)
i = %12 iin yillik deeri (AW) bulunuz. Eer yakacak maliyeti yilda %4 artarsa AW ne olur?
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
Yillik Deer Analizi
zm:
Yillik Deer Analizi
zm: Yillik Deerleri (AW) bul
(a) Sabit yakacak maliyeti ile:
PW (12%) $1,650,000 $1,813,473( P / A,12%,25) $12,573,321 AE (12%) $12,573,321( A / P,12%,25) $1,603,098
(b) Artan yakacak maliyeti ile:
A1 =$1,813,473 PW (12%) $1,650,000 $1,813, 473( P / A1 , 4%,12%, 25) $17, 463,697 AE (12%) $17, 463,697( A / P,12%, 25) $2, 226,621
KT 321 Mhendislik Ekonomisi KT 321 Mhendislik Ekonomisi
2
02.02.2009
Yillik Deer Analizi
Eer periyodik olarak kendini tekrar eden bir nakit akii varsa, sadece birinci tekrar iin PW ve sonra AW bulunabilir.
Yillik Deer Analizi
Tekrar eden nakit akii iin:
Birinci tekrar iin PW:
PW(%12) = -1.000.000 + [80.000 100.000 (A,G, %12,4] (P/A, %12, 4) = -1.000.000 + 2.017.150 = 1.017.150
Btn seri iin AW:
AW(%12) = PW(%12) (A/P, %12, 4) = 334.880
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
Yillik Edeer Maliyet
Sadece yillik masraflar sz konusu olduunda AE yntemi yillik edeer maliyet olarak adlandirilir. Gelirler iki tr maliyeti karilamalidir: sermaye maliyetleri ve alitirma maliyetleri.
Sermaye Maliyeti
Sermaye/zkaynak geri kazanimi (Capital Recovery, CR): Sermaye maliyetinin yillara blnmesidir. Yatirimlarda, ilk yatirim maliyeti (I) ve yatirimin mr sonundaki hurda deeri (S) zerinden:
CR(i) = I(A/P,i,N) S(A/F,i,N) (A/F,i,N) = (A/P,i,N) - i olduu iin CR(i) = (I - S) (A/P,i,N) + iS
S
Yillik Edeer Maliyet
0
N I
0 1 2 3 N
Sermaye maliyeti + alitirma maliyeti
CR(i)
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
3
02.02.2009
rnek: Mini Cooper iin Sermaye Maliyeti
Verilen: I = $19,800 N = 3 yil S = $12,078 i = 6% stenen: CR(6%)
CR (i ) = (I -S ) (A/P, i, N ) + iS CR (6%) = ($19,800 - $12,078) (A/P, 6%, 3) + (0.06)$12,078 = $3,614
KT 321 Mhendislik Ekonomisi
rnek: Yatirim Maliyetini Karilayacak Gelir
Sermaye Maliyeti
$12,078
0 3
Verilen : I = $20,000, S = $4,000, N = 5 years, i = 10% stenen: $5000 sermaye ve alima maliyetlerini karilar mi?
$4,000
0 1 2 3 4 5
$20,000
+
0 1 2 3 4 5
$19,800
$500 alitirma Maliyeti
KT 321 Mhendislik Ekonomisi
rnek: Yatirim Maliyetini Karilayacak Gelir
Yillik Edeer Analizi Uygulamalari
Birim maliyet (birim gelir) hesaplamalari Yap veya Al kararlari Bir varliin kullaniminin fiyatlandirilmasi
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
4
02.02.2009
Birim Maliyet (Kar) Hesabi
Adim 1: Varliin hayati boyunca geerli olacak yillik retim miktarini belirle. Adim 2: Varlia sahip olma ve alitirmanin yillik edeer maliyetini (deerini) belirle. Adim 3: Edeer maliyeti (deeri) yillik retilen rn sayisina bl.
rnek 6.5 Makine Saati Baina Birim Kar
$55,760 $24,400 0 1 $75,000 2 3 $27,340
Yillik alitirma Saati 2,000 saat 2,000 saat 2,000 saat
PW (15%) = $3553 AE (15%) = $3,553 (A/P, 15%, 3) = $1,556 Makine saati baina tasarruf = $1,556/2,000 = $0.78/sa.
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
rnek 6.6: Yillik alima Saatleri Deitiinde Makine Saati Baina Birim Maliyet
$55,760 $24,400 0 1 $75,000 2 3 $27,340
Yap veya Al Kararlari
Adim 1: Adim 2: Adim 3: Adim 4: rne ihtiya duyulacak sreci (planlama dnemini) belirle. rnn yillik miktarini belirle. rn diaridan satin almanin birim maliyetini belirle. rn yapmak iin gereken malzeme, i gc ve btn dier kaynaklari belirle. Planlama sreci boyunca rn yapma karari ile ilgili olan net nakit hesapla akilarini rn iin yillik edeer retim maliyetini hesapla. rnn birim retim maliyetini yillik edeer maliyeti yillik retim miktarina blerek bul. En az maliyetli alternatifi se.
KT 321 Mhendislik Ekonomisi
Yillik alima saati 2,500 saat 2,000 saat
1,500 saat
Edeer yillik tasarruf:
Adim 5: Adim 6: Adim 7: Adim 8:
C(1,500) * (P/F,%15,1 )C(2,500) * (P/F,%15,2 ) (A/P,%15,3 ) C(2,000) * (P/F,%15,3 ) 1,975.16C
Makine saati baina tasarruf
= $1,556/1,975.16 = $0.79/sa.
KT 321 Mhendislik Ekonomisi
5
02.02.2009
rnek 6.7
Yapma seenei (yillik maliyetler): i $1,445,633 Malzemeler $2,048,511 Artik giderler $1,088,110 Yillik toplam maliyet $4,582,254 Satin alma seenei: Sermaye maliyeti:
Yeni ykleme makinesinin alimi 7 yilin sonundaki hurda deeri i Bo kasetlerin alimi ($0.85/kaset) Artik giderler $ 405,000 $ 45,000 $ 251,956 $3,256,452 $ 822,719
zm:
Yapma Seenei:
AEC(%14) = $4,582,254 Birim maliyet: $4,582,254/3,831,120 = $1.20
Yillik alitirma maliyetleri:
Satin alma seenei:
AEC(%14) = $4,421,376 Birim maliyet: $4,421,376/3,831,120 = $1.15
KT 321 Mhendislik Ekonomisi
Yillik toplam alitirma maliyeti
$4,331,127
KT 321 Mhendislik Ekonomisi
Bir Varliin Kullaniminin Fiyatlandirilmasi
Bir menkule sahip olmanin ve alitirmanin birim alan maliyeti (rn: kira creti) Bir araci i iin kullanmanin maliyeti (kilometre baina maliyet) zel jet ile uma maliyeti (koltuk baina maliyet) Park alani kullanim maliyeti (saat baina maliyet)
rnek 6.8 Apartman Kiralama Maliyetinin Fiyatlandirilmasi
Arazi yatirimi= $1,000,000 Bina yatirimi= $2,500,000 Yillik bakim = $150,000 Emlak vergisi ve sigorta = %5*Toplam yatirim alima periyodu = 25 yil Hurda deeri = Sadece arazi masrafi kadar
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
6
02.02.2009
zm:
Mlkiyet maliyeti:
CR(15%) ($3,500,000 $1,000,000)( A / P,15, 25) ($1000,000)(0.15) $536,749
mr Dngs Maliyet Analizi (Life-Cycle Cost Analysis)
Neden mr Dngs Maliyet Analizi? Ayni performans gereksinimlerini karilayan tasarim alternatiflerinden birini semek iin ki her bir alternatif farkli yatirim (investment) ve iletme (operation) maliyetine sahip olabilir. En maliyet-etkin alternatifi semek iin.
$861,749 (12 50)(0.85) $1,690
KT 321 Mhendislik Ekonomisi
Yillik alitirma maliyeti
O&M cost = (0.05)($3,500,000) + $150,000 = $325,000
Toplam edeer yillik maliyet
AEC (15%) $536,749 $325,000 $861.749
Talep edilen aylik fiyat
Required monthly charge =
KT 321 Mhendislik Ekonomisi
mr Dngsnn Safhalari
mr Dngs Maliyet Kalemleri
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
7
02.02.2009
Tasarim Ekonomisi (Design Economics)
Minimum Maliyet Analizi Kavram: Toplam maliyet bir tasarim parametresine bali olarak verilmi Ama: Toplam maliyeti en aza indirecek tasarim parametre deerini bul Matematiksel Denklem: c AE(i ) a bx x x tasarim parametresi Analitik zm: denklemin trevini alip 0'a eitle
x* c b
KT 321 Mhendislik Ekonomisi
Tipik grafik gsterimi
Toplam Maliyet Yatirim/zsermaye Maliyeti letme&bakim Maliyeti Tasarim Parametresi (x) Optimal Deer (x*)
KT 321 Mhendislik Ekonomisi
rnek 6.10 Optimal Kesit Alani
letme Maliyeti (Enerji Kaybi)
Enerji kaybi (kilowatt-saat, L)
Trafo
Maliyet (TL)
L I2R T 1000 A
G Santrali
I = Akim (amperes) R = Diren (ohms) T = alima saati A = Kesit alani
Bakir
fiyati: $8.25/lb Diren: 0.8145x10-5 in2/ft Enerji maliyeti: $0.05/kwh Bakir younluu: 555 lb/ft Faydali mr: 25 years Hurda deeri: $0.75/lb Faiz orani: 9%
Bakir iletken
1,000 ft. 5,000 amps 24 saat 365 gn
5000 2 ( 0.008145) (24 365) 1000 A 1,783,755 kwh A 1,783,755 Energy loss cost kwh($0.05) A $89,188 = A L
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
8
02.02.2009
Malzeme Maliyeti
(Material Costs)
Sermaye Geri Kazanim Maliyeti
(Capital Recovery Cost)
Verilen: lk maliyeti = $31,797A Hurda deeri = $2,890.6A Proje mr = 25 years Faiz orani = %9 stenen: CR(9%)
Malzeme airlii (lb)
1000(12)(555) A 12 3 3,854 A
2,890.6 A 0 25 31,797 A
Malzeme maliyeti (gerekli yatirim) Toplam malzeme maliyeti = 3,854A($8.25) = 31,797A 25 yil sonra hurda deeri: ($0.75)(31,797A)
KT 321 Mhendislik Ekonomisi
CR (9%) = (31,797 A - 2,890.6 A) ( A / P, 9%, 25) + 2,890.6 A (0.09) = 3,203 A
KT 321 Mhendislik Ekonomisi
Toplam yillik edeer maliyeti
(Total Equivalent Annual Cost)
Toplam yillik edeer maliyeti AEC = Sermaye maliyeti + letme maliyeti = Malzeme maliyeti + Enerji kaybi Minimum yillik edeer maliyet:
AEC (9%) dAEC (9%) dA 3, 203 A 3, 203 0 A* 89,188 3, 203 5.276 in 2
KT 321 Mhendislik Ekonomisi
Optimal Kesit Alani
89,188 A 89,188 A2
KT 321 Mhendislik Ekonomisi
9
02.02.2009
zet
zet
Yillik (E) Deer Analizi (AE), net bugnk deer analizi ile beraber edeerlik kavramina dayanan iki temel analiz tekniinden birisidir. AE The equation for AE is AE(i) = PW(i)(A/P, i, N). ile hesaplanir. AE analizi PW analizi ile ayni kararla sonulanir. Sermaye geri kazanim maliyeti (CR(i)), yillik sermaye maliyetidir ve en nemli AE uygulamalarindan biridir. I lk maliyet ve S hurda deeri iin CR(i) CR(i)= (I S)(A/P, i, N) + iS, ile hesaplanir.
Gerek hayatta AE analizinin NPW analizine tercih edilmesinin nedenleri unlardir: 1. ou finansal raporda bugnk deerler yerine yillik edeer miktarlar tercih edilir. 2. Satilacak rnlerin mantikli bir ekilde fiyatlandirilabilmesi iin genellikle birim maliyetlerin hesaplanmasi gerekmektedir. 3. zel aralarin i amali kullanim bedellerinin alianlara geri denmesi iin birim kullanim baina maliyet hesabi gerekir. 4. Yap veya al kararlari genellikle eitli seeneklerin birim maliyetlerinin hesaplanmasini gerektirir. 5. Yillik edeer tabanli minimum maliyet analizini daha kolaydir.
KT 321 Mhendislik Ekonomisi
KT 321 Mhendislik Ekonomisi
10
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Practice Problems: Chapter 1, Operations and ProductivityProblem 1: Mance Fraily, the Production Manager at Ralts Mills, can currently expect his operation to produce 1000 square yards of fabric for each ton of raw cotton. Each ton of raw cotton requires
Fairleigh Dickinson - DSIC - 3152
Practice Problems: Chapter 12, Inventory Management Problem 1:ABC Analysis Stock Number Annual $ Volume 12,500 9,000 3,200 1,550 620 65 53 32 30 Percent of Annual $ VolumeJ24 R26 L02 M12 P33 T72 S67 Q47 V2046.2 33.3 11.8 5.8 2.3 0.2 0.2 0.1 0.1 = 100.
Fairleigh Dickinson - DSIC - 3152
Practice Problems: Supplement 6 (S6), Statistical Process ControlProblem 1: Twenty-five engine mounts are sampled each day and found to have an average width of 2 inches, with a standard deviation of 0.1 inches. What are the control limits that include 9
Fairleigh Dickinson - QUANT - DSCI
Practice Problems: Chapter 1, Operations and ProductivityProblem 1: Mance Fraily, the Production Manager at Ralts Mills, can currently expect his operation to produce 1000 square yards of fabric for each ton of raw cotton. Each ton of raw cotton requires
Fairleigh Dickinson - QUANT - DSCI
Practice Problems: Chapter 2, Operations Strategy in a Global EnvironmentProblem 1: Identify how changes in the external environment may affect the OM strategy for a company. For example, what impact are the following factors likely to have on OM strateg
Fairleigh Dickinson - QUANT - DSCI
Practice Problems: Chapter 6, Managing QualityProblem 1: The accounts receivable department has documented the following defects over a 30-day period:Category Invoice amount does not agree with the check amount Invoice not on record (not found) No forma
Fairleigh Dickinson - QUANT - DSCI
Practice Problems: Chapter 12, Inventory Management Problem 1:ABC Analysis Stock Number Annual $ Volume 12,500 9,000 3,200 1,550 620 65 53 32 30 Percent of Annual $ VolumeJ24 R26 L02 M12 P33 T72 S67 Q47 V2046.2 33.3 11.8 5.8 2.3 0.2 0.2 0.1 0.1 = 100.
Fairleigh Dickinson - QUANT - DSCI
Practice Problems: Supplement 6 (S6), Statistical Process ControlProblem 1: Twenty-five engine mounts are sampled each day and found to have an average width of 2 inches, with a standard deviation of 0.1 inches. What are the control limits that include 9
HKU - BBA - ECON 4313
Practice Problems Exam 3Equity Valuation and Financial Statement Analysis1. _ are analysts who use information concerning current and prospective profitability of a company to assess its fair market value. a. credit analysts B. fundamental analysts c. s
HKU - BBA - ECON 4131
Guide to individual written assignment on case analysis (15%) FB4303, Semester A 2010/11 The Case (has been uploaded on Blackboard): Case 19 Samsung Electronics Background information: Since 1998, Samsung Electronics had undergone a dramatic transformatio
HKU - BBA - ECON 4131
SM, Competitive Strategies vs organizational analysis(Spanning chapter 1, 3 and 5)Strategic Management Strategic management is the study of why some firms outperform others 1. How to compete in order to create competitive advantages in the marketplace
HKU - BBA - ECON 4131
2- 1Interrelationships among Value-Chain Activities within and across Organizations Importance of relationships among value activities - Relationships among activities within the firm and with other organization (e.g., customers and suppliers)2- 2Eval
HKU - BBA - ECON 4131
Stages of Industry Life Cycle; Resource-based Sustainable Competitive AdvantagesWk 11 Review SessionS06Review 1_ Apex ReturnsWhat is the appropriate business-level strategy to be adopted by a business in an industry at the Introduction stage of the In
HKU - BBA - ECON 4131
Related or unrelated DiversificationAcquiring Company Uses Service Commitments to Enhance Efficiency When Mexican steel company Mittal acquired Imexsa, a manufacturing operation that was formerly state-owned, the Imexsa plant was operating at 20 percent
HKU - BBA - ECON 4131
HKU - BBA - ECON 4131
6-1 A study evaluated the stock market reaction of 600 acquisitions over the period between 1975 and 1991. Acquiring firms suffered an average 4 percent drop in market value in the three months following the acquisitions announcement. In a study by Solom