January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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12.5 Capital Budgeting Refinements
LG5
LG6
The manager must often make refinements in the analysis of capital budgeting projects to accommodate special circumstances. These adjustments permit the relaxation of certain simplifying assumptions presented earlier. Three areas frequently requiring special forms of analysis include (1) comparison of mutually exclusive projects having unequal lives, (2) recognition of real options, and (3) capital rationing caused by a binding budget constraint.
Comparing Projects With Unequal Lives
The financial manager must often select the best of a group of unequal-lived projects. If the projects are independent, the length of the project lives is not critical. But when unequal-lived projects are mutually exclusive, ...
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