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.This page intentionally left blank .Capital Budgeting This book explains the financial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts, principles and techniques to the application of them in increasingly complex and real-world situations. Identification and estimation (including forecasting) of cash flows, project appraisal formulae and the application of net present value (NPV), internal rate of return (IRR) and other project evaluation criteria are illustrated with a variety of calculation examples. Risk analysis is extensively covered by the use of the riskadjusted discount rate, the certainty equivalent, sensitivity analysis, simulation and Monte Carlo analysis. The NPV. | Capital Budgeting Financial Appraisal of Investment Projects Don Dayananda Richard Irons Steve Harrison John Herbohn Patrick Rowland Cambridge Cambridge more information - www.cambridge.org 052181782X This page intentionally left blank Capital Budgeting This book explains the financial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts principles and techniques to the application of them in increasingly complex and real-world situations. Identification and estimation including forecasting of cash flows project appraisal formulae and the application of net present value NPV internal rate of return IRR and other project evaluation criteria are illustrated with a variety of calculation examples. Risk analysis is extensively covered by the use of the risk-adjusted discount rate the certainty equivalent sensitivity analysis simulation and Monte Carlo analysis. The NPV and IRR models are further applied to forestry property and international investments. Resource constraints are introduced in capital budgeting decisions with a variety of worked examples using the linear programming technique. All calculations are extensively supported by Excel workbooks on the Web and each chapter is well reviewed by end-of-chapter questions. DON DAYANANDA is Senior Lecturer in the School of Commerce at Central Queensland University. RICHARD IRONS is Lecturer in the School of Commerce at Central Queensland University. STEVE HARRISON is Associate Professor in the School of Economics at the University of Queensland. JOHN HERBOHN is Senior Lecturer in the School of Natural and Rural Systems Management at the University of Queensland. PATRICK ROWLANDis Senior Lecturer in the Department of Property Studies at Curtin University of .