• 제목/요약/키워드: Productive Rate of Return

검색결과 7건 처리시간 0.024초

생산투자수익률을 적용한 생산투자사업의 경제성 분석 (An Economic Analysis with the Productive Rate of Return)

  • 김진욱;손임모;신재욱
    • 산업경영시스템학회지
    • /
    • 제40권1호
    • /
    • pp.50-56
    • /
    • 2017
  • The IRR (internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it is widely known that it has serial flaws. Also, External rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return) do not differentiate between the real investment and the expenditure. The PRR (Productive rate of return) is faithful to the conception of the return on investment. The PRR uses the effective investment instead of the initial investment. In this paper, we examined two cases of the engineering project. the one is a traditional engineering project with financing activity, another is the project with R&D. Although the IRR has only one value, it overestimates or underestimate profitabilities of Engineering Projects. The ARR and the MARR assume that a returned cash reinvest other projects or assets instead of the project currently executing. Thus they are only one value of a project's profitability, unlike the IRR. But the ARR does not classify into the effective investment and non-investment expenditure. It only accepts an initial expenditure as for an investment. The MIRR also fails to classify into the investment and the expenditure. It has an error of making a loss down as the investment. The IRR works as efficiently as a NPW (Net Present Worth). It clearly expresses a rate of return in respect of an investment in an engineering project with a loan. And it shows its ability in an engineering project with a R&D investment.

생산투자수익률 계산방법에 대한 연구 (A Study on the Calculation of Productive Rate of Return)

  • 김진욱;김건우;김석곤
    • 산업경영시스템학회지
    • /
    • 제38권3호
    • /
    • pp.95-99
    • /
    • 2015
  • The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into 'investment' and 'loss' to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

다수의 투자대안들에 대한 수익률 기준의 경제성 평가방법 (Economic Evaluation Method Based on Rate of Return for Multiple Investment Alternatives)

  • 김진욱
    • 산업경영시스템학회지
    • /
    • 제42권1호
    • /
    • pp.137-142
    • /
    • 2019
  • There are two methods for evaluating two or more mutually exclusive projects. One is a total investment approach and the other is an incremental investment approach. The former can rank projects by the criterion of the net present value, but the latter can't do it. An incremental investment approach is only possible when all pairwise alternatives are compared. Thus an incremental investment approach is superior in ranking them over an incremental investment approach. To do so, a principle of comparison must be established. Comparisons of profitability are reasonable when operating the same amount of investment over the same period of time. One principle is that all projects are invested in the largest of the projects. Another principle is that all projects are invested during the longest project life of the projects. In this paper, even if the principle is followed, it will be shown that the external rate of return fails to rank them. However, the productive rate of return criterion would prove to be able to rank them like the net present value standard, provided that the principle of comparison is kept. In addition, rate of returns can be assessed so that all mutually exclusive projects can be compared at once, such as on the criterion of the net present value. That is, it can be also compared with many other returns, such as the profit rates on financial investments or real investments.

TPM, PAC 활동에서 생산성지표와 재무회계 지표의 연계방안 전략 (The Linkage Strategies Between Productivity Metrics and Financial Accounting Metrics in TPM and PAC Activities)

  • 최성운
    • 대한안전경영과학회지
    • /
    • 제15권3호
    • /
    • pp.151-161
    • /
    • 2013
  • This paper proposes a strategic model of linkage between productivity metrics and financial accounting metrics to properly evaluate the financial effect of TPM activities and the business performance. This linkage strategy provides a connection tool for clear communication between factory-level and headquarters that the metrics proposed by this paper ultimately improves a quality of support from the management by receiving the factors required for productivity activities in the practical field. This factor includes such as equipment, raw materials and labors. Here, we propose that chain reaction models using break down structure of productivity metrics and financial metrics enhance the knowledge sharing of KPI (Key Performance Indicator) which generally tend to create oversimplified communication between management in headquarters and employees in the practical fields. The productivity metrics include OEE(Overall Equipment Effectiveness) of TPM (Total Productive Maintenance), OLE (Overall Labor Effectiveness) of PAC(Performance and Analysis and Control) activities, and OYE (Overall Yield Effectiveness) of TMM(Total Material Management) activities. The financial accounting metrics include ROE(Return on Equity), ROA(Return on Asset), and AVR(Added-Value Rate). The suggested chain reaction model selects the financial metrics as initial stage and branch down until final stage of productivity metrics. When demand exceeds supply, an ideal speed rate, the lean OEE strategy can be initially applied to reduce the gap between the demand and supply, then apply variable costing to estimate correct amount of operating profit. In addition, the paper presents a new type of model for linkage between financial accounting metrics including CAPEX(Capital Expenditure), OPEX(Operating Expenditure), EVA(Economic Added Value), DCL(Degree of Combined Leverage), and TPM productivity activities including AM(Autonomous Maintenance), PM(Preventive Maintenance), MP(Maintenance Prevention) and QM(Quality Maintenance). In order to support the evidence of proposed linkage strategy, a case analysis on 52 projects from national TPM contest from 2011 to 2012 is analyzed. The case presents the classification of CAPEX and OPEX activities from TPM, and proposes the correct implementation of financial effect for TPM projects.

Economics of the Plant Species Used in Homestead Agroforestry of Southern Bangladesh

  • Rana, Md. Parvez;Akhter, Sayma;Sohel, Md. Shawkat Islam
    • Journal of Forest and Environmental Science
    • /
    • 제25권1호
    • /
    • pp.35-41
    • /
    • 2009
  • Agroforestry combines agriculture and forestry technologies to create more integrated, diverse, productive, profitable, healthy and sustainable land-use systems. This study was performed in three union of Chhagalnaiya Upazila (Sub-district; administrative entity) under Feni district, Southern Bangladesh with a view to identify the tree resources, utilization pattern and economic return of major fruit and timber tree species. Information collected from a total of 45 households ranging from marginal, small, medium and large categories. Number of plant species increased with the increase of homestead area. A total of 39 plant species were recorded from the homegarden, of which 23 were fruit and 16 were timber tree species. Considerable number of vegetables was also planted under the shade of the homestead trees. The investment analysis showed that average benefit-cost ratios were greater than one, net present values were positive and internal rate of returns were more than 10%. Long term investment on horticulture and timber tree species is highly profitable if species like Swietenia mahagoni and Tectona grandis, Spondias pinnata, Syzygium cumini and Areca catechu were planted.

  • PDF

창업생태계 변화가 여성창업의지에 미치는 영향 (A Study on Changes of Entrepreneurial Ecosystem on Women Entrepreneurial Intentions)

  • 전혜진;박재환
    • 벤처창업연구
    • /
    • 제10권2호
    • /
    • pp.85-96
    • /
    • 2015
  • 창조경제의 핵심은 개개인들의 역량을 경제적 가치로 연결하는데 있다. 개인들의 경제가치 창출에 있어 여성은 중요한 역할을 한다. 남성들은 이미 다수가 경제활동인구로 활동을 하고 있는데 반해 비경제활동인구의 여성들을 경제활동인구로 전환시켰을 때 더 큰 경제효과를 기대할 수 있기 때문이다. 국내의 경우 우수한 여성인력들이 실제 경제활동에 참여하지 못하고 사장되어 있어 여성사회참여도 여성경제활동률 등이 OECD 국가 중 최하위권에 머물러 있다. 창업은 새로운 일자리 창출에 효과적인 접근방법 중 하나이다. 뿐만 아니라 여성 근로자를 충분히 이해하고 배려할 수 있는 여성창업자의 증가는 여성일자리 창출로 이어져 창업과 취업의 고른 성장을 이끌며 여성의 경제참여율을 높일 수 있을 것으로 기대된다. 여성의 경제활동을 높이는 방안을 찾는 근간을 마련하기 위해 본 연구에서는 창업, 성장, 회수, 재투자/재도전이 선순환 되는 창업생태계 중 창업자의 심리적특성과 창업지원기관의 창업교육 그리고 창업환경이 창업의지에 영향을 미치는지 살펴보고, 창업환경이 조절효과를 갖고 있는지를 확인하였다. 고학력자와 경력자 등의 우수인력을 다시 사회로 끌어내기 위해 연구의 대상은 정규교육과정에 있는 학생이 아닌 경력단절여성으로 한정지어 진행하였다. 연구의 실증분석 결과를 정리하면 다음과 같다. 첫째, 경력단절 여성의 심리적특성, 창업교육, 창업환경이 창업 의지에 영향을 미치는데 있어 모두 유의한 정(+)의 영향을 미쳤다. 둘째, 심리적특성과 창업교육이 창업의지에 영향을 미치는데 있어 창업환경이 조절효과로서 유의한 영향을 미쳤다. 경력단절여성의 경우 경력의 단절과 개인 네트워크의 단절이 함께 일어나게 되면서 심리적으로 위축되고 교육의 기회에서 배제되고 있다. 본 연구에서는 심리적특성, 창업교육, 창업환경 등의 창업생태계가 여성의 창업의지에 영향을 미치고 있음 확인하였다. 정부는 창업생태계의 기반을 조성하기 위해 다양한 지원사업을 적극 추진 중에 있다. 그 중 경력단절 여성의 개인네트워크 구축이나 여성창업에 대한 주변인들의 인식을 긍정적으로 전환시킬 수 있는 창업환경 조성에 대한 노력을 보탠다면 더욱 효율적인 결과를 얻을 수 있을 것으로 예상된다. 또한 이들의 경제활동 복귀를 돕기 위해 심리적특성을 고려하며, 창업교육을 통해 창업의지를 높이는 일에 역점을 두어 경력단절여성창업활성화 및 사회 재 참여율 증가를 가져 오는데 앞장서야 할 것이다. 구체적인 정책 방안 수립을 위해 후속연구를 통해 창업생태계의 다양한 요인들을 더 살펴보고 하위 요인들이 어떻게 영향을 미치는지에 대한 심도 깊은 후속 연구가 꾸준히 배출되었으면 한다.

  • PDF

산지개발(山地開發)의 경제성 (Economic Feasibility of Hill Land Development)

  • 김동민
    • 한국토양비료학회지
    • /
    • 제11권4호
    • /
    • pp.283-295
    • /
    • 1979
  • 농업(農業)의 기대성장(期待成長)과 현실성장을 비교(比較)하기 위하여 1953-77. 기간(期間)을 3단계(段階)로 구분하여 역사적접근법(歷史的接近法)을 시도(試圖)하였으며 농경지(農耕地)의 타목적전환과 전작물(田作物)의 수요(需要)를 전망(展望)하였다. 야산개발의 필요성(必要性)을 검토(檢討)하기 위하여는 농경지(農耕地)의 외연적확대가 가능(可能)한 가를 살펴보았으며 개간지(開墾地)의 작부유형(作付類型)을 분류(分類)하였다. 야산개발의 지역농업(地域農業)에 미친 효과로는 개간농가(開墾農家)의 경영규모확대와 경지규모별호수분포가 대농화경향(大農化傾向)을 보이는 것 같고 개간지(開墾地)의 지가가 기경지(旣耕地)보다 빠른 상승율(上昇率)을 보였다. 야산개발지의 생산성(生産性)은 6년차(年次)만 되면 기경지수준에 가깝게 되고 따라서 소득지수도 이와 유사(類似)한 경향(傾向)을 보이고 있다. 야산개발사업의 수익성은 다른 토지개발사업보다 높고 작목별(作目別)로 보면 식량작물(食糧作物)보다는 경제작물이 높고 단작(單作)보다는 이모작(二毛作)의 경우가 유리(有利)하게 나타났다.

  • PDF