MAPI, MAPI ,
(, )
1.3.1
* ,
.
.
1.3.2
* .
* .
1.3.3
(1)
,
,
.
3-02 / []-
.
(2)
1.3.4 [2]
R P A P P i i
in i
1 1 (3.1)
( / )A P n i n .
( R P A P n i/ ( / ) )
(2)
()
n (3.3)
[ 3.1] ( : )
A : B :
3 / 3-03
( ) (A)
850 0 312.
i 10% n 4 ( / ) .A P 4 10 0 315
n 5 ( / ) .A P 5 10 0 264
0 315 0 264 4 1( )
. .
(b)
( ) (A)
= ( ) ( ) ( / ) ( )P L P L A P L L in i (3.5)
, P : , L :
P : ,
i : (10% )
3.1 , L L 100 0, ?
( 3.1 )
[1]
* ( ) = ( ) ( ) ( / ) ( )P L P L A P L L in i
375-110=[(1,000-100)-(150-0)] ( / )A P n i +(100-0)×0.1 → ( / )A P
n
i =0.340
* i 10% n 3 ( / ) .A P 3 10 0 402
n 4 ( / ) .A P 4 10 0 315
∴ n
. .
3-04 / []-
3.2 12, 8 2
, 10% ?
CR P F A P Fin i ( )( / )
( / ) (1 )( )(0.10) = 2,074.4 2 2 28 10A P
CR P F A F Pin i ( )( / )
( / ) (1 1)( )(0.10) = 2,074.4 2 2 28 10A F
()
CR P F
8 2 0 10 2 450( )( . ) ,
(b)
CR P F
8 010
8 1
=1,250+562.5+200=2,012.5
1.4
* .
1.4.1
*
A 400
B 360
100
200
120
150
20
-50
(1)
C) .
=+
1 000 150 1 000 0 24323 150 393 26 12, ( / ) , ( . ) .A P
(2)
CR P F A P Fin i ( )( / ) (3.10)
, F : (, F L .)
3.4
( P ) : 1200, ( F ) : 300
( n ) : 6, (OC) : 160
( i ) : 12%
CR P F A P Fin i ( )( / ) = ( , )( / ) ( . )1 200 300 300
0126
12 A P
= (1,200-300)(0.24323)+300(0.12)=254.9
3-06 / []-
[ 3.2]
900 0 24323 36 160 414 9( . ) .
(E) ( )( / )P F A P Fi OCn i
( , )( / ) ( . )2 000 200 200 0 12 9012 12A P
1 800 0 16144 24 90 404 6, ( . ) .
∴ E D
(4)
= iP OC (3.11)
P : 3,000 n :
OC : 60 i : 12%
(5)
* .
3.6 500 , 550 , 600
50 () ?
, i =10%, n =6
550, …, 6 750 .
(+) = A G A G A Gn i ( / ) ( / )500 50 6116
10
[] (-) : 1 750, 2 700, …, 6 500
→(-) A G A G A Gn i( )( / ) ( / )750 50 6396
10
(6)
*
.
3.7
[ 1] ( : ), 6%
( j ) (Cj ) ( / )P F j 6
( Pj )
1 100 0.9434 94.34
2 50 0.8900 44.50
3 80 0.8396 67.17
4 30 0.7921 23.76
P =229.77
= P A P A Pn i( / ) , ( / ) , ( . ) , 229 770 229 770 0 28859 66
3104
6
* .
C
OC : 150, i : 12%
(PW) P OC P A n i( / )
=-1,000-150 ( / )P A 6 12
=-1,000-150(4.111)=-1,616.6
P 1 000,
: 1,200, : 6, OC : 160
F : 300, i : 12%
(PW) P OC P A F P F n i( / ) ( / )6
12
12
1 200 160 4 111 300 0 5066 1 705 8, ( . ) ( . ) , .
∴ C D .
[] 0 .
(2) [1]
* .
[ 3.4]
1,200
6
300
12%
2,000
12
200
12%
* D 6 E 12
. (, D, E 12 )
[ 3.5] D, E
P 1 200,
0 1 2 3 4 5 6
0 1 2 3 4 5 6 7 8 9 10 11 12
F 300
[ 3.6] ( : )
3 / 3-09
( : 12 , )
(D) (E)
-1,200 -160 +300 -1,200
-160 +300
-2,000 -90
-90 +200
* D 6 [ 3.6] 12
, D .
D (PW)= P OC P A P F P F F P F( / ) ( )( / ) ( / )12 12
6 12
12 12
1 200 160 6194 900 05066 300 0 2567, ( . ) ( . ) ( . ) -2,570
E (PW) P OC P A F P F( / ) ( / )12 12
12 12
* , n ()
.
lim ( / ) lim ( )
1 (3.12)
* , P =3,000, n =, OC=60,
i =12% ,
( PW )= P OC
i 3 000
(4)
* , ,
.
* [ 3.7] (PW) ()
[ 3.7] ( : )
(+) (-)
+50 -50
3-10 / []-
(+) (PW)=OC P A G P G( / ) ( / )6 10
6 10 =500(4.355)+50(9.68)=2,661.5
(-) (PW)=OC P A G P G( / ) ( / )6 10
6 10 =750(4.355)-50(9.68)=2,782.3
(5)
*
, (PW) .
PW C ij j
, Cj : j
3.8 G , i =6%
[ 1] G ( : )
Cj ( )1 i j P j
0
1
2
3
4
5
-100
+60
+50
-50
+40
+100
1.0000
0.9434
0.8900
0.8396
0.7921
0.7473
-100.000
+56.604
+44.500
-41.980
+31.684
+74.730
* PW 0 .
(6) (PI ; profitability index)
*
, .
3.9 A B
A B
3 / 3-11
* A NPW 80, B 92 B , A, B
NPW .
* (PI) “ ”
.
PI PI
* MAPI · .
* MAPI “ ” Machinery and Allied Product Institute
, MAPI George Theborgh() 20
.
* Theborgh MAPI 4 .
(1949) MAPI(1956)
→ .
→ .
(defender) → , .
(challenger) → .
(operating inferiority) →
.
() → gap .
→
.
→ ,
. , .
→ ,
.
1, 2 → (1),
(2)
3-12 / []-
.
.
.
(4) MAPI [1]
(adverse minimum) .
* .
U= + (3.14)
, ( ) P A P n i ( / )
( ) G A G n i ( / )
, P : , G :
( / )A P n i : , ( / )A G n
i :
n i ( / ) ( / )
* n F
U P F A P G A G Fin i
n i ( )( / ) ( / ) (3.15)
(5) MAPI
[ 3.8] .
F
G n( )1
MAPI [2]
.
.
* .
U = +
+
3 / 3-13
i Fi G
2
1
2 (3.16)
* F ( F 0 5 ,
F 10% F =0 .)
U P
2
1
2
( ) (3.17)
* U n U min
.
3.10 MAPI .
100, 15%, 5.
.
1
2
3
4
5
700
700
700
700
700
400
400
400
400
400
300
300
300
300
300
2,000
1,600
1,200
800
400
700 400 300 1,200 34.3( 5 )
3 / 3-17
.
[ 1] (DCF)
* , P : , R R R n1 2, , , : ( )
n : , F : , i : ( )
P R
, R R Rn1 2 , F 0
P R i
n
1 1
1 (3.23)
( / )P A n i
( P ) ( P / R ) ( / )P A n i i .
( / )A P n i
R P i i
i P A P
1 1 (3.24)
R / P , ( / )A P n i i .
3.15 1,000, ()
500, 100 , 5,
0 () .
PW = 0 = -P+ A ( / )P A i 10 ( / ) /P A P Ai
10 .
[ 3.17] A, B 10%, 9%,
2,500 A , B ?
→ B
* .
1,000 (2,000-1,000=1,000) 10
311.6-162.8=148.8, ( / ) , / . .P A i 10 1 000 148 8 6 72 .
( / )P A i 10 8% .
*
, B .
∴ 8% 6% B .
2.2.4
* C [ 3.17] ,
(1) [1]
* A, B, C .
3.24
( : 10, 0, 6%, 7,500)
[ 3.18] ( : )
=-
A
B
C
1,000
2,000
5,000
162.8
311.6
745.0
6.143
6.418
6.711
10%
9%
8%
1,198.2
2,293.4
5,483.2
198.2
293.4
483.2
C
A
* 3 .
A 10% 6% (
) . B A ( 3.23 8%) 6%
.
C A, B B ,
* =5,000-2,000=3,000
* =745-311.6=433.4
* = 0 = -3,000+433.4( / )P A i 10→ ( / ) , / . .P A i
10 3 000 433 4 6 922
3-32 / []-
* ( / ) .P A i 10 6 922 8%.
* C B .
∴ C .
(2)
()
* [ 3.18] (
) , A, B, C
.
* 8,000(1,000+2,000+5,000)
7,500 .
* 8 .
“ ”
A P = 1,000
B P = 2,000
C P = 5,000
A B P = 3,000
A C P = 6,000
B C P = 7,000
A, B, C P = 8,000
()