Investment Appraisal Methods and Models
This book provides an introduction to investment appraisal and presents a range of methods and models, some of which are not widely known, or at least not well covered by other textbooks. Each approach is thoroughly described, evaluated and illustrated us
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Uwe Götze Deryl Northcott Peter Schuster
Investment Appraisal Methods and Models Second Edition
Springer Texts in Business and Economics
More information about this series at http://www.springer.com/series/10099
Uwe Go¨tze • Deryl Northcott • Peter Schuster
Investment Appraisal Methods and Models Second Edition
Uwe Go¨tze Faculty of Economics and Business Administration Technische Universita¨t Chemnitz Chemnitz Germany
Deryl Northcott Faculty of Business The Auckland University of Technology Auckland New Zealand
Peter Schuster Faculty of Business and Economics Schmalkalden University of Applied Sciences Schmalkalden Germany
ISSN 2192-4333 ISSN 2192-4341 (electronic) Springer Texts in Business and Economics ISBN 978-3-662-45850-1 ISBN 978-3-662-45851-8 (eBook) DOI 10.1007/978-3-662-45851-8 Library of Congress Control Number: 2015935651 Springer Heidelberg New York Dordrecht London # Springer-Verlag Berlin Heidelberg 2008, 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer-Verlag GmbH Berlin Heidelberg is part of Springer Science+Business Media (www.springer.com)
Preface
Investment decisions are of vital importance to all companies, since they determine both their potential to succeed and their ultimate cost structure. Investments usually entail high initial cash outflows and thus tie up substantial funds. Sound investment decisions are therefore important. Yet, due to a highly complex and rapidly changing business environment, they remain a challenging management task. Effective appraisal methods are valuable tools to support investment decisions. They have been the subject of discussion for several decades, particularly in the 1960s and 1970s. During this period, different approaches were examined, developed and refined to support aspects of investment appraisal such as multi-criteria or simultaneous decision-making and the consideration of uncertainty. In the last decade, these methods have been advanced further by insig
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