CMA考试essay 题P2(三）

　　举了8个cases分别列了initial investment value, NPV, PI; Limited budget is 62000其中project D和E投资期限一个是2年一个是6年。而且D和E都是针对同一payroll的项目。其他项目比D和E晚投资一年。

　　1. What is capital rationing?

　　It exists when a firm sets a limit on the amount of founds to be invested during a given period

　　It refers to when a firm has limited amount of money for investment,what projects should the company invest to maximize shareholder wealth

　　2. Does the cases use capital rationing?问这个Senario里面是否有Captial rationing？

　　3. Which projects should be selected? why?

　　应该是选C, D, F, H, 因为这4个PI*6，investment 总额正好=62Mn 应该是npv*5

　　4. What is independent project? What is mutually exclusive project?题目中那些是independent 那些是 mutually exclusive

　　mutually exclusive projects:

　　a situation where the occurrence of one event is not influenced by another event. In addition, it is impossible for mutually exclusive events to occur at the same time.

　　independent projects :

　　has unrelated cash flow .independent projects decisions are those which does not bear any effect on the other investment decisions

　　5. Project D & E两个案子原始投资额相近，NPV相近，但投资年限不同（一个两年，一个六年），请问投资年限如何影响决策？这个案子该如何决策？

　　special adjustment need to be made to equalize the life  of the project before NPV can be calculated if there is a conflict in ranking between npv and irr npv is preferable.

　　6. Use which method could rank the projects.选投资项目是用什么方法？

　　Use PI to maximize NPV

　　7.NPV method和PI method使用上有什么差别。在这个案例上如何使用？哪些使用NPV哪些使用PI？并ranking之.

　　一般都是用NPV的 特别是互斥项目时 一定用NPV 不用PI，其他情况下双方都是一致的选择。
 

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