Sandoval Snchez Sarai Astrid

Proyecto de Evaluacin econmica

ECONOMIC EVALUATION1

The financial study is the final part of the sequence analysis of the feasibility of a
project. This part of the analysis will determine the economic profitability of the
project; what is sought is to determine the value of money because it loses its real
value over time, at a rate approximately equal to the current level of inflation.
Economic evaluation studies take into consideration the value of the DNER over
time and are VPN and TIR .
TMAR : When the capital necessary to carry out a project is fully made by a natural
person , that person always puts a minimum rate of return on investment proposal,
called minimum acceptable rate of return ( MARR ) . The reference rate is
determined it is the inflation rate. However, when an investor puts his money, is not
attractive to maintain the purchasing power of your investment, but rather that it
has a real growth ; ie performance that interests you grow your money beyond that
offset the effects of inflation
VPN: This method is applied to the present project future cash flows at a discount
rate equal to the TMAR, add up all the profits and subtract the initial investment at
time zero. If this value is greater than zero investment is acceptable because the
value is positive and means to win the value of MARR more the result value ;
however, if the VPN is less than zero means that the profits of the project are not
even enough to win the TMAR and therefore investment is rejected
TIR: TIR calculation is performed by equating the sum of the discounted cash flow
investment. In the equation is used as incognita i, which is then called TIR project.
On the other hand, there are rates or financial reasons. In the planning stage of the
project is a basis to guide the direction of the company engaged to correct errors or
to support domestic successes in financial management. It is not advisable to use
financial ratios to evaluate the economic profitability of the company, they do not
take into account the value of money through the play time and this deficiency may
cause misinterpretation and inefficient decision-making.
There is one last step to consider the so-called cost / benefit. This relationship is
used to evaluate investments that apply to private companies. The annual cost
method is used exclusively to analyse the replacement of equipment, both in the
public sector and the private.

Baca Urbina, Gabriel. Evaluacin de proyectos. Estudio econmico

Sandoval Snchez Sarai Astrid

Proyecto de Evaluacin econmica
FINANCIAL REVIEW
Financial statements are the end product of the synthetic process and record the
exact shape, synthetic and chronological of all operations of an economic entity.
Based on the findings of the market study quantities and probable sales prices are
synthesized in a chronological series projected. The product obtained in quantities
and prices can integrate the revenue budget financial study. Similarly, the study
concludes with a technical function and a program or production, that integrate the
function of project costs, which is the basis for establishing the budget for
expenditures in the financial study.
The purpose of financial analysis is intended to provide a strategy to cleave the
project resources required for its implementation and have sufficient liquidity and
solvency , to develop productive and uninterrupted business operations. The
financial study provides the information necessary to estimate the cost of the
resources used, capable of compared to that of other investment alternatives .
As a first step should be considered estimates, which are formal written plans in
monetary terms. Determine the future path is thought to follow or achieve some
aspect of the project, such as sales, production costs, administration costs,
financial costs among others. There are three types of divisions or budgets:
1. Budget investment: this consists of the set of distributions that are needed
to form the physical and intangible infrastructure that allows the project to
transform a set of inputs into a finished product
2. Budget revenue operation: To structure the estimate of the revenue budget
is recommended to make the following sequence: Analyze marketing
strategy established in the market study, make sales forecast, based on the
knowledge of the stability and market behavior and having analyzed the
information referred to the revenue budget should contain the volume, price
and value of sales is formed.
3. Budget of expenses of operation: The expenditure budgets are mainly
composed of the following areas: production costs, operating costs,
administrative expenses, selling expenses and financial expenses