Los criterios Valor Actual Neto y Tasa Interna de Rendimiento

e-pública: revista electrónica sobre la enseñanza de la economía pública, ISSN 1885-5628, Nº. 2, 2007, pags. 1-11 01/2007;
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Available from: Joan Pasqual, Oct 02, 2015
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    ABSTRACT: The vast majority of the project scheduling methodologies presented in the literature have been developed with the objective of minimizing the project duration subject to precedence and other constraints. In doing so, the financial aspects of project management are largely ignored. Recent efforts have taken into account discounted cash flow and have focused on the maximalization of the net present value (npv) of the project as the more appropriate objective. In this paper we offer a guided tour through the important recent developments in the expanding field of research on deterministic and stochastic project network models with discounted cash flows. Subsequent to a close examination of the rationale behind the npv objective, we offer a taxonomy of the problems studied in the literature and critically review the major contributions. Proper attention is given to npv maximization models for the unconstrained scheduling problem with known cash flows, optimal and suboptimal scheduling procedures with various types of resource constraints, and the problem of determining both the timing and amount of payments.
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    ABSTRACT: Internal rate of return and net present value statistics for evaluating projects may display anomalous behavior when cash flows change sign more than once. We identify necessary and sufficient conditions such that these anomalies are precluded. We also identify a linear dominance condition on payoffs sufficient to order internal rates.
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    ABSTRACT: The so-called anomalies that arise in the computation and interpretation of the Net Present Value (NPV) and the Internal Rate of Return (IRR) can be easily overcome if the properties of the NPV function are taken into account and it is clearly defined what is an investment and what is a credit. All the roots of the NPV function have economic meaning and, when there is at least one IRR, the NPV and the IRR criteria agree.
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