Metodos de evaluacion de proyectos

1. Tiempo de recuperacin de capital

TRC(A)
TRC(B)

4
3

2. Valor Neto Actual

VNA(A)
VNA(B)

6.53
20.92

3. Tasa interna de retorno

TIR(A)
TIR(B)

PROYECTOS ALTERNATIVOS
cok

10%
Ao

PA

PB

-100

-100

10

50

20

40

30

30

40

20

50

10

12.0%
20.3%

4. Beneficio costo
B/C (A)
B/C (B)

1.07
1.21

Preguntas
a. En ambos proyectos los flujos tiene los mismos
valores, lo que vara es el orden.
60
b. Cul de los dos proyectos es mejor?. (Mayor rentabilidad).
50 proyecto?
c. Todos los criterios coinciden acerca del mejor
k
VAN A
VAN B
40
0%
50
50
2%
39.54
43.27
30
4%
30.06
37.04
20
6%
21.47
31.27
8%
13.65
25.91
10
10%
6.53
20.02
0
12%
0.02
16.27
14%
-5.94
11.92
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%
16%
-11.4
7.86 -10
18%
-16.42
4.05 -20
20%
-21.03
0.47
22%
-25.29
-2.89 -30

16% 18% 20% 22%

PA
PB

Ao

TIR MULTIPLE
Flujo
0
-180
1
100
2
100
3
100
4
100
5
100
6
-100
7
-100
8
-100
9
-100
10
-100
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
0
19
0
20
200

Tasa
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%

VAN
20.0
7.5
-1.0
-6.3
-9.4
-10.9
-11.2
-10.6
-9.6
-8.1
-6.6
-4.9
-3.3
-1.8
-0.4
0.8
1.8
2.7
3.3
3.8
4.1
4.2
4.2
4.0
3.6
3.1
2.5
1.8
0.9
0.0
-1.0
-2.1
-3.2
-4.4
-5.7
-7.0
-8.4
-9.8
-11.2
-12.6
-14.1

25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0

0
1
2

-10
50
-60

0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
145%
150%
155%
160%
165%
170%
175%
180%
185%
190%
195%
200%
205%

-20.00
-16.00
-12.85
-10.34
-8.33
-6.72
-5.42
-4.36
-3.50
-2.80
-2.22
-1.75
-1.37
-1.05
-0.79
-0.58
-0.41
-0.27
-0.16
-0.07
0.00
0.06
0.10
0.13
0.15
0.16
0.17
0.18
0.17
0.17
0.16
0.15
0.14
0.12
0.11
0.09
0.07
0.06
0.04
0.02
0.00
-0.02

5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00

25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0

5.00
0.00
-5.00
-10.00
-15.00
-20.00
-25.00

PROYECTOS ALTERNATIVOS

Ao
0
1
2
3
4
5

PA
-100
10
20
30
40
50

PB
-100
50
40
30
20
10

Sensibilidad del VAN con

diferentes tasas
TIR(B)

TIR(A)

60.00
40.00
20.00
VAN

0.00
(20.00)
(40.00)
(60.00)
Tasa

15%

Ao
0
1
2
3
4
5

PA
-100
10
20
30
40
50

Vactual
91.27
8.70
15.12
19.73
22.87
24.86

PB
-100
50
40
30
20
10

Vactual
109.86
43.48
30.25
19.73
11.44
4.97

0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%

VAN(A)
50.00
44.64
39.54
34.68
30.06
25.66
21.47
17.47
13.65
10.01
6.53
3.20
0.02
(3.03)
(5.94)
(8.73)
(11.40)
(13.96)
(16.42)
(18.77)
(21.03)
(23.20)
(25.29)
(27.29)
(29.22)
(31.07)
(32.85)
(34.57)
(36.22)
(37.81)
(39.35)

VAN(B)
50.00
46.57
43.27
40.10
37.04
34.10
31.27
28.54
25.91
23.37
20.92
18.55
16.27
14.06
11.92
9.86
7.86
5.92
4.05
2.23
0.47
(1.24)
(2.89)
(4.50)
(6.06)
(7.57)
(9.04)
(10.47)
(11.86)
(13.21)
(14.52)

B/C(A)
1.50
1.45
1.40
1.35
1.30
1.26
1.21
1.17
1.14
1.10
1.07
1.03
1.00
0.97
0.94
0.91
0.89
0.86
0.84
0.81
0.79
0.77
0.75
0.73
0.71
0.69
0.67
0.65
0.64
0.62
0.61

B/C(B)
1.50
1.47
1.43
1.40
1.37
1.34
1.31
1.29
1.26
1.23
1.21
1.19
1.16
1.14
1.12
1.10
1.08
1.06
1.04
1.02
1.00
0.99
0.97
0.96
0.94
0.92
0.91
0.90
0.88
0.87
0.85

VAN(A)
50.00
44.64
39.54
34.68
30.06
25.66
21.47
17.47
13.65
10.01
6.53
3.20
0.02
-3.03
-5.94
-8.73
-11.40
-13.96
-16.42
-18.77
-21.03
-23.20
-25.29
-27.29
-29.22
-31.07
-32.85
-34.57
-36.22
-37.81
-39.35

VAN(B)
40.00
36.57
33.27
30.10
27.04
24.10
21.27
18.54
15.91
13.37
10.92
8.55
6.27
4.06
1.92
-0.14
-2.14
-4.08
-5.95
-7.77
-9.53
-11.24
-12.89
-14.50
-16.06
-17.57
-19.04
-20.47
-21.86
-23.21
-24.52

12.0%

14.9%

0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%

Proyectos alternativos
cok

10%
Ao
0
1
2
3
4
5

60.00

40.00

20.00

0.00

-20.00

-40.00

-60.00

PA
-100
10
20
30
40
50

PB
-110
50
40
30
20
10

Comparacin de alternativas de vidas diferentes

Recomendara el equipo 1 o el equipo 2?
i

10%

Inversion
Valor residual
Vida util
O&M

2120
200
5
9800

Equipo 1

Calculo valor presente

Inversion
Residual
O&M
Valor presente
VAE 1

Equipo 2
Inversion
Valor residual
Vida util
O&M

14000
3000
15
8500

-2120.0
124.2
-37149.7
-39145.5

Inversion
Residual
O&M
Valor presente

-14000.0
718.2
-64651.7
-77933.5

-10326.5

VAE 2

-10246.2

Equipo 1

Equipo 2

.. ..

14

15

COK

18%

Flujo econmico (solo capital propio)

Periodo
Inversion
Ingresos
Egresos
Depreciacin
UAII
I
UAI
I (30%)
UN
f
Vaf
VAN = Vaf-I
rentabilidad
TIRE

0
-1240
0
0
0
0
0
0
0
-1240
1660.0
420.0
33.9%
15%

flujo de depreciacion
2

600
-100
-400
100
0
100
-30
70
470

800
-200
-400
200
0
200
-60
140
540

3
40
900
-200
-400
300
0
300
-90
210
650

470.0

540.0

650.0

Capital
0
1
2
3

1240

Flujo econmico financiero (incluye prstamo)

Flujo de amortizacin

Periodo
Inversion
Prestamo
Ingresos
Egresos
Ing-egr
Depreciacin
UAII
I
UAI
I (30%)
UN
f

0
-1240
1000
0
0

Prestamo
Interes

Vaf
VAN
rentabilidad

443.0
203.0
85%

TIRF
B/C

-240

30.0%
1.85

-405.7
600
-100
500.0
-400
100.0
0.0
100.0
-30.0
70.0
64.34

-405.7
800
-200
600.0
-400
200.0
0.0
200.0
-60.0
140.0
134.34

3
40
-405.7
900
-200
700.0
-400
300.0
0.0
300.0
-90.0
210.0
244.34

64.3

134.3

244.3

1000
10.5%
Capital
0
1000
1
594.3
2
188.7
3
-217.0

flujo de depreciacion
Capital
0
1
2
3

1240

preciacion
d

0
400
400
400

0
400
800
1200

0
840
440
40

mortizacin
Interes

amortiz
0
0.0
0.0
0.0

Cuota

0
405.7
405.7
405.7

0
405.7
405.7
405.7

preciacion
d

D
0
400
400
400

V
0
400
800
1200

0
840
440
40