User Manual

7-6
.ﺎﻴﻠﺻﺍ ﺎﻬﻓﺪﻬﺘﺳﺍ ﻲﺘﻟﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻘﺤﻳ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻥﺎﻛ ﺍﺫﺍ ﺎﻣ ﺢﺿﺍﻮﻟﺍ ﺪﻳﺪﺤﺘﻠﻟ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻴﻴﻘﺗ ﻡﺍﺪﺨﺘﺳﺍ ﻦﻜﳝ
NPV u
254 ﻲﺘﺣ ﻲﻌﻴﺒﻄﻟﺍ ﺩﺪﻌﻟﺍ : n
NFV
u
IRR u
ﺭﻮﺴﻜﻟﺍ ﻢﻴﻗ ﻥﺃ ، ﻚﻟﺫ ﻊﻣﻭ ، ﺓﺭﺎﺷﻻﺍ ﺭﺪﲡ .i x 100 ـﻟ ﻱﻭﺎﺴﺗ IRR ﺔﻤﻴﻗﻭ ، NPV = 0 ، ﺔﻐﻴﺼﻟﺍ ﻩﺬﻫ ﻲﻓ
ﻞﺼﺗ ﻢﻟ ﻚﻟﺬﻟ ،ﺔﺒﺳﺎﳊﺍ ﻡﺍﺪﺨﺘﺳﺎﺑ ﺎﻴﺋﺎﻘﻠﺗ ﺔﻘﺣﻼﻟﺍ ﺔﻴﺑﺎﺴﳊﺍ ﺕﺎﻴﻠﻤﻌﻟﺍ ﺀﺍﺩﺃ ﻝﻼﺧ ﻢﻛﺍﺮﺘﻟﺍ ﻰﻟﺍ ﻞﻴﲤ ﺔﻘﻴﻗﺪﻟﺍ
.ﺮﻔﺼﻟﺍ ﻦﻣ ﺏﺮﺘﻘﺗ NPV ﺖﻧﺎﻛ ﺍﺫﺍ ﺏﺮﻗﺍﻭ ﺔﻗﺩ ﺮﺜﻛﺍ IRR ﺢﺒﺼﻳﻭ .ﻂﺒﻀﻟﺎﺑ ﺮﻔﺼﻟﺍ ﻰﻟﺍ ﻼﻌﻓ NPV
u PBP
NPV n < 0, NPV n +1 > 0, or 0 ﻁﻭﺮﺸﻟﺎﺑ ﻲﻔﻳ ﻲﺑﺎﺠﻳﺍ ﺢﻴﺤﺻ ﺩﺪﻋ ﺮﻐﺻﺃ : n
.ﺪﻘﻨﻟﺍ ﻖﻓﺪﺘﻟ ﺔﻴﻟﺎﺘﻟﺍ ﺕﻼﺧﺪﳌﺍ ﺔﺷﺎﺷ ﺽﺮﻌﻟ ﺔﻴﻟﺎﳌﺍ 1 ﺔﺷﺎﺸﻟﺍ ﻦﻣ 3(CASH) ﻰﻠﻋ ﻂﻐﺿﺍ
3(CASH)
I % ...........ﺓﺪﺋﺎﻔﻟﺍ ﻝﺪﻌﻣ
Csh .......ﻱﺪﻘﻨﻟﺍ ﻖﻓﺪﺘﻟ ﺔﻤﺋﺎﻗ
.ﺔﻤﺋﺎﻘﻟﺍ ﻰﻟﺍ ﺕﺎﻧﺎﻴﺑ ﻞﺧﺩﺍﻭ
5( ' LIST) ﻰﻠﻋ ﻂﻐﺿﺍ ،ﺔﻤﺋﺎﻘﻟﺍ ﻲﻓ ﺪﻌﺑ ﺕﺎﻧﺎﻴﺑ ﻞﺧﺪﺗ ﻢﻟ ﺍﺫﺍ
.
ﺔﻘﺑﺎﻄﺘﳌﺍ ﺔﻴﺑﺎﺴﳊﺍ ﺔﻴﻠﻤﻌﻟﺍ ﺀﺍﺩﻷ ﻞﻔﺳﻷﺎﺑ ﺓﺭﻮﻛﺬﳌﺍ ﺔﻔﻴﻇﻮﻟﺍ ﻢﺋﺍﻮﻗ ﻦﻣ ﺓﺪﺣﺍﻭ ﻡﺪﺨﺘﺳﺍ ، ﺕﻼﻣﺎﻌﳌﺍ ﻦﻳﻮﻜﺗ ﺪﻌﺑ
{ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻟﺎﳊﺍ ﺔﻤﻴﻘﻟﺍ} … { NPV } •
{ﻲﻠﺧﺍﺪﻟﺍ ﺪﺋﺎﻌﻟﺍ ﻝﺪﻌﻣ} … { IRR } •
{ﺩﺍﺩﺮﺘﺳﻻﺍ ﺓﺪﻣ} … { PBP } •
{ﺔﻴﻓﺎﺼﻟﺍ ﺔﻠﺒﻘﺘﺴﳌﺍ ﺔﻤﻴﻘﻟﺍ} … { NFV } •
{ﺔﻤﺋﺎﻗ ﻰﻟﺍ ﺕﺎﻧﺎﻴﺒﻟﺍ ﻞﺧﺩﺍ} … { 'LIST } •
{ﺕﺎﻧﺎﻴﺒﻟﺍ ﻝﺎﺧﺩﻻ ﺔﻤﺋﺎﻗ ﺩﺪﲢ} … { LIST } •
NPV = CF0 + + + + … +
(1+ i)
CF
1
(1+ i)
2
CF2
(1+ i)
3
CF3
(1+ i)
n
CFn
i =
100
I %
NFV = NPV × (1 + i )
n
0 = CF0 + + + + … +
(1+ i)
CF
1
(1+ i)
2
CF2
(1+ i)
3
CF3
(1+ i)
n
CFn
NPVn =
Σ
n
k
= 0
CFk
(1 + i)
k
PBP =
{
0 .................................. (CF0 > 0)
n –
NPV
n
NPVn+1 – NPVn
...
(ﻩﻼﻋﺃ ﺓﺭﻮﻛﺬﳌﺍ ﻚﻠﺗ ﻦﻋ)