Chng 5: Phn tch

phng n theo t s li
ch chi ph & cc phng
php khc (phn 1)
Nguyn Hi Ngn H
nhnha@sim.hcmut.edu.vn

B mn Ti Chnh Khoa Qun l Cng nghip

i hc Bch Khoa - TPHCM

Ni dung
1. T s li ch chi ph (B/C)
2. So snh cc PA theo t s B/C
3. So snh 3 PP phn tch PA
4. Phn tch im ha vn (phn 2)

5. Thi gian b vn (phn 2)

Bi ging Lp v phn tch d n

1. T s li ch chi ph (B/C)
PW(rng) = PW(B) PW(C)> 0

PW(B) > PW(C)

- N: L t s gi tr
tng ng ca li
ch (B - benefits) trn
gi tr tng ca chi
ph (C -costs) ca d
n. Gi tr tng
ng c th l PW,
AW, FW.

-TC: DA c B/C 1
l ng gi

PW(B) / PW(C) > 1

Bi ging Lp v phn tch d n

1. T s li ch chi ph (B/C)

AW

Cc cng thc tnh B/C:

- B/C thng:
PW

B/C

B
CR O M

B/C

PW(B)
PW(CR+O+M)

- B/C sa i:
PW[B-(O+M)]
B (O M)
B
/
C
B/ C
PW(CR)
CR
B - benefits: Thu nhp (Li ch) hng nm
O operation costs: Chi ph vn hnh hng nm
M maintenance costs: Chi ph bo tr hng nm
CR capital recovery costs : Chi ph CR ca d n
4

Bi ging Lp v phn tch d n

1. T s li ch chi ph (B/C)
- Khc bit gia B/C thng v B/C sa i:
+ Cng thc tnh B/C thng: phn chi ph hng
nm (O & M) c b sung vo phn chi ph mu
s
+ Cng thc tnh B/C sa i: phn chi ph hng
nm (O & M) trch ra trc tip t li ch hng nm
t s.
- Cch tnh khc nhau nn 2 t s B/C thng v sa
i ca cng 1 d n l khc nhau.
-Tuy vy, chng u dn n nhng kt lun ph
hp nhau.
5

Bi ging Lp v phn tch d n

1. T s li ch chi ph (B/C)
Li ch (Benefits): mi li (advantages), biu th
bng tin, i vi ngi ch d n hay l ngi
hng li t d n. Li ch trong cng thc B/C l
li ch rng (li ch tr i tn tht)

Tn tht (Disbenefits): l nhng bt li (disadvantages)

do d n gy ra, nhng tn tht ny khng phi lc
no cng c th quy ra thnh tin.
Chi ph (Costs): l nhng gi tr c tnh v gi xy
Dng (vn hnh, bo qun) tr i cc gi tr cn li.

Bi ging Lp v phn tch d an

1. T s li ch chi ph (B/C)
V d:

Chi ph u t ban u (triu ng)

Chi ph vn hnh, bo qun hng nm (O + M)
Thu nhp hng nm (B)
Gi tr cn li
Tui th (nm)
MARR (%)

10
2,2
5
2
5
8%

Tnh t s B/C thng v sa i

Bi ging Lp v phn tch d n

1. T s li ch chi ph (B/C)
Chi ph u t ban u (triu ng)

10

Chi ph vn hnh, bo qun (O + M)

2,2

Thu nhp hng nm (B)

Gi tr cn li

Tui th (nm)

MARR (%)

8%

CR = 10(A/P,8%,5) - 2(A/F,8%,5) = 2,163 triu ng

B/C
B/ C

B
CR O
B

= 1,146 (B/C thng)

(O M)
= 1,294 (B/C sa i)
CR
8

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

Nguyn tc phn tch theo gia s (tng t IRR):
Phi m bo PA c vn u t ban u nh
hn l ng gi. Khi B0 v C 0 th PA s
ng gi nu B/C 1

Tiu chun: chn PA c vn u t ban u ln

hn nu gia s vn u t l ng gi, ngha l
t s B/C( ) 1

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

V d 1: So snh d n A v B (thu nhp v chi ph
khc nhau)
S liu ban u

u t ban u (triu )
Chi ph hot ng hng nm

10
2,2

15
4,3

Thu nhp hng nm

Gi tr cn li
Tui th(nm)
MARR(%)

5
2
5

7
0
10
8%

10

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

V d 1: So snh d n A v B (thu nhp v chi ph khc nhau)
S liu ban u

PA () [B A]

Thu nhp hng nm (B)

u t ban u
Chi ph hot ng (O)

5
10
2,2

7
15
4,3

Gi tr cn li
Tui th (nm)

2,0
5

0
10

Chi ph CR
B/C= [B-(O+M)] /CR

2,163
2,2
1,294
ng gi

2,1

0,037

-2,703
Khng ng gi
Chn A (v -2,7 < 1)

Quyt nh
11

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

Lu TH so snh 2 PA c li ch ging nhau:
Nu

khng bit li ch c th ca tng PA th ta

khng th tnh B/C cho tng PA, m ch c th
tnh B/C gia s
PA c vn u t ban u nh nht c gi
thuyt l ng gi.
T s B/C gia s 1 th chn PA c vn u t
ban u ln hn

12

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

V d 2: So snh d n A v B (thu nhp ging nhau)
i lng

PA ()

Ging B

Ging A

u t ban u

Chi ph hng nm (O)

1,6

Gi tr cn li

0,5

Tui th (nm)

Thu nhp hng nm (triu)

MARR

Chi Ph CR
B/C= [B-(O+M)] /CR
Quyt nh

-0,4

15%
0,105
0,735
0,84
Khng tnh Khng tnh 3,81
Chn B (v 3,8 > 1)
13

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

Lu trng hp gi tr

C m:

Trong TH gia s mu ca t s B/C l m, PA

c vn u t ban u ln hn c chn nu
t s B/C( ) 1 (ngha l d n c vn u t
ban u ln hn s tit kim c chi ph
nhiu hn)

14

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

Gia s li ch
B()

Gia s chi ph
C()

T s B/C

PA ng gi khng?

TH gia s chi ph >0, PA ng gi nu B/C 1

+2 (thu thm) +1(tng thm)

+2

0 (khng i)

Ko G

+1(tng thm)

TH gia s chi ph <0, PA ng gi nu B/C 1

+1 (thu thm)

-2(tit kim)

-0,5

G (tng B & tit kim C)

0 (khng i)

-1(tit kim)

G (tit kim C)

-1 (tn tht)

-2(tit kim)

0,5

G (tit kim C nhiu hn

phn tn tht B)

-2 (tn tht)

-1(tit kim)

Ko G (tit kim C t hn
phn tn tht B)

15

Bi ging Lp v phn tch d n

2. So snh cc PA theo t s B/C

Cc phng n

Chi ph v thu
nhp (triu )

u t ban u
Thu nhp rng
Gi tr cn li
MARR

1.000
150
1.000
18%

1.500
375
1.500
18%

2.500
500
2.500
18%

4.000
925
4.000
18%

5.000
1125
5.000
18%

7.000
1.425
7.000
18%

U T BAN U = GI TR CN LI CR = U T BAN U * MARR

Gia s

BC

BD

DE

EF

u t ban u
Thu nhp rng
CR
B/C
ng gi

1.000
150
180
0,83
Khng

1.500
375
270
1,39
C

1.000
125
180
0,69
Khng

2.500
550
450
1,22
C

1.000
200
180
1,11
C

2.000
300
360
0,83
Khng

Kt Lun

Chn phng n E
16

Bi ging Lp v phn tch d n

3. So snh 3 PP phn tch phng n

PP

PW, AW, FW

IRR

B/C

ng
gi

MARR

ng
gi
nht
Bn
cht

Max

PP so snh
theo gia s

PP so snh theo
gia s

L gi tr li
L sut thu li L t s gia thu
nhun rng quy (i*) lm cho
nhp v chi ph
v 1 thi im gi tr hin ti cng quy v 1
no , ph
PW bng 0 thi im no
thuc vo i%
theo i%
17

Bi ging Lp v phn tch d n

Lm bi tp 5.1 v 5.4

18

Bi ging Lp v phn tch d n