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Formule Eficienta Investitiilor Rh * 100 It CFh Rh = D I T= t Rh CFh RE = 1 It r > rmin dorit = nu se accepta r= Ph It RE = Ph = Vh CEh TOTAL RE A = TOTAL ( A) I h TOTAL RE B = TOTAL ( B ) I h Ph = Ph

h=1 h

It Ph Tcalc > Tmax acceptat = proiect respins RE optim > ... T= I t A = I h A(1 + 2 + 3...) I t B = I h B (1 + 2 + 3...) 1 + .. + n Ph A = n 1 + .. + n Ph B = n It A TA = PhA IB TB = t PhB

It qh Qh = qh * p I s= t Qh I A IB IC s A , B ,C = t , t , t qh A qh B qh C QhA,B ,C = qh * p s= QhA, B ,C VA( I h ) = I h (1 + a ) h VA(CFh ) = CFh (1 + a ) h log CF h log[CF h a (1 + a ) d * VA( I h )] log(1 + r.actualiz ) CFh CF h = h VNAT = VA(CFh ) VA( I h ) T'= VA( I t ) = h=1 I h (1 + a ) h
d

S A , B ,C =

It A,B ,C

VNAT * 100 (%) It VNAT 2 = * 100 (%) It VNAT 3 = VA( I t ) + 1 3 >1 1 , 2 > a cos t fin. inv.

1 =

RIR p1, p 2 = a % + ( a12 % a11 %) * VNAT P (%) = 0 RIRcalc > RIRdorit VA(It)a%= ef. Invest.*z a=r=a% VA(CFt)a%= CFh*z VNATa%= -Ih+ VA(CFt) VA(CFt ) 3 = VA( I t ) VNAT 3 =1+ VA( I t )

a12 a12 a11

RIR A = 1 + (1 + 0,1) * ( 3 ) RIR A = % > a = c.o.c se accepta

1 h

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