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Fundamentals

Proposals

Cash flow

Business decision

making

Time value

or money

Equivalence

Basis for

comaprision

Mutually exclusive

alternatives

For-profit

Not-for-profit

Present

economy

Estimation

risk

Multiple

attribute

decisions

Fundamentals - Proposals

Fundamentals

Proposals

Cash flow

Business decision

making

Time value or money

Equivalence

Basis for comparision

Mutually exclusive

alternatives

business perspective (discuss

business value of propesed

solution)

Every proposal represents a

binary choice !

Fundamentals - Proposals

Economics drive every potential project

A Request for Proposal (RFP) may be answered by

several suppliers/contractors (bidders)

For a proposal writer, the key is to diagnose

problem and propose the treatment

In diagnosing a problem, existing issues must be

addressed with specifity

A proposed treatment should include ways in which

the customer can evaluate progress

Fundamentals - Proposals

Key elements of proposal include:

Background of the project

Features and benefits

Technical elements

Related research

Management elements

Cost considerations

Risk and rewards

A description of developing organization

Move each of the proposal elements to the correct

question

schedule ?

Does the bidder know of

similar systems in

existence elsewhere ?

How will the product

make the buyers

organization more

productive ?

What are the proposed

modeling techniques ?

What is the background

of bidder ?

Management

elements

Background

PROPOSAL

ELEMENTS

Background

Features and

benefits

Description of the

bidder

Features and

benefits

Technical

elements

Related research

Related research

Management

elements

Technical elements

Move each of the proposal elements to the correct

question

be followed ?

Does the client

understand why the

proposal is to replace

current software ?

How are unpredictable

revisions to the clients

requirements handled ?

What is the experience

with similar projects ?

Management

elements

PROPOSAL

ELEMENTS

Background

Features and

benefits

Background

Description of the

bidder

Risk and rewards

Description of the

bidder

Related research

Management

elements

Technical elements

Fundamentals Cash flow

Fundamentals

Proposals

Cash flow

Business decision

making

Time value or money

Equivalence

Basis for comparision

Mutually exclusive alternatives

Cash flow streams

Business and money

Money

comes

from

Customers

Gross

revenues

Owners

Equity

Money

goes to

Banks/

Bonds

Goods/

Services

Creating/

Purchasing

Research

Cost of

selling

Taxes

/Admin/

etc.

Return

to

owners

Move each of terms to the correct definition

the difference between

companys assets and

liabilities

TERMS

Gross revenue

Equity

Indirect material

Equity

A form of investment

that behaves like an

interest-only loan

Payments received by

business from selling

goods and services

Bond

Indirect labour

Manufacturing

overhead

Gross revenue

Bond

Move each of terms to the correct definition

in a manufacturing

operation

Personnel costs not

charged to production

purchased components

not charged to

production

TERMS

Gross revenue

Manufacturing

overhead

Indirect material

Equity

Indirect labour

Indirect labour

Indirect material

Manufacturing

overhead

Bond

Fundamentals Cash flow

Cash flow in a business (during period of time)

= All of the business income

All of the cash paid out

(except to owners)

to businesses usually have different cash

flows

Fundamentals Cash flow

An investment can be represented by a

diagram, as the cash flow shown below

-15 -8

1

-5

2

5

3

15

4

8

5

4

6

4

7

8

Time (month)

EXAMPLES

mainitain the development

salary

negotiated discounts

against material costs

increases

substitution: if buyer

manages to find another

product that performs the

same function or is able to

collaborate with a supplier

to produce a funcionally

equivalent specifiaction

that is more economical to

produce

inventory reduction

process improvement

ANSWERS

TERMS

Operating and

maintance

Cost avoidance

Operating and

maintance

Cost avoidance

Initial

investment

Income

EXAMPLES

software customization

salvage value

ANSWERS

TERMS

Income

Cost avoidance

Operating and

maintance

training

equipment

Initial investment

Initial

investment

Income

DEFINITIONS

For software , a small

percentage overall

expenses, but probably

not zero

Selling

Typically included benefits

such as vacation,

insurance, bonuses, stock

options etc.

Taxes

ANSWERS

TERMS

Costs of goods

sold-materials

Costs of sold

labor

Operating

expenses

Costs of sold

labor

Operating

expenses

Operating

expenses

Investmentrelated expenses

Return on equity

Costs of goods

sold-materials

DEFINITIONS

Interest on loans

ANSWERS

Investmentrelated expenses

Costs of sold

labor

Return on equity

Operating

expenses

Depreciation

TERMS

Investmentrelated expenses

Investmentrelated expenses

Return on equity

General and

administrative

Operating

expenses

Costs of goods

sold-materials

You are project manager assigned to a project

early in the project lifecycle. One of the things

that must be done is to do a justification to the

project. Since very little information is known

about the project, the estimates are considered

to be rough estimates.

The following table is the project managers

estimate of the cash flow that will take place

over next five years. What is the net cash flow at

the end of five years ?

Cash flow in

EUR

Year

in EUR

0,00

500.000,00

ANSWERS

300.000,00

90.000,00

50.000,00

400.000,00

100.000,00

-50.000,00

100.000,00

175.000,00

100.000,00

50.000,00

35.000,00

150.000,00

Fundamentals Business decision

making

Fundamentals

Proposals

Cash flow

Business decision

making

Identify alternatives

Evaluate the

alternatives

Make a decision

Equivalence

Implement decision

Basis for comparision

Mutually exclusive

alternatives

Fundamentals Business decision

making

Understand

the real

problem

Define the

selection

criteria

Identify all

reasonable

technically

feasible

solutions

Evaluate

each

proposal

against the

selection

criteria

Select the

preferred

proposal

Monitor the

perfomance

of the

selected

proposal

Fundamentals Time value of money

Fundamentals

Proposals

Cash flow

Business decision

making

Time value of

money

Equivalence

Basis for

comparision

Mutually exclusive

alternatives

value of money

It is the relationship

between the value

of a EUR today and

the value of a EUR

at some time in the

future

Fundamentals Time value of money

Fundamentals

Proposals

Cash flow

Business decision

making

Time value of

money

Equivalence

Basis for

comparision

Mutually exclusive

alternatives

someone or some

business will pay to

use someones else

money

The equivalent of

these amounts can

be computed using

various formulas

Fundamentals Common variables in

interest formulas

P = value or amount of money at a time

designated as the present or time 0

P is also referred to as present worth (PW),

present value (PV)

F = value or amount of money at some

future time

F also called future worth (FW) and future

value (FV)

Fundamentals Common variables in

interest formulas

i = interest rate or rate of return per time

period; percent per year, percent by month

n = number of interest periods; years,

months, days

A = series of consecutive, equal, end-ofperiod amounts of money. A is also called

the annual worth (AW) and equivalent

uniform annual worth; EURs per month,

EURs per day

Fundamentals Common variables in

interest formulas

NPV = net present value, the sum of all

present values

t = time, stated in periods; years, months

days

Fundamentals Time value of money Formulas

Future value (F) of present amount (P) year end total (Compound interest)

= (1 + )

Fundamentals Time value of money Formulas

Future value (F) of present amount (P) over n years end total (Compound

interest)

= 1+

Fundamentals Time value of money Formulas

Present amount (P) required to equal

some future amount (F) at some

assumed interest rate (i)

= / 1 +

If a software development had:

Gross revenue of 14.025.000,00 EUR last year

Various costs of labour, material, operating expenses etc. of

9.050.00,00 EUR

Income taxes of 2.040.300,00 EUR

What was their actual profit and profit margin ?

b) 1.669.800,00 EUR; 13.36% margin

c) 2.934.700,00 EUR; 20.92% margin

d) 2.040.300,00 EUR; 34.91% margin

Formulas:

Gross revenue (costs+taxes) = Actual profit

Actual profit/ Gross revenue = Profit margin

Actual profit = 14.025.000,00 EUR-(9.050.00,00

EUR+2.040.300,00 EUR) = 2.934.700,00 EUR

Profit margin =2.934.700,00 EUR/ 14.025.000,00 EUR

Profit margin = 20.92%

If 15.000,00 EUR is invested at 6% compunded

annually, what is the future value of the

investment after 10 years ?

a) 15.000,00 EUR x 10 x 0.06

b) 15.000,00 EUR x 1.06

c) 15.000,00 EUR + 10 x (0.06 x 15.000,00 EUR)

d) (0.06 = 15.000,00 EUR) 10

Fundamentals Time value of money Formulas

Net Present Value (NPV) = The difference

between the present value of cash inflows and

the present value of cash outflows.

profitability of a projected investment or

project.

Fundamentals Time value of money Formulas

The following is the formula for calculating NPV:

=1

(1+)

Co = total initial investment costs

r = required rate of return

t = number of time periods

The software company is deciding whether

or not develop the new product. It will

have to invest in developers training

100.000,00 EUR, expects 30.000,00

EUR/year in sales and will reserve 5.000,00

EUR/year for expenses. The required rate

of return is 10%.

What is the Net Present Value (NPV) ?

End of

Year

0

0,00

Present value

EUR

-100.000,00

(30.000-5.000)/(1+0,10) 1

22.727,00

(30.000-5.000)/(1+0,10) 2

20.661,00

(30.000-5.000)/(1+0,10) 3

18.783,00

(30.000-5.000)/(1+0,10) 4

17.075,00

A)

24.404,00 EUR

(30.000-5.000)/(1+0,10) 5

15.523,00

B)

10.888,00 EUR

(30.000-5.000)/(1+0,10) 6

14.112,00

C)

5.231,00 EUR

D)

8.881,00 EUR

ANSWERS

Net Present Value (NPV) is the sum of the Present Values. Since the

NPV is greater than zero, it would be better to invest in the project

than to do nothing.

If a software company would like to receive

1.331.000,00 EUR in three years and assumes

an interest rate of 10 percent, how much that

company need to invest now ?

A) 751.314,00 EUR

B) 887.334,00 EUR

C) 1.000.000,00 EUR

D) 1.210.000,00 EUR

Present ammount required to equal some

future amount at some assumed interest

rate: = / 1 +

1.331.000,00

P=

(1+0,10)3

P = 1.000.000,00 EUR

Fundamentals Equivalence

Fundamentals

Proposals

Cash flow

Business decision

making

Time value of

money

Equivalence

Basis for

comparision

Mutually exclusive

alternatives

Economic

equivalence is

established when

we are indifferent

between a future

payments and a

present sum of

money

Select a correct answer for scenario:

Microsoft is offering a product for 8.825,00

EUR if you will pay full price now or

1.000,00 EUR/year for next 12 years. If

interest is 7% which is better deal ?

A) Full price now

B) 1.000,00 EUR/year

Assuming a reasonable interest rate, investing

now 8.825,00 EUR will grow, with compound

interest, to an amount greater then 12.000,00

EUR.

= 1+

= 8.825,00x2.252

= 19.875,00

STU Software has decided to buy a new

server farm and has begun to shop locally.

As a startup , they have a little cash for

investment. They found a server farm for

35.000,00 EUR, including taxes, delivery,

installation, etc. One dealer offers a 5-year

loan at 0% interest, with a 5.000,00 EUR

down payment.

What would the STU Software monthly

payments be if they took the offer ?

A)

B)

C)

D)

500,00 EUR

583,34 EUR

666,67 EUR

625,00 EUR

Fundamentals Bases for Comparison

Fundamentals

Proposals

Cash flow

Business decision

making

Time value of

money

Equivalence

Basis for

comparision

Mutually exclusive

alternatives

To compare the

alternatives that

provide the same

service over

extended periods of

time where interest

is involved we must

reduced them to an

equivalent basis

Fundamentals Bases for Comparison

ROI and IRR

Return on Investment (ROI) and Internal

Rate of Return (IRR) can be used to

compare investments, both want to get

more value out of a financial venture that

was put in

Fundamentals Bases for Comparison

ROI

Return on Investment (ROI):

Gives quick assessment of investment

perfomance and can be computed manually

Is useful when comparing two investments

over the same period

Does not allow comparison of investments

over different time periods

Fundamentals Bases for Comparison

IRR

Internal Rate of Return(IRR):

Annualized compund rate that can be earned

on invested money, also known as the yield

Takes into account the investment growth, but

unlike ROI, also accounts for the timing of the

cash flows

Calculating IRR uses spreadsheets and on-line

automated calculators

Fundamentals Bases for Comparison

ROI

In general you can calculate ROI once you

know:

The starting investment value - 0

The ending investment value - 1

The general formula is:

(1 0 )

=

0

Fundamentals Bases for Comparison

IRR

know:

The cash flows of the investment (0 , 1 )

The time elapsed in years after the first

cash flow ( 1 , 2 ) where 0 = 0

The IRR is the value that solves equatioin:

1

0=

(1 + )

=0

Fundamentals Bases for Comparison

IRR and NPV

used to evaluate the desirability of

investment of projects

NPV can be thought of as the flipside of

IRR

NPV is the discounted value of a stream

of cash flows, generated from an

investment

Fundamentals Bases for Comparison

IRR and NPV

IRR computes the break-even rate of return

showing the discount rate, bellow which an

investment results in a postive

Recall that IRR is the basis for comparison that

represents the value of a cash flow stream in

terms of a compound interest rate over the

planning horizont

Present Worth (PW) is the basis for comparison

that translates a cash flow stream into an

equivalent single cash flow instance at the

beginning of the planning horizon

Using a simple short term (less than one year)

ROI calculation : 1.000,00 EUR is invested ; the

investment earns 1.250,00 EUR. What is the

ROI ?

A)

B)

C)

D)

18%

20%

25%

30%

The starting investment value

0 = 1.000,00 EUR

The ending investment value

1 = 1.250,00 EUR

Formula:

(1 0 )

=

= 25 %

0

Fundamentals Mutually Exclusive

Alternatives

Fundamentals

Proposals

Cash flow

Business decision

making

Time value of

money

Equivalence

Basis for

comparision

Mutually exclusive

alternatives

Mutually exclusive

proposals are two or

more proposals that

dont fit together

Either you do one,

the other or neither

Fundamentals Mutually Exclusive

Alternatives

When presented with a choice, you can

either choose to carry out a specific

proposal or you can choose not to. But

the real choices confronting an

organization typically are not so simple

Any given set of proposals may be turned

into a set of mutually exclusive

alternatives. The choice can then be

made from among these alternatives

Fundamentals Proposals Mutually

Exclusive

For-profit

Decision

Making

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accounting

Income Taxes

Every

good

proposal

contains the promise that

new software will be

finished on schedule, with

planned budget, bringing

increased

organization

profitability ..

investing resources - time,

money, people, materials ...

For profit decision analysis

In for profit businesses a decision can be made

among mutually exclusive investment alternatives

by selecting the greatest net present value, net

future value or annual equivalent value

The decision maker can select the alternative

which has the highest Internal Rate of Return

(IRR) where IRR is defined as interest rate which

causes the net present value to be equal 0

For profit decision analysis

There are frequently short term budget

constraints whithin a business that prevents

the organization from investing in all projects

with a positive NPV

In most of these cases the cash flow in the

first year will be negative (followed by a few

additional negative years), then several years

with positive cash flow

For profit decision analysis

For-profit

Decision

Making

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

Investing in new or

modified software

involves a risk

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accounting

Income Taxes

Minimum Attractive

Rate of Return MARR

- the lowest IRR that

owners of the business

would consider to be a

good investment

For profit decision analysis - MARR

In a for-profit environment the investment will be

beneficial to the business if the net present value

(NPV) of the cash flow will be greater then zero:

=

=

(1 + )

=0

duration of teh cash flow in the years, and i is the

minimum attractive rate of return (MARR)

In an analysis and determination of an

organizations MARR (Minimum Attractive Rate

of Return) which of the following issues should

be considered ?

A) MARR does not apply to for-profit organizations

B) If a proposal is elective, MARR may be set lower

C) As the number of proposal rises, MARR must be

increased

D) MARR should be set at least to the highest interest rate

for low-risk investments

Given a before-tax MARR of 17% and an

effective income tax rate of 20% , what is

the after-tax MARR ?

A) 13.6%

B) 17%

C) 11.7%

D) 3.4%

Given a after-tax MARR of 18% and an

effective income tax rate of 22% , what is

the before-tax MARR ?

A) 13.6%

B) 12.3%

C) 11.7%

D) 23.1%

For-profit

Planning

horizon

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accounting

Income Taxes

that will be used to

compare two or more

proposals

For-profit Planning horizon

Definitions and formulas:

BAC (Budget at Completion) total budget

allocated to the project

ETC (Estimate to Complete) - estimated cost

to complete remaining of the project

EAC (Estimate at Completion) estimated

cost of the the project at the end of the

project

For-profit Planning horizon

AC (Actual Cost) total amount today

CPI (Consumer Price Index) measures changes

in the price level of a market basket of consumer

goods and services purchased by households

EAC = BAC/CPI

ETC=EAC-AC

You are the project manager for a software redesign

project. The customer asked you for a forecast for the

cost of project completition. The project has a total

budget of 80.000,00 EUR and CPI of 0.95. The project

has spend 25.000,00 EUR of its budget. How much

more money do you plan to spend on project ?

A) 55.000,00

B) 57.894,00

C) 84.210,00

D) 109.210,00

EAC = BAC/CPI

EAC = (80000 25000) / 0,95

EAC = 57894

For-profit

Replacement

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accounting

Income Taxes

of an asset the owner

compares costs of

upkeep with costs

and

benefits

of

replacement

For-profit Replacement

Process is essentaly the same as making a

choice between proposals, for example:

Keep a legacy system

Develop a new system

Additional economics factors:

Sunk costs (spent on legacy system before)

Salvage value (the estimated sale value of an

asset)

For-profit

Inflation

For profit decision

For-profit Decision

Making

analysis

MARR

Inflation

(deflation)

is

measured using a price index:

Economic Life

(Price now/Price then)

x 100

Planning horizon

Replacement and

Retirement Decisions

Inflation

(0 1 ) /1 x 100%

Depreciation

General Accounting

and Cost Accunting

Income Taxes

current average price a yer ago

Assume that a software development price

index in 2013 was 214.537 and in 2014 the

index was 218.056. What was the software

development inflation rate between 2013

and 2014 ?

A) 1.01 %

B) 1.6 %

C) 1.8 %

D) 2.0 %

218.056-214.537 * 100 = 1,6%

For-profit

Depreciation

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

time

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accounting

Income Taxes

Actual

Depreciation

Depreciation

Accounting

Straight Line

Declining

Balance

For-profit Depreciation

Straight-line depreciation is a value-time

function that assumes the asset looses at a

constant rate over its life time

value

Salvage

value

time

For-profit Depreciation

In this example piece of equipment was

purchased for 12.000,00 EUR, useful life is

estimated to be five years.

Year

Current value

Depreciation

Book value

12.000,00

12.000,00

2.000.00

10.000,00

10.000,00

2.000.00

8.000,00

8.000,00

2.000.00

6.000,00

6.000,00

2.000.00

4.000,00

4.000,00

2.000.00

2.000,00

A set of servers cost 22.500,00 EUR, have a

five year useful life, and expected salvage of

500,00 EUR. What is a depreciation amount

per year?

A) 3.750,00 EUR

B) 4.500,00 EUR

C) 3.667,00 EUR

D) 4.400,00 EUR

500 = 22500 - DEPRECIATION

DEPRECIATION = 22000, t = 5 years

ANNUAL = DEPRECIATION/t =

22000/5 = 4400

For-profit Declining balance

Asset losses value as fixed percentage of its

remaining value of its lifetime

value

Salvage

value

time

Whats true about this table ?

Year

beginning of year

Depreciation

expense

Accumulated

depreciation

Book value at

the end of the

year

17.000,00 EUR

3.000,00 EUR

3.000,00 EUR

14.000,00 EUR

14.000,00 EUR

3.000,00 EUR

6.000,00 EUR

11.000,00 EUR

11.000,00 EUR

3.000,00 EUR

9.000,00 EUR

8.000,00 EUR

8.000,00 EUR

3.000,00 EUR

5.000,00 EUR

3.000,00 EUR

B) It is a straight line depreceation

C) The sunk cost is 15.000,00 EUR

D) The physical depreciation indicates it is not software

For-profit

Inflation

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

process of the recording the

financial history of an

organization

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accunting

Income Taxes

general accounting that gives

a company a basis to manage

the cost of production

For-profit

Inflation

For profit decision

For-profit Decision

Making

analysis

MARR

Economic Life

Planning horizon

Replacement and

Retirement Decisions

Inflation

Depreciation

General Accounting

and Cost Accunting

Income Taxes

except death and taxes ...

For-profit Income taxes

Taxes will have an impact on profitability

Taxes may be included as an expense cash

flow instance(s) in a proposals cash flow

stream

Income taxes are charged against an

organizations net income

An effective income tax rate is an average tax

rate over a range of incomes

Depreciation is deductible from gross revenue

Suppose this table represents income tax in

Slovakia. If a company has a taxable income of

42.375 EUR what is the tax liability ?

Corporations tax

able income

34.401,00 EUR

>34.401 EUR

A) 6.536,19 EUR

B) 10.593,75 EUR

19%

25%

Suppose this table represents income tax in

Slovakia. If a company has a taxable income of

42.375 EUR what is the tax liability ? Assume that

first 34.401,00 EUR is taxed with 19% and next

amount with higher tax rate.

Corporations tax

able income

34.401,00 EUR

>34.401 EUR

A) 6.536,19 EUR

B) 10.593,75 EUR

C) 8.529,69 EUR

19%

25%

For-profit Decision

Summary:

Recognize the primary factors considered by

for-profit as they make decisions about

acquiring software

Define the time value of money and calculate

present value, future value and net present

value

Explain and calculate break-even points and

explain the logic of optimization analysis

Differentiate among the techniques for

estimating software engineering projects

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