‫ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻬﻨﺪﺳﻲ‬

‫‪ ‬ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺩﺱ‪ :‬ﺍﻟﻤﻘﺎﺭﻧﺔ ﻭﺍﻻﺧﺘﻴﺎﺭ ﺑﻴﻦ‬

‫ﺍﻟﺒﺪﺍﺋﻞ‪.‬‬
‫ﺍﻟﻬﺪﻑ ﻣﻦ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﻫﻮ ﺗﻘﻴﻴﻢ ﺑﺪﺍﺋﻞ ﺍﺳﺘﺜﻤﺎﺭ ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺑﺸﻜﻞ ﺻﺤﻴﺢ‬
‫ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺰﻣﻨﻴﺔ ﻟﻠﻨﻘﻮﺩ ﺫﻭ ﺗﺄﺛﻴﺮ ﺭﺋﻴﺴﻲ‪.‬‬
 ‫ﺍﺗﺨﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻳﻌﻨﻲ ﺍﻟﻤﻘﺎﺭﻧﺔ ﺑﻴﻦ ﺍﻟﺒﺪﺍﺋﻞ‪.‬‬
‫• ﻓﻲ ﻫﺫﺍ ﺍﻟﻔﺻﻝ ﺳﻳﺗﻡ ﺩﺭﺍﺳﺔ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﻣﻛﻧﺔ‪.‬‬
‫• ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻟﺗﻲ ﺳﺗﺗﻡ ﺩﺭﺍﺳﺗﻬﺎ ﻫﻲ ﺗﻠﻙ ﺍﻟﺗﻲ ﺗﺗﺿﻣﻥ ﺍﻻﺧﺗﻳﺎﺭ ﻣﻥ ﺑﻳﻥ ﻣﺟﻣﻭﻋﺔ ﻣﻥ‬
‫ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ ﺍﺧﺗﻳﺎﺭ ﺍﺣﺩ ﻫﺫﻩ ﺍﻟﺑﺩﺍﺋﻝ ﻳﺳﺗﺑﻌﺩ ﺍﺧﺗﻳﺎﺭ ﺃﻱ ﻣﻥ ﺍﻟﺧﻳﺎﺭﺍﺕ ﺍﻷﺧﺭﻯ‪.‬‬
 ‫ﻫﻨﺎﻙ ﻧﻮﻋﺎﻥ ﺃﺳﺎﺳﻴﺎﻥ ﻣﻦ ﺍﻟﻤﺸﺎﺭﻳﻊ‪.‬‬
‫• ﻣﺷﺎﺭﻳﻊ ﺍﻻﺳﺗﺛﻣﺎﺭ ‪Investment Projects‬‬
‫• ﻫﻲ ﺗﻠﻙ ﺍﻟﺑﺩﺍﺋﻝ ﺑﺎﺳﺗﺛﻣﺎﺭﺍﺕ ﺭﺃﺳﻣﺎﻟﻳﺔ ﺃﻭﻟﻳﺔ ﺗﻧﺗﺞ ﺗﺩﻓﻘﺎﺕ ﻧﻘﺩﻳﺔ ﻣﻭﺟﺑﺔ ﻧﺗﻳﺟﺔ ﺯﻳﺎﺩﺓ ﺍﻟﻌﺎﺋﺩﺍﺕ ﺃﻭ‬
‫ﺍﻟﻣﺩﺧﺭﺍﺕ ﻣﻥ ﺧﻼﻝ ﺍﻧﺧﻔﺎﺽ ﺍﻟﺗﻛﺎﻟﻳﻑ ﺃﻭ ﻛﻠﻳﻬﻣﺎ‪.‬‬
‫• ﺑﺩﺍﺋﻝ ﺍﻟﺗﻛﻠﻔﺔ ‪Cost Project‬‬
‫ﻫﻲ ﺗﻠﻙ ﺍﻟﺑﺩﺍﺋﻝ ﺑﺗﺩﻓﻘﺎﺕ ﻧﻘﺩﻳﺔ ﺳﺎﻟﺑﺔ ‪ ،‬ﺑﺎﺳﺗﺛﻧﺎء ﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﺍﻟﻣﻭﺟﺑﺔ ﺍﻟﻧﺎﺗﺟﺔ ﻣﻥ ﺍﻟﺗﺧﻠﺹ ﻣﻥ‬
‫ﺍﻷﺻﻭﻝ ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﻌﻣﺭ ﺍﻹﻧﺗﺎﺟﻲ ﻟﻠﻣﺷﺭﻭﻉ‪.‬‬
 ‫ﺍﻧﻭﺍﻉ ﺍﻟﺑﺩﺍﺋﻝ‪Alternatives types ‬‬

‫‪ -‬ﻏﻳﺭ ﻣﻌﺗﻣﺩﺓ ) ﻣﺳﺗﻘﻠﺔ –‪(Independent ‬‬

‫‪ -‬ﻣﻌﺗﻣﺩﺓ ‪Dependent‬‬
‫‐ ﻣﺗﻧﺎﻓﺭﺓ ‪Mutually Exclusive‐ME‬‬

‫ﺣﺳﺎﺏ ﻋﺩﺩ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ‬

 ‫ﺍﻟﺒﺪﺍﺋﻞ ﺍﻟﻤﺘﻨﺎﻓﺮﺓ )‪.(MEAs‬‬
‫ﺗﺩﺭﺱ ﻫﺫﻩ ﺍﻟﺑﺩﺍﺋﻝ ﺑﻧﺎ ًء ﻋﻠﻰ ﺍﻻﻋﺗﺑﺎﺭﺍﺕ ﺍﻻﻗﺗﺻﺎﺩﻳﺔ ﻓﻘﻁ‪.‬‬ ‫•‬
‫ﻗﺩ ﻳﻛﻭﻥ ﻟﻠﺑﺩﺍﺋﻝ ﺍﺳﺗﺛﻣﺎﺭﺍﺕ ﺃﻭﻟﻳﺔ ﻣﺧﺗﻠﻔﺔ ﻭﻗﺩ ﺗﺧﺗﻠﻑ ﻋﺎﺋﺩﺍﺗﻬﺎ ﺍﻟﺳﻧﻭﻳﺔ ﻭﺗﻛﺎﻟﻳﻔﻬﺎ ﺃﻳﺿﺎ‪.‬‬ ‫•‬
‫ﻳﺟﺏ ﺃﻥ ﺗﻭﻓﺭ ﺍﻟﺑﺩﺍﺋﻝ "ﺟﺩﻭﻯ" ﻗﺎﺑﻠﺔ ﻟﻠﻣﻘﺎﺭﻧﺔ‪ :‬ﺍﻷﺩﺍء ‪ ،‬ﺍﻟﺟﻭﺩﺓ ‪ ،‬ﺇﻟﺦ‪.‬‬ ‫•‬
‫ﺍﻟﻁﺭﻕ ﺍﻷﺳﺎﺳﻳﺔ ﻣﻥ ﺍﻟﻔﺻﻝ ﺍﻟﺧﺎﻣﺱ ﺗﻭﻓﺭ ﺍﻷﺳﺎﺱ ﻟﻠﻣﻘﺎﺭﻧﺔ ﺍﻻﻗﺗﺻﺎﺩﻳﺔ ﺑﻳﻥ ﺍﻟﺑﺩﺍﺋﻝ‪.‬‬ ‫•‬
 ‫ﺍﺧﺘﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺍﻟﺬﻱ ﻳﻨﺘﺞ ﺃﻛﺒﺮ ﻗﺪﺭ ﻣﻦ ﺍﻟﻤﺎﻝ!‬
‫• ﺑﺎﻟﻧﺳﺑﺔ ﻟﺑﺩﺍﺋﻝ ﺍﻻﺳﺗﺛﻣﺎﺭ ‪ ،‬ﻳﺟﺏ ﺃﻥ ﻳﻛﻭﻥ ﺍﻟﻣﻛﺎﻓﺊ ﺍﻟﺣﺎﺿﺭ )‪ (PW‬ﻟﺟﻣﻳﻊ ﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﻣﻭﺟﺑًﺎ ‪،‬‬
‫ﻋﻧﺩ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻰ ﺍﻷﺩﻧﻰ)‪ ، (MARR‬ﻟﻳﻛﻭﻥ ﻣﻘﻧﻌﺎ ﻟﻠﻣﺳﺗﺛﻣﺭ ﺣﺗﻰ ﻳﻘﺩﻡ ﻋﻠﻰ ﺍﻟﺻﺭﻑ‪ .‬ﻳﺗﻡ‬
‫ﺍﺧﺗﻳﺎﺭ ﺍﻟﺑﺩﻳﻝ ﺻﺎﺣﺏ ﺃﻛﺑﺭ ﻗﻳﻣﺔ ﻟﻠﻣﻛﺎﻓﺊ ﺍﻟﺣﺎﺿﺭ)‪.(PW‬‬
‫• ﺑﺎﻟﻧﺳﺑﺔ ﻟﺑﺩﺍﺋﻝ ﺍﻟﺗﻛﻠﻔﺔ ‪ ،‬ﻓﺈﻥ ﺍﻟﻣﻛﺎﻓﺊ ﺍﻟﺣﺎﺿﺭ )‪(PW‬ﻟﺟﻣﻳﻊ ﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﺳﻳﻛﻭﻥ ﺳﺎﻟﺑًﺎ‪ .‬ﻳﺗﻡ‬
‫ﺍﺧﺗﻳﺎﺭ ﺍﻟﺑﺩﻳﻝ ﺻﺎﺣﺏ ﺃﻛﺑﺭ )ﺍﻷﺻﻐﺭ ﺑﺄﺧﺫ ﺍﻟﻘﻳﻣﺔ ﺍﻟﻣﻁﻠﻘﺔ( ﻗﻳﻣﺔ ﻟﻠﻣﻛﺎﻓﺊ ﺍﻟﺣﺎﺿﺭ)‪.(PW‬‬
 ‫ﻣﺜﺎﻝ‪:‬‬
‫ﺍﻟﻣﻘﺎﺭﻧﺔ ﺑﻳﻥ ﺑﺩﺍﺋﻝ ﺍﻻﺳﺗﺛﻣﺎﺭ‬
‫ﺍﺳﺗﺧﺩﻡ ﻣﻌﺩﻝ ﺭﺑﺢ ﻗﺩﺭﻩ ‪ ٪10‬ﻭﻋﻣﺭ ﺗﺷﻐﻳﻠﻲ ﻣﺩﺗﻪ ‪ 5‬ﺳﻧﻭﺍﺕ ﻟﻼﺧﺗﻳﺎﺭ ﺑﻳﻥ ﺑﺩﺍﺋﻝ ﺍﻻﺳﺗﺛﻣﺎﺭ‬
‫ﺍﻟﺗﺎﻟﻳﺔ‪:‬‬
‫ﺍﻟﺑﺩﺍﺋﻝ‬
‫‪A‬‬ ‫‪B‬‬
‫ﺭﺃﺱ ﺍﻟﻣﺎﻝ ﺍﻟﻣﺳﺗﺛﻣﺭ‬ ‫‪‐$100,000‬‬ ‫‪‐$125,000‬‬
‫ﺍﻹﻳﺭﺍﺩﺍﺕ ﺍﻟﺳﻧﻭﻳﺔ ﻣﻁﺭﻭﺣﺎ ﻣﻧﻬﺎ ﺍﻟﻣﺻﺎﺭﻳﻑ‬ ‫‪$34,000‬‬ ‫‪$41,000‬‬

‫ﺍﻟﺒﺪﻳﻼﻥ ﻣﻘﺒﻮﻻﻥ ‪ ،‬ﻟﻜﻦ ﺍﻟﻤﻜﺎﻓﺊ ﺍﻟﺤﺎﺿﺮ)‪ (PW‬ﻟﻠﺒﺪﻳﻞ ‪ B‬ﺃﻛﺒﺮ ‪ ،‬ﻭﺑﺎﻟﺘﺎﻟﻲ ﻓﻬﻮ ﺃﻓﻀﻞ ﺍﻗﺘﺼﺎﺩﻳًﺎ‪.‬‬
 ‫ﻣﺜﺎﻝ‪:‬‬
‫ﺍﻟﻣﻘﺎﺭﻧﺔ ﺑﻳﻥ ﺑﺩﺍﺋﻝ ﺍﻟﺗﻛﻠﻔﺔ‬
‫ﺍﺳﺗﺧﺩﻡ ﻣﻌﺩﻝ ﺭﺑﺢ ﻗﺩﺭﻩ ‪ ٪12‬ﻭﻋﻣﺭ ﺗﺷﻐﻳﻠﻲ ﻣﺩﺗﻪ ‪ 4‬ﺳﻧﻭﺍﺕ ﻟﻼﺧﺗﻳﺎﺭ ﺑﻳﻥ ﺑﺩﺍﺋﻝ ﺍﻻﺳﺗﺛﻣﺎﺭ‬
‫ﺍﻟﺗﺎﻟﻳﺔ‪:‬‬

‫ﺍﻟﺑﺩﺍﺋﻝ‬
‫‪C‬‬ ‫‪D‬‬
‫ﺭﺃﺱ ﺍﻟﻣﺎﻝ ﺍﻟﻣﺳﺗﺛﻣﺭ‬ ‫‪-$80,000‬‬ ‫‪-$60,000‬‬
‫ﺍﻹﻳﺭﺍﺩﺍﺕ ﺍﻟﺳﻧﻭﻳﺔ ﻣﻁﺭﻭﺣﺎ ﻣﻧﻬﺎ ﺍﻟﻣﺻﺎﺭﻳﻑ‬ ‫‪-$25,000‬‬ ‫‪-$30,000‬‬

‫ﺍﻟﺒﺪﻳﻞ ‪ D‬ﺍﻗﻞ ﺗﻜﻠﻔﺔ ﻣﻦ ﺍﻟﺒﺪﻳﻞ ‪ ، C‬ﺃﻱ ﻟﻪ ﺍﻟﻤﻜﺎﻓﺊ ﺍﻟﺤﺎﺿﺮ)‪ (PW‬ﺍﻷﻛﺒﺮ ‪ ،‬ﻭﺑﺎﻟﺘﺎﻟﻲ ﻓﻬﻮ ﺃﻓﻀﻞ ﺍﻗﺘﺼﺎﺩﻳًﺎ‪.‬‬
 165 ‫ ﺻﻔﺣﺔ‬6.2 ‫ﻣﺛﺎﻝ‬
PW1=‐9000+1500(P/A,12%,3)+1700(P/F,12%,4)
=‐9000+1500(2.4018)+1700(0.6355)
=‐4316.95$
PW2=‐5000+1000(P/A,12%,3)+1500(P/F,12%,4)
=‐5000+1000(2.4018)+1500(0.6355)
=‐1644.9$
Alt2 is to be selected
AW1= PW1(A/P,12%,4)=‐4316.95(0.3292)
=‐1420$
AW2= PW2(A/P,12%,4)=‐1644.9(0.3292)
=‐541.5$
Alt2 is to be selected
 ‫ﻣﺜﺎﻝ‪:‬‬
‫ﻣﻘﺎﺭﻧﺔ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ (MEAs‬ﻓﻲ ﺣﺎﻟﺔ ﺍﻷﻋﻣﺎﺭﻣﺗﺳﺎﻭﻳﺔ‪.‬‬
‫ﻋﻧﺩﻣﺎ ﺗﻛﻭﻥ ﺍﻷﻋﻣﺎﺭﻣﺗﺳﺎﻭﻳﺔ ﻳﻛﻭﻥ ﺗﻌﺩﻳﻝ ﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﻏﻳﺭ ﻣﻁﻠﻭﺏ‪ .‬ﻳﻣﻛﻥ ﻣﻘﺎﺭﻧﺔ ﺍﻟﺑﺩﺍﺋﻝ‬
‫ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ (MEAs‬ﻋﻥ ﻁﺭﻳﻖ ﺍﻟﻣﻘﺎﺭﻧﺔ ﺍﻟﻣﺑﺎﺷﺭﺓ ﺑﻳﻥ ﻗﻳﻣﺗﻬﺎ ﺍﻟﻣﻛﺎﻓﺋﺔ ) ‪ PW‬ﺃﻭ ‪ FW‬ﺃﻭ‬
‫‪(AW‬ﺍﻟﻣﺣﺳﻭﺑﺔ ﺑﺎﺳﺗﺧﺩﺍﻡ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻰ ﺍﻷﺩﻧﻰ )‪ .(MARR‬ﺳﻳﻛﻭﻥ ﺍﻟﻘﺭﺍﺭ ﻫﻭ ﻧﻔﺳﻪ‬
‫ﺑﻐﺽ ﺍﻟﻧﻅﺭ ﻋﻥ ﺍﻟﻁﺭﻳﻘﺔ ﺍﻟﻣﻛﺎﻓﺋﺔ ﺍﻟﻣﺳﺗﺧﺩﻣﺔ‪ .‬ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻰ ﺍﻷﺩﻧﻰ )‪، ٪ 12 (MARR‬‬
‫ﺍﺧﺗﺭ ﻣﻥ ﺑﻳﻥ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ (MEAs‬ﺍﻟﺗﺎﻟﻳﺔ‪.‬‬
‫ﺍﻟﺑﺩﺍﺋﻝ‬
‫‪A‬‬ ‫‪B‬‬ ‫‪C‬‬ ‫‪D‬‬
‫ﺭﺍﺱ ﺍﻟﻣﺎﻝ ﺍﻟﻣﺳﺗﺛﻣﺭ‬ ‫‪‐$150,000‬‬ ‫‪‐$85,000‬‬ ‫‪‐$75,000‬‬ ‫‪‐$120,000‬‬
‫ﺍﻟﻌﺎﺋﺩﺍﺕ ﺍﻟﺳﻧﻭﻳﺔ‬ ‫‪$28,000‬‬ ‫‪$16,000‬‬ ‫‪$15,000‬‬ ‫‪$22,000‬‬
‫ﺍﻟﺗﻛﺎﻟﻳﻑ ﺍﻟﺳﻧﻭﻳﺔ‬ ‫‪‐$1,000‬‬ ‫‪‐$550‬‬ ‫‪‐$500‬‬ ‫‪‐$700‬‬
‫ﺍﻟﻘﻳﻣﺔ ﺍﻟﺳﻭﻗﻳﺔ‬ ‫‪$20,000‬‬ ‫‪$10,000‬‬ ‫‪$6,000‬‬ ‫‪$11,000‬‬
‫ﺍﻟﻌﻣﺭ ﺍﻟﻣﻘﺩﺭ‬ ‫‪10‬‬ ‫‪10‬‬ ‫‪10‬‬ ‫‪10‬‬
 ‫ﻣﺜﺎﻝ‪:‬‬
‫ﺍﺧﺗﻳﺎﺭ ﺍﻟﺑﺩﻳﻝ ﺍﻷﻓﺿﻝ‪.‬‬
 ‫ﺗﻤﺮﻳﻦ‪:‬‬
‫ﻫﻧﺎﻙ ﻧﻭﻋﺎﻥ ﺃﺳﺎﺳﻳﺎﻥ ﻣﻥ ﺍﻟﺑﺩﺍﺋﻝ‪.‬‬

‫ﻣﺧﺑﺯ ﻣﺣﻠﻲ ﻳﺭﻳﺩ ﺇﺿﺎﻓﺔ ﻓﺭﻥ ﺟﺩﻳﺩ‪ .‬ﻫﻧﺎﻙ ﻋﺩﺓ ﺃﻧﻭﺍﻉ ﻣﺧﺗﻠﻔﺔ ﻣﻥ ﺍﻷﻓﺭﺍﻥ ‪ ،‬ﻟﺫﻟﻙ ﻳﺟﺏ ﻋﻠﻰ‬
‫ﺍﻟﻣﺧﺑﺯ ﺍﻻﺧﺗﻳﺎﺭ ﻣﻥ ﺑﻳﻥ ﻣﺟﻣﻭﻋﺔ ﻣﻥ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ‪ .‬ﻳﺑﻳﻥ ﺍﻟﺟﺩﻭﻝ ﺍﻟﺗﺎﻟﻲ ﺍﻻﺳﺗﺛﻣﺎﺭﺍﺕ‬
‫ﺍﻷﻭﻟﻳﺔ ﻟﺭﺃﺱ ﺍﻟﻣﺎﻝ ﻭﺍﻟﻣﺻﺭﻭﻓﺎﺕ ﺍﻟﺳﻧﻭﻳﺔ ﻟﻛﻝ ﺑﺩﻳﻝ‪ .‬ﻻ ﻳﻭﺟﺩ ﺃﻱ ﺑﺩﻳﻝ ﺑﻘﻳﻣﺔ ﺳﻭﻗﻳﺔ ﻓﻲ ﻧﻬﺎﻳﺔ‬
‫ﻋﻣﺭﻩ ﺍﻹﻧﺗﺎﺟﻲ‪ .‬ﺑﺎﺳﺗﺧﺩﺍﻡ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻰ ﺍﻷﺩﻧﻰ )‪ (MARR‬ﻗﺩﺭﻩ ‪ ، ٪ 15‬ﺍﻱ ﻓﺭﻥ‬
‫ﻳﻧﺑﻐﻲ ﺍﺧﺗﻳﺎﺭﻩ؟‬
‫ﺍﻟﻔﺭﻥ‬
‫‪F1‬‬ ‫‪F2‬‬ ‫‪F3‬‬
‫ﺭﺍﺱ ﺍﻟﻣﺎﻝ ﺍﻟﻣﺳﺗﺛﻣﺭ‬ ‫‪$110,000‬‬ ‫‪$125,000‬‬ ‫‪$138,000‬‬
‫ﺍﻟﻌﻣﺭ ﺍﻹﻧﺗﺎﺟﻲ‬ ‫‪10 years‬‬ ‫‪10 years‬‬ ‫‪10 years‬‬
‫ﺍﻟﻣﺻﺭﻭﻓﺎﺕ ﺍﻟﺳﻧﻭﻳﺔ ﺍﻟﻛﻠﻳﺔ‬ ‫‪$53,800‬‬ ‫‪$51,625‬‬ ‫‪$45,033‬‬
 ‫ﺗﺤﺪﻳﺪ ﻓﺘﺮﺓ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬
‫• ﻓﺗﺭﺓ ﺍﻟﺩﺭﺍﺳﺔ )ﺃﻭﺃﻓﻖ ﺍﻟﺗﺧﻁﻳﻁ( ﻫﻲ ﺍﻟﻔﺗﺭﺓ ﺍﻟﺯﻣﻧﻳﺔ ﺍﻟﺗﻲ ﻳﺗﻡ ﺧﻼﻟﻬﺎ ﻣﻘﺎﺭﻧﺔ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ‬
‫)‪ ،(MEAs‬ﻭﻳﺟﺏ ﺃﻥ ﺗﻛﻭﻥ ﻣﻧﺎﺳﺑﺔ ﻟﻧﻭﻉ ﺍﻟﻘﺭﺍﺭ‪.‬‬
‫• ﻳﻣﻛﻥ ﺃﻥ ﻳﻛﻭﻥ ﻟﻠﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ (MEAs‬ﺃﻋﻣﺎﺭ ﻣﺗﺳﺎﻭﻳﺔ )ﻓﻲ ﻫﺫﻩ ﺍﻟﺣﺎﻟﺔ ﺗﻛﻭﻥ ﻓﺗﺭﺓ ﺍﻟﺩﺭﺍﺳﺔ‬
‫ﺍﻟﻣﺳﺗﺧﺩﻣﺔ ﻫﻲ ﺍﻟﻌﻣﺭ ﺍﻟﻣﻘﺩﺭ ﻟﻬﺫﻩ ﺍﻟﺑﺩﺍﺋﻝ( ‪ ،‬ﺃﻭ ﻳﻣﻛﻥ ﺃﻥ ﻳﻛﻭﻥ ﻟﻬﺎ ﺃﻋﻣﺎﺭ ﻏﻳﺭ ﻣﺗﺳﺎﻭﻳﺔ ‪ ،‬ﺃﻭ ﻭﺍﺣﺩﺓ‬
‫ﻋﻠﻰ ﺍﻷﻗﻝ ﻻ ﺗﺗﻭﺍﻓﻖ ﻣﻊ ﻓﺗﺭﺓ ﺍﻟﺩﺭﺍﺳﺔ‪.‬‬
‫• ﺣﺎﻟﺔ ﺍﻷﻋﻣﺎﺭ ﺍﻟﻣﺗﺳﺎﻭﻳﺔ ﻣﺑﺎﺷﺭﺓ ‪ ،‬ﻭﺗﻡ ﺗﻭﺿﻳﺣﻬﺎ ﻓﻲ ﺍﻟﻣﺛﺎﻟﻳﻥ ﺍﻟﺳﺎﺑﻘﻳﻥ‪.‬‬
‫ﻳﺣﺗﺎﺝ ﻣﻭﻗﻊ ﺍﺣﺩ ﺷﺭﻛﺎﺕ ﺍﻻﺳﺗﻛﺷﺎﻑ ﺗﻌﻣﻝ ﻓﻲ ﺍﻟﺻﺣﺭﺍء ﻣﻭﻟﺩ ﻁﺎﻗﺔ ﻛﻬﺭﺑﺎﺋﻳﺔ ﺣﻳﺙ ﻻﺗﻭﺟﺩ ﺷﺑﻛﺔ‬ ‫•‬
‫ﻋﺎﻣﺔ ﻳﻣﻛﻥ ﺍﻟﺗﺯﻭﺩ ﻣﻧﻬﺎ ﺑﺎﻟﻁﺎﻗﺔ ﺍﻟﻛﻬﺭﺑﺎﺋﻳﺔ‪ ،‬ﻟﺫﻟﻙ ﻓﺎﻥ ﻣﺻﺩﺭ ﺍﻟﻁﺎﻗﺔ ﺍﻟﻛﻬﺭﺑﺎﺋﻳﺔ ﺍﻟﻣﻧﺎﺳﺏ ﻫﻭ‬
‫ﺍﺳﺗﺧﺩﺍﻡ ﻣﻭﻟﺩ ﻳﻌﻣﻝ ﺑﺎﻟﺩﻳﺯﻝ ﻭﺍﻟﻣﻁﻠﻭﺏ ﺍﺧﺗﻳﺎﺭ ﻋﺩﺩ ﻭﻗﺩﺭﺓ ﺍﻟﻣﻭﻟﺩﺍﺕ ﺍﻟﻣﻁﻠﻭﺑﺔ ﻋﻥ ﻁﺭﻳﻖ ﺍﻟﻣﻔﺎﺿﻠﺔ‬
‫ﺑﻳﻥ ﻣﺟﻣﻭﻋﺔ ﻣﻥ ﺍﻟﻣﻭﻟﺩﺍﺕ ﺍﻟﻛﻬﺭﺑﺎﺋﻳﺔ ﺍﻟﻣﺗﻭﻓﺭﺓ ﺑﺎﻟﺳﻭﻕ ﺍﻟﻣﺣﻠﻳﺔ ﺫﻭﺍﺕ ﺍﻻﻋﻣﺎﺭ ﺍﻟﻣﺧﺗﻠﻔﺔ‪ ،‬ﻋﻠﻣﺎ ﺑﺎﻥ‬
‫ﺍﻟﻔﺗﺭﺓ ﺍﻟﺯﻣﻧﻳﺔ ﺍﻟﺗﻲ ﺗﺣﺗﺎﺝ ﻓﻳﻬﺎ ﺍﻟﺷﺭﻛﺔ ﻟﻠﺗﺯﻭﺩ ﺑﺎﻟﻁﺎﻗﺔ )ﺍﻓﻖ ﺍﻟﺗﺧﻁﻳﻁ( ﻫﻲ ‪ 12‬ﺳﻧﺔ‪ ،‬ﺣﻳﺙ ﻛﺎﻧﺕ‬
‫ﺍﻻﻋﻣﺎﺭ ﺍﻟﺗﻘﺩﻳﺭﻳﺔ ﻟﻠﻣﻭﻟﺩﺍﺕ ﻛﺎﻟﺗﺎﻟﻲ‪:‬‬
‫ﺍﻟﻨﻮﻉ ﺍﻻﻭﻝ ﻋﻤﺮﻩ ﺳﻨﺘﺎﻥ‬ ‫•‬
‫ﺍﻟﻨﻮﻉ ﺍﻟﺜﺎﻧﻲ ﺍﺭﺑﻊ ﺳﻨﻮﺍﺕ‬ ‫•‬
‫ﺍﻟﺜﺎﻟﺖ ‪ 8‬ﺳﻨﻮﺍﺕ‬ ‫•‬
‫ﺍﻟﺮﺍﺑﻊ‪ 12‬ﺳﻨﺔ ‪ ،‬ﻓﻤﺎ ﻫﻲ ﺑﺪﺍﺋﻞ ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﻤﺘﺎﺣﺔ ﻟﺘﻠﻚ ﺍﻟﺸﺮﻛﺔ؟‬ ‫•‬
 ‫ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻷﻋﻤﺎﺭ ﺍﻟﻐﻴﺮ ﻣﺘﺴﺎﻭﻳﺔ ﻟﻠﺒﺪﺍﺋﻞ ﺑﻄﺮﻳﻘﺘﻴﻦ‪.‬‬
‫• ﺍﻟﻁﺭﻳﻘﺔ ﺍﻟﺗﻛﺭﺍﺭﻳﺔ‪ :‬ﺗﻛﻭﻥ ﻓﺗﺭﺓ ﺍﻟﺩﺭﺍﺳﺔ ﻁﻭﻳﻠﺔ ﺃﻭ ﻣﺳﺎﻭﻳﺔ ﻟﻣﺿﺎﻋﻑ ﻣﺷﺗﺭﻙ ﻣﻥ ﺃﻋﻣﺎﺭ ﺍﻟﺑﺩﺍﺋﻝ‬
‫ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪.(MEAs‬‬
‫ﺍﻟﻌﻭﺍﻗﺏ ﺍﻻﻗﺗﺻﺎﺩﻳﺔ ﺍﻟﻣﺗﻭﻗﻌﺔ ﺧﻼﻝ ﻓﺗﺭﺓ ﻋﻣﺭ ﺍﻟﺑﺩﺍﺋﻝ ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ (MEAs‬ﺳﺗﺣﺩﺙ ﻓﻲ ﻓﺗﺭﺍﺕ ﺍﻟﻌﻣﺭ‬
‫ﺍﻟﻼﺣﻘﺔ )ﺍﻹﺣﻼﻝ(‪.‬‬
‫• ﻁﺭﻳﻘﺔ ﺍﻹﻧﻬﺎء ﺍﻟﻣﺗﺯﺍﻣﻥ )‪ :(Co-terminated‬ﺗﺳﺗﺧﺩﻡ ﻓﺗﺭﺓ ﺩﺭﺍﺳﺔ ﻣﺣﺩﺩﺓ ﻭﻣﺗﻣﺎﺛﻠﺔ ﻟﻛﻝ ﺍﻟﺑﺩﺍﺋﻝ‬
‫ﺍﻟﻣﺗﻧﺎﻓﺭﺓ )‪ .(MEAs‬ﻳﻣﻛﻥ ﺇﺟﺭﺍء ﺗﻌﺩﻳﻼﺕ ﻋﻠﻰ ﺍﻟﺗﺩﻓﻖ ﺍﻟﻧﻘﺩﻱ ﻟﺗﻠﺑﻳﺔ ﺍﺣﺗﻳﺎﺟﺎﺕ ﺍﻷﺩﺍء ﻟﻠﺑﺩﻳﻝ ﺧﻼﻝ‬
‫ﻓﺗﺭﺓ ﺍﻟﺩﺭﺍﺳﺔ‪.‬‬
 ‫ﺍﻟﻔﺗﺭﺓ ﺍﻟﺯﻣﻧﻳﺔ ﻻﻓﻖ ﺍﻟﺗﺧﻁﻳﻁ ﺍﻛﺑﺭ ﻣﻥ ﻋﻣﺭ ﺍﻟﺑﺩﻳﻝ‬
‫ﻣﺜﺎﻝ‬
‫ﺍﺣﺪ ﺍﻟﻤﺆﺳﺴﺎﺕ ﻓﻲ ﺣﺎﺟﺔ ﺍﻟﻰ ُﻣﻌﺪﺓ ﻟﻤﺪﺓ ‪ 6‬ﺳﻨﻮﺍﺕ ﺗﺘﻮﻓﺮ ُﻣﻌﺪﺍﺕ ﺑﺎﻋﻤﺎﺭ ﺗﻘﺪﻳﺮﻳﺔ ﺳﻨﺘﺎﻥ ﻟﻠﻨﻮﻉ ﺍﻻﻭﻝ‬
‫ﻭﺛﻼﺕ ﺳﻨﻮﺍﺕ ﻟﻠﻨﻮﻉ ﺍﻟﺜﺎﻧﻲ ﺑﺘﺪﻓﻘﺎﺕ ﻧﻘﺪﻳﺔ ﻣﻮﺿﺤﺔ ﺑﺎﻟﺸﻜﻞ ﺻﻔﺤﺔ ‪ ،174‬ﻗﺎﺭﻥ ﺑﻴﻦ ﺍﻟﻤﻘﺘﺮﺣﻴﻦ ﺑﻄﺮﻳﻘﺔ‬
‫ﺍﻟﻤﻜﺎﻓﻲء ﺍﻟﺤﺎﺿﺮ ﻭﺣﺪﺩ ﺍﻳﻬﻤﺎ ﻳﺠﺐ ﺍﺧﺘﻴﺎﺭﻩ ﺧﻼﻝ ﻓﺘﺮﺓ ﺍﻓﻖ ﺍﻟﺘﺨﻄﻴﻂ ﺍﺫﺍ ﻛﺎﻥ ﻣﻌﺪﻝ ﺍﻟﺮﺑﺢ ﺍﻟﻤﺮﺗﺠﻲ‬
‫ﺍﻻﺩﻧﻰ ‪.%8‬‬
‫ﺍﻟﺤﻞ‬
‫)‪PW1=-4000-500(P/A,8%,6)-4000(P/F,8%,2)-4000(P/F,8%,4‬‬
‫)‪=-4000-500(4.6229)-4000(0.8573)-4000(0.735‬‬
‫‪=-12680.6‬‬
‫)‪PW2=-5000-300(P/A,8%,6)-5000(P/F,8%,3‬‬
‫)‪=-5000-300(4.6229)-5000(07938‬‬
‫‪=-10355.8‬‬
‫‪Alt 2 is better‬‬
 ‫ﻣﺜﺎﻝ‬
‫ﻣﺆﺳﺴﺔ ﺧﺪﻣﻴﺔ ﻓﻲ ﺣﺎﺟﺔ ﺍﻟﻰ ﺁﻟﺔ ﻟﻤﺪﺓ ‪ 3‬ﺳﻨﻮﺍﺕ‪ ،‬ﺍﻵﻻﺕ ﺍﻟﻤﺘﻮﻓﺮﺓ ﺍﻋﻤﺎﺭﻫﺎ ﺍﻟﺘﻘﺪﻳﺮﻳﺔ ﺳﻨﺘﺎﻥ ﻟﻠﻨﻮﻉ‬
‫ﺍﻻﻭﻝ ﻭﺛﻼﺙ ﺳﻨﻮﺍﺕ ﻟﻠﻨﻮﻉ ﺍﻟﺜﺎﻧﻲ ﺑﺘﺪﻓﻘﺎﺕ ﻧﻘﺪﻳﺔ ﻣﻮﺿﺤﺔ ﻓﻲ ﺍﻟﺸﻜﻞ ﺻﻔﺤﺔ ‪ 178‬ﻭﺍﻥ ﺳﻌﺮ ﺍﻻﻳﺠﺎﺭ‬
‫ﺍﻟﺴﻨﻮﻱ ﻟﻼﻟﺔ ﻣﻦ ﺍﻟﻨﻮﻉ ﺍﻻﻭﻝ ‪ $600‬ﺗﺪﻓﻊ ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﺴﻨﺔ‪ .‬ﻗﺎﺭﻥ ﻭﺣﺪﺩ ﺍﻱ ﻣﻦ ﺍﻟﻤﻘﺘﺮﺣﻴﻦ ﻳﺠﺐ‬
‫ﺍﺧﺘﻴﺎﺭﻩ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻁﺮﻳﻘﺔ ﺍﻟﻤﻜﺎﻓﻲء ﺍﻟﺤﺎﺿﺮ ﺍﺫﺍ ﻛﺎﻥ ﻣﻌﺪﻝ ﺍﻟﺮﺑﺢ ﺍﻟﻤﺮﺗﺠﻲ ﺍﻻﺩﻧﻲ ‪.%10‬‬
‫ﺍﻟﺤﻞ‬
‫)‪PW1=-2000-400(P/F,10%,1)-500(P/F,10%,2)-600(P/F,10%,3‬‬
‫‪=-3227.5$‬‬
‫)‪PW2=-3000- 200(P/F,10%,1)-400(P/F,10%,2)-500(P/F,10%,3‬‬
‫‪=-3887.9$‬‬

‫‪Alt 1 is better‬‬
 ‫ﻣﺛﺎﻝ‬
‫ﺷﺭﻛﺔ ﺗﻧﻘﻳﺏ ﻣﺗﻧﻘﻠﺔ ﻓﻲ ﺣﺎﺟﺔ ﺍﻟﻰ ﻣﺿﺧﺔ ﻣﻳﺎﻩ ﻟﻣﺩﺓ ‪ 4‬ﺳﻧﻭﺍﺕ ﻭﻧﺗﻳﺟﺔ ﺍﻟﺑﺣﺙ ﻓﻲ ﺍﻟﺳﻭﻕ ﺍﺗﺿﺢ ﺍﻥ ﺍﻟﻣﺿﺧﺔ‬
‫ﺑﺎﻟﻣﻭﺍﺻﻔﺎﺕ ﺍﻟﻣﻁﻠﻭﺑﺔ ﺗﺗﻭﻓﺭ ﺑﺎﻟﻧﻭﻉ ‪ P‬ﺑﻌﻣﺭ ﺗﻘﺩﻳﺭﻱ ‪ 4‬ﺳﻧﻭﺍﺕ ﻭﺍﻟﻧﻭﻉ ‪ M‬ﺑﻌﻣﺭ ‪ 5‬ﺳﻧﻭﺍﺕ ﺣﺳﺏ ﺍﻟﺗﺩﻓﻖ‬
‫ﺍﻟﻧﻘﺩﻱ ﺍﻟﻣﻭﺿﺢ ﺑﺎﻟﺷﻛﻝ ﺻﻔﺣﺔ ‪ 181‬ﻋﻠﻣﺎ ﺑﺎﻥ ﺍﻟﻣﺿﺧﺔ ﻣﻥ ﺍﻟﻧﻭﻉ ‪ M‬ﻳﻣﻛﻧﻬﺎ ﺍﻥ ﺗﺣﻘﻖ ﺳﻌﺭ ﺑﻳﻊ ﻗﺩﺭﻩ ‪$500‬‬
‫ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﺳﻧﺔ ﺍﻟﺭﺍﺑﻌﺔ ﻣﻥ ﻋﻣﺭﻫﺎ‪ ،‬ﻓﺎﻱ ﻣﻥ ﺍﻻﻧﻭﺍﻉ ﻳﺟﺏ ﺍﻥ ﻳﻭﺻﻰ ﺑﻪ ﻟﻬﺫﻩ ﺍﻟﺷﺭﻛﺔ ﺍﺫﺍ ﻛﺎﻥ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ‬
‫ﺍﻟﻣﺭﺗﺟﻲ ﺍﻻﺩﻧﻲ ‪. %12‬‬
‫ﺍﻟﺣﻝ‬
‫‪PW1=‐6000‐400(P/A,12%,4)‐100(F/A,12%,2)(P/F,12%,4)=‐7,349.65$‬‬
‫‪PW2=‐3000‐300(P/A,12%,3)+200(P/F,12%,4)=‐3,593.44$‬‬
‫‪Alt 2 is better‬‬
‫ﻛﻣﺎ ﻧﺳﺗﻁﻳﻊ ﺣﺳﺎﺏ ﺍﻱ ﺍﻟﻣﺿﺧﺎﺕ ﺍﻓﺿﻝ ﺑﺎﻳﺟﺎﺩ ‪ AW‬ﺩﻭﻥ ﺗﻌﺩﻳﻝ ﺍﻟﻌﻣﺭ‬
AW1=PW1(A/P,12%,4)=‐7349.5(03292)=‐2419.5$
AW1=‐6000(A/P,12%.4)‐400‐100(F/A,12%,2)(A/F,12%,4)=‐2419.5$

AW2=?
AW2=‐3000(A/P,12%,5)‐300‐200(A/F,12%,5)=‐1163.63$

Alt 2 is better
 ‫ﻣﺛﺎﻝ‬
‫ﺷﺭﻛﺔ ﺻﻧﺎﻋﻳﺔ ﻓﻲ ﺣﺎﺟﺔ ﺍﻟﻰ ﺍﺳﺗﺧﺩﺍﻡ ﻣﻌﺩﺓ ﺫﺍﺕ ﺍﻻﺳﺗﻌﻣﺎﻝ ﺍﻟﺧﺎﺹ ﻟﻣﺩﺓ ‪ 8‬ﺳﻧﻭﺍﺕ ﻭﺟﺩ ﺍﻥ ﺍﻟﻣﻌﺩﺍﺕ ﻣﻥ ﻫﺫﺍ‬
‫ﺍﻟﻧﻭﻉ ﻣﺗﻭﻓﺭﺓ ﺑﺎﻟﺳﻭﻕ ﺍﻟﻣﺣﻠﻳﺔ ﺑﺎﻻﻋﻣﺎﺭ ﻭﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﺍﻟﻣﺑﻳﻧﺔ ﺑﺎﻟﺟﺩﻭﻝ ﺍﻟﺗﺎﻟﻲ‬

‫‪4‬‬ ‫‪3‬‬ ‫‪2‬‬ ‫‪1‬‬ ‫‪0‬‬ ‫ﻧﻭﻉ ﺍﻟﻣﻌﺩﺓ‬

‫‪‐6500‬‬ ‫‪‐8500‬‬ ‫‪‐5000‬‬ ‫‪‐3500‬‬ ‫‪‐12000‬‬ ‫‪A‬‬
‫‪‐7800‬‬ ‫‪‐4000‬‬ ‫‪‐15000‬‬ ‫‪Z‬‬

‫ﻓﺎﺫﺍ ﻋﻠﻣﺕ ﺍﻥ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻲ ﺍﻻﺩﻧﻰ ﻟﻠﺷﺭﻛﺔ ﻫﻭ ‪ %12‬ﺍﻱ ﻣﻥ ﺍﻟﺑﺩﻳﻠﻳﻥ ﻳﻣﺛﻝ ﺍﻻﻓﺿﻠﻳﺔ ﻋﻠﻣﺎ ﺑﺎﻧﻪ‬
‫ﻻﻳﺳﻣﺢ ﺑﺎﻟﺟﻣﻊ ﺑﻳﻧﻬﻣﺎ ﻓﻲ ﺑﺩﻳﻝ ﻭﺍﺣﺩ‪.‬‬
‫ﺍﻟﺣﻝ‬
‫ﻧﺟﺩ ‪PW or FW or AW‬‬
PWA=‐12000‐3500(P/F,12%,1)‐5000(P/F,12%,2)‐8500(P/F,12%,3)‐6500(P/F,12%,4)
‐12000(P/F,12%,4)‐3500(P/F,12%,5)‐5000(P/F,12%,6)‐8500(P/F,12%,7)‐6500(P/F,12%,8)
PWA=‐47898.65$
Alt Z
PWZ=‐15000‐4000(P/F,12%,1)‐7800(P/F,12%,2)‐15000(P/F,12%,2)‐4000(P/F,12%,3)
‐7800(P/F,12%,4)‐15000(P/F,12%,4)‐4000(P/F,12%,5)‐7800(P/F,12%,6)‐
15000(P/F,12%,6)‐4000(P/F,12%,7)‐7800(P/F,12%,8)

PWZ=‐72856.3$

Alt A is Better
 ‫ﻣﺛﺎﻝ‬
‫ﺷﺭﻛﺔ ﺍﻧﺗﺎﺟﻳﺔ ﻓﻲ ﺣﺎﺟﺔ ﺍﻟﻰ ﻣﻌﺩﺓ ﻟﻣﺩﺓ ‪ 5‬ﺳﻧﻭﺍﺕ ﺍﻟﻣﻌﺩﺍﺕ ﻣﻥ ﺍﻟﻧﻭﻉ ﺍﻟﻣﻁﻠﻭﺏ ﻣﺗﻭﻓﺭﺓ ﺑﺎﻻﻋﻣﺎﺭ ﺍﻟﺗﻘﺩﻳﺭﻳﺔ‬
‫ﻭﺍﻟﺗﺩﻓﻘﺎﺕ ﺍﻟﻧﻘﺩﻳﺔ ﺍﻟﻣﺑﻳﻧﺔ ﻓﻲ ﺍﻟﺟﺩﻭﻝ ﺍﻟﺗﺎﻟﻲ‪:‬‬
‫‪3‬‬ ‫‪2‬‬ ‫‪1‬‬ ‫‪0‬‬ ‫ﺍﻟﺑﺩﻳﻝ‬
‫‪‐1000‬‬ ‫‪‐800‬‬ ‫‪‐4000‬‬ ‫‪C‬‬
‫‪‐1000‬‬ ‫‪‐800‬‬ ‫‪‐400‬‬ ‫‪‐6000‬‬ ‫‪D‬‬

‫ﻓﺎﺫﺍ ﻋﻠﻣﺕ ﺍﻥ ﻣﻘﺎﺑﻝ ﺍﻻﻳﺟﺎﺭ ﺍﻟﺳﻧﻭﻱ ﻟﻼﻟﺔ ﻣﻥ ﺍﻟﻧﻭﻉ ‪ C ‬ﻓﻲ ﺣﺎﻟﺔ ﻋﺩﻡ ﺗﻣﻠﻛﻬﺎ ﻫﻭ ‪ $900‬ﺗﺩﻓﻊ ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﺳﻧﺔ‪،‬‬
‫ﺍﺳﺗﺧﺩﻡ ﻁﺭﻳﻘﺔ ﺍﻻﻧﻬﺎء ﺍﻟﻣﺗﺯﺍﻣﻥ ﻟﻠﻣﻘﺎﺭﻧﺔ ﺑﻳﻥ ﺍﻟﺑﺩﻳﻠﻳﻥ ﻭﺍﻳﻬﻣﺎ ﻳﺟﺏ ﺍﺧﺗﻳﺎﺭﻩ ﺑﺎﺳﺗﺧﺩﺍﻡ ﻁﺭﻳﻘﺔ ﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺣﺎﺿﺭ‬
‫ﺍﺫﺍ ﻛﺎﻥ ﻣﻌﺩﻝ ﺍﻟﺭﺑﺢ ﺍﻟﻣﺭﺗﺟﻲ ﺍﻻﺩﻧﻰ ﻳﺳﺎﻭﻱ ‪.%15‬‬
 ‫ﺍﻟﺣﻝ‬
‫ﺍﻟﺑﺩﻳﻝ ‪ C‬ﻣﻊ ﺳﻧﺔ ﺧﺎﻣﺳﺔ ﺍﻳﺟﺎﺭ‬
‫‐)‪PWC=‐4000‐800(P/F,15%,1)‐1000(P/F,15%,2)‐4000(P/F,15%,2)‐800(P/F,15%,3‬‬
‫)‪1000(P/F,15%,4)‐900(P/F,15%,5‬‬
‫‪PWC=‐10021.19$‬‬
‫ﻳﻣﻛﻥ ﺍﻟﺟﻣﻊ ﺑﻳﻥ ﺍﻟﺑﺩﻳﻠﻳﻥ ‪ C &D ‬ﻻﻥ ﻣﺟﻣﻭﻋﻬﻣﺎ ﻳﺳﺎﻭﻱ ﺍﻓﻖ ﺍﻟﺗﺧﻁﻳﻁ ﻭﻓﻲ ﺍﻟﺳﺅﺍﻝ ﻟﻡ ﻳﺫﻛﺭ ﻋﺩﻡ ﺍﻟﺟﻣﻊ‬
‫‐)‪PWc&d=‐6000‐400(P/F,15%,1)‐800(P/F,15%,2)‐1000(P/F,15%,3)‐4000(P/F,15%,3‬‬
‫)‪800(P/F,15%,4)‐1000(P/F,15%,5‬‬
‫‪PWc&d=‐11194.64$‬‬

‫‪Alt c is better‬‬