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Objectives of Sales Function.
2
To achieve Sales Targets
2
To achieve Market share targets
2
To manage dealer network
2
To organize sales training
2
To handle customer complaints
2
To manage Sales promotion campaigns
2
To effectively cover market
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Meaning of Capital Budgeting:
Capital budgeting is concerned with designing and carrying through a systematic investment programme.
According to Charles T. Horngren, "capital budgeting is a long-term planning for making and financing
proposed capital outlays."
According to G.C. Philippatos, "capital budgeting is concerned with the allocation of the firm’s scarce
financial resources among the available market opportunities. The consideration of investment opportunities
involves the comparison of the expected future streams of earnings from a project with the immediate and
subsequent stream of expenditure for it."
Thus, the capital budgeting decision may be defined as the firm’s decision to invest its current funds most
efficiently in long-term activities in anticipation of an expects flow of future benefits over a series of years.
Such decisions may consist addition, disposition, modification, mechanization or replacement of any fixed
asset.
Type of Capital Budgeting Decisions:
Broadly speaking, capital budgeting decisions are long-term investment decisions. They include the following:
Mechanisation of a Process - A firm may intend to mechanise its existing production process by
installing machine. The machine is estimated to cost Rs. 1,50,000 and expected to save operating expenses of
Rs. 25,000 per annum for a period of ten years. Thus, it is an investment decision involving cost outlay for Rs.
1,50,000 and an annual saving of Rs. 25,000 for 10 years. The firm would be interested in analysing whether it
is worth to install the machine.
Expansion Decisions - Every company wants to expand its existing business. In order to increase the
scale of production and sale, the company may think of acquiring new machinery, addition of building, merger
or takeover of another business etc. This all would require additional investment which be evaluated in terms of
future expected earnings.
Replacement Decisions - A company may contemplate to replace an existing machine with a latest
model. The use of new and latest model of machinery may possibly bring down operating costs and increase the
production. Such replacement decision will be evaluated in terms of savings in operating costs and increase in
annual profits.
Buy or Lease Decisions - Capital budgeting is also helpful in making buying or lease decisions. The
fixed assets can be purchased or arranged on lease arrangements. Such decisions create a great different in the
demand of capital. Hence, a comparative study can be made with reference to future benefits from these two
mutually exclusive alternatives.
Choice of Equipment - A company needs an equipment (plant or machinery) to perform certain
process. Now a choice can be made between semi-automatic machine and fully automatic machine. Capital
budgeting process helps a lot in such selections.
Product and Process Innovation - The research and development department of a company may
suggest that a new product should be manufactured and/or a new process should be introduced. The intrduction
of new product and/or a new process will involve heavy capital expenditure and will earn profits also in the
future. So, inflows (i.e. future operating income) will be very useful and the ultimate decision will depend upon
the profitability of the product and/or process.
House-Keeping Projects - House-keeping projects are such projects which exert indirect impact on the
production. They are finanaced either on account of legal necessity or to boost up the morale and motivation
level of the employees, say :
(i) Health and Safety Projects.
(ii) Service Department Projects
(iii) Welfare Projects
(iv) Education, Training and Development Projects
(v) Status Projects
(vi) Research and Development Projects.
The decisions relating to financing of above-mentioned long-term projects are not made on the basis of
profitability. They are approved or rejected in terms of their urgency, need, compulsion and desirability.
Hence, no profitability analysis is made for them. The capital budgeting decisions exclude decisions
regarding current assets. The management and investment problems of current assets are discussed
under the head working capital management. The capital budgeting decisions are concerned with only
those type of decision areas which have long-term implications for the firm in terms of current
expenditure and future benefits. Current expenditure constitutes the outflow of cash and is represented
by cost. The future benefits are measured in terms of annual cash inflows. Hence, in capital budgeting, it
is the flow of cash outflow and inflow which is important, not the earnings determined in accordance
with the accrual concept of accounting.
Importance of Capital Budgeting:
Capital budgeting decisions are among the most crucial and critical business decisions. The
selection of the most profitable assortment of capital investment can be considered a key function of
management. On the other hand, it is the most important single area of decision-making for the financial
executives. Actions taken by management in this area affect the operations of the firm for many years to
come. The need and importance of capital budgeting can be numerated as follows :-
Heavy Investment - Almost all the capital expenditure projects involved heavy investment of
funds. These funds are accumulated by the firm from various external and internal sources at substantial
cost of capital. So their proper planning becomes invitable.
Permanent Commitment of Funds - The funds involved in capital expenditures are not only
large but more or less permanently blocked also. Therefore, these are long-term investment decisions.
The longer the time, the greater the risk is involved. Hence, a careful planning is essential.
Long-term impact on profitability - The capital expenditure decisions may have a great impact
on the profitability of the firm for a very long time. If properly planned, they can increase not only the
size, scale and volume of scales but firm growth potentiality also.
Complicacies of Investment Decisions - The long-term investment decisions are more
complicated in nature. They entail more risk and uncertainly. Further, the acquistions of capital assets is
a continuous process. So the management must be gifted ample prophetic skill to peep into future.
Worth Maximization of Shareholders - Capital budgeting decisions are very important as their
impact on the well-being and economic health of the enterprise is far reaching. The main aim of this
process is to avoid overinvestment and under-investment in fixed assets. By selecting the most profitable
capital project, the management can maximize the worth of equity shareholder’s investment.
Process of Capital Budgeting:
Capital budgeting decisions of a firm have a pervasive influence on the entire spectrum of
entrepreneurial activities. Hence, they require a complex combination and knowledge of various
disciplines for their effective administration, such as, Economics, Finance, Mathematics, and Economic
Forecasting, projection Techniques and Techniques of Financial Engineering and Control. In order to
combine all these elements, a finance manager must keep in mind the three dimensions of a capital
budgeting programme: Policy, Plan and Programme. These three P’s constitute a sound capital
budgeting programme. However, the important steps involved in the capital budgeting process are: (i)
project generation; (ii) project evaluation, (iii) project selection; and (iv) project execution. These steps
are necessary, but more may be added to make the process more effective. Joel Dean a famous
economist has described the specific elements in an orderly investment programme which are as
follows:
Creative Search for Profitable Opportunities - The first stage in the capital expenditure
programme should be the conception of a profit making idea. It may be rightly called the origination of
investment proposals. The proposals may come from a rank and file worker of any department or from
any line executive. To facilitate the origination of such ideas a periodic review and comparision of
earnings, costs, procedures and product line should be made by the management on a continuous basis.
Long-range Capital Plans- When a specific proposal is made to management, its consistency
with the long-range plans of the company must be verified. It requires the determination of over-all
capital budgeting policies beforehand based upon the projections of short and long-rum developments.
Short-range Capital Budget- Once the timelines and priority of a proposal have been
established, it should be listed on the one-year capital budget as an indication of its approval.
Measurement of Project Worth- This stage involves the tentative acceptance of the proposal
with other competitive projects, within the selection criteria of the company. Small projects under a
certain rupee amount could be approved by the departmental head. Larger projects should be ranked
according to their profitability. Any one or more tests of profitability may be used for it. For project
evaluation, different techniques may be used, such as, payback period, accounting rate of return and
discounted cash flow techniques.
Screening and Selection - This stage involves the comparison of the proposal with other
projects according to criteria of the firm. This is done either by financial manager or by a capital
expenditure planning committee. Such criteria should encompass the supply and cost of capital and the
expected returns from alternative investment opportunities. Once the proposal passes this stage, it is
authorized for outlays.
Establishing Priorities - Then comes the stage of establishing the priorities. When the accepted
projects are put in priority, it facilities their acquisition or construction, avoids costly delays and serious
cost overruns. This stage is also called the ranking of projects. It helps in capital rationing and better
utilization of capital.
Final Approval - Once the financial manager has reviewed the projects, he will recommended a
detailed programme, both of capital expenditures and of sources of capital to meet them, to the top
management. Possibly, the financial manager will present several alternative capital-expenditure budgets
to the top management, it will finally approve the capital budget for the firm.
Forms and Procedures - This is a continuous phase that involve the preparation of report for
every other phase of the capital expenditure programme of the company.
Retirement and Disposal - This phase marks the end of the cycle in the life of a project. It
involves more than the recovery of the original cost plus and adjustment for replacement programmes.
The old assets should be sold and realised sale price should be used for replacement financing.
Evaluation - An important step in the process of capital budgeting is an evaluation of the
programme after its implementation. The evaluation process answers such questions, say, was the
investment greater than anticipated? Were the expected net cash inflows actually realized? Was the
proper test of evaluating the profitability of project applied? Management can improve its capital
budgeting programme for the future from past experience. Such evaluation has also the advantage of
forcing departmental heads to be more realistic in their approach and careful in actual execution of the
projects.
Investment Evaluation Criteria
Because of the utmost importance of the capital budgeting decisions, a sound appraisal method
should be adopted to measure the economic worth of each investment project. In most business firms,
there are more than one investment proposals for a capital project than the firm is capable and willing to
finance. Here the problem of ranking them in order of preference arises. Hence, the management has to
select the most profitable project or to take up the most profitable project first. As we know that the
ultimate goal of financial management is the worth maximization of the firm, hence, in order to achieve
this objective, the management must select those projects which deserve first priority in terms of their
profitability. For evaluating the comparative profitability of capital projects many methods have been
evolved. Each method has its own merits and demerits. However, the method going to be used should, at
least, possess the following characteristics:
(a) it should provide a means of distinguishing between acceptable and unacceptable projects.
(b) It should provide clear cut ranking of the projects in order of the profitability or desirability.
(c) It should also solve the problem of choosing among alternative projects.
(d) It should be a criterion which is applicable to any conceivable investment projects.
(e) It should emphasize upon early and bigger cash benefits in comparison to distant and smaller
benefits.
(f) In the last but not the least, the method should be suitable according to the nature and size of
capital project to be evaluated.
Method of Evaluating Investment Proposals
The various methods which are commonly used for evaluating the relative worth of investment
proposals are as follows:
I. Non-discounted Cash flow Techniques (NDCF)
(A) Payback Period Method (PB)
(B) Accounting Rate of Return Method (ARR)
II. Discounted Cash flow Techniques (DCF)
(A) Net Present Value Method (NPV)
(B) Present Value Index Method or Benefit-Cost Ratio Method (BCR) or Profitability Index
Method (PI)
(C) Internal Rate of Return Method (IRR)
1. Non-discounted cash flow Techniques (NDCF)
(A) Payback Period Method (PB)
This method is also known as pay-off, pay-out or recoupment period method. It gives the number
of years in which the total investment in a particular capital project pays back itself. This method is
based on the principle that every capital expenditure pays itself back over a number of years. It means
that it generates income regularly during its estimated economic life. When the total cash inflows from
investment equal the total outlay, that period is the payback period of that project. While comparing
between two or more projects, the project with lesser payback period will be acceptable.
Calculation or Payback Period - The payback period can be calculated in the following
manner:-
(A) In the case of even cash inflows:- If the pattern of annual cash inflow is of conventional
character or they are in the form of annuity, the computation of payback period is very
simple, as follow :
Payback Period = Initial Investment
Annual Cash Inflow
For example, if an investment of Rs. 10,000 in a machine is expected to produce annual cash
inflow of Rs. 2,500 for 6 years, then
Payback Period = Rs. 10,000 = 4 yrs.
Rs. 2,500
(b) In the case of uneven cash inflows - When a project’s cash flows are not equal, but vary
from year to year, i.e., they are of non-conventional nature, the calculation of payback period
takes a cumulative form of annual cash inflows. In such a situation, payback period is calculated
by the process of cumulating cash inflows till the time when cumulative cash inflows become
equal to the original investment outlay. The following example will illustrate the point.
Illustration: A project requires an investment of Rs. 10,000. Its estimated (121) annual cash
inflows have been given below:
Year Annual Cash Inflows Cumulative Cash inflows
(ACF) (Rs.) (CCF) (Rs.)
1 2,500 2,500
2 3,500 6,000
3 4,000 10,000
4 5,000 15,000
5 3,000 18,000
Thus, Rs. 10,000 is recovered fully in 3rd year, hence, payback period is 3 yrs.
Illustration: A project requires an investment of Rs. 10,000 and its estimated annual cash
inflows are as follows:
Year (ACF) (Rs.) (CCF) (Rs.)
1 2,000 2,000
2 3,000 5,000
3 4,000 9,000
4 2,000 11,000
5 3,000 14,000
Here, payback period will be = 3 years + 10000 - 9000 = 3.5 yrs.
2000
Accept-Reject Criterion - The payback period can be used as a decision criterion to accept or reject investment
proposals. If only one independent project is to be evaluated its actual payable period should be compared with
a pre-determined (standard) payback, i.e., the payback set up by the management in terms of maximum period
during which the initial investment must be recovered. If the actual payback period is less than the standard
payback period, the project would be accepted, if not, it would be rejected. Alternatively, the payback can be
used as a ranking method also. When mutually exclusive projects are under consideration they may be ranked
according to the length of the payback period. Thus, the project having the shortest payback may be assigned
rank one, followed in that order so that project with the longest payback would be ranked the lowest.
Demerits of Payback Approach -
Major weakness of this approach is that it completely ignores all cash inflows arising after the payback
period. This could be very misleading in capital budgeting decisions. It may be possible that two projects have
similar payback period but their post-payback profitability differs significantly.
The following examples will illustrate the point.
Project A Project B
(Rs.) (Rs.)
Cost of Project 15,000 15,000
Year Annual Cash Inflows
1 5,000 4,000
2 6,000 5,000
3 4,000 6,000
4 0 6,000
5 0 4,000
6 0 3,000
Payback period 3 yrs. 3 yrs.
Thus, project B is certainly advantageous as its post-payback profitability is more in spite of similar
payback period of 3 years.
Look at this example also.
Project x Project y
(Rs.) (Rs.)
Total Investment 10,000 10,000
Year Annual Cash Inflows
1 5,000 3,000
2 5,000 4,000
3 2,000 3,000
4 1,000 4,000
5 500 2,000
Payback period 2 yrs. 3 yrs.
Thus, the payback period for project x is 2 years and for project y it is 3 years. Obviously, project x will
be preferable on the basis of payback period. However, if we look beyond the payback period, we see
that project x returns only Rs. 3,500 while project y returns Rs. 6,000. Thus, project y should be
preferred.
(ii) Earnings per Unit of Money Invested - As per this method, we find out the total net earnings (after
taxes) and then divide it by the total investment. This gives us the average rate of return per unit of
amount invested in the project, as follows:
Earnings per Unit of Investment = Total Earnings (after taxes)
Total Outlay of the Project
Higher the earnings per rupee, the project deserves to be selected.
(iii) Average Return on Average Investment - Under this method the percentage of average return on average
amount of investment is calculated. To calculate the average investment, the outlay of the project is divided by
two. ARR is calculated as follows:
Average Rate of Return = Average Profits (after taxes) x 100
Average Investment
The average profits after taxes - Average profits after taxes are found by taking the sum of the
expected after-tax profits of the project during its life and dividing the sum by the number of years of its life. In
the case of an annuity, the average after-tax profits are equal to any year’s profits.
The average investments - Any of the following three formulae may be applied to calculate average
investment:
(a) Initial Investment/2
(b) (Initial Investment + Scrap Value)/ 2
be gainfully employed under certain circumstances. In a politically unstable economy, a quick return of
investment is a must. Shortest payback period is the only answer to such investments. In case of foreign
investments, the firms experiencing sever shortage of liquidity, for assessing short-run and medium term capital
projects, the payback period is the only good technique for assessing their profitability. In fact, the payback
period is a measure of liquidity of investment rather than their profitability. Thus, the payback period should
more appropriately be treated as a constraint to be satisfied than as a profitability measure to be maximized.
(B) Accounting Rate of Return Method (ARR)
This method is also known as Financial Statement Method, Return on Investment Method or Unadjusted
Rate of Return Method. It is based on operating earnings computed in the Profit & Loss Account, hence, no
separate calculations are necessary to compute annual cash inflows. Finding the average rate of return is a quite
popular approach for evaluating proposed capital expenditures. Its appeal stems from the fact that the average
rate of return is typically calculated from accounting data (i.e. profits after taxes). According to this method,
capital projects are ranked in order of their rate of earnings. Projects which yield the highest earnings are
selected and others are ruled out. This return on investment can be expressed in several ways as below:
(i) Average Rate of Return on Total Investment - This method established the relationship between
the average annual profits to total outlay of capital project, as follows:
Average Rate of Return = Average Profits (after taxes) x 100
Total Outlay of the Project
(c) Recovered Capital + Scrap Value
2
The averaging process outlined above assumes that the firm is using straight line method of
depreciation.
Merits of ARR Method
The approach has the following merits:
(1) Like payback method it is also simple and easy to understand.
(2) It is based on the accounting concept of operating income and accounting profit figures are used in
analyzing the profitability of alternative capital projects, hence no separate calculations are required.
(3) It takes into consideration the total earnings from the project during its entire economic life.
(4) This approach gives due weight to the profitability of the project.
(5) In investments with extremely long lives, the simple rate of return will be fairly close to the true rate
of returns. It is often used by financial analysts to measure current performance of a firm.
Demerits of ARR Method
This method has following demerits:
(1) One apparent disadvantage of this approach is this that its results by different methods are
inconsistent.
(2) It is simply an averaging technique which does not take into account the impact of various external
factors on overall profits of the firm.
(3) The method ignores the time factor of future cash streams which is crucial in business decisions as
the amount of interest and discount is substantially affected by it.
(4) This method does not determine the fair rate of return on investments. It is left at the discreation of
the management. Hence, the use of this arbitrary rate of return may cause serious distortions in the selection of
profitable projects.
II. Discounted Cash Flow Techniques (DCF)
Although, return on investment has been considered a satisfactory technique of capital budgeting in
accounting circles for long. Next came the payback approach which is based on cash flow technique. But the
lacuna of the above methods is that they do not take the time factor of the income into account. The earlier
receipts are certainly more important than the income to be received in later years. A bird in hand is worth than
the two in the bush, is aptly applicable to the management of capital. Accordingly, a rupee in the hand has more
worth than a rupee to be received five year later, because the use of money has a cost (interest) just as the use of
building or an automobile may have a cost (rent). The DCF techniques take care of these both aspects, i.e., time
value of money and cost of capital. As a capital project yields returns spread over a number of years, correct
assessment of its profitability can be made only if the annual returns of the future years are brought to their
present value after applying a discounting rate (i.e. cost of capital or interest rate). Similarly, if the investment is
to be made over a number of years, the cash outflows have to be brought down to their present value. Thus
these techniques recognize time-adjusted rate of return as well as the cost of capital. The aggregate of future
cash flows discounted at a given rate of cost of capital is called the present value of those cash inflows.
The calculation of present value consists of the following steps:
(a) Estimating future cash inflows from the project.
(b) Selecting a discount rate which is commonly known as opportunity cost or cost of capital also.
(c) Discounting those cash inflows with the discount factors or present value factors picked up from the
present value tables according to the rate of cost of capital.
There are three methods to judge the profitability of different proposals on the basis of discounted cash
flow technique. These are as follows:
(A) Net Present Value Method (NPV)
The calculation of net present value (NPV) of project is one of the most commonly used capital budgeting
techniques. This method is also known as Excess Present Value of Net Gain Method. The definition of net
present value can be expressed as follows:
NPV = Total Present value of Future Cash inflows - Initial Investment.
The total present value of future cash inflows is calculated with the help of the following formula:
P= S1 + S2 + ..................+ Sn
(1+i) (1+i) 2 (1+i) n
Where, P = Present Value of future cash inflows.
S = Future Value of cash inflows for n years.
i = Rate of interest
n = number of years (1, 2, 3,……..)
Based on the above equation, the present value factors tables have been prepared. In these tables, the
present value of Re. 1 at different rates of interest has been given. The second type of present value tables
provides us the cumulative amount of an annuity of Re. 1 for a given rate of interest. If the annual cash inflows
are of even nature, the compound present value factor should be used and if it is of uneven nature, the simple
present value factor should be applied. If the NPV is in positive the project should be accepted. If it is in
negative, it should be rejected. In mutually exclusive projects, the project with higher NPV should be preferred.
The following example will explain the procedure.
Illustration: Suppose a project costs Rs. 5,000. Its estimated economic life is 2 years. The firm’s cost of capital
is estimated to be 10%. The estimated cash inflows from the project are Rs. 2,800 p.a. calculate its NPV.
Solution: As the firm’s cash inflows are of conventional pattern (i.e. even amount), the compound value factor
can be used for calculating their NPV.
Rs.
Total Present Value = Rs. 2,800 x 1.813 5,272
Less:- Cost of the Project 5,000
Net Present Value 272
Merits of NPV Method
(1) The NPV method takes into consideration the time factor of earnings as well as cost of capital.
(2) It is very easy to calculate, simple to understand and useful for simply "accept" or "reject" type of projects.
(3) It can be applied to both types of cash inflows patterns - even and uneven cash inflows.
(4) The NPV method is generally preferred by economists. If one wishes to maximize profits, the use of NPV
always finds the correct decisions.
(5) It takes care of entire earnings.
(6) The concept of the present value of series of cash flows is an important feature in the analysis of different
investment potentialities. The net present worth technique analyses the merit of relative capital investments in a
nice and exact manner.
Demerits of NPV Method
(1) It involves a good amount of calculations. Hence, it is a complicated method.
(2) The use of this method requires the knowledge of cost of capital. If it is unknown, the method cannot be
used.
(3) It leads to confusing and contradictory answers for the ranking of complicated projects.
(4) Keeping in view the substantial difference in time-span and involved risk in various capital projects, the use
of one common rate of cost of capital for discounting cash inflows is not desirable.
B. Profitability Index Method
This method is also known as Benefit-Cost Ratio. One major demerit of NPV method is that it cannot be
applied to compare those mutually exclusive projects which differ in costs substantially. To compare and
evaluate such projects, the profitability index should be calculated. The profitability index is the relationship
that exists between the present values of net cash inflows and cost outlays of the projects. It can be calculated in
two manners:
Gross BCR = Total Present Values of Cash Inflows
Initial Investment
Net BCR = Net Present Values of Cash Inflows
Initial Investment
(Where NPV of cash inflows in Total Present value of cash inflows minus initial investment)
These both can be expressed in percentage also. Their expression in percentage helps in comparing the
relative profitability of capital projects. The higher the profitability index, the more desirable is the investment.
(B) Internal Rate of Return (IRR) Method
The third DCF technique is the Internal Rate of Return Method which is commonly known as Time-
adjusted Rate of Return method also. Like the present value method, the IRR method also considers the time
value of money by discounting the annual cash inflows. But present value method can be applied only when the
discount rate (i.e. cost of capital) is known to us. On the other hand, in IRR technique we find out that rate of
return which will equate the present value of future cash streams to the present cash outlay of the project. It is
usually the rate of return that the project earns. "It may be defined as the discount rate (r) which equates the
aggregate present value of the net cash inflows with the aggregate present value of cash outflows of a project".
In other words, "IRR is the maximum rate of interest that could be paid for the capital employed over the life of
an investment without loss on the project". Thus, it is that rate which gives the projects NPV of zero.
Assuming conventional cash inflows, mathematically, the IRR is represented by that rate, r, such that,
C= ACF1 + ACF2 + ACF3 + --------------- + ACFn + S+Wn
(1+r) 1 (1+r) 2 (1+r) 3 (1+r) n (1+r) n
Here:
C = Cost of the Project
ACF = Annual Cash Inflows
S = Scrap Value of the Project
W = Working capital involved and recovered
r = estimated rate of interest
Fortunately tabular values of present values of future earnings are readily available. So, usually these
tables are used for this purpose.
Computation of IRR
(a) In the case of even cash inflows - If the cash inflows are uniform each year then the computation of
IRR involves the following two steps:
(i) Calculate Present Values Factor by applying the following formula:
P.V. Factor = Initial Investment
Annual Cash Inflow
(ii) Locate the factor calculated in (i) in the compount Present Value Table on the line corresponding the
life span of investment in years. The interest rate of the line of that factor will be the required IRR.
It is to be noted that the present value of cash inflows at this computed rate must be equal to the present
value of cash outflows.
Illustration: A project costs Rs. 10,000 and is expected to generate cash inflows of Rs. 1,750 annually for 10
years. Its salvage value is nil. Calculate its IRR
Solution: P.V. Factor = Investment ÷ Annual Cash Inflow
= 10,000 ÷ 1,750 = 5.714
Locating this factor in the compound present value table on the line corresponding to the 10 th year. We
find that this factor is most close to the factor in the table at 12%. Hence, the approximate rate of return is 12%.
As the factor given in the table is less than the factor computed above, actual rate will be a bit less than
12%. It can, however, be ascertained by applying the interpolation technique as follows:
V1-V
IRR = r1 + -------------- (r2 -r1)
V1 -V2
+6.145 - 5.714
= 10% + ------------------------ x (12% - 10%)
+6.145 - 5.652
= 10% + 1.74% = 11.74%
Alternative Formula:
V - V2
IRR = r2 --------------- (r2 -r1)
V 1 – V2
5.714 - 5.650
= 12% ------------------------ x (12% - 10%)
6.145 - 5.650
0.064
= 12% - ------------ x 2
0.495
= 12% - 0.26% = 11.74%
Where,
r1 = Lower Rate of return
r2 = Higher rate of Return
V1 = PVF at lower rate of return
V2 = PVF at higher rate of return
V = PVF for which IRR to be interpolated
(b) In the case of uneven cash inflows –
Here the computation of IRR involves a trial and error procedure. To find the rate of interest that equates
the cash inflows with the cash outflows, we start with an assumed rated and calculate the NPV. This NPV may
be more than zero, less than zero or just equal to zero. If more than zero, a higher rate of interest should be tried
to calculate NPV. Conversely, when the NPV is less than zero, a lower rate would be used. The procedure will
go on till we find the rate which gives zero for the NPV.
Under IRR approach, the calculated IRR (i.e. actual rate) is compared with the required rate of return,
also known as the cut-off rate or hurdle rate (i.e. the cost of capital or interest rate on which the funds will be
available). If the actual IRR is higher than the cut-off rate, the project is accepted, if lower it is rejected.
If the IRR and cut-off are just equal, the firm will be indifferent as to whether to accept or reject the
project.
Illustration: A project requires an initial outlay of Rs. 32,400. Its estimated economic life is 3 years. The cash
streams generated by it are expected to be as follows:
Years Estimated ACF
(Rs.)
1 16,000
2 14,000
3 12,000
Computed its IRR. If the cost of capital to the firm is 12% advise the management whether the project should be
accepted or rejected.
Solution: To compute IRR, we have to follow the trial and error procedure with various rate of interest. The
following table presents the calculations:
Table showing calculations of IRR for unequal cash inflows
Total Present Values at different rate of interest
Year ACF DF at 14% P.V. DF at 16% P.V. DF at 15% P.V.
(Rs.) (Rs.) (Rs.) (Rs.)
1 16,000 0.877 14,032 0.862 13,795 0.870 13,920
2 14,000 0.769 10,766 0.743 10,402 0.756 10,584
3 12,000 0.675 8100 0.641 7,692 0.658 7,896
32,898 31,886 32,400
Less:- Cost of Project 32,400 32,400 32,400
+498 -514 0
Since NPV is zero at 15% discount rate, it is its IRR. If the cost of capital is 12%, the project must be
accepted as its internal return is 15% while cost of funds is only 12%. The project will contribute 3% to the
value of the firm.
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Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-1 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-2 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-3 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-4 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-5 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Copyright © 2010, S L Gupta
2-6 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
2B
B37D2A69BAA4DE
Copyright © 2010, S L Gupta
2-7 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Introduction
Some important aspects of personal selling are:
1. It enhances customer’s confidence in the seller.
2. It promotes long-term business relations through personal intimacy.
3. It provides a human touch to business transactions.
4. It helps facilitate the seller to understand each customer’s needs and
preferences more clearly.
5. It helps satisfy a customer by modifying the product as per the customer’s
choice and preference.
6. Personal selling followed by personal service helps build long-term relations
between the business and the customer.
7. It helps keep up with the competition in the market, based on product
123456
customisation as per customer’s preferences.
Copyright © 2010, S L Gupta
2-8 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Objectives of Personal Selling
Personal selling objectives may be:
Short-term
Short-term personal selling objectives are more specific and of short-term
duration. These objectives change very frequently as soon as there is change in
production mix. Further, they are usually quantitative objectives.
Long-term
Long-term personal selling objectives are broad and general. There is very little
scope of change in long-term objectives. They are usually quantitative objectives.
Copyright © 2010, S L Gupta
2-9 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
8. It is a powerful and effective tool for convincing the customer about the
product.
9. Through personal selling the time lag between introducing a product through
the media and actually selling it is reduced.
10. It provides prospective customers with a better understanding of the product
and an interactive opportunity to liaise with the sales personnel.
Copyright © 2010, S L Gupta
2-10 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Functions of Personal Selling
Personal selling is an oral presentation in face to face conversation with one or
more prospective customers for the purpose of making sales. The main functions
of personal selling are as follows:
1. Provide service to customers (Introduce the product, explain the right use,
Convince them etc.)
2. To sell the product
3. Maintain the sales record
4. Develop goodwill
5. Achieve sales target
Copyright © 2010, S L Gupta
2-11 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
Block: 123453678692AB36C2D2EBFBD
I 1234 Personal Selling
Changing Face of Personal Selling
Modern sales approach is based on the following parameters
1. Value Sharing: Salespeople study the changing needs and preferences of
their customers.
2. Relation Building: A value-based relationship helps the salespeople to
constantly mobilise resources and modify the end product by catering to the
specifics of the buyer.
3. Role Playing: The salespeople, in personal selling, go far beyond realising
sales. Sales people act as consultants to their prospective customers
constantly advising them of new products, their updates and impart
knowledge to them.
4. Changing Approach: Personal selling comes in a package containing the
inputs of the experts from different areas such as maintenance, installation,
trouble shooting, delivery staff, sales personnel, etc.
123456 Copyright © 2010, S L Gupta
2-12 Sales and Distribution Management Text & Cases (2nd Edition) S L Gupta Excel Books
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