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1、寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多1.A profit measure is defined as an indicator of the desirability of a project from the standpoint of a decision maker.利潤(rùn)指標(biāo)是幫助決策者判斷一個(gè)投資項(xiàng)目前景的指示器。2.A profit measure may or may not be used as the basis for project selection.利潤(rùn)指標(biāo)也可以作為選擇備選方案的基準(zhǔn)。1寒

2、假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多3.Since various profit measures are used by decision makers for different purposes,the advantages and restrictions for using these profit measures should be fully understood.由于不同的利潤(rùn)指標(biāo)被決策者用作各種不同的用途，所以，這些指標(biāo)的優(yōu)勢(shì)和限制我們必須深入的理解。4.There are several pro

3、fit measures that are commonly used by decision makers in both private corporations and public agencies.目前，有很多種投資收益估算方法被私人企業(yè)和公共事業(yè)部門的決策者使用.2寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多5.Each of these measures is intended to be an indicator of profit or net benefit for a project under co

4、nsideration.每一種指標(biāo)都可以被用作一個(gè)備選方案的利潤(rùn)或凈收益的測(cè)試劑。6.Some of these measures indicate the size of the profit at a specific point in time;others give the rate of return per period when the capital is in use or when reinvestments of the early profits are also included.某些測(cè)度表示某具體時(shí)點(diǎn)的利潤(rùn)是多少，而另外一些則是某時(shí)間段內(nèi)投入資本或追加投資的收益率。

5、7.If a decision maker understands clearly the meaning of the various profit measures for a given project,there is no reason why one cannot use all of them for the restrictive purposes for which they are appropriate.如果給出一個(gè)項(xiàng)目，決策者能夠清晰地理解每一種指標(biāo)的意義，那么他就可以根據(jù)每種指標(biāo)的限制條件在所有可行方案中挑選合適的指標(biāo)。3寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去

6、打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多8.With the availability of computer based analysis and commercial software,it takes only a few seconds to compute these profit measures.However,it is important to define these measures precisely:在計(jì)算機(jī)技術(shù)和商業(yè)軟件的支持下，投資利潤(rùn)指標(biāo)有時(shí)只需幾秒的時(shí)間就完成了，盡管如此，我們還是必須給每種指標(biāo)下精確的定義。1.Net Futur

7、e Value and Net Present Value1.Net Future Value and Net Present Value.凈終值和凈現(xiàn)值凈終值和凈現(xiàn)值9.When an organization makes an investment,the decision maker looks forward to the gain over a planning horizon,against what might be gained if the money were invested elsewhere.當(dāng)一個(gè)組織投資一個(gè)項(xiàng)目時(shí)，決策者在規(guī)劃周期很想知道這個(gè)項(xiàng)目的收益，這個(gè)收益至

8、少要能大于或等于把錢投到其他項(xiàng)目得到的收益。4寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多10.A minimum attractive rate of return(MARR)is adopted to reflect this opportunity cost of capital.最低收益率被用來反映資本的機(jī)會(huì)成本。11.The MARR is used for compounding the estimated cash flows to the end of the planning horizon,or for

9、 discounting the cash flow to the present.它可以用來把規(guī)劃周期發(fā)生的現(xiàn)金流折算到結(jié)束時(shí)刻，或者折現(xiàn)到現(xiàn)在時(shí)刻。5寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多12.The profitability is measured by the net future value(NFV)which is the net return at the end of the planning horizon above what might have been gained by investin

10、g elsewhere at the MARR.一個(gè)項(xiàng)目的贏利能力用凈終值（NFV）衡量，即，若按照該MARR將資金投入到別處而在規(guī)劃周期結(jié)束時(shí)將本來可以得到的凈收益。13.The net present value(NPV)of the estimated cash flows over the planning horizon is the discounted value of the NFV to the present.在規(guī)劃期所發(fā)生的現(xiàn)金流的凈現(xiàn)值NPV則是用MARR把凈終值換算到現(xiàn)在時(shí)刻得到的。14.A positive NPV for a project indicates t

11、he present value of the net gain corresponding to the project cash flows.得到一個(gè)正的凈現(xiàn)值就表明該項(xiàng)目是收益的。6寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多2.Equivalent Uniform Annual Net Value2.Equivalent Uniform Annual Net Value.凈年值凈年值15.The equivalent uniform annual net value(NUV)is a constant stream

12、 of benefits less costs at equally spaced time periods over the intended planning horizon of a project.等額凈年值是平均分配在規(guī)劃周期內(nèi)的、相等的、扣除成本的凈年收入。16.This value can be calculated as the net present value multiplied by an appropriate capital recovery factor.這個(gè)NUV可以用凈現(xiàn)值乘以一個(gè)適當(dāng)?shù)摹百Y金回收因子”得到。17.It is a measure of the

13、net return of a project on an annualized or amortized basis.這個(gè)方法用來估算按年計(jì)息或分期清償項(xiàng)目的凈收益。7寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多18.The equivalent uniform annual cost(EUAC)can be obtained by multiplying the present value of costs by an appropriate capital recovery factor.一個(gè)項(xiàng)目的贏利能力用凈終值（

14、NFV）衡量，即，若按照該MARR將資金投入別處而在規(guī)劃周期結(jié)束時(shí)本來可以得到的凈收益。19.The use of EUAC alone presupposes that the discounted benefits of all potential projects over the planning horizon are identical and therefore only the discounted costs of various projects need be considered.如果單獨(dú)使用等值年費(fèi)用，就說明備選方案在規(guī)劃周期的貼現(xiàn)收益相同，只要比較其貼現(xiàn)費(fèi)用的不同就

15、行了。20.Therefore,the EUAC is an indicator of the negative attribute of a project which should be minimized.所以，等值年費(fèi)用是一個(gè)負(fù)面的值，我們要盡量使它的數(shù)值變小。8寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多3.Benefit Cost Ratio3.Benefit Cost Ratio.收益收益-費(fèi)用比費(fèi)用比21.The benefit-cost ratio(BCR),defined as the ratio of

16、 discounted benefits to the discounted costs at the same point in time,is a profitability index based on discounted benefits per unit of discounted costs of a project.收益費(fèi)用比是收益和成本折算到同一時(shí)刻的比值，它表示付出每一個(gè)單元的成本可以得到多少收益，是一個(gè)項(xiàng)目盈利的指標(biāo)。22.It is sometimes referred to as the savings-to-investment ratio(SIR)when the benefits are derived from the reduction of undesirable effects.有時(shí)收益是來自于削減了一些不良因素的影響，收益費(fèi)用比又相當(dāng)于存款投資比率。9寒假來臨，不少的高中畢業(yè)生和大學(xué)在校生都選擇去打工。準(zhǔn)備過一個(gè)充實(shí)而有意義的寒假。但是，目前社會(huì)上寒假招工的陷阱很多23.Its use also requires the choice of a