既然選擇了，就要勇敢走下去，不管前方有多少困難，都應(yīng)該義無(wú)反顧，一直向前。備考ACCA考試亦是如此，既然選擇了報(bào)考我們就要堅(jiān)持下去，東奧小編為大家整理了相關(guān)重要考點(diǎn)，趕快來(lái)看一下吧。

【內(nèi)容導(dǎo)航】

Sensitivity analysis（敏感性分析）

【知識(shí)點(diǎn)】

Sensitivity analysis（敏感性分析）

Sensitivity analysis（敏感性分析）

Sensitivity analysis is one method of analysing the uncertainty surrounding a capital expenditure project and enables an assessment to be made of how responsive the project's NPV is to changes in the variables that are used to calculate that NPV.

Sensitivity is to calculate what % change of variable will make NPV=0.

The NPV could depend on a number of uncertain independent variables.

Selling price

Sales volume

Cost of capital

Initial cost

Operating costs

Project life

Note 1: The lower the percentage, the more sensitive the NPV is to that project variable, as the variable would need to change by a smaller amount to make the project non-viable.

Note 2: Present value of project variable (or PV of Variable, or simply PVV) means the present value which is affected by the change of this variable. Basic sensitivity formula can be applied on the condition that the variable and PVV follow a linear relationship (Multiple relationship exactly), or in other words, when the variable change 7%, the PVV also change 7%.

Note 3: To recognize correct PVV is also a very important step.

If we find that the above condition cannot be met, and the relationship between the variable and PVV is hard to find, just use the original definition of sensitivity, to calculate what % change of variable will make NPV=0.

Uncertainty analysis can be applied to a proposed capital investment where there are several possible outcomes but there is little past relevant experience to enable the probability of the alternative outcomes to be predicted.

A risky situation is one where we can say that there is a 70% probability that returns from a project will be $150,000 and a 30% probability that returns will be less than $50,000. This is more risky than an investment where there is a 70% probability that returns will be $110,000 and a 30% probability that returns will be $90,000. The variability of returns, which could be measured statistically, is lower with this second investment, which is why it is less risky.

If, however, no information can be provided about the probabilities of different returns from the project, we are faced with an uncertain situation. For example, we might estimate that returns from an investment could be anything between $150,000 and $50,000, but we can't estimate probabilities. This would be uncertainty about the investment returns.

夢(mèng)想一旦被付諸行動(dòng)，就會(huì)變得神圣。備考ACCA考試大家一定要腳踏實(shí)地，從容備考。最后，預(yù)祝大家順利通過(guò)ACCA考試。

注：以上內(nèi)容來(lái)自Echo老師基礎(chǔ)班第18講

(本文為東奧會(huì)計(jì)在線原創(chuàng)文章，僅供考生學(xué)習(xí)使用，禁止任何形式的轉(zhuǎn)載)