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- Payback period in business and economics refers to the period of time required for the return on an investment to "repay" the sum of the original investment. For example, a $1000 investment which returned $500 per year would have a two year payback period. It intuitively measures how long something takes to "pay for itself. " Shorter payback periods are obviously preferable to longer payback periods (all else being equal). Payback period is widely used due to its ease of use despite recognized limitations, described below. The expression is also widely used in other types of investment areas, often with respect to energy efficiency technologies, maintenance, upgrades, or other changes. For example, a compact fluorescent light bulb may be described of having a payback period of a certain number of years or operating hours, assuming certain costs. Here, the return to the investment consists of reduced operating costs. Although primarily a financial term, the concept of a payback period is occasionally extended to other uses, such as energy payback period (the period of time over which the energy savings of a project equal the amount of energy expended since project inception); these other terms may not be standardized or widely used. Payback period as a tool of analysis is often used because it is easy to apply and easy to understand for most individuals, regardless of academic training or field of endeavour. When used carefully or to compare similar investments, it can be quite useful. As a stand-alone tool to compare an investment with "doing nothing," payback period has no explicit criteria for decision-making (except, perhaps, that the payback period should be less than infinity). The payback period is considered a method of analysis with serious limitations and qualifications for its use, because it does not properly account for the time value of money, risk, financing or other important considerations such as the opportunity cost. Whilst the time value of money can be rectified by applying a weight average cost of capital discount, it is generally agreed that this tool for investment decisions should not be used in isolation. Alternative measures of "return" preferred by economists are net present value and internal rate of return. An implicit assumption in the use of payback period is that returns to the investment continue after the payback period. Payback period does not specify any required comparison to other investments or even to not making an investment. There is no formula to calculate the payback period, excepting the simple and non-realistic case of the initial cash outlay and further constant cash inflows or constant growing cash inflows. To calculate the payback period an algorithm is needed. It is easily applied in spreadsheets. The typical algorithm reduces to the calculation of cumulative cash flow and the moment in which it turns to positive from negative. Additional complexity arises when the cash flow changes sign several times, that is it contains outflows in the midst or at the end of the project lifetime. The modified payback period algorithm may be applied then. Firstly, the sum of all of the cash flows is calculated. Then the cumulative positive cash flows are determined for each period. The modified payback period is calculated as the moment in which the cumulative positive cash flow exceeds the total cash outflow. Casio makes two Financial Consultant calculators the FC-100V and FC-200V which both easily calculate both Payback Period and Simple Payback Period. The Payback Period is calculated using an interest rate to discount. The Simple Payback Period - a shorter time - is when the interest rate is set to zero (0%) and does not take into acount the cost of money.
- En finance, le payback, ou « délai de récupération », représente le temps nécessaire pour que les flux de trésorerie prévisionnels dégagés par un investissement rentabilisent le coût d'investissement initial. Il peut-être calculé : soit « simple », sans que les flux soient corrigés pour tenir compte de la valeur temps de l'argent; soit, de manière plus exacte, en actualisant les flux de trésorerie. On parle alors de « payback actualisé ». Il s'intéresse au futur de l'entreprise, à la différence du PER plus statique. Par exemple, si un projet demande un investissement de 100 et dégage un flux de trésorerie annuel de 20, son délai de récupération est de 5 ans. Cet indicateur est cependant imparfait, il ne permet pas par exemple d'appréhender les problèmes ultérieurs (coûts de remise en état du site, de retraitement de centrales, etc).
- Срок окупаемости — период времени, необходимый для того, чтобы доходы, генерируемые инвестициями, покрыли затраты на инвестиции. Этот показатель определяют последовательным расчетом чистого дохода для каждого периода проекта. Точка, в которой PV примет положительное значение, будет являться точкой окупаемости. Для обозначения дисконтированного срока окупаемости проекта могут использоваться сокращения DPBP (англ. Discounted Pay-Back Period) или DPB.
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- Payback period in business and economics refers to the period of time required for the return on an investment to "repay" the sum of the original investment. For example, a $1000 investment which returned $500 per year would have a two year payback period. It intuitively measures how long something takes to "pay for itself. " Shorter payback periods are obviously preferable to longer payback periods (all else being equal).
- En finance, le payback, ou « délai de récupération », représente le temps nécessaire pour que les flux de trésorerie prévisionnels dégagés par un investissement rentabilisent le coût d'investissement initial. Il peut-être calculé : soit « simple », sans que les flux soient corrigés pour tenir compte de la valeur temps de l'argent; soit, de manière plus exacte, en actualisant les flux de trésorerie. On parle alors de « payback actualisé ».
- Срок окупаемости — период времени, необходимый для того, чтобы доходы, генерируемые инвестициями, покрыли затраты на инвестиции. Этот показатель определяют последовательным расчетом чистого дохода для каждого периода проекта.
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