工程管理专业英语_42

1、1. A profit measure is defined as an indicator of the desirability of a project from the standpoint of a decision maker.利润指标是帮助决策者判断一个投资项目前景的指示器。2. A profit measure may or may not be used as the basis for project selection.利润指标也可以作为选择备选方案的基准。13. Since various profit measures are used by decision mak

2、ers for different purposes, the advantages and restrictions for using these profit measures should be fully understood.由于不同的利润指标被决策者用作各种不同的用途，所以，这些指标的优势和限制我们必须深入的理解。4. There are several profit measures that are commonly used by decision makers in both private corporations and public agencies.目前，有很多种

3、投资收益估算方法被私人企业和公共事业部门的决策者使用.25. Each of these measures is intended to be an indicator of profit or net benefit for a project under consideration.每一种指标都可以被用作一个备选方案的利润或净收益的测试剂。6. Some of these measures indicate the size of the profit at a specific point in time; others give the rate of return per perio

4、d when the capital is in use or when reinvestments of the early profits are also included.某些测度表示某具体时点的利润是多少，而另外一些则是某时间段内投入资本或追加投资的收益率。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 r

5、estrictive purposes for which they are appropriate.如果给出一个项目，决策者能够清晰地理解每一种指标的意义，那么他就可以根据每种指标的限制条件在所有可行方案中挑选合适的指标。38. 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 measure

6、s precisely:在计算机技术和商业软件的支持下，投资利润指标有时只需几秒的时间就完成了，尽管如此，我们还是必须给每种指标下精确的定义。1. Net Future Value and Net Present Value1. Net Future Value and Net Present Value.净终值和净现值净终值和净现值9. When an organization makes an investment, the decision maker looks forward to the gain over a planning horizon, against what migh

7、t be gained if the money were invested elsewhere.当一个组织投资一个项目时，决策者在规划周期很想知道这个项目的收益，这个收益至少要能大于或等于把钱投到其他项目得到的收益。410. A minimum attractive rate of return (MARR) is adopted to reflect this opportunity cost of capital.最低收益率被用来反映资本的机会成本。11. The MARR is used for compounding the estimated cash flows to the e

8、nd of the planning horizon, or for discounting the cash flow to the present.它可以用来把规划周期发生的现金流折算到结束时刻，或者折现到现在时刻。512. 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 investing elsewhere at the MA

9、RR.一个项目的赢利能力用净终值（NFV）衡量，即，若按照该MARR将资金投入到别处而在规划周期结束时将本来可以得到的净收益。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.在规划期所发生的现金流的净现值NPV则是用MARR把净终值换算到现在时刻得到的。14. A positive NPV for a project indicates the present value

10、of the net gain corresponding to the project cash flows.得到一个正的净现值就表明该项目是收益的。62. Equivalent Uniform Annual Net Value2. Equivalent Uniform Annual Net Value. 净年值净年值15.The equivalent uniform annual net value (NUV) is a constant stream of benefits less costs at equally spaced time periods over the intend

11、ed planning horizon of a project.等额净年值是平均分配在规划周期内的、相等的、扣除成本的净年收入。16. This value can be calculated as the net present value multiplied by an appropriate capital recovery factor.这个NUV可以用净现值乘以一个适当的“资金回收因子”得到。17. It is a measure of the net return of a project on an annualized or amortized basis.这个方法用来估算

12、按年计息或分期清偿项目的净收益。718. The equivalent uniform annual cost (EUAC) can be obtained by multiplying the present value of costs by an appropriate capital recovery factor.一个项目的赢利能力用净终值（NFV）衡量，即，若按照该MARR将资金投入别处而在规划周期结束时本来可以得到的净收益。19. The use of EUAC alone presupposes that the discounted benefits of all poten

13、tial projects over the planning horizon are identical and therefore only the discounted costs of various projects need be considered.如果单独使用等值年费用，就说明备选方案在规划周期的贴现收益相同，只要比较其贴现费用的不同就行了。20. Therefore, the EUAC is an indicator of the negative attribute of a project which should be minimized.所以，等值年费用是一个负面的

14、值，我们要尽量使它的数值变小。83. Benefit Cost Ratio3. Benefit Cost Ratio. 收益收益- -费用比费用比21. The benefit-cost ratio (BCR), defined as the ratio of 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

15、费用比是收益和成本折算到同一时刻的比值，它表示付出每一个单元的成本可以得到多少收益，是一个项目盈利的指标。22. It is sometimes referred to as the savings-to-investment ratio (SIR) when the benefits are derived from the reduction of undesirable effects.有时收益是来自于削减了一些不良因素的影响，收益费用比又相当于存款投资比率。923. Its use also requires the choice of a planning horizon and a

16、 MARR.使用这个比率也需先确定规则周期和MARR 。24. Since some savings may be interpreted as a negative cost to be deducted from the denominator or as a positive benefit to be added to the numerator of the ratio, the BCR or SIR is not an absolute numerical measure.因为有时将一些节省当作费用的一种节约而从分母中减掉或者当作一种收益加在分子之中，所以收益-费用比和存款投资比率

17、不是一种绝对的数值。25. However, if the ratio of the present value of benefit to the present value of cost exceeds one, the project is profitable irrespective of different interpretations of such benefits or costs.然而，只要收益现值比上成本现值的比值大于1，那么无论怎样定义成本和收益，该项目总是盈利的。104. Internal Rate of Return4. Internal Rate of Ret

18、urn. 内部收益率内部收益率26. The internal rate of return (IRR) is defined as the discount rate which sets the net present value of a series of cash flows over the planning horizon equal to zero.内部收益率就是在项目规划周期内净现值等于0的贴现率。27.It is used as a profit measure since it has been identified as the marginal efficiency

19、of capital or the rate of return over cost.它被看成是一种边际资本效益或成本回报率。28.The IRR gives the return of an investment when the capital is in use as if the investment consists of a single outlay at the beginning and generates a stream of net benefits afterwards.IRR适用于初期有一笔支出，后来的每一年都有一笔收入的项目，而且第一笔付出的资金要一直被项目占用着

20、。29.However, the IRR does not take into consideration the reinvestment opportunities related to the timing and intensity of the outlays and returns at the intermediate points over the planning horizon.然而，内部收益率不考虑追加投资的时机和规划周期内各时间时点的开销和收益的大小。1130. For cash flows with two or more sign reversals of the

21、cash flows in any period, there may exist multiple values of IRR; in such cases, the multiple values are subject to various interpretations.如果在任何时段内现金流发生两次或两次以上的上下反复，那么就会出现多个内部收益率值，这些值就会（根据个人见解）定义成各种形式。5. Adjusted Internal Rate of Return5. Adjusted Internal Rate of Return. 调整后的内部收益率调整后的内部收益率31.If th

22、e financing and reinvestment policies are incorporated into the evaluation of a project, an adjusted internal rate of return (AIRR) which reflects such policies may be a useful indicator of profitability under restricted circumstances.如果要把融资和追加投资因素考虑到项目评估中去的话，那么我们就要引进一个经过调整的内部收益率在有限制条件的情况下表示项目的盈利能力。

23、32. Because of the complexity of financing and reinvestment policies used by an organization over the life of a project, the AIRR seldom can reflect the reality of actual cash flows.由于一个组织在项目生命期内使用的融资和追加投资方案的复杂性，经过调整的内部收益率很少能完全反映实际的现金流状况.1233. However, it offers an approximate value of the yield on

24、an investment for which two or more sign reversals in the cash flows would result in multiple values of IRR.我们只能提供一个近似的收益率来反映一个现金流有两次或两次以上翻转项目的内部收益情况。34. The adjusted internal rate of return is usually calculated as the internal rate of return on the project cash flow modified so that all costs are

25、discounted to the present and all benefits are compounded to the end of the planning horizon.一般是为经过调整的项目现金流计算内部收益率，办法是计算所有费用的现值，所有的收益率都计算为规划周期末的终值，这样计算出来的内部收益率就是经过调整的内部收益率。136. Return on Investment6. Return on Investment. 投资收益投资收益35. When an accountant reports income in each year of a multi-year pro

26、ject, the stream of cash flows must be broken up into annual rates of return for those years.当会计报告一个多年项目的年收入时，这些现金流就被分开计算出每年的投资回收率。36. The return on investment (ROI) as used by accountants usually means the accountants rate of return for each year of the project duration based on the ratio of the income (revenue less depreciation) for each year and the undercoated asset value (investment) for that same year.会计师使用的投资收益率（ROI）一般是项目生命周期内各年的会计收益率，是根据每一年的利润率（扣除折旧的年收入）和未贬值资产价值得到的。1437. Hence, the ROI is different from year to