In the previous course, you learned financial statement analysis and how to make estimate of future financial status. In this course, you are going to learn capital budgeting. That is, how to make an investment decision. You would like to select the best project among various projects you can take. Then, you need to know the criteria. In this course, you are going to learn investment decision criteria such as NPV and IRR, which are most popular decision rules. Using financial analysis and discounted cash flow method, you can make pro forma financial statement and estimate project cash flows. Then, you apply investment criteria to determine whether to invest or not. After learning how to apply NPV and IRR method to investment decision, you are going to learn how to evaluate NPV estimate and scenario, what-if analyses and break-even analysis. In addition to NPV and IRR, you are going to learn Payback period method and Profitability method to determine whether to invest or not when there is a political risk or capital rationing.
Ce cours fait partie de la Spécialisation Valuation and Financial Analysis For Startups
Applying Investment Decision Rules for Startups
proposé par
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
1Capital Budgeting techniques
Capital budgeting is the process of deciding whether to undertake an investment project. In this module, you will study the three most popular capital budgeting techniques in practice: Net present value (NPV), Payback period, and Internal rate of return (IRR).
5 vidéos (Total 29 min), 4 lectures, 2 quiz
5 vidéos
1.1 Introduction to Capital Budgeting4 min
1.2 Net Present Value (NPV)6 min
1.3 Payback Period9 min
1.4 Internal Rate of Return7 min
4 lectures
1.1 Slide10 min
1.2 Slide10 min
1.3 Slide10 min
1.4 Slide10 min
2 exercices pour s'entraîner
Practice Quiz (1.1~1.4)30 min
Week 1 Quiz30 min
Semaine
2Project Analysis
In this module, you will learn how to estimate project cash flows using Excel. Overall, project cash flow analysis is similar to firm-level cash flow analysis. However, there also exist some unique features of a project cash flow analysis, which requires us to study the project cash flow principles.
4 vidéos (Total 33 min), 4 lectures, 2 quiz
4 vidéos
2.2 Pro Forma Income Statement9 min
2.3 Free Cash Flow8 min
2.4 Sensitivity Analysis9 min
4 lectures
2.1 Slide10 min
2.2 Slide10 min
2.3 Slide10 min
2.4 Slide10 min
2 exercices pour s'entraîner
Practice Quiz (2.1~2.4)30 min
Week 2 Quiz30 min
Semaine
3Issues in Capital Budgeting
Sometimes you have to evaluate multiple projects at a time. In this module, you will learn how to choose the best project among multiple projects. We will also discuss various important issues in NPV and IRR techniques. Finally, we discuss the fundamental principle in choosing the discount rate.
4 vidéos (Total 30 min), 4 lectures, 2 quiz
4 vidéos
3.2 Comparing NPV and IRR techniques I6 min
3.3 Comparing NPV and IRR techniques II10 min
3.4 Choosing the Discount Rate6 min
4 lectures
3.1 Slide10 min
3.2 Slide10 min
3.3 Slide10 min
3.4 Slide10 min
2 exercices pour s'entraîner
Practice Quiz (3.1~3.4)30 min
Week 3 Quiz30 min
Semaine
4Real Options in Business Projects
We continue to study analyzing business projects, but the difference in this module is that now we consider the value of "real options" embedded in the project. You will learn how to estimate the project's value by using the decision tree approach or the Black-Scholes option pricing model.
4 vidéos (Total 32 min), 4 lectures, 3 quiz
4 vidéos
4.1 Options Basics7 min
4.2 Decision Tree Approach7 min
4.3 Black-Scholes Option Pricing Model10 min
4.4 Evaluating Projects Using B-S Model7 min
4 lectures
4.1 Slide10 min
4.2 Slide10 min
4.3 Slide10 min
4.4 Slide10 min
3 exercices pour s'entraîner
Practice Quiz (4.1~4.4)30 min
Week 4 Quiz40 min
Final Quiz20 min
Enseignant
Saeyeul Park
Assistant ProfessorSchool of Business
À propos de Yonsei University
Yonsei University was established in 1885 and is the oldest private university in Korea.
Yonsei’s main campus is situated minutes away from the economic, political, and cultural centers of Seoul’s metropolitan downtown. Yonsei has 3,500 eminent faculty members who are conducting cutting-edge research across all academic disciplines. There are 18 graduate schools, 22 colleges and 133 subsidiary institutions hosting a selective pool of students from around the world.
Yonsei is proud of its history and reputation as a leading institution of higher education and research in Asia.
À propos de la Spécialisation Valuation and Financial Analysis For Startups
The Startup Valuation and Financial Analysis Specialization teaches two of the most often used methods to find the value of a startup. You’ll learn how to find the value of founder’s ownership before and after additional funding, how to read financial statements and make pro-forma statements, and how to determine the financial health and status of a startup and estimate future earnings and value. You’ll then use various investment criteria, such as Net Present Value (NPV) and Individual Rate of Return (IRR), to make a decision about whether and where to invest your money.
Specific topics include: the time value of money, discounted cash flows method, multiple method, financial statements analysis, free cash flows, capital budgeting decision rules and current trends. The Capstone Project will find the value of startups using the methods taught in the course.
Foire Aux Questions
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