Título: | INVESTMENT DECISION IN AN AFTER-SALE SERVICES PROJECT | ||||||||||||
Autor: |
HELOISA PINZON DE ANDRADE CESAR |
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Colaborador(es): |
FRANCES FISCHBERG BLANK - Orientador |
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Catalogação: | 10/ABR/2017 | Língua(s): | PORTUGUESE - BRAZIL |
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Tipo: | TEXT | Subtipo: | THESIS | ||||||||||
Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=29629&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=29629&idi=2 |
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DOI: | https://doi.org/10.17771/PUCRio.acad.29629 | ||||||||||||
Resumo: | |||||||||||||
Prior to taking investment decision in after-sales services projects, the logistics costs of its operations must be known and considered, they may include transportation costs, originated from routing, and logistics and import tax related costs if the project considers the import of equipment/parts. The aim of this dissertation involves the identification of those processes and costs and the valuation of an investment opportunity in this sense, measuring the value that similar projects may present. The economic viability of the project is analyzed from the perspective of the traditional models of investment analysis and also with the approach of the real options theory, a valuation method that considers the managerial flexibilities and that models the uncertainties of the project as stochastic processes. The result of the analyses allows the comparison of the viability of implementing a project for a mobile repair and service van in case the investment decision can be postponed or even not taken, considering it as a perpetual option. Two stochastic variables are modeled in this project, the demand and the RealBRL/DollarUSD exchange rate, both as a Geometric Brownian Motion through Monte Carlo simulation. The results indicate the viability of the project and suggest the immediate exercise of the option to invest. This way, offering after-sale services can be attractive to the company, from an economic and financial perspective, besides offering benefits to customers. Additionally, the influence of the project volatility and the stochastic variables growth parameters were tested through sensitivity analysis for the obtained results.
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