ASTM E1057-2006e1 Standard Practice for Measuring Internal Rate of Return and Adjusted Internal Rate of Return for Investments in Buildings and Building Systems《建筑物和建筑系统投资的内部回报率和调整.pdf
《ASTM E1057-2006e1 Standard Practice for Measuring Internal Rate of Return and Adjusted Internal Rate of Return for Investments in Buildings and Building Systems《建筑物和建筑系统投资的内部回报率和调整.pdf》由会员分享,可在线阅读,更多相关《ASTM E1057-2006e1 Standard Practice for Measuring Internal Rate of Return and Adjusted Internal Rate of Return for Investments in Buildings and Building Systems《建筑物和建筑系统投资的内部回报率和调整.pdf(8页珍藏版)》请在麦多课文档分享上搜索。
1、Designation: E 1057 06e1Standard Practice forMeasuring Internal Rate of Return and Adjusted InternalRate of Return for Investments in Buildings and BuildingSystems1This standard is issued under the fixed designation E 1057; the number immediately following the designation indicates the year oforigin
2、al adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. Asuperscript epsilon (e) indicates an editorial change since the last revision or reapproval.e1NOTEFootnotes updated editorially in August 2007.INTRODUCTIONThe internal
3、rate-of-return (IRR) and adjusted internal rate-of-return (AIRR) methods are membersof a family of economic evaluation methods that provide measures of economic performance of aninvestment over time. Other methods in this family of evaluation methods are life-cycle cost analysis,net benefits and net
4、 savings analysis, benefit-to-cost and savings-to-investment ratio analysis, andpayback analysis.The IRR and AIRR methods are the topic of a single standard practice because they both measureeconomic performance as a compound yield on investment. The IRR is the compound rate of interestthat, when ap
5、plied as a discount rate to a projects stream of dollar benefits and costs, will equate them.The AIRR is the overall yield taking into account earnings on receipts reinvested to the end of thestudy period. The IRR or AIRR is compared against the investors minimum acceptable rate of return(MARR), and
6、 the investment is considered economically attractive if the calculated yield exceeds theMARR. If an investment entails an initial outlay and a single receipt at the end of the study period,there is no difference between the IRR and the AIRR. But if cash flows occur over multiple timeperiods, the tw
7、o will normally be different. This arises because the AIRR includes in its measure thereturn on reinvestment of receipts, whereas the IRR does not.The AIRR is recommended for most applications in which a measure of yield is desired. Cautionis recommended in applying either measure, however, because
8、problems arise under certainconditions.1. Scope1.1 This practice covers a procedure for calculating andinterpreting the internal rate of return (IRR) and adjustedinternal rate of return (AIRR) measures in the evaluation ofbuilding designs, systems, and equipment.2. Referenced Documents2.1 ASTM Stand
9、ards:2E 631 Terminology of Building ConstructionsE 833 Terminology of Building EconomicsE 917 Practice for Measuring Life-Cycle Costs of Buildingsand Building SystemsE 964 Practice for Measuring Benefit-to-Cost and Savings-to-Investment Ratios for Buildings and Building SystemsE 1074 Practice for Me
10、asuring Net Benefits and Net Sav-ings for Investments in Buildings and Building SystemsE 1121 Practice for Measuring Payback for Investments inBuildings and Building SystemsE 1185 Guide for Selecting Economic Methods for Evalu-ating Investments in Buildings and Building SystemsE 1369 Guide for Selec
11、ting Techniques for Treating Uncer-tainty and Risk in the Economic Evaluation of Buildingsand Building SystemsE 1765 Practice for Applying Analytical Hierarchy Process(AHP) to Multiattribute Decision Analysis of InvestmentsRelated to Buildings and Building Systems1This practice is under the jurisdic
12、tion of ASTM Committee E06 on Perfor-mance of Buildings and is the direct responsibility of Subcommittee E06.81 onBuilding Economics.Current edition approved April 1, 2006. Published April 2006. Originallyapproved in 1985. Last previous edition approved in 2004 as E 1057 04.2For referenced ASTM stan
13、dards, visit the ASTM website, www.astm.org, orcontact ASTM Customer Service at serviceastm.org. For Annual Book of ASTMStandards volume information, refer to the standards Document Summary page onthe ASTM website.1Copyright ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken,
14、PA 19428-2959, United States.E 1946 Practice for Measuring Cost Risk of Buildings andBuilding SystemsE 2204 Guide for Summarizing the Economic Impacts ofBuilding-Related Projects2.2 ASTM Adjuncts:Discount Factor Tables, Adjunct to Practices E 917, E 964,E 1057, E 1074, and E 112133. Terminology3.1 D
15、efinitionsFor definitions of terms used in this prac-tice, refer to Terminologies E 631 and E 833.4. Summary of Practice4.1 This practice is organized as follows:4.1.1 Section 1, ScopeIdentifies coverage.4.1.2 Section 2, Applicable DocumentsLists ASTM stan-dards that are referenced.4.1.3 Section 3,
16、TerminologyAddresses definitions ofterms.4.1.4 Section 4, Summary of PracticeOutlines the con-tents.4.1.5 Section 5, Significance and UseExplains the rel-evance of the IRR and AIRR and indicates their appropriateuses.4.1.6 Section 6, ProcedureSummarizes the steps in IRRand AIRR analysis.4.1.7 Sectio
17、n 7, Objectives, Constraints, and AlternativesDiscusses the first step in an analysis, that is, the identificationof the objectives of the analysis, any constraints that must betaken into account in finding a solution, and technicallyfeasible project alternatives.4.1.8 Section 8, Data and Assumption
18、sDiscusses the sec-ond step in an analysis; that is the data and assumptions that aretypically required for calculating the IRR and AIRR, and, inparticular, the requirement of the AIRR for specification of areinvestment rate.4.1.9 Section 9, IRR CalculationDescribes the third step,performing calcula
19、tions, as it applies to the IRR.4.1.10 Section 10, AIRR CalculationDescribes the thirdstep, performing calculations, as it applies to the AIRR.4.1.11 Section 11, Choosing Between the IRR and AIRRDiscusses how to choose between the IRR and the AIRR.4.1.12 Section 12, LimitationsDiscusses limitations
20、andshortcomings of the IRR and AIRR.4.1.13 Section 13, Analysis of IRR or AIRR Results and theDecisionDiscusses the decision criterion and the treatmentof uncertainty, risk, and unqualified effects.4.1.14 Section 14, ApplicationsDescribes the types ofdecisions to which the IRR and AIRR are applicabl
21、e.4.1.15 Section 15, ReportIdentifies information that shallbe included in a report of an IRR or AIRR application.5. Significance and Use5.1 The IRR method has been used traditionally in financeand economics to measure the percentage yield on investment.5.1.1 The IRR method is appropriate in most ca
22、ses forevaluating whether a given building or building system will beeconomically efficient, that is, whether its time-adjusted ben-efits will exceed its time-adjusted costs over the period ofconcern to the decision maker. However, it has deficiencies thatlimit its usefulness in choosing among proje
23、cts competing fora limited budget.5.2 The AIRR method is a measure of the overall rate ofreturn that an investor can expect from an investment over adesignated study period. It is appropriate both for evaluatingwhether a given building or building system will be economi-cally efficient and for choos
24、ing among alternatives competingfor a limited budget.5.2.1 TheAIRR method overcomes some, but not all, of thedeficiencies of the IRR. The AIRR is particularly recom-mended over the IRR for allocating limited funding amongcompeting projects.6. Procedure6.1 The recommended steps for applying the IRR o
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