Property Investment and Risk Management | Report

Running head: PROPERTY INVESTMENT AND RISK MANAGEMENT
Property Investment and Risk Management
Name of the Student:
Name of the University:
Authors Note:

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Contents
Introduction:....................................................................................................................................2
Investment analysis:.........................................................................................................................2
Leverage, risk and taxation analysis:.............................................................................................28
Conclusion:....................................................................................................................................35
References:....................................................................................................................................37

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Introduction:
Considering the immense demand of office building in Westmead, New South Wales, the 5/17
Lydbrook Street property situated in Westmead NSW can be used to give at rent for official
purposes to small and medium sized organization. Considering that the property in total has 95
square meter in floor area thus, it can definitely be used as an office for small proprietorship or
partnership business. Considering the huge demand of property in the area it is expected that the
property will fetched significant renal to provide the buyer stable return over a long period of
time. A detailed discussion on the credibility of the proposal by ascertaining the net present value
and IRR of the property shall be helpful for the investor to take an appropriate decision in this
matter.
Investment analysis:
Investment analysis is the process of assessing an investment option from the point of view of
the investor to assess whether it would be financially beneficial for the investor to invest in it. In
case an investor has number of different proposals in front of him to invest however, due to lack
of funds he can only make investment in one of those proposals then investment analysis helps in
identifying the most profitable and financially beneficial proposal to make investment (Adler,
2016).
There are number of different techniques and methods that can be used to conduct investment
analysis. Investment appraisal technique is one of the most effective techniques used by the
investors to analyze the potential of different investment proposals. Net present value,
accounting rate of return, pack back period method and internal rate of return are different
techniques used to apprise the potential of investment proposals.

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PROPERTY INVESTMENT AND RISK MANAGEMENT
In this document a detailed discussion shall be provided by calculating expected net present
value and IRR of the investment property. In order to calculate NPV and IRR of the property the
following inputs shall be used. The data provided below in the table has been accumulated after
considering the market situation for similar properties in the region, i.e. Westmead, NSW. In
addition certain assumptions have been made to conduct the investment analysis as these are
essential to the calculation of NPV and IRR for a project (Danazimi Jibril, Toyin J and ., 2018).
Input table 1:
Inputs to calculate projected cash flows
Name of the property: 5/17 Lydbrook Street Westmead
Address of the property: 5/17 Lydbrook Street Westmead New South Wales
2145
Purchase value 480,000.00
Type of property: Office building
Total Building Area (Sq.Ft.): 1,022 95 Square meter
Date of rent period starting: 01 July, 2020
Number of years for the analysis 10

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Rate of general inflation 3%
Vacancy rate 0%
Collection loss 0%
Expenses to be reimbursed by the tenant
Maintenance expenses $1.50 per sq. ft. /yr.
Ad Valorem Tax $1,500 per yr.
Insurance on property $0.50 per sq. ft. /yr.
Provision for utilities $1.50 per sq. ft. /yr.
Administrative purpose expenses $0.25 per sq. ft. /yr.
Expenses not to be reimbursed by the tenant
Management expenses 3% of Annual gross rent
Assumptions for Market Leasing
Market Rent $80.00 per sq. ft. /yr.
Allowance for tenancy improvement $2.50 Per s. ft. Per sq. ft.
Length of tenancy agreement 10 Years Years

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Resale Assumptions:
Cap rate for terminal value 15%
Commission to be paid on resale value 5%
Valuation Assumptions:
Rate of discount 10.00%
Input table 2:
Information about tenancy agreement
Tenant
Name of the tenant Damien Haggard
Rent per square foot $80.00
Area of the property 1,022
Term beginning 01 July, 2020
Number of years in the tenancy agreement 10
Discounted cash flows:

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Discounted cash inflow for first five years are provided below:
Year 1 Year 2 Year 3 Year 4 Year 5
Year ending Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
Gross revenue (Expected)
Revenue from rental $81,760 $84,213 $86,739 $89,341 $92,022
Less: Loss in rent due to
vacancy
$0 $0 $0 $0 $0
Total Reimbursement Revenue $5,333 $5,447 $5,566 $5,688 $5,814
Effective Gross Revenue
receivable
$87,093 $89,660 $92,305 $95,029 $97,835
Operating Expenses
Reimbursable Expenses
Maintenance expenses $1,533 $1,579 $1,626 $1,675 $1,725
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Property Insurance (Fixed) $511 $526 $542 $558 $575
Utilities $1,533 $1,579 $1,626 $1,675 $1,725
Administrative Expense $256 $263 $271 $279 $288
Non-reimbursable Expenses
Management $2,452.80 $2,526.38 $2,602.18 $2,680.24 $2,760.65
Total Operating Expenses $7,785 $7,974 $8,168 $8,368 $8,574
Net Operating Income $79,307 $81,686 $84,137 $86,661 $89,261
Capital cost
Tenant Improvements $1,533 $1,594 $1,658 $1,724 $1,793
Total Capital Costs $1,533 $1,594 $1,658 $1,724 $1,793
Net cash flow after meeting all
expenditures
$77,774 $80,092 $82,479 $84,937 $87,468

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PROPERTY INVESTMENT AND RISK MANAGEMENT
PV factors @10% pa 0.90909090
9
0.826446281 0.75131480
1
0.683013455 0.620921323
Discounted cash inflow (Net) $70,703.82 $66,191.81 $61,967.63 $58,012.91 $54,310.47
Discounted cash inflow from year 6 to year 10:
Year 6 Year 7 Year 8 Year 9 Year 10
Year ending Jun-26 Jun-27 Jun-28 Jun-29 Jun-30
Gross revenue (Expected)
Revenue from rental $94,782 $97,626 $100,554 $103,571 $106,678
Less: Loss due to vacancy $0 $0 $0 $0 $0
Total Reimbursement Revenue $5,943 $6,076 $6,213 $6,355 $6,501
Effective Gross Revenue
receivable
$100,725 $103,702 $106,768 $109,926 $113,179
Operating Expenses
Reimbursable Expenses

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Maintenance expenses $1,777 $1,830 $1,885 $1,942 $2,000
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500
Property Insurance (Fixed) $592 $610 $628 $647 $667
Utilities $1,777 $1,830 $1,885 $1,942 $2,000
Administrative Expense $296 $305 $314 $324 $333
Non-reimbursable Expenses
Management $2,843.47 $2,928.77 $3,016.63 $3,107.13 $3,200.35
Total Operating Expenses $8,786 $9,005 $9,230 $9,462 $9,701
Net Operating Income $91,939 $94,697 $97,538 $100,464 $103,478
Capital cost
Tenant Improvements $1,865 $1,940 $2,017 $2,098 $2,182
Total Capital Costs $1,865 $1,940 $2,017 $2,098 $2,182
Net cash flow after meeting all $90,074 $92,757 $95,521 $98,366 $101,296

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PROPERTY INVESTMENT AND RISK MANAGEMENT
expenditures
PV factors @10% pa 0.56447393 0.513158118 0.4665073
8
0.424097618 0.385543289
Discounted cash inflow (Net) $50,844.23 $47,599.12 $44,561.03 $41,716.77 $39,053.98
Discounted cash inflow in the above table have been calculated by using 10% rate of discount
(Drury and Tayles, 2016).
Tenancy schedule:
Income:
Tenancy schedule below showing income from tenancy schedule between year 1 and year 5.
Year 1 Year 2 Year 3 Year 4 Year 5
For Yr. Ending Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
Base Rental Revenue $81,760 $84,212.8
0
$86,739.1
8
$89,341.3
6
$92,021.60

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Less Absorption & Turnover
Vac.
$0 $0 $0 $0 $0
Scheduled Base Rental
Revenue
$81,760 $84,213 $86,739 $89,341 $92,022
Expense Reimbursement
Rev.
$5,333 $5,447 $5,566 $5,688 $5,814
Total Potential Gross
Revenue
$87,093 $89,660 $92,305 $95,029 $97,835
Tenancy schedule below showing income from tenancy schedule between year 6 and year
10.
Year 6 Year 7 Year 8 Year 9 Year 10
For Yr. Ending Jun-26 Jun-27 Jun-28 Jun-29 Jun-30
Base Rental Revenue $94,782.2
5
$97,625.7
2
$100,554.
49
$103,571.
12
$106,678.
26
Less Absorption & Turnover
Vac.
$0 $0 $0 $0 $0
Scheduled Base Rental $94,782 $97,626 $100,554 $103,571 $106,678

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Revenue
Expense Reimbursement
Rev.
$5,943 $6,076 $6,213 $6,213 $6,213
Total Potential Gross
Revenue
$100,725 $103,702 $106,768 $109,785 $112,892
Outgoing schedule:
Outgoing schedule showing all expenses is are calculated below:
Expenses between year 1 and year 5 are shown in the table below.
Year 1 Year 2 Year 3 Year 4 Year 5
Year ending on Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Reimbursable Expenses:
Maintenance expenses $1,533 $1,578.99 $1,626.36 $1,675.1
5
$1,725.41
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500
Property Insurance (Fixed) $511 $526.33 $542.12 $558.38 $575.14
Utilities $1,533 $1,578.99 $1,626.36 $1,675.1 $1,725.41

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PROPERTY INVESTMENT AND RISK MANAGEMENT
5
Administrative Expense $256 $263.17 $271.06 $279.19 $287.57
Revenue from
Reimbursement
$5,333 $5,447 $5,566 $5,688 $5,814
Total Reimbursement
Revenue
$5,333 $5,447 $5,566 $5,688 $5,814
Non-reimbursable
Expenses
Management fee $2,453 $2,526 $2,602 $2,680 $2,761
Expenses between year 6 and year 10 are shown in the table below.
Year 6 Year 7 Year 8 Year 9 Year 10
For Yr. Ending Dec-24 Dec-25 Dec-26 Dec-27 Dec-28
Reimbursable Expenses:
Maintenance expenses $1,777.1 $1,830.48 $1,885.40 $1,941.96 $2,000.22

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PROPERTY INVESTMENT AND RISK MANAGEMENT
7
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500
Property Insurance (Fixed) $592.39 $610.16 $628.47 $647.32 $666.74
Utilities $1,777.1
7
$1,830.48 $1,885.40 $1,941.96 $2,000.22
Administrative Expense $296.19 $305.08 $314.23 $323.66 $333.37
Revenue from
Reimbursement
$5,943 $6,076 $6,213 $6,355 $6,501
Total Reimbursement
Revenue
$5,943 $6,076 $6,213 $6,355 $6,501
Non-reimbursable
Expenses
Management fee $2,843 $2,929 $3,017 $3,107 $3,200
Discount rate schedule:
The rate of discount is 10% per annum and accordingly the discounting factor to be used to

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PROPERTY INVESTMENT AND RISK MANAGEMENT
calculate discounted cash inflows from the property for different years are outlined below (Fu
and Tang, 2017).
Year Discount
rate @10%
pa
1 0.90909091
2 0.82644628
3 0.7513148
4 0.68301346
5 0.62092132
6 0.56447393
7 0.51315812
8 0.46650738
9 0.42409762
10 0.38554329
Terminal yield schedule:

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PROPERTY INVESTMENT AND RISK MANAGEMENT
The terminal yield schedule showing the expected amount of money to be received from the sale
of the property after 10 years is calculated in the table below.
Year Annual net cash
inflow
Present value factor
@10% pa
Present Value of Cash
Flow @ 10% pa
1 $77,774 $0.909 70,70
3.82
2 $80,092 $0.826 66,19
1.81
3 $82,479 $0.751 61,96
7.63
4 $84,937 $0.683 58,01
2.91
5 $87,468 $0.621 54,31
0.47
6 $90,074 $0.564 50,84
4.23
7 $92,757 $0.513 47,59
9.12
8 $95,521 $0.467 44,56

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PROPERTY INVESTMENT AND RISK MANAGEMENT
1.03
9 $98,366 $0.424 41,71
6.77
10 $101,296 $0.386 39,05
3.98
Total Cash Flow $890,763 534,96
1.78
Property Resale @ Cap
Rate
$675,306.47
Less Adjustments $33,765
Net Resale Cash Flow $641,541 247,341.
88
As per the information it is expected that the growth rate for rental will be in tandem with the
inflation rate. The rate of inflation is 3% per annum thus, it is expected that the annual rent shall
also grow by 3% each year from the previous years (Giannakis and Harker, 2017).
Similarly, the outgoing growth is also expected to be 3% for the expenditures which are not fixed
however, fixed expenditures such as property insurance and ad valorem tax will remain fixed and

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PROPERTY INVESTMENT AND RISK MANAGEMENT
will not increase or decrease during the rental period. Thus, outgoing growth rate also refers to as
CPI is 3% for variable expenditures.
Projection of discounted cash inflows:
Projected in discounted cash inflows are shown in the table below:
Discounted cash inflows from year 1 to 5:
Year 1 Year 2 Year 3 Year 4 Year 5
Year ending Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
Gross revenue (Expected)
Revenue from rental $81,760 $84,213 $86,739 $89,341 $92,022
Less: Loss in rent due to
vacancy
$0 $0 $0 $0 $0
Total Reimbursement Revenue $5,333 $5,447 $5,566 $5,688 $5,814
Effective Gross Revenue
receivable
$87,093 $89,660 $92,305 $95,029 $97,835

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Operating Expenses
Reimbursable Expenses
Maintenance expenses $1,533 $1,579 $1,626 $1,675 $1,725
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500
Property Insurance (Fixed) $511 $526 $542 $558 $575
Utilities $1,533 $1,579 $1,626 $1,675 $1,725
Administrative Expense $256 $263 $271 $279 $288
Non-reimbursable Expenses
Management $2,452.80 $2,526.38 $2,602.18 $2,680.24 $2,760.65
Total Operating Expenses $7,785 $7,974 $8,168 $8,368 $8,574
Net Operating Income $79,307 $81,686 $84,137 $86,661 $89,261
Capital cost
Tenant Improvements $1,533 $1,594 $1,658 $1,724 $1,793
Total Capital Costs $1,533 $1,594 $1,658 $1,724 $1,793

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Net cash flow after meeting all
expenditures
$77,774 $80,092 $82,479 $84,937 $87,468
PV factors @10% pa 0.90909090
9
0.826446281 0.75131480
1
0.683013455 0.620921323
Discounted cash inflow (Net) $70,703.82 $66,191.81 $61,967.63 $58,012.91 $54,310.47
Discounted cash inflow from year 6 to year 10:
Year 6 Year 7 Year 8 Year 9 Year 10
Year ending Jun-26 Jun-27 Jun-28 Jun-29 Jun-30
Gross revenue (Expected)
Revenue from rental $94,782 $97,626 $100,554 $103,571 $106,678
Less: Loss due to vacancy $0 $0 $0 $0 $0
Total Reimbursement Revenue $5,943 $6,076 $6,213 $6,355 $6,501

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Effective Gross Revenue
receivable
$100,725 $103,702 $106,768 $109,926 $113,179
Operating Expenses
Reimbursable Expenses
Maintenance expenses $1,777 $1,830 $1,885 $1,942 $2,000
Ad Valorem Tax (Fixed) $1,500 $1,500 $1,500 $1,500 $1,500
Property Insurance (Fixed) $592 $610 $628 $647 $667
Utilities $1,777 $1,830 $1,885 $1,942 $2,000
Administrative Expense $296 $305 $314 $324 $333
Non-reimbursable Expenses
Management $2,843.47 $2,928.77 $3,016.63 $3,107.13 $3,200.35
Total Operating Expenses $8,786 $9,005 $9,230 $9,462 $9,701
Net Operating Income $91,939 $94,697 $97,538 $100,464 $103,478
Capital cost

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Tenant Improvements $1,865 $1,940 $2,017 $2,098 $2,182
Total Capital Costs $1,865 $1,940 $2,017 $2,098 $2,182
Net cash flow after meeting all
expenditures
$90,074 $92,757 $95,521 $98,366 $101,296
PV factors @10% pa 0.56447393 0.513158118 0.4665073
8
0.424097618 0.385543289
Discounted cash inflow (Net) $50,844.23 $47,599.12 $44,561.03 $41,716.77 $39,053.98
Calculation of Net present value:
Taking into consideration the above calculations and assumptions the net present value of the
property is calculated below. It is important to note that the net present value is calculated by
deducting cost of investment from the present value of net cash inflows from the investment
proposal. In case the NPV is positive then it is desirable to invest in the property otherwise not
(Green, 2013).
Calculation of net present value (NPV)

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PROPERTY INVESTMENT AND RISK MANAGEMENT
Year Annual
net cash
inflow
Present
value factor
@10% pa
Present Value
of Cash Flow @
10% pa
1 $77,774 $0.909
70,703.82
2 $80,092 $0.826
66,191.81
3 $82,479 $0.751
61,967.63
4 $84,937 $0.683
58,012.91
5 $87,468 $0.621
54,310.47
6 $90,074 $0.564
50,844.23
7 $92,757 $0.513
47,599.12
8 $95,521 $0.467

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PROPERTY INVESTMENT AND RISK MANAGEMENT
44,561.03
9 $98,366 $0.424
41,716.77
10 $101,296 $0.386
39,053.98
Total Cash Flow $890,763
534,961.78
Property Resale @ Cap
Rate
$675,306.4
7
Less Adjustments $33,765
Net Resale Cash Flow $641,541
247,341.88
Total Property
Present Value 782,303.66 782,303.66
Rounded to
Thousands (use a

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PROPERTY INVESTMENT AND RISK MANAGEMENT
formula) 782,300.00
Less: Property purchase
value in 2018 (last time
the property sold)
480,000.00
Net present value
(NPV)
3
02,300.00
NPV of the investment proposal is $302,300 as shown in the table below signifies the desirability
of the proposal. Hence, renting the above property as per the existing terms and conditions is a
very attractive proposal for the investor as he is expected to earn significant return from such
proposal. Thus, the investor is recommended to make the property available for office rent to
earn the above expected return (Johnsen, 2016).
Internal rate of return:
Internal rate of return helps an investor to assess the suitability of an investment proposal. In case
the IRR of a property or investment proposal is higher than the rate of return then the investor
should continue with such proposal. Let us now calculate the IRR of the above proposal to assess
whether it would be beneficial for the investor (Johnsen, 2015).
Calculation of IRR
Year Annual net
cash

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PROPERTY INVESTMENT AND RISK MANAGEMENT
inflows ($)
0
(480,000.00)
1
85,559.50
2
88,065.96
3
90,646.99
4
93,304.82
5
96,041.72
6
98,860.04
7
101,762.19
8
104,750.66
9

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PROPERTY INVESTMENT AND RISK MANAGEMENT
107,686.60
10
110,709.81
IRR 14.73%
Since the IRR of the proposal is quite high at 14.73% as compared to the expected rate of return
of 10% hence, the proposal should be accepted by the investor to offer the property at rent to Mr.
Damien Haggard as per the existential terms and conditions (Nuno Moutinho and Helena Mouta,
2018).
Workings:
Internal rate of return (IRR)
Particulars Amount ($)
Initial investment 480,000.00
Year Annual net cash inflows ($)
1 85,559.50
2 88,065.96
3 90,646.99
4 93,304.82

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PROPERTY INVESTMENT AND RISK MANAGEMENT
5 96,041.72
6 98,860.04
7 101,762.19
8 104,750.66
9 107,686.60
10 110,709.81
Leverage, risk and taxation analysis:
Scenario analysis:
In case the rate of return in 12% per annum instead of 10% per annum the net present value
would be as following:
Prospective Present Value
Calculation of net present value (NPV)
Year Annual net cash
inflow
Present value
factor @12%
pa
Present Value of
Cash Flow @
14% pa

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PROPERTY INVESTMENT AND RISK MANAGEMENT
1 $77,774 $0.893
69,441.25
2 $80,092 $0.80
63,848.93
3 $82,479 $0.71
58,706.86
4 $84,937 $0.64
53,978.81
5 $87,468 $0.57
49,631.44
6 $90,074 $0.51
45,634.12
7 $92,757 $0.45
41,958.65
8 $95,521 $0.40
38,579.14
9 $98,366 $0.36
35,471.76
10 $101,296 $0.32

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PROPERTY INVESTMENT AND RISK MANAGEMENT
32,614.59
Total Cash Flow $890,763
489,865.55
Property Resale @ Cap Rate $675,306.47
Less Adjustments $33,765
Net Resale Cash Flow $641,541
206,559.08
Total Property Present Value 696,424
.63 696,424.63
Rounded to Thousands (use a formula)
696,424.63
Less: Property purchase value in 2018
(last time the property sold) 480,000.00
Net present value (NPV) 2
16,424.63

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PROPERTY INVESTMENT AND RISK MANAGEMENT
In case the rate of discount is 14% instead of 10% per annum then the NPV of the project would
have been as following:
Calculation of net present value (NPV)
Year Annual net cash
inflow
Present value
factor @14%
pa
Present Value
of Cash Flow
@ 14% pa
1 $77,774 $0.877
68,222.98
2 $80,092 $0.769
61,628.27
3 $82,479 $0.675
55,670.92
4 $84,937 $0.592
50,289.35
5 $87,468 $0.519
45,427.91
6 $90,074 $0.456

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PROPERTY INVESTMENT AND RISK MANAGEMENT
41,036.34
7 $92,757 $0.400
37,069.24
8 $95,521 $0.351
33,485.59
9 $98,366 $0.308
30,248.32
10 $101,296 $0.270
27,323.96
Total Cash Flow $890,763
450,402.88
Property Resale @ Cap Rate $675,306.47
Less Adjustments $33,765
Net Resale Cash Flow $641,541
173,051.75
Total Property Present Value 623,

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PROPERTY INVESTMENT AND RISK MANAGEMENT
454.63 623,454.63
Rounded to Thousands (use a formula)
623,454.63
Less: Property purchase value in 2018 (last time
the property sold) 480,000.00
Net present value (NPV)
143,454.63
In both case the NPV of the proposal are still positive hence, the proposal should have been
accepted even if the rate of discount increases significantly to 14% per annum.
Taxation effects:
In case the operating income is subjected to 30% tax then the net present value of the proposal
would be as following:
Year Present Value of Cash
Flow @ 10% pa
1 $49,075
2 $45,939

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PROPERTY INVESTMENT AND RISK MANAGEMENT
3 $43,004
4 $40,256
5 $37,683
6 $35,275
7 $33,021
8 $30,910
9 $28,935
10 $27,085
Total Cash Flow 371,182.65
Property Resale @ Cap Rate $180,569.45
Less Adjustments $9,028
Net Resale Cash Flow $171,541
Total Property Present Value 437,319.12

35
PROPERTY INVESTMENT AND RISK MANAGEMENT
Rounded to Thousands (use a formula) 437,319.12
Less: Property purchase value in 2018 (last time the property sold) 480,000.00
Net present value (NPV) (42,680.88)
Thus, in that case the proposal would not be financially viable for the investor as the NPV is
negative as can be seen from the above (Baran, 2016).
Conclusion:
Taking into consideration the discussion above and looking at the expected NPV and IRR of the
proposal to offer the property, 5/17 Lydbrook Street Westmead New South Wales (NSW) 2145,
for rental is financially beneficial for the investor. Hence, the investor should give the property at
rent as he is expected to earn significant return from the property in the future. It is important to
understand that the above calculations are dependent on number of underlying variables and any
fluctuation on these variables would influence the outcome of the proposal thus, all precautions
shall be used before taking final decision on the basis of NPV and IRR of the proposal calculated
in this document (Thakor, 2016).

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PROPERTY INVESTMENT AND RISK MANAGEMENT
References:
Adler, R. (2016). Strategic investment decision appraisal techniques: The old and the
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