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A Study of Foundation Investment on Foodservice Business by applying Economic Evaluation Model

  • Journal of Tourism Sciences
  • Abbr : JTS
  • 2006, 30(5), pp.355-375
  • Publisher : The Tourism Sciences Society Of Korea
  • Research Area : Social Science > Tourism

WooHee Byun 1

1경주대학교

Accredited

ABSTRACT

This article formulates and analyzes economic evaluation model for foundation investment on food service business by utilizing fuzzy set theory. In this paper, we initially consideredthe elementary concepts, in the mathematics of finance, present value and future value. In all case, the cash amounts, interest rates and a number of compounding may all be fuzzy. We also applied both triangular and trapezoidal shaped fuzzy numbers. Two commonly used model of comparing mutually exclusive investment projects are net present value(NPV) and the internal rate of return(IRR). In the method, one finds the present value of all future net returns discounted at the appropriate discounted rate, excluding any initial cash outlays. If we had the number of investment proposals with consideration of cash flow, one would rank these proposals from the highest to thelowest and would choose investment in the same order until the investment capital cost becomes exhausted. In the method, it is not applicable to ranking investment alternatives when a cash flow has multiple internal rates of return. Assuming all projects have uniqueness, those projects are ranked from the highest to the lowest according to their value. The results in this paper indicate a successful application of fuzzy set techniques to economical evaluation of food service industryproject.핵심용어(Keywords): 외식산업 창업투자9foundation investment on food service business), 투자타당성 평가(evaluation on investment validity), 퍼지 IRR(fuzzy IRR), 퍼지 NPV(fuzzy NPV).

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