NO.PZ2023112701000047
问题如下：
Which of the following statements concerning cash-flow forecasts for projects is most likely correct?
选项：
A.include the cost of market research that was recently completed. B.ignore potential loss of revenue from existing products that could occur if project is undertaken. C.if delay all future cash flows by six months, the result would be a lower IRR and a lower NPV.解释：
Correct Answer: C
C is correct. The forecasted timing of cash flow is an important factor affecting both projects’ IRR and NPV. In the case of delaying all future cash flows from both projects by six months, the result would be a lower IRR and a lower NPV. Given that all future cash flows are to be received six months later, their present value decreases; hence, the NPV and IRR of an entire project also decrease.
A is incorrect. The market research costs in this case are a sunk cost because the research has already been completed and therefore does not affect cash-flow estimates.
B is incorrect. Capital allocation analysis should include only incremental cash flows associated with a new investment. The loss of revenue from existing products is an incremental negative effect that should be included in the analysis.
C也不对吧，all cashflow说明invest（cash out）也delay，那么整体都delay是不会影响的。
另外A虽然是sunk cost，但也是cost，这部分不计入IRR整体收益计算吗？那这部分cost算公司的SG&A？？
