Đồ án môn học Quản trị Dự án Đầu tư
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Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư

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
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
 !"#$%&'(
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%..%.. !"/0123
4/0125
67 8+9%:
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 7=>?@A
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A
C%DE+8FG06A
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%DE+8
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I%KL 7>?@7%(
IO "9P8-4!(

-B7\DE\7UV-4&B7&E+;=$L1gDLQ&@4
&'\7&EYk-<&'-49!@#$%49&QY+9c`l!9
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D+&E>N!QM;.V&^!g&@!"9M!!4#$%!+"+
7P-T-V\>].ZY ;+4&'N9#$%
/$%&'Q'!+D`&mY-]$..%DM7Q-4
&<-]n#9+.QDLo$4Y",+!@#9+..@D;
]-49-&'#$%Q +7P
G]b7g&^D+YEN!&?$Y &R%!P`S DE
#$%&'“Phân tích hiệu quả dự án đầu tư khai thác mỏ khoáng sản”
e@#,+&R%!P`R!I.'
Lời mở đầu
Chương I: Cở sở lý thuyết về phân tích hiệu quả dự án đầu tư
Chương II: Tính toán và phân tích hiệu quả của DA ĐT
Kết luận chung
o+&4@#
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư

Chương I:
Cơ sở lý thuyết
1MQMD+&E&'\$+`!@#$%<;D9<%#$%
&+D+\c+. >N!>p#$%N9+.#Y 4
=#7UVeq!>%&E+n&';T7UVl
%.#<7%&ETL#$%P-4c#9%
L+MY<-B*-$L!P4
=#7=4eq!&%%^&^,+!d%
\Zg+!+&'-4&%%b&QQ.,+#$%&<-]94Y@
L7&;]Q#$%$P-4c#9%L+7

=44>N!>p%&m&M!-B4,+#$%q!& !
Y 9Dq%R4xQu9.p.>#$-4-V4#$%!@%
DP 
e94D+\iN9&m&M!,+#$%-4!PDc&',+#$%!4c
+QM4L!.-PT
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Oy2OzeCO{|eCOJO}e2~OOysSs•/€Je
1•s2{OJ22‚ƒe2Oatse/t

 
7
-<&'



4

 !

%
 >?@
7%

%DE+
8
Đồ án môn học Quản trị Dự án Đầu tư
Các phương pháp phân tích hiệu quả thương mại DAĐT
"#"#$#"#%&
"'() **+*%
1mD,+..%. &4

P
% F=6
2D9&Q …6‚2‡94-< &DLZ-<&'
…6‚
N
2‡94-< &DL-<Z.'
…6^V$F^VDf68!YTc
…6ˆ?-+D98!YTc
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
…62Z-<&'
…6aG<Z.'
†6eL[‰#KL
=2N9KL4‚\‚
N
Š?-+DLEDcT#$%&^94<
=eQB#$%!+9%!4#$%49Q‚9m‚
N
];-4
]?-+DLEDcu&^$+`
Chú ý:
=e#$%7P&-+-<\g494Y@4-<,bTD&^;
N9.@,+-<&'
 =2D9$\-<-+nBR7%+-]%&B7-+\
D -4%!g?;7%+T?;&^;4?;N9..%.
YT+BN9%79 -<-+
=e!g?-+-<N97TF%\6T'&ZD+!g?;
N98!&M4!Lj9%N9Pg
r
n

†6H%!
2c"R-<F+c"94-<64<8!!4#$%94D 
-<&'&?YkD+Yq?Df-47;+9
†6Pg>%&E24!,+.DT
6F
A
t
T
t
t
DPI
+=
∑
−
F=6
2D9&Q …62Z-<&'
+) 22c"R-<
…6

^VDf"8!
…6/

H;+9"8!
=2D9Dc^.^B!mD9%8!Yq+Tc"
R-<&^>%&E
tt
DP
I
T
+

†6eL[‰#‰#KL
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
=/$%u&^;.V72Ž2
]"
2
]"
c&^>%&EDL7
^.c"7;+94 <&E7!&?+-4%@&'7%
,+,&'
=2D9<%#$%&N!9%\#$%49Q2k+!?L[DL-4
[;u&^$+`
†6{^&M!
={&M!1 \#rM
=e^&M!4KL&<\7P>N!>p&^V+7
R-<
…QMQ$+7+B#$%Qc+.%%79 
?Df.++
…H`i!@c"94-<uQM;.V%B#$%
["\;.V#$%#4"
e-V\KLc"R-<F264!@KL&%%&<
m#iQD;BR"9Q-„4!@KL^.&<-]%#$%&'
D9Dc^.QBD,D9\7+!-<9m'9D`7 8
+9%#4,+#$%
c. Điểm hoạt động hòa vốn (BEP)
†6H%!
1M!f+-<,+#$%4&M!!4"&Q#9+-n+Yq.
1M!9"&@f+-<4Kb+ ^f+-<DLZ ^+
#9+f+-<DLZ#9+
†6Pg>%&E

9ˆ

‹ˆ

+Q+>‹Y>…

o ^f+-<
ba
C
x
−
=


/9+f+-<

aXY
=
X
x
BEP


=
F=W6
Hoặc
Y
y
BEP



o ^f+-<B
ba
C
x
−
=


/9+f+-<B

aXY
=

X
x
BEP


=
F=:6
Hoặc
Y
Y
BEP


=
F=A6
=1M!f+-<D ^Fva

o ^f+-<D ^
ba
C
x
−
=
I
I
/9+f+-<D ^
I
aXY
=
X
x
BEP
I
I
=
F=6
Hoặc
Y
Y
BEP
I
I
=
F=6
†6eL[‰#KL
=@#$%&^&%%4Q 7va
≤

9m9-+’6
…6Dg?4\f`4‡;7;
…6e8!'9%
2N9?7p.F?.g6
FV
t
= PV( 1 + r)
t
F=6
O^DL&^`4“7;V”+“+Q+”&RB
2D9$&%%#$%\%79 V.+.u#rD+D9
++"Yk-<&'c&M!"-4'&%%^V"
c&M!&Q49\'. $%DT^DLg4&Z%DE
,+&RB&^D9+-B"-49%-<&'&?YkD+S%
DT&Q&^`47;E\+"Q+&RBPgQ#"
t
t
r
FV
PV
6F
+
=
F=(6
1m
t
t
r
a
6F

 !
H!@#$%&M%#4+
t
G]%DE‹A14^7P
Q+,+&RBGT-V\&g-B!m79;!@#$%7P&^.p.
R"%#4
2D9Q!..%.4Y+9R!KL
…6C%DE"DfF%'6FeG6
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
…62K;94-<@Y@F;R@"6F‚‚6
…62K^DL.Fv•6
…62K%DE"DfFG‚6
a. Giá trị hiện tại ròng (hiện giá thuần) (NPV)
†6H%!
C%DE"Df4%DE",+RB!mQ+Yq
9mQM&E*+4<b+%DE,+%RB!m-4D9
+&?&Z-B"N9‡;7;&?YD]
†6Pg>%&E
NPV =
tt
n
t
t
aCOCI 6F
A
−
∑
=
=

,+#$%-4%79 V.7%
…6t

^B"8!R!.&'-4.-V4
48!,+#$%.-4Y 9M!>?@,+c+9&@\.
!+[!%L=L=-V\&@$&'-499 >;7#9+\%
9". @.-4%79 7%1mY47P&^.
7;+92o1
…6e‘‹

•t

C%DERB!mQ+YqF<#
6"8!
…6+

O+<7;
…6D2K;7;\c`YqK?-+-<YTDLE
Dc-<D98!2LD9!@<Dc^.Mc+&ED+
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
!@‡DLK?-+7^.-]>N!>p%&B77\>?@\
DE\’,+<+
GB!mY ;\eG4Z%DE",+%79 ?Df,+
#$%N9!g?;7;&?Y
†6eL[‰#KL
=@#$%&^;.V&^7QeG
≥
A2g4!@#$%Q7
8c9m;%7PYEd

NPV =
t
t
n
t
t
IRR
COCI
6F

6F
A
+
−
∑
=
= 0 F=56
Hay
∑
=
+
n
t
t
t
IRR
CI
A
6F


D
#%A
…–-]‡;]D

+Q%DE"DfeG
D
!%A
‚‚u&^>%&E
IRR = r

+ (r

- r

)


rr
r
NPVNPV
NPV
−
F=A6
Chú ý:GT4!eG44!!l\L79 %b+D

-4D

]%T
%DE@u+/9-V+'.@+9979 %b+D


…6G%.#KL4QMu7P>%R"%79 
YqFe‘6!&%7MD9+&9"-V4#$%\g4-49b
8!Q$&'+]X&QeG,+#$%u&Z#;B'7
7;7%+-4g-]!d'&Z#;4!@'>%&E&^‚‚7%+
!4+7PY%DE494^.9-&%%#$%
…62D9Dc^.Ze‘

 &c#$%kAT‚‚7P>%&E
-T!+#;!
…6KL4u97 +D9Dc^.9%%.%
9"Dn+
Œ;.%nb#9DL\QMQDq\KLK;94-<@Y@
&^94KL^.&M%.#D9Dc^.m.7Q78D9-
T!K;7;^.&MeG,+#$%9mc+!<Y!g
c,+-<&'D994Y@c+9"&@,+#$%4Y+9L
2D9$&%%%#$%&'>#$PDTPc
+T+KLeG-4‚‚4+KLY[Y@
c. Tỉ lệ lợi ích trên chi phí (B/C)
†6H%!
2K^DL.4K&%%&R.Yk-49&'9#$%
u&^Y+9L\&^>%&E7+%DE",+RB9%
DE",+RB
†6Pg>%&E
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
B/C =
∑
∑
=
=

2DL$KL4c4!@KLYZ9+KLeG-4
‚‚79%$+`#$%F'6
d. Tỉ lệ giá trị hiện tại ròng (PVR)
†6H%!
2K%DE"Df4KL&%%!g&@94"<-<&'Y+
&',+#$%&?#^7;\&^>%&EYqK<b+%DE"Df
DL%DE",+-<&'
†6Pg>%&E
PVR =
6FIPV
NPV
F=6
2D9&Q …6eGC%DE"Df
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
…6GF6C%DE",+-<&'ec+>#$#$%
7P#48!GF6‹-4c+>#$]8!T
^-<&'%8!+. &Z-B"
†6eL[‰#KL
=@#$%&^;.V7G‚
≥
AH&QZ^VDf!4#$
%&^QMYi&[."-<&'Y+&'
=H. 9%%#$%&@V.&M$+`T#$%QG‚#]
;4#$%<;
†6{\^&M!,+KL
={&M!
…6Hn+%&M!KLeG
…64KL>N!>p ,+#$%\Q9Y%DE"Df4
Y+9LDL!@&-E,+Z-<&'&?&^&Z-B"Ob+

G %'-B-<,+#$%7Pb&E&7
8+9%,+#$%D9+!4f&E Y &<79%-4
 7,+#$%GBL[%79 4#4". D+D 
&,%.,+#$%-B-<&'<&E-4%'-B-<&@'
9%DT-V4YTcXQM&^&@#]#"-<
Z.'+-<##4"!47PL-+#["Y%79 
&MYi&[.%79 -+D #4D9<c+9"&@#$%
;R-<,+#$%4‡.'D8!n9"T4n%
R7%+9-]Z-<&'
2D9%DT>#$#$%;R-<#9,&'#$DL
>p&9%%7 8&g-b-B!m4D9+,+#$%‚;
7Q&+D+&E-B;R-<^.&<-]%#$%7%+
!4. 8g-497 .7 8+9%,+#$%@;
R-<&^94^.7%79 BD ?-+lD -<<
7PD+--+-<["D9Y;7_+&9"9"&@49,+#$%
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
1.2. Phân tích hiệu quả kinh tế - xã hội
1.2.1. Một số vấn đề chung về phân tích hiệu quả kinh tế quốc
dân dự án đầu tư
 7<#-B!mTgl.
 !"\g4Yq!`%. K%79 .\%79 V.
-4P+-9%X&M&%% 7,+#$%&'DL
Q&@94Y@B7
OM-B. 7<#DL%.#
= 7<#KD+$&QQ.,+#$%-49;
%!L.%DMY ,+&;]
= 7<#>N!>pL!% %.Q
M&9&^-47P&9&^7%
=2D9. 7<#-9"Dn ,+<

) F=I6
2D9&Q …6G0

C%DE+8#$7#9#$%!+""8!
…6t

C%DE&'D+#$7,+#$%!+""8!\c4
#9+Y%4
…6

C%DE&'-49-V;c>L-4%#E-!+94
N9L'&M&"&^&'D+DL"8!\R!L•L•-V\
8^\.-VM\Y 9#™\%#E-L94’
…6/

H;+92o1"8!
H%DE+8,+94Y@&c#$%
VA =
6F
AA
t
n
t
t
n
t
t
DMIO +−
∑∑
==

4
&gQ&@B7<#f

&gQ&@c,&',+#$
%\&RcXf7%+-B!m@#+
=t

C%DE&'D+,+#$%"8!\c4#9+Y%4
=

C%DERB!m"8!Y+9R!#9+L .j!
4Q+#E-\n+\^Y%2o1\n%DEf",+8!
<i77X9"&@,+&c#$%-4%79 V.7%
1.2.2.2. Phân tích giá trị gia tăng
=H>pN9@#\%DE+8"8!R!.'
VA
t
= W
t
+ SS
t
F=36
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
2D9&Q …6š

.+9&@<"8!\Y+9R!B-4vOŒO
FYMEYq<+9&@-]<B-4vOŒOYT6
…6oo


.'
…6C%DE+8D$.#9#$%"9D+FPg9%.'
DL6
…6C%DE+8%.#9%#$%QL+!+"
1.2.2.3. Áp dụng chỉ tiêu giá trị gia tăng để đánh giá dự án
GV#KL4-49->N!>p#$%&'.%DM\c+
4N9%+
1) Đánh giá theo hiệu quả tuyệt đối
@#$%&'.%DM&^>?@;.V7Q$$!+"
 7994B7<#P+%DEm#Foo6
a. Công thức giản đơn
SS
t
= VA
t
-

W
t
= (O
t
-

(MI
t
+ D
t
)) - W
t
F=56

n
t
t
aSS 
A
∑
=
=
t
n
t
t
aVA 
A
∑
=
-
t
n
t
t
aW 
A
∑
=
F=IA6
t
n
t
n

=eoo

ŠA9m
∑
SSt
+

ŠA4<9-.DM7+#$
%-TQgkDq+7&?D+D &,B\#$%f"9D+!@79 
%DEm#+fQ4#$%Q 7<#
2D9Dc^.9%#$%&M$+`N9KL4T#$%u
&^$+`Q >?@#+9;
=eoo


≤
A9m
∑
t
SS
+

≤
Al7P9"Yk#$%+!4'V
D`>N!>p& N9%7+"7%&<-]B7,+#$%
d. Phạm vi áp dụng của phân tích hiệu quả tuyệt đối
KL &<&^%.#&M&%%-4$+`#$%D9
Dc^.KQD;#$%-47PQb"-B%< >;7
#9+,+B7ZLDwD%&@&#$%-4&B7
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54

];
b. Lựa chọn dự án trong tình huống khan hiếm ngoại tệ
L,+-$+`44T!>N!#$%49Q%DE+8+9;
DL&-E.9"
PgYM#r
a
›N
‹
6F
6F
FEPV
VAPV
(đ/đ) F=II6
2D9&QF‘a64%DE",+.9"$,+#$%\>%&E
Yq%;.9"=V.9"
2‡<a
›N
4]M%DE+8,+"9D+DL!@&-E.
9"$,+#$%4]L#$%&^$+`D9T<4Qa
›N
];
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54
Đồ án môn học Quản trị Dự án Đầu tư
c. Lựa chọn dự án trong tình huống thiếu lao động lành nghề
L,+-$+`44T!&^#$%49"9D+%DE+8+9
;DL&-E.+9&@4B
PgYM#r
a

‹

'L&^M.'&QQ.9R%+%9"7#$
%&^$\Q..' !!%
Nhóm SV:PHẠM THỊ LINH Lp: QTDN M k54