Thursday, May 28, 2009
- PGI (potential gross income atau pendapatan kotor potensial), dan
- EGI (effective gross income atau pendapatan kotor efektif)
Potential Gross Income adalah seluruh pendapatan yg diperoleh pada saat tingkat hunian (occupancy rate) mencapai 100% rental space, service charge, dan pendapatan lain-lain), sebelum dikurangi beban operasional.
Effective Gross Income adalah seluruh pendapatan yang diperoleh setelah dikurangi VCL, sebelum dikurangi beban-beban operasional (atau PGI dikurangi dgn VCL)
VCL adalah pengurangan pada PGI yang disebabkan karena kekosongan sewa dan karena adanya sewa yang tak dibayar oleh penyewa (tenant)
Penggunakan Potential Gross Income maupun Effective Gross Income dapat digunakan untuk metode GIM akan tetapi harus konsisten. Jika PGI yang digunakan sebagai dasar penilaian maka GIM harus dihitung dari PGI properti pembanding, Jika EGI yang digunakan sebagai dasar penilaian maka GIM harus dihitung dari EGI properti pembanding
Net present value
Net present value (NPV) or net present worth (NPW) is defined as the total present value (PV) of a time series of cash flows. It is a standard method for using the time value of money to appraise long-term projects. Used for capital budgeting, and widely throughout economics, it measures the excess or shortfall of cash flows, in present value terms, once financing charges are met
Appraisers are legally regulated under federal and state law by USPAP which considers three forms of appraiser engagement by a client: appraisal, review, and consulting. Appraisal is the act or process of estimating value and should be used whenever the appraiser could be perceived as an independent and disinterested party. Review is the act or process of critically studying a report prepared by another. Consulting is the act or process of providing information, analysis of data, and recommendations or conclusions on diversified problems, other than estimating value.
Differentiation among these activities depends upon the purpose and intended use of the results. USPAP recognizes two types of consulting engagements: (1) performing an impartial consulting service as a disinterested third party that responds to the client's stated objective, and (2) performing a consulting service that is intended to facilitate the achievement of the client's objective. If third parties, or the public, would reasonably perceive an appraiser to be acting as a disinterested, objective third party, that is enough to bar the appraiser from acting as an advocate for the client in that particular situation. If a person could be reasonably perceived by others to be acting as a disinterested third party, then the assignment must be performed with impartiality, objectivity, and independence. In either event the appraiser must clearly disclose which role is being performed for the client.
USPAP identifies four defined activities as consulting: market analysis, feasibility analysis, and cash flow/investment analysis.
Market Analysis: In conventional real estate work, market analysis is the study of market conditions for a specific type of property. In appraising mineral properties market analysis must be expanded to include the markets for the mineral products that are expected to be produced from a mineral property.
Feasibility Analysis: Is a study of the cost-benefit relationship of an economic endeavor.
Cash Flow Analysis: Is a study of the anticipated movement of cash into and out of an investment and is closely related to Cash Budget Analysis.
Investment Analysis: Is a study that reflects the relationship between acquisition price and anticipated future benefits of an investment.
Because USPAP defines any activity other than an estimate of value as consulting some of the commonly performed mineral property or mining business consulting services are:
Highest and Best Use Analysis:
v current/interim use. Physically Possible, Legally Permissible, Financially Feasible, and Maximally Productive (optimal/satisficing)
Mineral Economics Studies:
Mine Economic Studies:
Economic Change Analysis:
Competitive Position Studies:
Royalty, Joint Venture, or other Interest Analysis:
Risk Analysis - Geologic, Technical, Economic, Legal, Socio-Political:
Four Forces +
Mineral Resource/Reserve Estimation, Review, or Audit:
General or Specific Due Diligence:
General or Specific Geological Analyses:
Labels: teori penilaian