<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg1.png"><div class="t m0 x1 h1 y1 ff1 fs0 fc0 sc0 ls0 ws0">11 <span class="ls1 ws1"> </span></div><div class="t m0 x2 h2 y2 ff1 fs1 fc1 sc0 ls1 ws1">0 </div><div class="t m0 x3 h3 y3 ff1 fs2 fc1 sc0 ls1 ws1">Análise <span class="_0 blank"></span>e Avaliação<span class="_0 blank"></span> de Proj<span class="_0 blank"></span>etos </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf2" class="pf w0 h0" data-page-no="2"><div class="pc pc2 w0 h0"><img class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg2.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">1 </div><div class="t m0 x4 h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Avaliando Estimativ<span class="_1 blank"></span>as <span class="_0 blank"></span>de VPL </div><div class="t m0 x5 h5 y6 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">Estimativas de VPL <span class="_1 blank"> </span><span class="ff2 ws2">\uf0e0</span> <span class="ls3">apenas </span><span class="ff3 fc3">estimat<span class="_1 blank"></span>ivas </span></span></div><div class="t m0 x5 h6 y7 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs6 fc1 ls1 ws1">Um VPL positivo é uma <span class="_1 blank"></span>boa largada <span class="_1 blank"> </span><span class="ff4 ls4">\u2013</span> <span class="_1 blank"></span>mas </span></div><div class="t m0 x6 h7 y8 ff1 fs5 fc1 sc0 ls1 ws1">vamos olha<span class="_1 blank"></span>r com mais<span class="_1 blank"></span> cuidado<span class="_1 blank"> </span> </div><div class="t m0 x7 h8 y9 ff2 fs7 fc0 sc0 ls5">\uf06c<span class="ff1 fs8 fc1 ls1 ws1">Risco de Previsão <span class="ff4 ws3">\u2013</span> qual a sensibilidade <span class="_1 blank"> </span>do VPL a </span></div><div class="t m0 x8 h8 ya ff1 fs8 fc1 sc0 ls1 ws1">mudanças nas estimativas de fluxo de caixa; quanto </div><div class="t m0 x8 h9 yb ff1 fs9 fc1 sc0 ls1 ws1">mais sensível<span class="_0 blank"></span>, maior o risco da previsão </div><div class="t m0 x7 h8 yc ff2 fs7 fc0 sc0 ls5">\uf06c<span class="ff1 fs8 fc1 ls1 ws1">Fontes de valor <span class="ff4 ws3">\u2013</span> por que esse projeto cria valor? </span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg3.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">2 </div><div class="t m0 x9 h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Análise de Cenário </div><div class="t m0 x5 h7 y6 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">O que aconte<span class="_1 blank"></span>ce ao VPL sob dife<span class="_1 blank"></span>rentes ce<span class="_1 blank"></span>nários </span></div><div class="t m0 x6 h6 yd ff1 fs6 fc1 sc0 ls1 ws1">de fluxo de caixa?<span class="_1 blank"> </span> </div><div class="t m0 x5 h7 y8 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">Na pior d<span class="_1 blank"></span>as hipóteses de<span class="_1 blank"></span>vemos <span class="_1 blank"></span>avaliar:<span class="_2 blank"> </span> </span></div><div class="t m0 x7 h8 y9 ff2 fs7 fc0 sc0 ls5">\uf06c<span class="ff1 fs8 fc1 ls1 ws1">Melhor caso <span class="ff4 ws3">\u2013</span> receitas altas e custos baixos </span></div><div class="t m0 x7 h8 ye ff2 fs7 fc0 sc0 ls5">\uf06c<span class="ff1 fs8 fc1 ls1 ws1">Pior caso <span class="ff4 ws3">\u2013</span> receitas baixas e custos altos </span></div><div class="t m0 x7 h8 yf ff2 fs7 fc0 sc0 ls5">\uf06c<span class="ff1 fs8 fc1 ls1 ws1">Medida da faixa de possíveis resultados </span></div><div class="t m0 x5 h7 y10 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">O melhor ca<span class="_1 blank"></span>so e o pior c<span class="_1 blank"></span>aso não s<span class="_1 blank"></span>ão </span></div><div class="t m0 x6 h7 y11 ff1 fs5 fc1 sc0 ls3 ws1">necessáriamente prováveis, <span class="_0 blank"></span>mas ainda podem </div><div class="t m0 x6 h6 y12 ff1 fs6 fc1 sc0 ls1 ws1">ser possíveis<span class="_1 blank"> </span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf4" class="pf w0 h0" data-page-no="4"><div class="pc pc4 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg4.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">3 </div><div class="t m0 xa h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Custos </div><div class="t m0 xb h8 y13 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1">Há dois tipos de custos que são importantes na análise </span></div><div class="t m0 xc h8 y14 ff1 fs8 fc1 sc0 ls1 ws1">do ponto de equilíbrio: <span class="ff5 fc4 ws3">variável</span><span class="ls7"> <span class="lsb">e </span></span><span class="ff5 fc4">fixo </span></div><div class="t m0 xd ha y15 ff2 fsb fc0 sc0 ls8">\uf06c<span class="ff1 fsc fc1 ls1 ws1">Custos <span class="_0 blank"></span>variável <span class="_0 blank"></span>total = <span class="_0 blank"></span>quantidade <span class="_0 blank"></span>* custo <span class="_0 blank"></span>(variáv<span class="_0 blank"></span>el) por <span class="_0 blank"></span>unidade </span></div><div class="t m0 xd hb y16 ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">Custos <span class="_0 blank"></span>fixos (são <span class="_0 blank"></span>constantes <span class="_0 blank"></span>= <span class="_0 blank"></span>independem <span class="_0 blank"></span>da quantidade </span></div><div class="t m0 xe hb y17 ff1 fse fc1 sc0 ls1 ws1">produzida) <span class="_0 blank"></span>- durante <span class="_0 blank"></span>certo <span class="_0 blank"></span>período <span class="_0 blank"></span>de tempo </div><div class="t m0 xd hb y18 ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">Custos <span class="_0 blank"></span>totais <span class="_0 blank"></span>= Custos <span class="_0 blank"></span>fixos <span class="_0 blank"></span>+ Custos <span class="_0 blank"></span>Variáveis = <span class="_0 blank"></span>CF + <span class="lsc ws4">Qv</span> </span></div><div class="t m0 xb hc y19 ff2 fsf fc2 sc0 lsa">\uf0d8<span class="ff1 fs10 fc1 ls1 ws1">Custo Médio </span></div><div class="t m0 xd hb y1a ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">CT / <span class="_0 blank"></span>número de <span class="_0 blank"></span>unidades </span></div><div class="t m0 xd hb y1b ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">Vai decrescer <span class="_0 blank"></span>com <span class="_0 blank"></span>o aumento <span class="_0 blank"></span>do número <span class="_0 blank"></span>de <span class="_0 blank"></span>unidades<span class="_1 blank"> </span> </span></div><div class="t m0 xb hc y1c ff2 fsf fc2 sc0 lsa">\uf0d8<span class="ff1 fs10 fc1 ls1 ws1">Custo Marginal </span></div><div class="t m0 xd hb y1d ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">O <span class="_0 blank"></span>custo de <span class="_0 blank"></span>produção de <span class="_0 blank"></span>uma unidade <span class="_0 blank"></span>a mais </span></div><div class="t m0 xd hb y1e ff2 fsd fc0 sc0 ls9">\uf06c<span class="ff1 fse fc1 ls1 ws1">Igual <span class="_0 blank"></span>ao custo <span class="_0 blank"></span>variável por unidade </span></div><div class="t m0 xe hb y1f ff1 fse fc1 sc0 ls1 ws1"> </div><div class="t m0 xb h8 y20 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1"> Ex<span class="_0 blank"></span>emplo: </span></div><div class="t m0 xe hb y21 ff1 fse fc1 sc0 ls1 ws1">Sua empresa <span class="_3 blank"></span>paga $3.000 <span class="_3 blank"></span>por<span class="_1 blank"> </span> <span class="_0 blank"></span>mês em <span class="_3 blank"></span>cu<span class="_1 blank"> </span>stos <span class="_3 blank"></span>fixos. Você </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg5.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">4 </div><div class="t m0 x9 h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Exemplo de custos </div><div class="t m0 xf h8 y13 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1">Sua empresa paga $3.000 por mês em custos fixos, e </span></div><div class="t m0 x10 h8 y14 ff1 fs8 fc1 sc0 ls1 ws1">também paga $15 por unidade para <span class="_1 blank"></span>fazer seu produto. </div><div class="t m0 x11 hd y22 ff2 fs11 fc0 sc0 lsd">\uf06c<span class="ff1 fs12 fc1 ls1 ws1">Qual é o custo total se você <span class="_1 blank"></span>produzir 1000 unidade<span class="_1 blank"></span>s?<span class="_1 blank"> </span> </span></div><div class="t m0 x11 hc y23 ff2 fs13 fc0 sc0 lse">\uf06c<span class="ff1 fs10 fc1 ls1 ws1">E se você produzir <span class="_1 blank"> </span>5.000 unidades<span class="_1 blank"></span>?<span class="_1 blank"></span> </span></div><div class="t m0 xf hc y24 ff2 fsf fc2 sc0 lsa">\uf0d8<span class="ff1 fs10 fc1 ls1 ws1">Qual são os custos<span class="_1 blank"> </span> médio e marginal<span class="_1 blank"> </span> para <span class="_1 blank"></span>cada situação do </span></div><div class="t m0 x10 hc y25 ff1 fs10 fc1 sc0 ls1 ws1">exemplo anteri<span class="_1 blank"></span>or </div><div class="t m0 x11 ha y26 ff2 fsb fc0 sc0 lsf">\uf06c<span class="ff1 fsc fc1 ls1 ws1">Produzir <span class="_3 blank"></span>1000 unidades: <span class="_0 blank"></span> </span></div><div class="t m0 x12 hb y27 ff1 fse fc1 sc0 ls1 ws1">Médio <span class="_0 blank"></span>= 18.000 <span class="_0 blank"></span>/ 1.000 <span class="_3 blank"></span>= $18,00 </div><div class="t m0 x13 hb y28 ff1 fse fc1 sc0 ls1 ws1">Custo <span class="_0 blank"></span>Marginal = <span class="_0 blank"></span> </div><div class="t m0 x11 hb y29 ff2 fsd fc0 sc0 ls10">\uf06c<span class="ff1 fse fc1 ls1 ws1">Produzir <span class="_0 blank"></span>5000 unidades: <span class="_0 blank"></span> </span></div><div class="t m0 x12 ha y2a ff1 fsc fc1 sc0 ls1 ws1">Médio <span class="_0 blank"></span><span class="ls11">= <span class="ls1">78.000 <span class="_3 blank"></span>/ 5.000 <span class="_3 blank"></span>= $15,60 </span></span></div><div class="t m0 x13 hb y2b ff1 fse fc1 sc0 ls1 ws1">Custo <span class="_0 blank"></span>Marginal = <span class="_0 blank"></span> </div><div class="t m0 x1 he y2c ff6 fse fc4 sc0 ls1 ws1">$ 15,00 </div><div class="t m0 x14 he y2d ff6 fse fc4 sc0 ls1 ws1">$ 15,00 </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg6.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">5 </div><div class="t m0 x15 h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Análise de Cenário - Projeto X </div><div class="t m0 x5 h7 y6 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">O custo inicial é<span class="_1 blank"></span> <span class="ff6 fc4">$200<span class="_1 blank"></span>.000 </span>e o<span class="_1 blank"></span> projeto<span class="_1 blank"></span> tem uma </span></div><div class="t m0 x6 h6 yd ff1 fs6 fc1 sc0 ls1 ws1">vida de <span class="ff6 fc4 ls4">5</span> ano<span class="_1 blank"></span>s. Não há valor re<span class="_1 blank"></span>sidual. A </div><div class="t m0 x6 h7 y2e ff1 fs5 fc1 sc0 ls1 ws1">deprec<span class="_1 blank"></span>iação é linear, <span class="_1 blank"></span>o retorn<span class="_1 blank"></span>o requ<span class="_1 blank"></span>erido é <span class="_2 blank"> </span><span class="ff6 fc4 ls3 ws5">12%<span class="_1 blank"></span></span> </div><div class="t m0 x6 h7 y2f ff1 fs5 fc1 sc0 ls1 ws1">e a alíquota de<span class="_1 blank"></span> impostos é <span class="_1 blank"> </span><span class="ff6 fc4 ls3 ws5">34%<span class="_1 blank"> </span><span class="ls1 ws1"> </span></span></div><div class="t m0 x6 h7 y30 ff1 fs5 fc1 sc0 ls1 ws1"> </div><div class="t m0 x6 h7 y31 ff1 fs5 fc1 sc0 ls1 ws1"> </div><div class="t m0 x6 h7 y32 ff1 fs5 fc1 sc0 ls1 ws1"> </div><div class="t m0 x6 h7 y33 ff1 fs5 fc1 sc0 ls1 ws1"> </div><div class="t m0 x5 h7 y34 ff2 fs4 fc2 sc0 ls2">\uf0d8<span class="ff1 fs5 fc1 ls1 ws1">O VPL do caso base <span class="_1 blank"> </span>é 15.5<span class="_1 blank"></span>66 </span></div><div class="c x16 y35 w1 hf"><div class="t m1 x17 h10 y36 ff7 fs14 fc4 sc0 ls1 ws1">Ve<span class="_3 blank"></span>ndas<span class="_1 blank"> </span> <span class="_3 blank"></span>Uni<span class="_2 blank"> </span>t<span class="_3 blank"></span>árias<span class="_4 blank"> </span>6<span class="_5 blank"></span>.0<span class="_5 blank"></span>0<span class="_5 blank"></span>0</div><div class="t m1 x17 h10 y37 ff7 fs14 fc4 sc0 ls1 ws1">Pr<span class="_3 blank"></span>e<span class="_3 blank"></span>ç<span class="_0 blank"></span>o <span class="_3 blank"></span>U<span class="_1 blank"> </span>ni<span class="_1 blank"> </span>t<span class="_0 blank"></span>ár<span class="_3 blank"></span>i<span class="_2 blank"> </span>o<span class="_6 blank"> </span><span class="ls12">$80</span></div></div><div class="c x16 y38 w2 h11"><div class="t m1 x17 h10 y39 ff7 fs14 fc4 sc0 ls1 ws1">Cus<span class="_1 blank"> </span>t<span class="_3 blank"></span>o <span class="_0 blank"></span>(<span class="_1 blank"> </span>v)<span class="_1 blank"> </span> <span class="_3 blank"></span>uni<span class="_2 blank"> </span>t<span class="_3 blank"></span>ário</div></div><div class="c x16 y35 w1 hf"><div class="t m1 x18 h10 y3a ff7 fs14 fc4 sc0 ls12">$60</div><div class="t m1 x17 h10 y3b ff7 fs14 fc4 sc0 ls1 ws1">Cus<span class="_1 blank"> </span>t<span class="_3 blank"></span>o <span class="_0 blank"></span>Fi<span class="_1 blank"> </span>x<span class="_1 blank"> </span>o<span class="_7 blank"> </span>$<span class="_5 blank"></span>5<span class="_5 blank"></span>0<span class="_5 blank"></span>.0<span class="_5 blank"></span>0<span class="_5 blank"></span>0</div></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf7" class="pf w0 h0" data-page-no="7"><div class="pc pc7 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg7.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">6 </div><div class="t m0 xb h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Resumo de Análise de Cenário </div><div class="t m0 xc h12 y3c ff1 fs15 fc1 sc0 ls1 ws1">Cenário<span class="_0 blank"></span> <span class="_8 blank"> </span>Lucro Líquid<span class="_0 blank"></span>o <span class="_9 blank"> </span>Fluxo de Caix<span class="_0 blank"></span>a <span class="_a blank"> </span><span class="ls13 ws6">VPL</span> <span class="_b blank"> </span>TIR </div><div class="t m0 xf h12 y3d ff1 fs15 fc1 sc0 ls1 ws1">Caso base <span class="_c blank"> </span>19.800 <span class="_d blank"> </span>59.800 <span class="_e blank"> </span>15.566 <span class="_f blank"> </span>16,5% </div><div class="t m0 x19 h12 y3e ff1 fs15 fc1 sc0 ls1 ws1">Pior Caso<span class="_0 blank"></span> <span class="_10 blank"> </span>-6.930 <span class="_11 blank"> </span>33.070 <span class="_12 blank"> </span>-80.790 <span class="_13 blank"> </span>-6,0% </div><div class="t m0 x15 h12 y3f ff1 fs15 fc1 sc0 ls1 ws1">Melhor Caso <span class="_14 blank"> </span>41.910 <span class="_d blank"> </span>81.910 <span class="_e blank"> </span>95,267 <span class="_f blank"> </span>29,9% </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg8.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">7 </div><div class="t m0 x1a h13 y40 ff1 fs16 fc0 sc0 ls1 ws1">Análise de Sensibilidade <span class="_0 blank"></span><span class="ff4 ws7">\u2013<span class="ff1 ws1"> </span></span></div><div class="t m0 x1b h4 y41 ff1 fs3 fc0 sc0 ls1 ws1">Projeto X </div><div class="t m0 x1c h14 y42 ff2 fs17 fc2 sc0 ls14">\uf0d8<span class="ff1 fs18 fc1 ls1 ws1">O que acontece ao VPL quando mudamos uma </span></div><div class="t m0 x1d h15 y43 ff1 fs19 fc1 sc0 ls1 ws1">única variável por vez<span class="_0 blank"></span> </div><div class="t m0 x1c h14 y44 ff2 fs17 fc2 sc0 ls14">\uf0d8<span class="ff1 fs18 fc1 ls1 ws1">Esta técnica é um subconjunto da análise de </span></div><div class="t m0 x1d h14 y45 ff1 fs18 fc1 sc0 ls1 ws1">cenário onde estamos apenas interess<span class="_1 blank"></span>ados no </div><div class="t m0 x1d h14 y46 ff1 fs18 fc1 sc0 ls1 ws1">efeito específico de determinada variável sobre o </div><div class="t m0 x1d h15 y47 ff1 fs19 fc1 sc0 ls15 ws8">VPL<span class="ls1 ws1"> </span></div><div class="t m0 x1c h14 y48 ff2 fs17 fc2 sc0 ls14">\uf0d8<span class="ff1 fs18 fc1 ls1 ws1">Vamos verificar a sensibilidade do VPL às </span></div><div class="t m0 x1d h14 y49 ff1 fs18 fc1 sc0 ls1 ws1">vendas </div><div class="t m0 x1c h14 y4a ff2 fs17 fc2 sc0 ls14">\uf0d8<span class="ff1 fs18 fc1 ls1 ws1">Quanto maior a volatilidade no VPL em relação a </span></div><div class="t m0 x1d h15 y4b ff1 fs19 fc1 sc0 ls1 ws1">uma variável específica, maior o risco <span class="_0 blank"></span>da </div><div class="t m0 x1d h14 y4c ff1 fs18 fc1 sc0 ls1 ws1">previsão associada àquela variável, e mais </div><div class="t m0 x1d h14 y4d ff1 fs18 fc1 sc0 ls1 ws1">atenção devemos ter com a sua estimaçã<span class="_1 blank"></span>o<span class="_3 blank"></span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf9" class="pf w0 h0" data-page-no="9"><div class="pc pc9 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bg9.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">8 </div><div class="t m0 x1e h16 y4e ff1 fs1a fc0 sc0 ls1 ws1">Resumo da <span class="_1 blank"></span>Análise de <span class="_1 blank"></span>Sensibilidade </div><div class="t m0 x1f h16 y4f ff1 fs1a fc0 sc0 ls1 ws1">Projeto X às v<span class="_1 blank"></span>endas </div><div class="t m0 x15 h12 y3c ff1 fs15 fc1 sc0 ls1 ws1">Sensibilid<span class="_0 blank"></span>ade </div><div class="t m0 x20 h17 y50 ff1 fs15 fc1 sc0 ls1 ws1">às venda<span class="_0 blank"></span>s <span class="_15 blank"> </span><span class="v1">V<span class="_5 blank"></span>endas </span></div><div class="t m0 x21 h17 y50 ff1 fs15 fc1 sc0 ls1 ws1">Unitárias <span class="_16 blank"> </span><span class="v1">Fluxo de </span></div><div class="t m0 x22 h17 y50 ff1 fs15 fc1 sc0 ls1 ws1">Caix<span class="_0 blank"></span>a <span class="_17 blank"> </span><span class="ls13 ws6 v1">VPL</span><span class="v1"> <span class="_b blank"> </span>TIR </span></div><div class="t m0 x1c h12 y3d ff1 fs15 fc1 sc0 ls1 ws1">Caso base <span class="_18 blank"> </span>6.000 <span class="_11 blank"> </span>59.800<span class="_0 blank"></span> <span class="_19 blank"> </span>15.566 <span class="_f blank"> </span>15,1% </div><div class="t m0 x23 h12 y3e ff1 fs15 fc1 sc0 ls1 ws1">Pior caso<span class="_0 blank"></span> <span class="_1a blank"> </span>5.500 <span class="_11 blank"> </span>53.200<span class="_0 blank"></span> <span class="_1b blank"> </span>-8.226 <span class="_1c blank"> </span>10,3% </div><div class="t m0 x24 h12 y3f ff1 fs15 fc1 sc0 ls1 ws1">Melhor caso <span class="_10 blank"> </span>6.5<span class="_0 blank"></span>00 <span class="_11 blank"> </span>66.400 <span class="_19 blank"> </span>39<span class="_0 blank"></span>.357 <span class="_f blank"> </span>19,7% </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pfa" class="pf w0 h0" data-page-no="a"><div class="pc pca w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/10ba9f30-a854-4b8d-b935-0187a5e589de/bga.png"><div class="t m0 x2 h2 y4 ff1 fs1 fc1 sc0 ls1 ws1">9 </div><div class="t m0 x25 h4 y5 ff1 fs3 fc0 sc0 ls1 ws1">Análise de Simulaç<span class="_1 blank"></span>ão </div><div class="t m0 x26 h8 y13 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1">Simulação é apenas uma análise de sensibilidade <span class="_1 blank"> </span>e </span></div><div class="t m0 x20 h8 y14 ff1 fs8 fc1 sc0 ls1 ws1">cenário expan<span class="_0 blank"></span>dida </div><div class="t m0 x26 h9 y51 ff2 fs1b fc2 sc0 ls16">\uf0d8<span class="ff1 fs9 fc1 ls1 ws1">Simulação<span class="_0 blank"></span> <span class="_1 blank"></span>de Monte Ca<span class="_0 blank"></span>rlo pode estimar milhares de </span></div><div class="t m0 x20 h8 y52 ff1 fs8 fc1 sc0 ls1 ws1">possíveis resultados baseados em distribuições </div><div class="t m0 x20 h8 y53 ff1 fs8 fc1 sc0 ls1 ws1">condicionais de probabilidades <span class="_1 blank"> </span>e restrições para cada uma </div><div class="t m0 x20 h8 y54 ff1 fs8 fc1 sc0 ls1 ws1">das variáveis </div><div class="t m0 x26 h8 y55 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1">O <span class="_0 blank"></span>resultado é uma distribuição <span class="_1 blank"> </span>de probabilidades <span class="_1 blank"></span>para o </span></div><div class="t m0 x20 h8 y56 ff1 fs8 fc1 sc0 ls1 ws1">VPL com uma estimativa da probabil<span class="_0 blank"></span>idade <span class="_1 blank"> </span>de se obter um </div><div class="t m0 x20 h8 y57 ff1 fs8 fc1 sc0 ls1 ws1">valor positivo </div><div class="t m0 x26 h8 y58 ff2 fsa fc2 sc0 ls6">\uf0d8<span class="ff1 fs8 fc1 ls1 ws1">A simulação<span class="_0 blank"></span> <span class="_1 blank"></span>é tão boa quanto a qualidade das </span></div><div class="t m0 x20 h8 y59 ff1 fs8 fc1 sc0 ls1 ws1">informações inseridas, e decisões ruins podem <span class="_1 blank"></span>acontecer </div><div class="t m0 x20 h8 y5a ff1 fs8 fc1 sc0 ls1 ws1">se não houver cuidado em analisar a interação <span class="_1 blank"> </span>entre as </div><div class="t m0 x20 h8 y5b ff1 fs8 fc1 sc0 ls1 ws1">variáveis </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div>
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