第二章項(xiàng)目選擇(Project Selection)

第二章：項(xiàng)目選擇

（ProjectSelection)1、項(xiàng)目選擇的含義2、項(xiàng)目選擇模型的評估標(biāo)準(zhǔn)3、項(xiàng)目選擇模型的類型4、項(xiàng)目建議書Projectselectionistheprocessofevaluatingindividualprojectsorgroupsofprojects,andthenchoosingtoimplementsomesetofthemsothattheobjectivesoftheparentorganizationwillbeachieved(項(xiàng)目選擇是對單個(gè)或一組項(xiàng)目進(jìn)行評估并選擇實(shí)施對象從而實(shí)現(xiàn)母公司目標(biāo)的過程).Thissamesystematicprocesscanbeappliedtoanyareaoftheorganization’sbusinessinwhichchoicesmustbemadebetweencompetingalternatives(在公司運(yùn)營過程中，當(dāng)需要在多個(gè)競爭性方案之間進(jìn)行選擇的時(shí)候，也同樣可以應(yīng)用這種方法).Choosinganumberofprojects,aportfolio,isevenmorecomplex(選擇一個(gè)項(xiàng)目組合，即多個(gè)不同的項(xiàng)目，甚至更加復(fù)雜).一、項(xiàng)目選擇的含義項(xiàng)目選擇是指對單個(gè)或一組項(xiàng)目進(jìn)行評估并選擇實(shí)施對象從而實(shí)現(xiàn)公司目標(biāo)的過程。如：一家制造企業(yè)可以借助評估選擇技術(shù)確定在部件組裝流程中使用哪一種設(shè)備；建筑公司可以在一組投標(biāo)項(xiàng)目中作出最佳的選擇等。PMisakeypersoninprojectselection,particularlyifaRequestforproposal(RFP,項(xiàng)目建議書)wasinvolved.Inthischapterwediscussseveraltechniquesthatcanbeusedtohelpseniormanagersselectprojects.Projectselectionisonlyoneofmanydecisionsassociatedwithprojectmanagement.Todealwithalloftheseproblems,weusedecision-aidingmodels(決策輔助模型).Thisprocessofcavingawaytheunwantedrealityfromthebonesofaproblemiscalledmodelingtheproblem(從問題的實(shí)質(zhì)中剔除不必要的因素的過程就稱為問題模型化).Inotherwords,theidealizedversionoftheproblemthatresultsiscalledamodel(對問題的理想化描述就是模型).Themodelrepresentstheproblem’sstructure,itsform.Themodelcanbeshownwithmanyforms,suchasgraphs(曲線),analogies(類比),diagrams(圖表),flowgraph(流程圖),networkmodels(網(wǎng)絡(luò)圖),andsymbolic(mathematical)models.Themodelmaybequitesimpletounderstand,ortheymaybeextremelycomplex.在進(jìn)行項(xiàng)目選擇時(shí)，常使用決策模型（decision-aidingmodel)（即項(xiàng)目選擇模型）。模型可以簡化問題，也可以展示問題結(jié)構(gòu)(structure)。模型可能很容易理解，也可能非常復(fù)雜。二、項(xiàng)目選擇模型的評估標(biāo)準(zhǔn)合理選擇投資項(xiàng)目，對每一家企業(yè)都至關(guān)重要。公司在選擇項(xiàng)目模型的時(shí)候，應(yīng)考慮下列標(biāo)準(zhǔn)：1、realism(實(shí)用性).Themodelshouldreflecttherealityofthemanager’sdecisionsituation,includingthemultipleobjectivesofboththefirmanditsmanagers.Withoutacommonmeasurementsystem,directioncomparisonofdifferentprojectsisimpossible.Forexample,projectAmaystrengthenafirm’smarketsharebyextendingitsfacilities,andprojectBmightimproveitscompetitivepositionbystrengtheningitstechnicalstaff.Otherthingsbeingequal,whichisbetter?Themodelshouldtakeintoaccounttherealitiesofthefirm’slimitationsonfacilities,capital,personnel,etc.Themodelshouldalsoincludefactorsthatreflectprojectrisks,includingthetechnicalrisksofperformance,cost,andtimeaswellasthemarketrisksofcustomerrejectionandotherimplementationrisks.1、實(shí)用性。如：項(xiàng)目A通過添置設(shè)備可以增加企業(yè)的市場占有率，項(xiàng)目B通過增加技術(shù)人員可以提高競爭地位，當(dāng)其他條件相同時(shí)，哪個(gè)項(xiàng)目更好？（此時(shí)應(yīng)充分考慮企業(yè)設(shè)備、資本、人力資源等方面的局限綜合考慮。）2、capability(功能性).Themodelshouldbesophisticatedenoughtodealwithmultipletimeperiods,simulatevarioussituationsbothinternalandexternaltotheproject(e.g.,strikes,interestratechanges,etc.),andoptimizethedecision.

Anoptimizingmodelwillmakethecomparisonthatmanagementdeemsimportant,considermajorrisksandconstraintsontheprojects,andthenselectthebestoverallprojectorsetofprojects.2、功能性。模型的完善程度應(yīng)適合多個(gè)時(shí)期，能夠模擬項(xiàng)目內(nèi)部和外部的各種條件，并能夠使決策最優(yōu)化。3、flexibility(靈活性).Themodelshouldgivevalidresultswithintherangeofconditionstobeself-adjustinginresponsetochangesinthefirm’senvironment;forexample,taxlawschange,newtechnologicaladvancementsalterrisklevels,andaboveall,theorganization’sgoalschange.4、easeofuse(易用性).Themodelshouldbereasonablyconvenient,nottakealongtimetoexecute,andbeeasetouseandunderstand.Itshouldnotrequirespecialinterpretation,datathataredifficulttoacquire,excessivepersonnel,orunavailableequipment.Themodel’svariablesshouldalsorelatetoone-to-onewiththosereal-worldparametersthemanagersbelievesignificanttotheproject.Finally,itshouldbeeasytosimulatetheexpectedoutcomesassociatedwithinvestmentsindifferentprojectportfolios.5、cost(成本)Data-gatheringandmodelingcostsshouldbelowrelativetothecostoftheprojectandmustsurelybelessthanthepotentialbenefitsoftheproject.Allcostsshouldbeconsidered,includingthecostsofdatamanagementandofrunningthemodel3、靈活性。即模型應(yīng)根據(jù)企業(yè)可能遇到的各種情況給出正確的結(jié)果。同時(shí)，模型應(yīng)具有易于調(diào)整或自我調(diào)節(jié)的能力，以適應(yīng)企業(yè)環(huán)境的變化（如稅法變動、技術(shù)進(jìn)步等因素）。4、易用性。即模型應(yīng)易于使用和理解，數(shù)據(jù)易于獲得，而不需要花費(fèi)過多的時(shí)間。5、成本性。即數(shù)據(jù)收集和建立模型的成本要低于相應(yīng)的項(xiàng)目成本，而且還要求低于項(xiàng)目的潛在收益。三、項(xiàng)目選擇模型的類型兩種基本選擇模型：數(shù)學(xué)模型非數(shù)學(xué)模型1、非數(shù)學(xué)模型

（nonnumericmodels)1)thesacredcow(圣牛).Inthiscasetheprojectissuggestedbyaseniorandpowerfulofficialintheorganization.Oftentheprojectisinitiatedwithasimplecommentsuchas“ifyouhaveachance,whydon’tyoulookinto,”andtherefollowsanundevelopedideaforanewproduct,forthedevelopmentofanewmarket,forthedesignandadoptionofaglobaldatabaseandinformationsystem,orforsomeotherprojectrequiringaninvestmentofthefirm’sresources.Theimmediateresultofthisblandstatementisthecreationofa“project”toinvestigatewhateverthebosshassuggested.Theprojectis“sacred”inthesensethatitwillbemaintaineduntilsuccessfullyconcluded,oruntiltheboss,personally,recognizestheideaasafailureandterminatesit.1）圣牛（TheSacredCow)模型。指項(xiàng)目首先由組織中的高層權(quán)威人士提議，然后產(chǎn)生有關(guān)新產(chǎn)品的設(shè)想、新市場的開發(fā)等工作。高層權(quán)威的提議常常直接導(dǎo)致項(xiàng)目的產(chǎn)生，從此意義而言，項(xiàng)目是“神圣”的，在未得到滿意的結(jié)果之前，或高層已意識到該創(chuàng)意失敗需要終止該項(xiàng)目之前，該項(xiàng)目將會一直存在下去。2)theoperatingnecessity(經(jīng)營需要).Ifafloodisthreateningtheplant,aprojecttobuildaprotectivedikedoesnotrequiremuchformalevaluation.Inotherwords,afirmselectitsprojectmainlyaccordingtotheoperatingnecessity.3)comparativebenefitmodel(比較利益模型).Theconceptofcomparativebenefitsiswidelyadoptedforselectiondecisionsonallsortsofprojects.MostUnitedWayorganizations(許多社會組織)usetheconcepttomakedecisionsaboutwhichofseveralsocialprogramstofund.Seniormanagementofthefundingorganizationthenexaminesallprojectswithpositiverecommendationsandattemptstoconstructaportfoliothatbestfitstheorganization’saimsanditsbudget.Oftheseveraltechniquesfororderingprojects,theQ-Sort(Q排序)isoneofthemoststraightforward.First,theprojectsaredividedintothreegroupsgood,fair,andpooraccordingtotheirrelativemerits.Ifanygrouphasmorethaneightmembers,itissubdividedintotwocategories,suchasfair-plus(中上)andfair-minus(中下).Whenallcategorieshaveeightorfewermembers,theprojectswithineachcategoriesareorderedfrombesttoworst.Again,theorderisdeterminedonthebasisofrelativemerit.Theratermayusespecificcriteriatorankeachproject,ormaysimplyusegeneraloveralljudgment(整體判斷方法).2）經(jīng)營需要模型。即項(xiàng)目的選擇完全是根據(jù)經(jīng)營需要來考慮，而不會過多的依靠模型來選擇。如：受洪水威脅的工廠，修建防護(hù)堤的項(xiàng)目就不需要過多的評估。3）比較利益模型。比較利益選擇最常見的就是Q-排序模型，其中的排序就是根據(jù)相對優(yōu)點(diǎn)即比較利益進(jìn)行的。Q-排序模型的步驟如下：第一步：為每位參與者準(zhǔn)備一副卡片，每張卡片上寫上項(xiàng)目名稱和內(nèi)容第二步：讓每位參與者把卡片分為兩堆，一堆代表優(yōu)勢項(xiàng)目，另一堆代表劣勢項(xiàng)目（數(shù)量不必相同）第三步：讓每位參與者從每一堆卡片中抽出一些放一堆，代表中等優(yōu)勢項(xiàng)目。第四步：讓每位參與者從優(yōu)勢卡片中抽出一些放在一堆，代表最有優(yōu)勢的項(xiàng)目，再在劣勢卡片中抽出一些放一堆，代表最劣勢的項(xiàng)目第五步：最后，讓每位參與者考慮自己的選擇，權(quán)衡每一張卡片的擺放位置直到滿意為止。圖示如下：初始卡片高水平低水平高水平中等水平低水平中等水平極高水平高水平低水平極低水平

Q-排序步驟4）專家意見模型（即Delphi模型）2、numericmodelsTherearetwocategoriesinnumericmodel,profit/profitabilityandscoring.1)profit/profitability(利潤/盈利能力數(shù)學(xué)模型).Inpractice,alargermajorityofallfirmsusingprojectevaluationandselectionmodelsuseprofit/profitabilityasthesolemeasureofacceptability.Thismodelsaredetailedasfollowing:①paybackperiod(回收期).Thepaybackperiodforaprojectistheinitialfixedinvestmentintheprojectdividedbytheestimatedannualcashinflowsfromtheproject.Theratioofthesequantitiesisthenumberofyearsrequiredfortheprojecttorepayitsinitialfixedinvestment(項(xiàng)目回收期等于項(xiàng)目最初的固定投資除以每年預(yù)計(jì)的現(xiàn)金流入。這個(gè)比率就是項(xiàng)目收回固定投資的年限).2、數(shù)學(xué)模型數(shù)學(xué)模型又分為：利潤／盈利能力模型評分模型1）利潤/盈利能力模型①項(xiàng)目回收期（paybackperiod)。它等于項(xiàng)目最初的固定投資除以每年預(yù)計(jì)的現(xiàn)金流入。即項(xiàng)目回收期=初始投資/（每年?duì)I業(yè)現(xiàn)金流入+折舊）應(yīng)用：項(xiàng)目回收期應(yīng)與標(biāo)準(zhǔn)投資回收期相比較進(jìn)行選擇。難點(diǎn)：每年現(xiàn)金流入不等時(shí)如何計(jì)算投資回收期？優(yōu)點(diǎn)：簡單缺點(diǎn)：未考慮貨幣時(shí)間價(jià)值舉例②averageratereturn(平均回報(bào)率).Oftenmistakenasthereciprocalofthepaybackperiod,theaveragerateofreturnistheratiooftheaverageannualprofit(eitherbeforeoraftertaxes)totheinitialoraverageinvestmentintheproject(平均回報(bào)率常常被錯(cuò)誤地認(rèn)為是回收期的倒數(shù)。而平均回報(bào)率是平均年利潤（稅前或稅后）與項(xiàng)目最初投資或平均投資的比率).②平均回報(bào)率（AverageRateofReturn)。它是平均利潤（稅前或稅后）與項(xiàng)目最初投資或平均投資的比率。應(yīng)用：回報(bào)率越高，項(xiàng)目投資價(jià)值越大。優(yōu)點(diǎn)：簡單缺點(diǎn)：未考慮貨幣時(shí)間價(jià)值舉例③discountedcashflow(現(xiàn)金流量折現(xiàn)).Alsoreferredtoasthenetpresentvaluemethod,thediscountedcashflowmethoddeterminesthenetpresentvalueofallcashflowsbydiscountingthembytherequiredrateofreturn(alsoknownasthehurdlerate,cutoffrate,andsimilarterms)(這種方法也稱為凈現(xiàn)值法，現(xiàn)金流量折現(xiàn)法是用最低投資回報(bào)率（也稱為臨界報(bào)酬率等）折現(xiàn)所有的現(xiàn)金流量).③凈現(xiàn)值（NetPresentValue，NPV）。它是指用最低投資回報(bào)率去折現(xiàn)或貼現(xiàn)所有的現(xiàn)金凈流量所得到的總和。（注意凈現(xiàn)值三種結(jié)果的含義）舉例如下：建設(shè)謀公司擬安裝一條生產(chǎn)線，初始設(shè)備投資125000元，設(shè)備安裝費(fèi)100000元，物料投放系統(tǒng)和生產(chǎn)線調(diào)試費(fèi)90000元。運(yùn)輸和安裝設(shè)備需1年時(shí)間，調(diào)試整套設(shè)備又需1年時(shí)間。工程師估計(jì)從第四年開始每兩年一次的定期大修需要支出15000元，但最后1年不需進(jìn)行大修。項(xiàng)目計(jì)劃在第三年開始生產(chǎn)。在運(yùn)營的第一年因生產(chǎn)成本節(jié)約和利潤增加的總額為50000元，預(yù)計(jì)在第二年達(dá)到最大值120000元，以后幾年年如表所示。項(xiàng)目壽命假定為10年，10年后設(shè)備報(bào)廢的殘值為35000元。假設(shè)該公司要求的最低回報(bào)率為12%，估計(jì)在項(xiàng)目壽命周期內(nèi)的通貨膨脹率為3%。假設(shè)初始投資發(fā)生在年初，其他收入支出發(fā)生在年末。根據(jù)以上資料，可以繪制如下的凈現(xiàn)值分析表（見下頁）年份A流入（元）B流出（元）C凈流量（元）D=（B-C）折現(xiàn)率1/（1+k+p）t凈現(xiàn)值（元）D（折現(xiàn)后）19960125000-1250001.0000-12500019960100000-1000000.8696-869601997090000-900000.7561-680491998500000500000.6575328751999120000150001050000.571860039200011500001150000.497257178200110500015000900000.4323389072002970000970000.37593646220039000015000750000.3269245182004820000820000.2843233132005650000650000.247216068200535000（殘值）350000.24728652total75900036000039900018003

凈現(xiàn)值分析表從上表可看出，該項(xiàng)目的總現(xiàn)金流入為759000元，或者說10年中平均每年現(xiàn)金流入為75900元。項(xiàng)目所需總投資為315000元（忽略每兩年的大修理支出）。假定用直線法折舊，則10年中每年折舊為31500元（假設(shè)不考慮殘值）。則該項(xiàng)目的投資回收期為：回收期=315000/（75900+31500）=2.9（年）再看該項(xiàng)目的凈現(xiàn)值為：18003元，是正數(shù)，表示可以接受該項(xiàng)目。④

profitabilityindex(盈利能力指數(shù)).Alsoknownasthebenefit-costratio,theprofitabilityindexisthenetpresentvalueofallfutureexpectedcashflowsdividedbytheinitialcashinvestment(也稱做成本-收益比率，盈利能力指數(shù)是未來現(xiàn)金流量的凈現(xiàn)值除以初始現(xiàn)金投資).Ifthisratioisgreaterthan1.0,theprojectmaybeaccepted.④現(xiàn)值指數(shù)法（PresentValueIndex)：是指投資項(xiàng)目的未來現(xiàn)金流入量現(xiàn)值與所需投資額現(xiàn)值之比，即：現(xiàn)值指數(shù)=未來現(xiàn)金流入量現(xiàn)值／投資額現(xiàn)值現(xiàn)值指數(shù)三種結(jié)果的應(yīng)用優(yōu)點(diǎn)：可以克服用NPV法不能用于對不同投資額方案進(jìn)行比較和評價(jià)的缺點(diǎn)，從而使方案的評價(jià)更加合理、客觀。例如：現(xiàn)有兩個(gè)方案，有關(guān)資料如下缺點(diǎn)（包括NPV）：思考？項(xiàng)目方案A方案B現(xiàn)金流入量現(xiàn)值（元）315004200投資額現(xiàn)值（元）300003000凈現(xiàn)值（元）15001200現(xiàn)值指數(shù)1.051.4⑤

internalrateofreturn(內(nèi)含報(bào)酬率).Ifwehaveasetofexpectedcashinflowsandcashoutflows,theinternalrateofreturnisthediscountratethatequatesthepresentvaluesofthetwosetsofflows.IfAtisanexpectedcashoutflowintheperiodtandRt

istheexpectedinflowfortheperiodt,theinternalrateofreturnisthevalueofkthatsatisfiesthefollowingequation(notethattheA0willbepositiveinthisformulationoftheproblem)(如果我們有一組預(yù)期的現(xiàn)金流入數(shù)據(jù)和現(xiàn)金流出數(shù)據(jù)，內(nèi)含報(bào)酬率IRR就是使現(xiàn)金流入現(xiàn)值等于現(xiàn)金流出現(xiàn)值的折現(xiàn)率。如果At是第t期現(xiàn)金流出，Rt是第t期現(xiàn)金流入，滿足下面方程的k就是內(nèi)含報(bào)酬率（請注意：該等式中A0是正數(shù)）).⑤

內(nèi)含報(bào)酬率（InternalRateofReturn，IRR).如果我們有一組預(yù)期的現(xiàn)金流入數(shù)據(jù)和現(xiàn)金流出數(shù)據(jù)，內(nèi)含報(bào)酬率IRR就是使現(xiàn)金流入現(xiàn)值等于現(xiàn)金流出現(xiàn)值的折現(xiàn)率。如果At是第t期現(xiàn)金流出，Rt是第t期現(xiàn)金流入，滿足下面方程的k就是內(nèi)含報(bào)酬率（請注意：該等式中A0是正數(shù)）內(nèi)含報(bào)酬率公式如下：IRR的應(yīng)用第一，在每年現(xiàn)金流入量相同情況下的應(yīng)用方法：直接用插值法或查表法求解公式為：每年現(xiàn)金流入量×年金現(xiàn)值系數(shù)=現(xiàn)金流出量現(xiàn)值（或投資額現(xiàn)值），即年金現(xiàn)值系數(shù)=投資額現(xiàn)值/每年現(xiàn)金流入量然后，根據(jù)所求得的年金現(xiàn)值系數(shù)，利用年金現(xiàn)值系數(shù)表查表即得。第二，在每年現(xiàn)金流入量不等情況下的應(yīng)用方法：試錯(cuò)法（trialanderrormethod）。舉例(見下頁)優(yōu)點(diǎn)：?缺點(diǎn)：?Theexamplefortrialanderrormethodisshownasfollowing:Thereisacompany.thecompanyinvestinaprojectfor120000yuan(one-timeinvestment),thedurationoftheprojectis4years.Theestimatedannualcashinflowsare30000yuan,40000yuan,50000yuan,and35000yuan,respectively.Assumethattheexpectedlowestrateofreturnforinvestmentis10%.Question:howdoesthecompanymakedecisionforinvestmentbyIRR?

wecanusethetrialanderrormethodtosolvetheproblem.Inordertounderstandthismethod,wewilllistatable(seethefollowingpage)yearAnnualcashinflow(yuan)Firsttrialanderror(8%)Secondtrialanderror(12%)Thirdtrialanderror(10%)DiscountfactorPresentvalueDiscountfactorPresentvalueDiscountfactorPresentvalue1234ThetotalpresentvalueofcashinflowMinus:thepresentvalueofinvestmentNetcashflow300004000050000350000.9260.8570.7940.7352778034280397002572512748512000074850.8930.7970.7120.63626790318803560022260116530120000(3470)0.9090.8260.7510.683272703304037550239051217651200001765作業(yè)假設(shè)某項(xiàng)初始投資為6000元，在第一年末流入現(xiàn)金2500元，第二年末流入現(xiàn)金3000元，第三末流入現(xiàn)金3500元。計(jì)算：①該項(xiàng)投資的報(bào)酬率是多少？（要求至少試錯(cuò)3次）②如果資金的成本為10%時(shí)，該項(xiàng)投資的NPV是多少？2）評分模型為了克服盈利能力模型的一些缺陷（因?yàn)樗麄兺豢紤]單一標(biāo)準(zhǔn)），可以使用多個(gè)標(biāo)準(zhǔn)來評估項(xiàng)目，即評分模型。評分模型分為：評分標(biāo)準(zhǔn)未加權(quán)的評分模型和評分標(biāo)準(zhǔn)要加權(quán)的評分模型①評分標(biāo)準(zhǔn)未加權(quán)的評分模型（如0-1評分模型，略）②加權(quán)評分模型（ScoringModel）其公式為：其中：Si為第i個(gè)項(xiàng)目的總得分

Sij為第i個(gè)項(xiàng)目的第j個(gè)標(biāo)準(zhǔn)的得分

Wj為第j個(gè)標(biāo)準(zhǔn)的權(quán)重。加權(quán)評分模型舉例汽車選購例子

A.購車標(biāo)準(zhǔn)和權(quán)重外觀剎車舒適運(yùn)行成本買價(jià)操作穩(wěn)定性437510750.100.040.170.12總計(jì)410.99有關(guān)汽車的選購標(biāo)準(zhǔn)、測量信息和數(shù)據(jù)來源外觀主觀判斷，個(gè)人剎車剎車距離，60-0mph，汽車雜志舒適主觀判斷，30分鐘道路測試運(yùn)行成本年保險(xiǎn)費(fèi)加汽油費(fèi)買價(jià)經(jīng)銷商價(jià)格操作標(biāo)準(zhǔn)障礙賽的平均速度穩(wěn)定性消費(fèi)者報(bào)告的評分，修理頻率數(shù)據(jù)

C.汽車運(yùn)行測試結(jié)果打分標(biāo)準(zhǔn)分?jǐn)?shù)12345外觀剎車舒適度運(yùn)行成本買價(jià)操作穩(wěn)定性很差大于165很差大于2.5大于32.5小于45很差差165-150差2.1-2.526-32.545-49.5差一般150-140一般1.9-2.121-2649.5-55一般好140-130好1.6-1.917-2155-59好很好小于130很好小于1.6小于17大于59很好備選車Alternatives

標(biāo)準(zhǔn)和權(quán)重（Criteriaandweights）外觀Appearance(0.10)剎車Braking(0.07)舒適度Comfort(0.17)運(yùn)行成本Cost,operating(0.12)買價(jià)Const,original(0.24)操作Handling(0.17)穩(wěn)定性Reliability(0.12)總分sijwjLeviathan8nuevoeEconMaxivanSporticar100Ritzy30030.1=0.3030.1=0.3020.1=0.2050.1=0.5040.1=0.4010.07=0.0730.07=0.2110.07=0.0740.07=0.2850.07=0.3540.17=0.6820.17=0.3440.17=0.6830.17=0.5150.17=0.8520.12=0.2450.12=0.6040.12=0.4820.12=0.2420.12=0.2410.24=0.2440.24=0.9630.24=0.7220.24=0.4810.24=0.2420.17=0.3420.17=0.3410.17=0.1750.17=0.8540.17=0.6830.12=0.3640.12=0.4830.12=0.3620.12=0.2450.