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HZ(&C"8A ''; [nF!J!E+DN"  1%'$i  ?,/0Z0 `"/1* " #6:)J/=" ;-!&6H*  &?&#0! .   7% #'  "  $  *   !    #'                                         tt        hB$Ubo), %B$r}vβM %B$O*]3[;Ȃ41B$g_S=5_pLB$z blB$/&i$:"ynB$/*D=;nxK B$BA)~K7a+L,!mIB$}}}yS B$Nh" 6TS<B$zU릃 "$B$݋KR9^+B$I3%\Wic@2V@C x1?@8K Qʚ;2Nʚ;g4KdKd h <Ҹppp@ <4!d!dphkʚHhXh<4ddddphkʚHhXh<4BdBdphkʚHhXhP___PPT92*  h___PPT2001D<4X? %O =i@JEXPERIENCIA EN LA EVALUACION ECONOMICA-FINANCIERA EN LA ACTIVIDAD HOTELERA(KJ J vConferencia del Dr. Alfredo Ascanio Presentada ante la Universidad Autnoma del Estado de Mxico Toluca, Octubre 2003>w$*~  Temas a tratar($El Proyecto como sistema Hoteles y parmetros estables Presupuesto de inversin La depreciacin y el valor salvado El mercado Los costos y gastos El flujo de caja Criterios para evaluar: VAN y TIR Anlisis de sensibilidad e inflacin Competitividad y sinergia Z" nZ  1. El Proyecto como sistema($ z Una red interconectada Presupuestos en cadena Sinergia x=n     =   2. Hoteles y parmetros estables(! $  Parmetros de inversin Parmetros de ingresos (60%, 30%, 10%) Parmetros de costos y gastos (35%) Parmetros para la evaluacinFF'FF$FFF  )3. Presupuesto de inversin: los aportes6*$  ) 9Relacin equilibrada Patrimonio (40%) Crditos (60%) vZ"ZZZ" 9  %4. La depreciacin y el valor salvado(&%$% ,Depreciacin lineal o acelerada Depreciacin y valor salvado Valor presente a perpetuidad del ltimo valor del flujo de caja Ef / 1 * 1 + i / i  tmc f}xZ<<pZ<<|J}       5. El mercado( $  4Un ejemplo de estimaciones preliminares 120 habitaciones x 65% x 365 noches = 28.470 hab-noches-ao 28.470 x US$ 40 = 1.138.800 28.470 x 2 = 56.940 56.940 visitantes / 3 noches = 18.980 visitantes -ao Adems : una muestra representativa de tarjetas hoteleras, aplicando la frmula del tamao de muestra de poblacin finita, donde N= 18.980 turistas  ao; p=70%; q=30%, con 95,5% de nivel de confianza (2 sigmas) y margen de error del 4%. Entonces; n= 4 x 70 x 30 x 18.980 / 16 (18.979) + 4 x 70 x 30 n= 510 tarjetas (tomadas al azar)ZQ0Z('w"&U    +6. Los costos y gastos : fijos y variables(,+$+  Fijos : suponen contratacin sin relacin a las ventas (experiencia: 38% de costos totales) Variable : proporcional o semiproporcional a las ventas (experiencia 38% de ventas) Ejemplo: Pe = CF / 1- CV / V Pe = 227 / 1  366 / 1.051 Pe = 227 / 1-0,379* Pe = 227 / 0,621= 366 Pe = 366 / 1.051 = 35% * Mrgen de contribucin _PPXP ZrZZV L rH|      7. El flujo de caja$(( Inversiones (salida de caja) Utilidad neta despus de ISR + Depreciacin  pago principal al Banco (entradas en efectivo a valores constantes) Descuento con la tasa de oportunidad del mercado de capitales a valor constante \PP    %8. Criterios para evaluar: VAN y TIR(&%$ & Criterio: valor temporal del dinero. Unidades de mrito : valor actualizado neto o valor presente neto (VAN) y la tasa interna de retorno (TIR). VAN = descontar o trasladar al presente (al ao cero) todos los flujos netos futuros del proyecto,a una tasa de descuento igual a la Tasa Mnima Atractiva de Rendimiento (TMAR) o costo de oportunidad del dinero. La sumatoria de los flujos netos a valor presente debe ser mayor que la inversin en el ao cero (Un VAN positivo). TIR por definicin es igual al VAN = 0 y debe ser mayor que la TMAR. La TIR se obtiene por interpolacin entre una TIR para un VAN positivo y un VAN negativo , o sea: TIR = 6% + (7% - 6%) * 45.600 / 45.600+130.350 TIR = 6% + 45.600 / 175.595 TIR = 6 + 0,26 = 6,26% $8F(I8Z(8P(eP<: %d   79. Anlisis de sensibilidad y el asunto de la inflacin&87$7 Riesgos e incertidumbre Sensibilidad al mercado y a la tarifa Al contexto poltico-social Turbulencia econmica (tipo de cambio) Densidades utilizadas Riesgo pas: eleva el TMARn  $10. La competitividad y la sinergia(%$$ % , En un mercado oligoplico cuidado con las decisiones del lder. La calidad de los servicios (calidad- precio). Valor agregado (intangibles). Gestin de lealtad : inversionistas, personal de contactos y clientela. La clientela juzga a los hoteles en base a la habilidad para satisfacer sus expectativas. Creacin de valores para la clientela o las personas que llegan por su recomendacin. La calidad del personal de contacto, el diseo del hotel y sus amenidades, estrategia de diferenciacin en relacin a la competencia, el mantenimiento de la propiedad fsica. Turismo de multidestinos, coordinacin y estrategias conjuntas, Integracin vertical.0Z2 26=CZ!  =@   1   >  REFLEXIONES( $  2El Proyecto Fsico que se ha propuesto con sus servicios incorporados y para un entorno turstico determinado : es econmicamente y financieramente factible? El proyecto: es una buena alternativa de inversin en relacin a la Tasa Mnima Atractiva de Rendimiento (TMAR) tomando en cuenta el riesgo pas? 20ln2o/ ( +# 3  REFLEXIONES( $  SSe han armonizado los diferentes puntos de vista del equipo disciplinario y el sistema produce un adecuado VAN o una adecuada TIR? Se han tomado en consideracin las recomendaciones de expertos hoteleros y de las mejores prcticas de la hotelera a los fines de diferenciar el producto con sus servicios y lograr sinergias para competir? S0ln2)2%%g T  Bibliografa $  ?Edgar Alfonso Hernndez Daz, Proyectos tursticos : formulacin y evaluacin, Editorial Trillas, Mxico, 1983 Gabriel Baca Urbina, Evaluacin de proyectos, McGraw-Hill, Mxico, 1998 Ricardo Pascale, Decisiones financieras, Ediciones Macchi, Buenos Aires, 1992 Alfonso Jimnez, Turismo: estructura y desarrollo en Mxico, McGraw-Hill, Mxico, 1993 Miguel Santesmases Mestre, DYANE : Diseo y anlisis de encuestas en investigacin social y de mercados, Ediciones Pirmide, Madrid, 1997 Dominique Achour, et. al., Inversin en bienes races, Limusa, Mxico. 1992 Ricardo Rodrguez Vera, Costos aplicados a hoteles y restaurantes, Ecoe Ediciones, Bogot, 1998 Juan Jos Miranda, Gestin de proyectos, MM Editores, Bogot, 2001 Pierre Eiglier y Eric Langeard , Servuccin : el marketing de los servicios, McGraw-Hill, Madrid, 1989 (olxHplxlxln/7.8*7L>/)2<*D    %  R    q  '  R  c       "   "Cont& bibliografia $4     Michael Porter, Estrategia competitiva, Esitorial Continental,Mxico, 1985 George A. Taylor, Ingeniera econmica, Editorial Limusa, Mxico, 1972 Rodrigo Valera V., Evaluacin econmica de alternativas operacionales y proyectos de inversin, Editorial Norma, Bogot, 1982 Robert E. Meigs y Walter B. Meigs, Contabilidad : la base para decisiones gerenciales, McGraw- Hill, Mxico, 1992 Luis Fernando Gutirrez Marulanda, Decisiones financieras y costo del dinero en economas inflacionarias, Editorial Norma, Bogot, 1991 Manuel Figuerola P., Elementos para el estudio de la economa de la empresa turstica, Editorial Sntesis, Madrid, 1990 Graciela Ripoll, Turismo popular: inversiones rentables, Editorial Trillas, Mxico, 1986 l74KE3@F4A3'"*       ,        7  -   n   q  K $Cont& .Bibliografa$  QStephen Smith, Tourism Anlisis : a Handbook , Longman Scientific & Technical, New York, 1989 S. Medlik, The Business of Hotels, Heinemann Profesional Publishing, London, 1989 Robert Lewis y Richard Chambers, Marketing Leadership in Hospitality : fundations and practices, Van Nostrand Reinhold, New York, 1989 Haim Levy y Marshall Sarnat, Capital Investment and Financial Decisions, Prentice Hall , London, 1986 M. G. Wright, Discounted cash flow, McGraw-Hill, London, 1973 Robert Ch. Mill y Alastair Morrison, The Tourism System : an introductory text, Prentice Hall, New Jersey, 1992 ^n0n2n?S>G*.B*"                                                     "                                   PN   ` f3|` 3f3` ___>?" dd@,?lPd@  d " @ `"  n?" dd@   @@``PV    @ ` ` p>> %  b( @    f ?d @?" "   6 ?"P`  "   NX v2 @?"PP  "    f ?'d @?" "   N gֳgֳ ?"P  T Click to edit Master title style! !<  H8gֳgֳ ?"  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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HZ(&C"8A ''; [nF!J!E+DN"  1%'$i  ?,/0Z0 `"/1* " #6:)J/=" ;-!&6H*  &?&#0! .   7% #'  "  $  *   !    #'                                         tt        hB$Ubo), %B$r}vβM %B$O*]3[;Ȃ41B$g_S=5_pLB$z blB$/&i$:"ynB$/*D=;nxK B$BA)~K7a+L,!mIB$}}}yS B$Nh" 6TS<B$zU릃 "$B$݋KR9^+B$I3%\Wic@2V@C x1?@8K Qʚ;2Nʚ;g4KdKd h <0Ҹppp@ <4!d!dphkʚHhXh<4ddddphkʚHhXh<4BdBdphkʚHhXhP___PPT92*  h___PPT2001D<4X? %O =k@JEXPERIENCIA EN LA EVALUACION ECONOMICA-FINANCIERA EN LA ACTIVIDAD HOTELERA(KJ J vConferencia del Dr. Alfredo Ascanio Presentada ante la Universidad Autnoma del Estado de Mxico Toluca, Octubre 2003>w$*~  Temas a tratar($El Proyecto como sistema Hoteles y parmetros estables Presupuesto de inversin La depreciacin y el valor salvado El mercado Los costos y gastos El flujo de caja Criterios para evaluar: VAN y TIR Anlisis de sensibilidad e inflacin Competitividad y sinergia Z" nZ  1. El Proyecto como sistema($ z Una red interconectada Presupuestos en cadena Sinergia x=n     =   2. Hoteles y parmetros estables(! $  Parmetros de inversin Parmetros de ingresos (60%, 30%, 10%) Parmetros de costos y gastos (35%) Parmetros para la evaluacinFF'FF$FFF  )3. Presupuesto de inversin: los aportes6*$  ) 9Relacin equilibrada Patrimonio (40%) Crditos (60%) vZ"ZZZ" 9  %4. La depreciacin y el valor salvado(&%$% ,Depreciacin lineal o acelerada Depreciacin y valor salvado Valor presente a perpetuidad del ltimo valor del flujo de caja Ef / 1 * 1 + i / i  tmc f}xZ<<pZ<<|J}       5. El mercado( $  4Un ejemplo de estimaciones preliminares 120 habitaciones x 65% x 365 noches = 28.470 hab-noches-ao 28.470 x US$ 40 = 1.138.800 28.470 x 2 = 56.940 56.940 visitantes / 3 noches = 18.980 visitantes -ao Adems : una muestra representativa de tarjetas hoteleras, aplicando la frmula del tamao de muestra de poblacin finita, donde N= 18.980 turistas  ao; p=70%; q=30%, con 95,5% de nivel de confianza (2 sigmas) y margen de error del 4%. Entonces; n= 4 x 70 x 30 x 18.980 / 16 (18.979) + 4 x 70 x 30 n= 510 tarjetas (tomadas al azar)ZQ0Z('w"&U    +6. Los costos y gastos : fijos y variables(,+$+  Fijos : suponen contratacin sin relacin a las ventas (experiencia: 38% de costos totales) Variable : proporcional o semiproporcional a las ventas (experiencia 38% de ventas) Ejemplo: Pe = CF / 1- CV / V Pe = 227 / 1  366 / 1.051 Pe = 227 / 1-0,379* Pe = 227 / 0,621*= 366 Pe = 366 / 1.051 = 35% * Mrgen de contribucin _PPXP ZsZZV L sH|      7. El flujo de caja$(( Inversiones (salida de caja) Utilidad neta despus de ISR + Depreciacin  pago principal al Banco (entradas en efectivo a valores constantes) Descuento con la tasa de oportunidad del mercado de capitales a valor constante \PP    %8. Criterios para evaluar: VAN y TIR(&%$ & Criterio: valor temporal del dinero. Unidades de mrito : valor actualizado neto o valor presente neto (VAN) y la tasa interna de retorno (TIR). VAN = descontar o trasladar al presente (al ao cero) todos los flujos netos futuros del proyecto,a una tasa de descuento igual a la Tasa Mnima Atractiva de Rendimiento (TMAR) o costo de oportunidad del dinero. La sumatoria de los flujos netos a valor presente debe ser mayor que la inversin en el ao cero (Un VAN positivo). TIR por definicin es igual al VAN = 0 y debe ser mayor que la TMAR. La TIR se obtiene por interpolacin entre una TIR para un VAN positivo y un VAN negativo , o sea: TIR = 6% + (7% - 6%) * 45.600 / 45.600+130.350 TIR = 6% + 45.600 / 175.595 TIR = 6 + 0,26 = 6,26% $8F(I8Z(8P(eP<: %d   79. Anlisis de sensibilidad y el asunto de la inflacin&87$7 Riesgos e incertidumbre Sensibilidad al mercado y a la tarifa Al contexto poltico-social Turbulencia econmica (tipo de cambio) Densidades utilizadas Riesgo pas: eleva el TMARn  $10. La competitividad y la sinergia(%$$ % , En un mercado oligoplico cuidado con las decisiones del lder. La calidad de los servicios (calidad- precio). Valor agregado (intangibles). Gestin de lealtad : inversionistas, personal de contactos y clientela. La clientela juzga a los hoteles en base a la habilidad para satisfacer sus expectativas. Creacin de valores para la clientela o las personas que llegan por su recomendacin. La calidad del personal de contacto, el diseo del hotel y sus amenidades, estrategia de diferenciacin en relacin a la competencia, el mantenimiento de la propiedad fsica. Turismo de multidestinos, coordinacin y estrategias conjuntas, Integracin vertical.0Z2 26=CZ!  =@   1   >  REFLEXIONES( $  2El Proyecto Fsico que se ha propuesto con sus servicios incorporados y para un entorno turstico determinado : es econmicamente y financieramente factible? El proyecto: es una buena alternativa de inversin en relacin a la Tasa Mnima Atractiva de Rendimiento (TMAR) tomando en cuenta el riesgo pas? 20ln2o/ ( +# 3  REFLEXIONES( $  SSe han armonizado los diferentes puntos de vista del equipo disciplinario y el sistema produce un adecuado VAN o una adecuada TIR? Se han tomado en consideracin las recomendaciones de expertos hoteleros y de las mejores prcticas de la hotelera a los fines de diferenciar el producto con sus servicios y lograr sinergias para competir? S0ln2)2%%g T  Bibliografa $  ?Edgar Alfonso Hernndez Daz, Proyectos tursticos : formulacin y evaluacin, Editorial Trillas, Mxico, 1983 Gabriel Baca Urbina, Evaluacin de proyectos, McGraw-Hill, Mxico, 1998 Ricardo Pascale, Decisiones financieras, Ediciones Macchi, Buenos Aires, 1992 Alfonso Jimnez, Turismo: estructura y desarrollo en Mxico, McGraw-Hill, Mxico, 1993 Miguel Santesmases Mestre, DYANE : Diseo y anlisis de encuestas en investigacin social y de mercados, Ediciones Pirmide, Madrid, 1997 Dominique Achour, et. al., Inversin en bienes races, Limusa, Mxico. 1992 Ricardo Rodrguez Vera, Costos aplicados a hoteles y restaurantes, Ecoe Ediciones, Bogot, 1998 Juan Jos Miranda, Gestin de proyectos, MM Editores, Bogot, 2001 Pierre Eiglier y Eric Langeard , Servuccin : el marketing de los servicios, McGraw-Hill, Madrid, 1989 (olxHplxlxln/7.8*7L>/)2<*D    %  R    q  '  R  c       "   "Cont& bibliografia $4     Michael Porter, Estrategia competitiva, Esitorial Continental,Mxico, 1985 George A. Taylor, Ingeniera econmica, Editorial Limusa, Mxico, 1972 Rodrigo Valera V., Evaluacin econmica de alternativas operacionales y proyectos de inversin, Editorial Norma, Bogot, 1982 Robert E. Meigs y Walter B. Meigs, Contabilidad : la base para decisiones gerenciales, McGraw- Hill, Mxico, 1992 Luis Fernando Gutirrez Marulanda, Decisiones financieras y costo del dinero en economas inflacionarias, Editorial Norma, Bogot, 1991 Manuel Figuerola P., Elementos para el estudio de la economa de la empresa turstica, Editorial Sntesis, Madrid, 1990 Graciela Ripoll, Turismo popular: inversiones rentables, Editorial Trillas, Mxico, 1986 l74KE3@F4A3'"*       ,        7  -   n   q  K $Cont& .Bibliografa$  QStephen Smith, Tourism Anlisis : a Handbook , Longman Scientific & Technical, New York, 1989 S. Medlik, The Business of Hotels, Heinemann Profesional Publishing, London, 1989 Robert Lewis y Richard Chambers, Marketing Leadership in Hospitality : fundations and practices, Van Nostrand Reinhold, New York, 1989 Haim Levy y Marshall Sarnat, Capital Investment and Financial Decisions, Prentice Hall , London, 1986 M. G. Wright, Discounted cash flow, McGraw-Hill, London, 1973 Robert Ch. Mill y Alastair Morrison, The Tourism System : an introductory text, Prentice Hall, New Jersey, 1992 ^n0n2n?S>G*.B*"                                                     "                                   P - PH\( / \ \ c $H "P<$D <    \ c $ "<$ <  : \ 3 A B \ s *޽h ? f3r 2 RdO)N5PicturesrPowerPoint Document(SummaryInformation(2      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~