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Costs incurred up to this point are irrelevant to the decision to be made, because they are costs that have already been incurred (called "sunk" costs), and they cannot be changed. So the only cash flows that make a difference in this decisiion are the expected future cash flows.
Costs incurred up to this point are irrelevant to the decision to be made, because they are costs that have already been incurred (called "sunk" costs), and they cannot be changed. So the only cash flows that make a difference in this decisiion are the expected future cash flows.
Costs incurred up to this point are irrelevant to the decision to be made, because they are costs that have already been incurred (called "sunk" costs), and they cannot be changed. So the only cash flows that make a difference in this decisiion are the expected future cash flows. Action 1, Invest in the Joint Venture, has one potential cash inflow if the investment is successful and a different potential cash inflow if the investment is not successful. The expected value of the cash inflow is the weighted average of the two possible cash inflows, weighted according to their probabilities. So the expected value of the cash inflows from investing is ($15,000,000 × .60) + ($2,000,000 × .40), which equals $9,800,000. The amount of the investment is $9,500,000. Subtracting the amount of the investment from the expected value of the cash inflows, we get an expected value of investing of $9,800,000 ? $9,500,000, which equals $300,000. Action 2, Do Not Invest in the Joint Venture, has only one potential cash flow, a cash outflow. If the company decides not to invest, it will have additional costs to pay of $100,000. There is no need to calculate a weighted average here, because the probability is 100% that if the company decides not to invest, it will have to pay out $100,000. So the answer to the question is $300,000 and $(100,000).
Costs incurred up to this point are irrelevant to the decision to be made, because they are costs that have already been incurred (called "sunk" costs), and they cannot be changed. So the only cash flows that make a difference in this decisiion are the expected future cash flows.