Project appraisal : a reflection

We present project evaluation approaches that should be used as a basis for decision. We try to find what aspects must be taken into account in project analysis, acknowledging the need to consider intangible aspects that are impossible to measure and that lead to subjective analysis to project evaluators. We also wish to understand if firms have adequate tools and methods that incorporate and quantify all non financial aspects. We have identified several other aspects that influence projects’ evaluation and decisionmaking. This is not a mere financial activity, but involves a diversity of behavioural and organizational factors, and business perception, which should be adequately adjusted to invest with success

Projectos de investimento: abordagem tradicional nas empresas portuguesas

A decisão de implementação do projecto de investimento é tomada no momento inicial e depende do valor gerado ser superior ao investimento efectuado. As técnicas de avaliação podem basear-se tanto dados contabilísticos como em critérios baseados no cash flow. Neste trabalho, analisam-se as técnicas de avaliação do risco subjacente ao projecto, bem como se procura conhecer o custo de capital e a taxa de actualização mais utilizada pelas empresas. As empresas portuguesas realçam a taxa interna de rentabilidade, o valor actualizado líquido, a análise de cenários, o período de recuperação do capital, a dimensão do projecto e o risco de ciclo de negócio, bem como o custo de capital da empresa e do projecto como aspectos da análise de projecto de investimento mais relevantes. A dimensão e sector de actividade da empresa, bem como o tipo, a dimensão e a duração do projecto são factores que influenciam a análise efectuada pelas empresas portuguesas

Project’s assessment principles and strategies

The decision of investment is related with a lot of issues that have an assignment in each project and in the final success of a project. In a project appraisal it is important to consider not only the project characteristics, but also the constraints that influence the project. It seems relevant the coordination between evaluation and planning, the continuous or phased evaluation, experience and learning. In the analysis of a project we have also to analyze financial and the non-financial factors.info:eu-repo/semantics/publishedVersio

Commercial analysis in project appraisal

An adequate analysis of investment projects should provide a knowledge of the commercial factors that are critical to the success of the project. The evaluation of a project should identify the problems associated with the market where the project will be placed and develop the relevant market competencies to allow the project to meet the market’s expectations and face its competition. As such, project appraisal should analyse the aspects associated with the project’s commercial dynamic and, therefore, this work supports the idea that project appraisal should include an analysis of the commercial area.info:eu-repo/semantics/publishedVersio

Investment projects: evaluation tools and methods

Given the need to study di erent areas of analysis during the investment decision process, it is imperative to know which tools and methods are used by companies to assess various nancial and non- nancial aspects. As regards tools, we find that firms use checklists of analysis for non- fi nancial aspects, whereas they use their past experience in risk assessment, gathered from other projects. Records of past evaluation tend to be maintained in companies and those that use external advisors to evaluate projects tend to perform political analysis. As for the methods, companies use the identi cation of risk factors and assessment of ef fects and risk probabilities, the discussion and assessment of favorable and unfavorable factors to the project's execution, a coordinated analysis of fi nancial and non- financial aspects, and the creation of lists of risk indices, attributing a qualitative weight to each item. We have also analyzed the relationship between these tools and methods and each area of analysis in project evaluation

Project appraisal : a refection

We present project evaluation approaches that should be used as a basis for decision. We try to fi nd what aspects must be taken into account in project analysis, acknowledging the need to consider intangible aspects that are impossible to measure and that lead to subjective analysis to project evaluators. We also wish to understand if fi rms have adequate tools and methods that incorporate and quantify all non nancial aspects. We have identi ed several other aspects that infl uence projects' evaluation and decision-making. This is not a mere fi nancial activity, but involves a diversity of behavioural and organizational factors, and business perception, which should be adequately adjusted to invest with success

Human resources and management in projects

When valuing an investment project, all the factors that affect its viability should be analysed. As such, not only financial aspects are important, but also non-financial aspects. In effect, in project appraisal we should analyse the human resources and the role of the project manager and his personal characteristics and attributes. We support the idea that human resources and project manager areas have to be analysed when determining a project’s viability.info:eu-repo/semantics/publishedVersio

The importance of strategic analysis in investment appraisal

The investment of a company allows the creation of shareholder value, so an adequate analysis of all factors that may interfere with its viability is relevant. For the evaluation of a given project, financial criteria and non-financial criteria should be used. Here we highlight the importance of the strategic aspects for the investment decision and highlight the importance of the synergies and the consistency with the strategic objectives of the company. We also present the main strategic risks and how to minimize them.info:eu-repo/semantics/publishedVersio

Plano intermunicipal de adptação às alterações climáticas para o Alto Minho : cenarização climática, avaliação de impactes e medidas

Dissertação de Mestrado em Gestão Ambiental e Ordenamento do Território, apresentada na Escola Superior Agrária de Ponte de LimaAs alterações climáticas provocam no Alto Minho impactes transversais a sistemas humanos, naturais e económicos. Dúvidas sobre a dimensão e extensão destes impactes geram incertezas no processo de governança territorial. Os Planos de adaptação intermunicipais apoiam o processo de governação territorial através do desenvolvimento de uma abordagem, integrada e integradora, orientada para intervenções ao nível do planeamento, conhecimento, monitorização, comunicação e sensibilização. São ainda uma oportunidade de revisão e adequação de planos e estratégias vigentes aos desafios e oportunidades futuras, através da criação de sinergias entre municípios, agentes locais e associações. O desenvolvimento deste processo permite, através da comparação entre clima presente e projetado, o estudo de ocorrências direta e indiretamente desencadeadas pelas alterações climáticas com vista: a identificação das vulnerabilidades presentes no território; criação de informação de apoio à definição de estratégias de adaptação; e sua implementação e gestão ao longo do processo. A metodologia aplicada ao longo desta dissertação é baseada no guia de Apoio à Decisão em Adaptação Municipal, adaptada do programa United Kingdom Climate Impactes Program Adpatation Wizard Tool, pela Agência Portuguesa do Ambiente. Esta informação, em conjunto com dados resultantes de projeções climáticas para o presente e dois períodos futuros (2041-2070) e (2071-2100), para diferentes perspetivas de evolução do sistema climático (RCP 4.5 e RCP 8.5), permite antever e analisar impactes e vulnerabilidades territoriais. Os resultados projetados indicam um cenário de mudança das variáveis climáticas na região com potencial para causar impactes significativos, sendo expectável que as alterações climáticas propiciem um clima mais quente e seco com aumento da severidade associada a fenómenos extremos como chuvas intensas ou ondas de calor no Alto Minho. Por forma a minimizar impactos e vulnerabilidades na região são sugeridas na presente dissertação formas de adaptação e de revisão/gestão das mesmas.Climate change (CC) has impacts on Alto Minho across human, natural and economic systems. Doubts about the extent and extent of these impacts generate uncertainties in the territorial governance process. Inter-municipal adaptation plans support the territorial governance process by developing an integrated, integrated approach geared to interventions in planning, knowledge, monitoring, communication and awareness raising. They are also an opportunity to review and adapt current plans and strategies to future challenges and opportunities, through the creation of synergies between municipalities, local agents and associations. The development of this process allows, through the comparison between present and projected climate, the study of occurrences directly and indirectly triggered by climate change in order to: identify the vulnerabilities present in the territory; creation of information to support the definition of adaptation strategies; and its implementation and management throughout the process. The methodology applied throughout this dissertation is based on the Guide for Decision Support in Municipal Adaptation, adapted from the United Kingdom Climate Impacts Program Adaptation Wizard Tool, by the Portuguese Environment Agency. This information, together with data resulting from climatic projections for the present and future periods (2041-2070) and (2071-2100), for different perspectives on the evolution of the climate system (RCP 4.5 and RCP 8.5) allows foresight and study territorial impacts and vulnerabilities. The projected results indicate a scenario of change in the climatic variables presents in the region with potential to cause significant impacts and it is expect that CC provide a warmer and drier climate with increased severity associated to extreme events such as intense rains or heat waves in Alto Minho. In order to minimize impacts and vulnerabilities in the region, the present dissertation suggests ways of adapting and revising / managing them

Toxicidade de nanomateriais em diferentes estádios do ciclo de vida de anfíbios

Mestrado em Toxicologia e EcotoxicologiaThe production of engineered nanomaterials is rising and constantly growing. The fast advances in this industry are causing the introduction of nanomaterials (NMs) into the environment, namely into aquatic ecosystems. The specific properties that these new compounds exhibit may promote higher toxicity to biota, comparatively to their bulk counterparts. Size, charge, surface area, aggregation index, among others, may dictate the availability and the degree of toxicity of NMs in aquatic environments, especially when assembled with environmental changing conditions such as pH and temperature. Amphibians are excellent bioindicators to study the risk associated with the release of NM into the aquatic environment, since they inhabit a wide variety of freshwater habitats associated with industrial contamination. The present work intended to study the toxicity of NMs to different life stages of amphibians, concerning the increase of global temperature that is currently taking place. In order to achieve this, two specific goals were determined: i) evaluate the influence of temperature in the toxicity of NMs of hidrophobically modified polyacrylic acid (HM-PAA) to tadpoles of Epidalea calamita and Pelophylax perezi. For this, tadpoles of E. calamita and P. perezi were exposed to a range of six concentrations of HM-PAA plus a control, at 20ºC and 25ºC. Results showed lethal and sublethal toxicity of HM-PAA, but a clear pattern of temperature influence in the toxicity of HM-PAA could not be unveiled; ii) assess the influence of Si-NM size and temperature in the toxicity of this NM to embryos of Pelophylax perezi. To attain this goal, embryos of P. perezi were exposed to a range of six concentrations of three differently sized Si-NMs (SM30-7nm, HS30-12nm, and TM40-22nm) plus a control, at 20ºC and 26ºC. Results obtained show lethal and sublethal toxicity caused by all the Si-NM and an increased toxicity at higher temperatures. Furthermore, it was observed that the NM presenting the lowest primary size exhibited the highest toxicity.A produção de nanomateriais artificiais está em constante crescimento. Os rápidos avanços nesta indústria promovem a introdução de nanomateriais (NMs) no meio ambiente, nomeadamente nos ecossistemas aquáticos. As propriedades específicas que estes compostos apresentam podem promover uma maior toxicidade comparativamente aos seus correspondentes de tamanho não nano. Tamanho, carga, área superficial, índice de agregação, entre outras propriedades, podem ditar o grau de toxicidade dos NMs em ambientes aquáticos, especialmente quando combinados com as constantes mudanças de vários parâmetros ambientais, por exemplo pH e temperatura. Os anfíbios são excelentes bioindicadores para estudar o risco associado à introdução de NMs no meio aquático, uma vez que habitam uma grande variedade de habitats de água doce potencialmente contaminados com descargas industriais. O presente trabalho teve como objetivo estudar a toxicidade de NMs em diferentes estágios de vida de anfíbios, tendo em perspetiva a influência do aumento da temperatura global que atualmente afeta o planeta Terra. A fim de alcançar este objetivo, foram realizados dois estudos que pretenderam: i) avaliar a influência da temperatura na toxicidade de NMs de ácido poliacrílico hidrofobicamente modificado (HM-PAA) para girinos de Epidalea calamita e Pelophylax perezi. Para tal, girinos de E. calamita e P. perezi foram expostos a uma gama de seis concentrações de HM-PAA e a um controlo, a temperaturas de 20ºC e 25ºC. Os resultados mostram toxicidade letal e sub-letal provocada pelo HM-PAA, no entanto, não foi visível um padrão claro de influência da temperatura na toxicidade deste NM; ii) determinar a influência do tamanho de Si-NMs e da temperatura na sua toxicidade para embriões de Pelophylax perezi. Ovos de P. perezi foram expostos a uma gama de seis concentrações de três Si- NPs com diferentes tamanhos (SM30-7nm, HS30-12nm, e TM40- 22nm) e a um controlo, a temperaturas de 20ºC e 26ºC. Os resultados obtidos mostram toxicidade letal e sub-letal causadas pelos 3 NMs e um aumento da toxicidade com temperaturas mais elevadas. Mais ainda o NM com menor tamanho apresentou maior toxicidade