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The Total Economic Impact Of
TANDBERG Videoconferencing
Single Company Analysis
Project Directors: Jon Erickson and Lauren Hughes The Total Economic Impact Of TANDBERG Videoconferencing Solutions
TANDBERG Videoconferencing Solutions: Overview . 6 Appendix A: Total Economic Impact™ Overview . 17 2007 Forrester Research, Inc. All rights reserved. Forrester, Forrester Wave, RoleView, Technographics, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective owners. Reproduction and distribution of Forrester publications in any form without prior written permission is strictly prohibited. For reproduction and usage information, see Forrester’s Citation Policy located at Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Executive Summary
In January 2007, TANDBERG commissioned Forrester Consulting to examine the total economic
impact and potential return on investment (ROI) enterprises may realize by deploying TANDBERG
videoconferencing solutions. TANDBERG is a provider of visual communications technology to its
clients. This study illustrates the financial impact resulting from an investment in TANDBERG
videoconferencing solutions by Exelon Corporation.
Exelon Corporation is one of the nation’s largest electric utilities, with more than $15 billion in annual revenues. It distributes electricity to approximately 5.2 million customers in Illinois and Pennsylvania and gas to 470,000 customers in the Philadelphia area. In conducting in-depth interviews with Exelon, Forrester found that the company was able to achieve benefits in terms of a reduction and avoidance in travel costs, improvement in business process efficiency, and improved training effectiveness and efficiency. Purpose
The purpose of this study is to provide readers with a framework to evaluate the potential financial
impact of TANDBERG videoconferencing solutions on their organizations. Forrester’s aim is to
clearly show all calculations and assumptions used in the analysis. Readers should use this study
to better understand and communicate a business case for investing in TANDBERG
videoconferencing solutions.
TANDBERG selected Forrester for this project because of its industry expertise in visual
communications and Forrester’s Total Economic Impact™ (TEI) methodology. TEI not only
measures costs and cost reduction or avoidance (areas that are typically accounted for within IT)
but also weighs the enabling value of a technology in increasing the effectiveness of overall
business processes.
For this study, Forrester employed four fundamental elements of TEI in modeling the financial impact of TANDBERG’s technology at Exelon: 1. Costs and cost reduction or avoidance. Given the increasing sophistication that enterprises have regarding cost analyses related to IT investments, Forrester’s TEI methodology serves an extremely useful purpose by providing a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology. Approach
Forrester used a five-step approach for this study:
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
1. Forrester gathered data from existing Forrester research relative to videoconferencing solutions and the visual communications market, in general. 2. Forrester interviewed TANDBERG marketing and sales personnel to fully understand the potential (or intended) value proposition of TANDBERG videoconferencing solutions. 3. Forrester conducted a series of in-depth interviews with Exelon, an organization that is currently using TANDBERG videoconferencing solutions. Forrester interviewed a VP of Infrastructure and Operations as well as a Principal Network Architect. 4. Forrester constructed a financial model representative of the interviews. This model can be found in the TEI Framework section, below. 5. Forrester created a composite organization based on the interviews and populated the framework using data from the interviews as applied to the composite organization. Key Findings
Forrester’s study yielded three key findings:
ROI. Based on the interviews with the Exelon stakeholders, Forrester constructed a TEI
framework for the organization, and the associated ROI analysis illustrating the financial impact areas. As seen in Table 1, the five-year ROI for Exelon is estimated to be 37% with a breakeven point (payback period) of 2.22 years after initial deployment. • Benefits. Benefits mentioned by Exelon included improving the effectiveness of distributed
groups, improving the efficiency of specific business processes such as an external merger or acquisition, reducing the cost of communication through the use of visual communications through the use of existing IP backbone, as well as maintaining and keeping the best employees through effective training across distributed individuals. • Costs. Investment cost included the purchase of the TANDBERG devices, planning and
installation costs of the devices, ongoing support, and annual maintenance for the technology. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 1 illustrates the risk-adjusted cash flow for the composite organization, based on data and characteristics obtained during the interview process. Forrester risk-adjusts these values to take into account the potential uncertainty that exists in estimating the costs and benefits of a technology investment. The risk-adjusted value is meant to provide a conservative estimation, incorporating any potential risk factors that may later impact the original cost and benefit estimates. For a more in-depth explanation of risk and risk adjustments used in this study, please see the Risk section. Table 1: Composite Company ROI, Risk-Adjusted
Impact -$420,000 -$298,567 -$87,379 $306,886 Forrester found that the key drivers impacting the final ROI estimate include the level of adoption across the organization, the types of usage for the technology, and the types of business process where videoconferencing is used. Readers are urged to estimate their own level of visual conferencing adoption and usage to determine their own ROI for their organizations. Disclosures
The reader should be aware of the following:
• The study is commissioned by TANDBERG and delivered by the Forrester Consulting • TANDBERG reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study. • The customer names for the interviews were provided by TANDBERG. • Forrester makes no assumptions as to the potential return on investment that other organizations will receive. Forrester strongly advises that readers should use their own estimates within the framework provided in the report to determine the appropriateness of an investment in TANDBERG’s videoconferencing solution. • This study is not meant to be used as a competitive product analysis. Title Of Consulting Report
TANDBERG Videoconferencing Solutions:
According to TANDBERG, it is a leading global provider of visual communication products and
services with dual headquarters in New York and Norway. TANDBERG designs, develops, and
markets systems and software for video, voice, and data. The company provides sales, support,
and value-added services in more than 90 countries worldwide.
As stated in the Executive Summary, Forrester took a multistep approach to evaluate the impact
that implementing TANDBERG videoconferencing can have on an organization:
• Interviews with TANDBERG marketing and sales personnel. • In-depth interviews with an organization currently using TANDBERG videoconferencing. • Construction of a common financial framework for the implementation of TANDBERG • Construction of a composite organization based on characteristics of the interviewed Interview Highlights
The in-depth interviews with Exelon uncovered a number of this customer’s characteristics, which
help to see how to improve visual communications throughout the organization:
• Exelon Corporation is one of the nation’s largest electric utilities, with more than $15 billion in annual revenues. It distributes electricity to approximately 5.2 million customers in Illinois and Pennsylvania and gas to 470,000 customers in the Philadelphia area. • Exelon currently employs roughly 18,000 employees in Illinois and Pennsylvania. • Exelon began to see the need for TANDBERG videoconferencing in 2001. A key organizational factor in choosing TANDBERG was to establish tighter cohesion between geographically disparate groups across the organization. In addition, two enabling factors made Exelon consider investing in TANDBERG. First, the organization had undertaken a significant upgrade of its internal IP network. Second, the organization had faced repeated reliability and connectivity issues associated with existing legacy ISDN equipment. As a result, videoconferencing had become expensive and unreliable, which limited usage across the organization. • TANDBERG devices were initially rolled out to senior executives within the organization in the Philadelphia and Chicago area. These initial rollouts included investing in personal desktop devices as well as larger conference room units for primarily internal communication. • After the initial rollout to senior executives, the organization began a phased deployment to additional employees within the organization. Exelon currently estimates that roughly 20% The Total Economic Impact Of TANDBERG Videoconferencing Solutions
of employees have access to TANDBERG videoconferencing either through personal desktop devices or larger conference room units. It is expected that usage will grow organically as more groups demand the use of video conferencing. • Based on the rollout schedule of these devices, Exelon believes that it has recovered its investment through a reduction in travel costs, improvement in business process and employee efficiency, and improvement in training effectiveness and efficiency. In addition, as the TANDBERG devices run over existing IP backbone, the transmission costs are significantly lower than the costs of a comparable ISDN environment. The organization noted the cost to build out a comparable ISDN environment would be roughly 30%-%40% more expensive than with IP Telephony. Increasing IP telephony usage would further increase the operational savings compared with ISDN. TEI Framework
From the information provided in the in-depth interviews, Forrester has constructed a TEI framework for those organizations considering implementation of TANDBERG videoconferencing solutions. The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Table 2 lists the discount rate used in the PV and NPV calculations and time horizon used for the financial modeling. Table 2: General Assumptions
General assumptions
Organizations typically use discount rates between 8% and 16% based on their current environment. Readers are urged to consult with their finance departments to determine the most appropriate discount rate to use within their own organizations. In addition to the financial assumptions used to construct the cash flow analysis, Table 3 provides salary assumptions used within this analysis. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 3: Salary Assumptions
Costs for the TANDBERG videoconferencing solution for the interviewed organization include costs
of hardware and maintenance, the annual cost of support, as well as the costs of implementation.
The actual cost of the solution will vary depending on the size of the implementation as well as the
level of adoption undertaken by the organization.
Investment in TANDBERG equipment represents a significant component of the overall investment in videoconferencing. Exelon’s investment in TANDBERG units occurred in three key phases: the initial investment in units for senior executives, ongoing annual investments in units for employees who had not had prior exposure to TANDBERG videoconferencing, and more recent refresh costs of TANDBERG bridges and HD video units to replace existing videoconferencing equipment. Table 4 illustrates the breakout of purchased units over a five-year time period. Table 4: Products Purchased — Breakout By Year
Product type
Initial year
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Over a five-year period, the organization estimates that it has spent roughly $1.275 million on TANDBERG equipment. This includes an initial cost of $400,000, a yearly investment of $75,000 on new equipment, and $500,000 in Years 4 and 5 to replace existing bridges and refresh units purchased in 2001. Table 5 illustrates the breakout of total equipment cost over the five-year period. Table 5: Equipment Cost Breakdown
Planning and installation cost includes primarily internal and external labor resources required to install the TANDBERG equipment. Exelon noted the cost of planning and installation was small because the organization primarily used existing support staff. Cost of planning and installation included an upfront cost of $20,000 to prepare for the transition to TANDBERG, as well as a more recent cost of $10,000 in Year 4 to implement the hardware refresh. Table 6 illustrates the different cost components. Table 6: Planning And Installation Cost
The cost of maintenance over the past three years equates to roughly $107,000 for Exelon. For the purpose of this analysis, Forrester broke out the cost of maintenance into $35,667 ($107,000/3) for Years 3 though 5. For Year 1 and Year 2, we assume that the cost of maintenance is slightly lower as a result of fewer devices in the environment. The cost of maintenance in Year 1 is estimated at $28,533 and in Year 2 at $32,100. Table 7 illustrates the annual maintenance costs. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 7: Annual Maintenance Cost
The final cost was the incremental internal cost to support the growth in videoconferencing adoption across the organization. Prior to 2001, the use of videoconferencing was limited, and support was focused predominantly within the IT department. With the growth in TANDBERG, responsibility of rollout of the videoconferencing devices was shifted to the facilities organization. Exelon noted that the added cost of support equated to roughly .05 of an FTE within the facilities organization and .5 of an FTE increase within the IT organization. In addition, Exelon mentioned a key ongoing value proposition of their TANDBERG investment was the durability and longevity of the technology. The ability of individual users to directly set up calls between multiple groups was a key factor in keeping support costs low coupled with low breakage rates of the devices. Assuming that a fully burdened annual salary is $100,000, the increase in support cost for IT equates to $50,000 (.5*$100,000) and $5,000 for the facilities organization (.05*$100,000). Table 8 illustrates the total increase in support costs. Table 8: Internal Support Cost
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 9 illustrates the total estimated cost for TANDBERG videoconferencing for the interviewed organization over a five-year time period. Table 9: Total Cost
Initial cost
$75,000 $75,000 $75,000 $75,000 $75,000 $375,000 $284,309 $28,533 $32,100 $35,667 $35,667 $35,667 $167,633 $125,772 $55,000 $55,000 $55,000 $275,000 $208,493 $162,100 $165,667 $575,667 $265,667 $1,747,633 $1,493,946 Benefits
The second component of this analysis looks at the potential benefits associated with an investment
in TANDBERG videoconferencing. As a result of the interview process, Exelon indicated that it
noted a reduction in travel costs, an improvement in employee productivity, and improvement in the
efficiency and effectiveness within the training process.
The adoption to more ubiquitous video communications allowed Exelon to reduce the overall level of travel, particularly for managers and senior executives within the organization. Exelon currently has two primary locations, one in Philadelphia and the other in Chicago, and a total of 16 other operations locations. Management at each of these locations needs to be directly connected to each other as well as to remote locations. The organization estimates that video-enabled managers can be effective through visual communication while at same time avoiding the direct and indirect cost of travel. To calculate this benefit, we assume that 1,080 employees currently have access to video within Exelon. This is calculated by multiplying the total number of management non-union employees (18,000*30%) by the number of those employees who have access to video (20%*5,400). We assume that within a given year, roughly 40%, or 432, of the 1,080 employees will actually see a measurable reduction in the cost of travel. Assuming that a senior manager takes four scheduled trips per year on average, he or she may be able to reduce the cost of travel by 30%. Assuming that the average cost of the business trip is $1,000 including the cost of travel, lodging, and meals, the total cost avoidance per employee equates to $1,200 per year (4*$1,000*30%). In order to conservatively measure this impact, this cost does not include any lost productivity associated with travel equating to up to 6 hours per trip. Table 10 illustrates the calculation used. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 10: Travel Cost Reduction
Improving Business Process Efficiency In addition to reducing the cost of travel, another area of benefit is the ability to improve the productivity of Exelon’s management staff. Visual communications are an important part of interaction with senior managers, allowing groups within the organization to share presentations and visuals and collaborate more effectively as compared with meetings through audioconferencing. In particular, the organization noted that the use of visual communications played an important role during earlier merger activities between multiple groups within the organization, speeding decision-making and making communications more effective. Exelon noted a case in particular where senior executives In Philadelphia and Chicago needed to meet in anticipation of an upcoming merger. Several executives could not attend in person and having direct access to videoconferencing allowed the organization to set up effective meetings quickly without having to wait for remote executives to travel to either location. To calculate this benefit, Exelon noted that on average the organization schedules roughly 1,200 meetings using visual communications over the course of a year. For each of the meetings, we assume that roughly 25 employees attend, with an average length of 2 hours per meeting. Based on the customer interviews, we assume that Exelon is able to shorten the length of these meetings by on average 30% through the use of visual communications. To be conservative, we estimate that only 40% of the time regained translates to productive time. Using an average hourly salary of $60, we can calculate the total annual savings of $432,000. Table 11 illustrates the calculation used. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 11: Business Process Efficiency
Total cross-functional meetings per year The final area of benefit for Exelon is in additional uses of visual communication within the organization. One case that the organization expects to leverage and grow is the use of visual communications for training across the organization. While Exelon noted that the current level of training using visual communications has been limited, the organization expects to increase the use of video into the future. In addition, Exelon noted many of their employees view Exelon as a long term career opportunity in their local community and would be more adverse to relocation. As a result, the use of video improved the ability to train multiple teams across the organization and build greater cohesion by hiring and training employees regardless of location. To calculate this benefit, we assume that over the course of the year, 500 employees will be trained using visual communications. As part of the training, Exelon can replay the training presentation for later video playback and can consolidate training sessions across multiple groups. Assuming that the average training time is 3 hours per employee and that the impact of video conservatively reduces the training time and cost by 20%, we can calculate the value of improved training efficiency. Table 12 illustrates the calculation used. Table 12: Training Savings
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 13 illustrates the total five-year benefits as a result of the investment in the TANDBERG videoconferencing solution. Due to the current growth and adoption of the investment within Exelon, Forrester assumes benefits ramp up by 30% in Year 1, 40% in Year 2, 60% in Year 3, and 75% in Year 4. As a result, the total present value of benefits equates to $2,111,596 over five years. Table 13: Total Benefits — Non-Risk-Adjusted
$155,520 $207,360 $311,040 $388,800 $518,400 $1,581,120 $1,133,884 $172,800 $259,200 $324,000 $432,000 $1,317,600 $944,903 $289,620 $386,160 $579,240 $724,050 $965,400 $2,944,470 $2,111,596 Risk
Risk is the third component within the TEI model; it is used as a filter to capture the uncertainty
surrounding different cost and benefit estimates. If a risk-adjusted ROI still demonstrates a
compelling business case, it raises confidence that the investment is likely to succeed because the
risks that threaten the project have been taken into consideration and quantified. The risk-adjusted
numbers should be taken as “realistic” expectations, since they represent the expected values
considering risk. In general, risks affect costs by raising the original estimates, and they affect
benefits by reducing the original estimates.
Risk-adjusted and non-risk-adjusted ROI are both discussed in this study. Since the future cannot be accurately predicted, there is risk inherent in any project. Risk assessments provide a range of possible outcomes based on the risks associated with IT projects in general and specific risks relative to moving toward a new technology solution. The following general risks were considered in this study: • The risk that the estimated cost savings varied from the actual savings realized by the organization due to the difficulty associated with measuring cost savings post-implementation. • The risk that the cost savings realized by the organization were to some degree a function of the complex technical environment in which the organization operated. Therefore, cost savings may vary depending on the complexity of organization’s environment when migrating to TANDBERG. Risk factors are used in TEI to widen the possible outcomes of the costs and benefits (and resulting savings) associated with a project. TEI applies a probability density function known as triangular distribution to the values entered. At a minimum, three values are calculated to estimate the underlying range around each cost and benefit estimate. The expected value — the mean of the distribution — is used as the risk-adjusted cost or benefit number. The risk-adjusted costs and benefits are then summed to yield a complete risk-adjusted summary and ROI. In this study, Forrester discovered that engaging with TANDBERG was a relatively low-risk endeavor, as The Total Economic Impact Of TANDBERG Videoconferencing Solutions
expressed by the interviewed organization, and applied a risk factor of 100% to the costs and 97% of the benefits to arrive at a risk-adjusted number. Table 14 provides a risk-adjusted breakdown of the benefits received. Table 15 provides the summary risk-adjusted financial results for the interviewed organization. Table 14: Risk-Adjusted Benefit Estimates — Interviewed Organization
$150,336 $200,448 $300,672 $375,840 $501,120 $1,528,416 $1,096,088 $167,040 $250,560 $313,200 $417,600 $1,273,680 $913,406 $279,966 $373,288 $559,932 $699,915 $933,220 $2,846,321 $2,041,210 Table 15: Summary Financial Risk-Adjusted Results — Interviewed Organization
$420,000 $158,533 $162,100 $165,667 $575,667 $265,667 $1,747,633 $1,493,946 $373,288 $559,932 $699,915 $933,220 $2,846,321 -$420,000 $121,433 $211,188 $394,265 $124,248 $667,553 $1,098,688 $547,264 Impact -$420,000 -$298,567 -$87,379 $306,886 $431,134 $1,098,688 Flexibility
Flexibility, as defined by TEI, represents an investment in additional capacity or capability that could
be turned into business benefit for some future additional investment. Flexibility would also be
quantified when evaluated as part of a specific project (described in more detail in Appendix A).
While the organization was not specifically able to quantify the impact of future flexibility savings, it did discuss several specific areas where it could leverage TANDBERG technology into its environment. TANDBERG provided the organization with a highly scalable technology reducing the marginal cost of deployment to additional teams within the organization. One option was to increase adoption to different roles within the organization, including non-management personnel, as well as to increase the use of videoconferencing outside the organization. TEI Framework: Summary
Considering the financial framework constructed above, the results of the costs, benefits, risk, and
flexibility sections using the representative numbers can be used to determine a return on
investment, net present value, and payback period. Table 16 shows the consolidation of the
numbers for the organization.
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Table 16: Cash Flow Summary
Summary financial results
Original estimate
It is important to note that values used throughout the TEI Framework are based on in-depth interviews with an organization which has implemented TANDBERG videoconferencing. Forrester makes no assumptions as to the potential return that other organizations will receive within their own environment. Forrester strongly advises that readers use their own estimates within the framework provided in this study to determine the expected financial impact of investing in TANDBERG videoconferencing. The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Appendix A: Total Economic Impact™ Overview
Total Economic Impact is a methodology developed by Forrester Research that enhances a
company’s technology decision-making processes and assists vendors in communicating the value
proposition of their products and services to clients. The TEI methodology helps companies
demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and
other key business stakeholders.
The TEI methodology consists of four components to evaluate investment value: benefits, costs, risks, and flexibility. For the purpose of this analysis, the impact of flexibility was not quantified. Benefits
Benefits represent the value delivered to the user organization — IT and/or business units — by the
proposed product or project. Often product or project justification exercises focus just on IT cost and
cost reduction, leaving little room to analyze the effect of the technology on the entire organization.
The TEI methodology and the resulting financial model place equal weight on the measure of
benefits and the measure of costs, allowing for a full examination of the effect of the technology on
the entire organization. Calculation of benefit estimates involves a clear dialogue with the user
organization to understand the specific value that is created. In addition, Forrester also requires that
there be a clear line of accountability established between the measurement and justification of
benefit estimates after the project has been completed. This ensures that benefit estimates tie back
directly to the bottom line.
Costs represent the investment necessary to capture the value, or benefits, of the proposed project.
IT or the business units may incur costs in the forms of fully burdened labor, subcontractors, or
materials. Costs consider all the investments and expenses necessary to deliver the proposed
value. In addition, the cost category within TEI captures any incremental costs over the existing
environment for ongoing costs associated with the solution. All costs must be tied to the benefits
that are created.
Risk measures the uncertainty of benefit and cost estimates contained within the investment.
Uncertainty is measured in two ways: the likelihood that the cost and benefit estimates will meet the
original projections and the likelihood that the estimates will be measured and tracked over time.
TEI applies a probability density function known as “triangular distribution” to the values entered. At
a minimum, three values are calculated to estimate the underlying range around each cost and
Within the TEI methodology, direct benefits represent one part of the investment value. While direct
benefits can typically be the primary way to justify a project, Forrester believes that organizations
should be able to measure the strategic value of an investment. Flexibility represents the value that
can be obtained for some future additional investment building on top of the initial investment
already made. For instance, an investment in an enterprisewide upgrade of an office productivity
suite can potentially increase standardization (to increase efficiency) and reduce licensing costs.
However, an embedded collaboration feature may translate to greater worker productivity if
activated. The collaboration can only be used with additional investment in training at some future
point in time. However, having the ability to capture that benefit has a present value that can be
estimated. The flexibility component of TEI captures that value.
The Total Economic Impact Of TANDBERG Videoconferencing Solutions
Appendix B: Glossary
Discount rate:
The interest rate used in cash flow analysis to take into account the time value of
money. Although the Federal Reserve Bank sets a discount rate, companies often set a discount
rate based on their business and investment environment. Forrester assumes a yearly discount rate
of 10% for this analysis. Organizations typically use discount rates between 8% and 16% based on
their current environment. Readers are urged to consult their organization to determine the most
appropriate discount rate to use in their own environment.
Net present value (NPV): The present or current value of (discounted) future net cash flows given
an interest rate (the discount rate). A positive project NPV normally indicates that the investment
should be made, unless other projects have higher NPVs.
Present value (PV): The present or current value of (discounted) cost and benefit estimates given
at an interest rate (the discount rate). The PV of costs and benefits feed into the total net present
value of cash flows.
Payback period: The breakeven point for an investment. This is the point in time at which net
benefits (benefits minus costs) equal initial investment or cost.
Return on investment (ROI): A measure of a project’s expected return in percentage terms. ROI is
calculated by dividing net benefits (benefits minus costs) by costs.
The following is a note on the cash flow tables used in this study (see the Example Table below). The initial investment column contains costs incurred at “time 0” or at the beginning of Year 1. Those costs are not discounted. All other cash flows in Years 1 through 3 are discounted using the discount rate shown in Table 2 at the end of the year. Present value (PV) calculations are calculated for each total cost and benefit estimate. Net present value (NPV) calculations are not calculated until the summary tables and are the sum of the initial investment and the discounted cash flows in each year. Example Table
Initial cost


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ANALES DE LITERATURA CHILENAAño 2, Diciembre 2001, Número 2, 103-119EL REALISMO ARTÍSTICO DE LA HECHIZADA Muy bien este trabajo pudo admitir otras maneras de ser presentado al lector. Sin embargo, nuestra percepción de la novela del Fernando Santiván nos sugiere laimagen de una fuerte unidad en la concepción de esta obra y un estrecho vínculo conel momento histórico de su publicación.

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