1986
DOI: 10.1111/j.1468-0408.1986.tb00264.x
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Option Appraisal in the Uk National Health Service

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“…Although formal compliance with option appraisal procedures seems to have been high, a widely held view is that the existence of 'financially free' capital -notwithstanding appraisal procedures using the Test Discount Rate as a shadow discount rate -led to a bias in favour of new build rather than a less glamorous adaptation of the existing capital stock (Mooney and Henderson, 1986;and Ferguson and Lapsley, 1988). Within the internal market, the new emphasis upon the financial profitability of both DMUs and HTs will create a tension between the cost-benefit criterion of option appraisal and the financial appraisal made essential by the profitability criteria of the internal market.…”
Section: The Implications For Project Appraisalmentioning
confidence: 99%
“…Although formal compliance with option appraisal procedures seems to have been high, a widely held view is that the existence of 'financially free' capital -notwithstanding appraisal procedures using the Test Discount Rate as a shadow discount rate -led to a bias in favour of new build rather than a less glamorous adaptation of the existing capital stock (Mooney and Henderson, 1986;and Ferguson and Lapsley, 1988). Within the internal market, the new emphasis upon the financial profitability of both DMUs and HTs will create a tension between the cost-benefit criterion of option appraisal and the financial appraisal made essential by the profitability criteria of the internal market.…”
Section: The Implications For Project Appraisalmentioning
confidence: 99%
“…policymakers to accept this re-orientation is probably derived from a loss of confidence in the NHS system of project appraisal (Mooney and Henderson, 1986); appraisals were often used to sanction schemes chosen on other grounds. The greater financial emphasis is seen in part as a means of strengthening managerial resolve against politically favoured schemes.…”
Section: (Iii) Asset Valuationmentioning
confidence: 99%