Cost Estimating University of Florida. Prediction of project cash flow using time-depended evolutionary LS-SVM inference model Min-Yuan Cheng, Nhat-Duc Hoang *, and Yu-Wei Wu Department of Construction Engineering, National Taiwan University of Science and, Cash Flow Estimation - Philadelphia University. Project Cash Flow Estimation Financial Management Project Cash Estimation Significance of Cash Flows and Cash Flow Estimation The concept of 'relevant' versus.

### How to Project Your Cash Flow in 4 Easy Steps QuickBooks

Prediction of project cash flow using time-depended. Chapter 12. Cash Flow Estimation and Risk Analysis. Learning Objectives. After reading this chapter, students should be able to: Analyze an expansion project and make a decision whether the project should be accepted on the basis of standard capital budgeting techniques., project cash flow In the previous chapters, techniques for project planning, scheduling, resources management, and time-cost trade off have been introduced..

Estimating the cash flows is the most important part of the capital budgeting process. This section now examines this estimation analysis. This section now examines this estimation analysis. Recall that there are two basic types of projects, Expansion and Replacement. Cash Flow Estimation Topics to be covered Discount Cash Flow, Not Profit Discount Incremental Cash Flow - Include all direct effects. - Forget Sunk Costs - Include Opportunity Costs - Recognize the Investment in Working Capital - Beware of Allocated Overhead Costs Discount Nominal Cash Flow by the Nominal Cost of Capital If you use a nominal cost of capital, you should forecast the nominal

31/01/2016В В· Estimation of Project Cash Flows, investment analysis, components of cash flows. 01 2 3 4 5 6 7 Revenue Less: COGS EBITDA -Depreciation EBIT

Discounted Cash Flow Valuation: The Inputs Aswath Damodaran. 2 The Key Inputs in DCF Valuation l Discount Rate вЂ“ Cost of Equity, in valuing equity вЂ“ Cost of Capital, in valuing the firm l Cash Flows вЂ“ Cash Flows to Equity вЂ“ Cash Flows to Firm l Growth (to get future cash flows) вЂ“ Growth in Equity Earnings вЂ“ Growth in Firm Earnings (Operating Income) 3 I. Estimating Discount Rates В¤ Discuss difficulties and relevant considerations in estimating net cash flows, and explain the four major ways that project cash flow differs from accounting income. В¤ Define the following terms: relevant cash flow, incremental cash flow, sunk cost, opportunity cost, externalities, and cannibalization. В¤ Identify the three categories to which incremental cash flows can be classified

Practice cash flow estimation and risk analysis multiple choice questions (MCQs), project analysis quiz questions and answers. GMAT test prep on inflation adjustment, project analysis, cost analysis tutorials for online bachelor degree courses distance learning. Estimating the cash flow of a project is typically very difficult and requires many carefully thought of assumptions. A wrong assumption on the number of units sold or the fixed costs might result in

Cash Flow and Capital Budgeting Answers to Concept Review Questions 1. Why is it important for the financial analyst to (a) focus on incremental cash flows, (b) ignore financing costs, (c) consider taxes, and (d) adjust for non-cash expenses when estimating a projectвЂ™s relevant cash flows? a. To properly evaluate the costs and benefits of a capital investment project, a manager must be able Discounted Cash Flow Valuation: The Inputs Aswath Damodaran. 2 The Key Inputs in DCF Valuation l Discount Rate вЂ“ Cost of Equity, in valuing equity вЂ“ Cost of Capital, in valuing the firm l Cash Flows вЂ“ Cash Flows to Equity вЂ“ Cash Flows to Firm l Growth (to get future cash flows) вЂ“ Growth in Equity Earnings вЂ“ Growth in Firm Earnings (Operating Income) 3 I. Estimating Discount Rates

This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even Chapter 10 Cash Flows and Other Topics in Capital Budgeting Guidelines for Capital Budgeting вЂў An Overview of the Calculations of a ProjectвЂ™s Free Cash Flows вЂў Options in Capital Budgeting вЂў Risk and the Investment Decision вЂў Incorporating Risk into Capital Budgeting вЂў Examining a ProjectвЂ™s Risk Through Simulation вЂў Finance and the Multinational Firm: Calculating Cash Flows and

(Exercise) Cash Flow Estimation Page 2 of 2 Cash Flow Estimation- Practice Exercise PE 0-1 ABC# Ltd is considering a capital project about which the following information is available. The system capabilities for a software package helpful in performing pilot-to-project cash flow estimation and evaluation are presented, and a system meeting these specifications is overviewed. INTRODUCTION It is common that a pilot study is performed to determine the feasibility, economic justification, or practicality of a particular idea, design or system. The practice of piloting is common

### Principles of Cash Flow Estimation World Finance

Chapter 10 Cash Flow Estimation SlideShare. project cash flow In the previous chapters, techniques for project planning, scheduling, resources management, and time-cost trade off have been introduced., CONCLUSION. Cash Flow Estimate is a document which contains information of the funds required for a project for each time period like month, quarter or year etc. Cash Flow is extracted from time schedule of the project and is used to measure physical and financial progress of the project..

### Estimation of Project Cash Flows YouTube

Financial Management Chapter 11-Vocabulary-Cash Flow. CONCLUSION. Cash Flow Estimate is a document which contains information of the funds required for a project for each time period like month, quarter or year etc. Cash Flow is extracted from time schedule of the project and is used to measure physical and financial progress of the project. This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even.

In managing cash flow control in a construction project, the deviations in project costs are anticipated at the time of developing the budget plan. These are referred to as contingency costs , and are based on historical costs plus a reasonable estimate of price inflation based on current market conditions. CONCLUSION. Cash Flow Estimate is a document which contains information of the funds required for a project for each time period like month, quarter or year etc. Cash Flow is extracted from time schedule of the project and is used to measure physical and financial progress of the project.

26/06/2018В В· Estimating the cash flow of a project is necessary and one of the most challenging parts of capital budgeting. Initial Cash Outlay When estimating the cash flow of a projectвЂ¦ Discounted Cash Flow Valuation: The Inputs Aswath Damodaran. 2 The Key Inputs in DCF Valuation l Discount Rate вЂ“ Cost of Equity, in valuing equity вЂ“ Cost of Capital, in valuing the firm l Cash Flows вЂ“ Cash Flows to Equity вЂ“ Cash Flows to Firm l Growth (to get future cash flows) вЂ“ Growth in Equity Earnings вЂ“ Growth in Firm Earnings (Operating Income) 3 I. Estimating Discount Rates

One of the best ways to pave the way for financial success in your small business is to stay on top of your cash flow. By regularly creating cash flow projections, youвЂ™ll give yourself an advantage because you can use them as guides when making financial decisions for the future. Cash flow estimation. Cash flow estimation is a must for assessing the investment decisions of any kind. To evaluate these investment decisions there are some principles of cash flow estimation.

Estimating Cash Flows DCF Valuation. Aswath Damodaran 2 Steps in Cash Flow Estimation Estimate the current earnings of the п¬Ѓrm вЂў If looking at cash п¬‚ows to equity, look at earnings after interest expenses - i.e. net income вЂў If looking at cash п¬‚ows to the п¬Ѓrm, look at operating earnings after taxes Consider how much the п¬Ѓrm invested to create future growth вЂў If the investment Practice cash flow estimation and risk analysis multiple choice questions (MCQs), project analysis quiz questions and answers. GMAT test prep on inflation adjustment, project analysis, cost analysis tutorials for online bachelor degree courses distance learning.

need to evaluate the risk of these future cash flows; that is, the projectвЂ™s business risk. A project's business risk is reflected in the discount rate, which is the rate of return required to compensate the suppliers of capital (bondholders and owners) for the amount of risk they bear. В¤ Discuss difficulties and relevant considerations in estimating net cash flows, and explain the four major ways that project cash flow differs from accounting income. В¤ Define the following terms: relevant cash flow, incremental cash flow, sunk cost, opportunity cost, externalities, and cannibalization. В¤ Identify the three categories to which incremental cash flows can be classified

31/01/2016В В· Estimation of Project Cash Flows, investment analysis, components of cash flows. вЂў Estimation of cash flows вЂў Quantitative measurements of profitability вЂў Systematic comparison of alternatives Time Value of Money The fundamentals underlying all financial activities! 2 . TIME VALUE OF MONEY вЂў Why does money have time value? вЂ“ The owner of the money must defer its use. Thus, the person using the money must pay for deferring the benefits. вЂ“ An alternative use of

One of the best ways to pave the way for financial success in your small business is to stay on top of your cash flow. By regularly creating cash flow projections, youвЂ™ll give yourself an advantage because you can use them as guides when making financial decisions for the future. need to evaluate the risk of these future cash flows; that is, the projectвЂ™s business risk. A project's business risk is reflected in the discount rate, which is the rate of return required to compensate the suppliers of capital (bondholders and owners) for the amount of risk they bear.

## Valuation Analysis вЂ“ Assignment 4 Cash Flow Estimation

Project Analysis MCQs mcqslearn.com. A budget - or a construction cash flow forecast - is an estimate of expenditures and incomes to be generated if the proposed project is to be undertaken. Budgets are predictions and are therefore subject to accuracy constraints in respect of the techniques employed, availability of information, expertise of вЂ¦, project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important IS the effect of changes in net operating working capital on cashflow. While students readily understand how to account for depreciation when calculating cash flow, they.

### How to Estimate Cash Flow of a Project Chron.com

How to Estimate Cash Flow of a Project Chron.com. View Chapter 11 - CASH FLOW ESTIMATION.pdf from ACC 2012 at De La Salle University - DasmariГ±as. C H A P T E R Cash Flow Estimation Capital Budgeting Processes Project Cash Flows вЂ¦, Estimating the cash flows is the most important part of the capital budgeting process. This section now examines this estimation analysis. This section now examines this estimation analysis. Recall that there are two basic types of projects, Expansion and Replacement..

One of the best ways to pave the way for financial success in your small business is to stay on top of your cash flow. By regularly creating cash flow projections, youвЂ™ll give yourself an advantage because you can use them as guides when making financial decisions for the future. ESTIMATION OF CASH FLOWS Difference between Accounting and cash Flow approach; In rupees Cash Flow approach 50,000 20000 6000 4000 ----- 30000 20000 6000 14000 Accounting approach 50,000 20000 6000 4000 10000 40000 10000 3000 7000 Particulars Revenues-sales(1) Less ;Cost of sales(2) Materials Labor other expenses Depreciation Total cost Earnings/Cash Flow before Tax(1-2) вЂ¦

project cash flow In the previous chapters, techniques for project planning, scheduling, resources management, and time-cost trade off have been introduced. 01 2 3 4 5 6 7 Revenue Less: COGS EBITDA -Depreciation EBIT

A good cash flow analysis might be the most important single piece of a business plan. All the strategy, tactics, and ongoing business activities mean nothing if there isnвЂ™t enough money to pay the bills. And thatвЂ™s what a cash flow projection is about вЂ“ predicting your money needs in advance. Project Cash Flow Forecast. Having contractors stop work because they havenвЂ™t been paid or suppliers refuse to deliver necessary items because they havenвЂ™t been paid is the kind of mistake good project managers donвЂ™t make.

ESTIMATION OF CASH FLOWS Difference between Accounting and cash Flow approach; In rupees Cash Flow approach 50,000 20000 6000 4000 ----- 30000 20000 6000 14000 Accounting approach 50,000 20000 6000 4000 10000 40000 10000 3000 7000 Particulars Revenues-sales(1) Less ;Cost of sales(2) Materials Labor other expenses Depreciation Total cost Earnings/Cash Flow before Tax(1-2) вЂ¦ 26/06/2018В В· Estimating the cash flow of a project is necessary and one of the most challenging parts of capital budgeting. Initial Cash Outlay When estimating the cash flow of a projectвЂ¦

550 chapter 12 cash flow estimation and risk analysis Just as a п¬ЃrmвЂ™s value depends on its free cash п¬‚ows,thevalueofaprojectde- pendsonitsfreecashп¬‚ow.Weillustrate the estimation of project cash вЂ¦ Ch 11 Cash Flow Estimation and Risk Analysis TRUEFALSE 1. Because of improvements in forecasting techniques, estimating the cash flows associated with a project has become the easiest step in the capital budgeting process.

View Chapter 11 - CASH FLOW ESTIMATION.pdf from ACC 2012 at De La Salle University - DasmariГ±as. C H A P T E R Cash Flow Estimation Capital Budgeting Processes Project Cash Flows вЂ¦ I switched to straight line depreciation in the last two years. 8-5 a. Expected Operating Cash Flows Revenues $5.00 COGS (without depreciation) $1.50

550 chapter 12 cash flow estimation and risk analysis Just as a п¬ЃrmвЂ™s value depends on its free cash п¬‚ows,thevalueofaprojectde- pendsonitsfreecashп¬‚ow.Weillustrate the estimation of project cash вЂ¦ There are a number of principles of cash flow estimation. These are the consistency principle, separation principle, post-tax principle and incremental principle. The separation principle holds that the project cash flows can be divided in two types named as financing side and investment side. On the other hand, there is the consistency principle. According to this principle, some kind

A good cash flow analysis might be the most important single piece of a business plan. All the strategy, tactics, and ongoing business activities mean nothing if there isnвЂ™t enough money to pay the bills. And thatвЂ™s what a cash flow projection is about вЂ“ predicting your money needs in advance. Cash flow estimation Risk analysis in capital budgeting Optimal capital budget Capital budgeting Strategic business plan: a long-run plan that outlines in broad terms the firmвЂ™s basic strategy for the next 5 to 10 years Capital budgeting: the process of planning expenditures on assets with cash flows that are expected to extend beyond one year Project classifications Replacements: Need to

The project is expected to operate for 4 years, at which time it will be terminated. The cash inflows are The cash inflows are assumed to begin 1 year after the project вЂ¦ Chapter 12. Cash Flow Estimation and Risk Analysis. Learning Objectives. After reading this chapter, students should be able to: Analyze an expansion project and make a decision whether the project should be accepted on the basis of standard capital budgeting techniques.

1 Valuation Analysis вЂ“ Assignment 4 Cash Flow Estimation Instructions: This assignment requires you to collect and analyze the components of free cash flow for I switched to straight line depreciation in the last two years. 8-5 a. Expected Operating Cash Flows Revenues $5.00 COGS (without depreciation) $1.50

Prediction of project cash flow using time-depended evolutionary LS-SVM inference model Min-Yuan Cheng, Nhat-Duc Hoang *, and Yu-Wei Wu Department of Construction Engineering, National Taiwan University of Science and CONCLUSION. Cash Flow Estimate is a document which contains information of the funds required for a project for each time period like month, quarter or year etc. Cash Flow is extracted from time schedule of the project and is used to measure physical and financial progress of the project.

550 chapter 12 cash flow estimation and risk analysis Just as a п¬ЃrmвЂ™s value depends on its free cash п¬‚ows,thevalueofaprojectde- pendsonitsfreecashп¬‚ow.Weillustrate the estimation of project cash вЂ¦ Cash Flow Estimation Topics to be covered Discount Cash Flow, Not Profit Discount Incremental Cash Flow - Include all direct effects. - Forget Sunk Costs - Include Opportunity Costs - Recognize the Investment in Working Capital - Beware of Allocated Overhead Costs Discount Nominal Cash Flow by the Nominal Cost of Capital If you use a nominal cost of capital, you should forecast the nominal

One of the best ways to pave the way for financial success in your small business is to stay on top of your cash flow. By regularly creating cash flow projections, youвЂ™ll give yourself an advantage because you can use them as guides when making financial decisions for the future. cash flow analysis of a fictional company. In simple terms, discounted cash flow tries to work out the value of a company today, based on projections of how much money it's going to make in the future.

Cash flow estimation Risk analysis in capital budgeting Optimal capital budget Capital budgeting Strategic business plan: a long-run plan that outlines in broad terms the firmвЂ™s basic strategy for the next 5 to 10 years Capital budgeting: the process of planning expenditures on assets with cash flows that are expected to extend beyond one year Project classifications Replacements: Need to Estimation of cash flows require immense understanding of the project before it is implemented; particularly macro and micro view of the economy, polity and the company. Project life is very important, otherwise it will change the entire perspective of the project. So great care is required to be observed for estimating the project life. Cost of capital is being considered as discounting

A good cash flow analysis might be the most important single piece of a business plan. All the strategy, tactics, and ongoing business activities mean nothing if there isnвЂ™t enough money to pay the bills. And thatвЂ™s what a cash flow projection is about вЂ“ predicting your money needs in advance. The system capabilities for a software package helpful in performing pilot-to-project cash flow estimation and evaluation are presented, and a system meeting these specifications is overviewed. INTRODUCTION It is common that a pilot study is performed to determine the feasibility, economic justification, or practicality of a particular idea, design or system. The practice of piloting is common

### Cash Flow Estimation and Risk Campus360

Project Cash Flow Estimation 1pdf.net. Cash Flow Estimation Topics to be covered Discount Cash Flow, Not Profit Discount Incremental Cash Flow - Include all direct effects. - Forget Sunk Costs - Include Opportunity Costs - Recognize the Investment in Working Capital - Beware of Allocated Overhead Costs Discount Nominal Cash Flow by the Nominal Cost of Capital If you use a nominal cost of capital, you should forecast the nominal, 550 chapter 12 cash flow estimation and risk analysis Just as a п¬ЃrmвЂ™s value depends on its free cash п¬‚ows,thevalueofaprojectde- pendsonitsfreecashп¬‚ow.Weillustrate the estimation of project cash вЂ¦.

### Valuation Analysis вЂ“ Assignment 4 Cash Flow Estimation

Pilot-to-project cash flow estimation ScienceDirect. Estimating the cash flows is the most important part of the capital budgeting process. This section now examines this estimation analysis. This section now examines this estimation analysis. Recall that there are two basic types of projects, Expansion and Replacement. A good cash flow analysis might be the most important single piece of a business plan. All the strategy, tactics, and ongoing business activities mean nothing if there isnвЂ™t enough money to pay the bills. And thatвЂ™s what a cash flow projection is about вЂ“ predicting your money needs in advance..

ESTIMATING CASH FLOWS Cash is kingвЂ¦ Aswath Damodaran 113. 114 Steps in Cash Flow Estimation ВЁ Estimate the current earnings of the firm В¤ If looking at cash flows to equity, look at earnings after interest expenses - i.e. net income В¤ If looking at cash flows to the firm, look at operating earnings after taxes ВЁ Consider how much the firm invested to create future growth В¤ If the 26/06/2018В В· Estimating the cash flow of a project is necessary and one of the most challenging parts of capital budgeting. Initial Cash Outlay When estimating the cash flow of a projectвЂ¦

estimating cash flows associated with a project involves working capital requirements, project risk, tax considerations, expected rates of inflation, and disposal values. We have to understand existing markets to forecast project revenues, assess competitive impacts of the project, and determine the life cycle of the project. If our capital project involves production, we have to understand ESTIMATING CASH FLOWS Cash is kingвЂ¦ Aswath Damodaran 113. 114 Steps in Cash Flow Estimation ВЁ Estimate the current earnings of the firm В¤ If looking at cash flows to equity, look at earnings after interest expenses - i.e. net income В¤ If looking at cash flows to the firm, look at operating earnings after taxes ВЁ Consider how much the firm invested to create future growth В¤ If the

In managing cash flow control in a construction project, the deviations in project costs are anticipated at the time of developing the budget plan. These are referred to as contingency costs , and are based on historical costs plus a reasonable estimate of price inflation based on current market conditions. Valuation Analysis Assignment 3: Cash Flow Estimation Instructions: This assignment requires you to collect and analyze the components of free cash flow for your firm.

f. A risk-adjusted discount rate incorporates the risk of the projectвЂ™s cash flows. The cost of capital to the firm reflects the average risk of the firmвЂ™s existing projects. Ch 11 Cash Flow Estimation and Risk Analysis TRUEFALSE 1. Because of improvements in forecasting techniques, estimating the cash flows associated with a project has become the easiest step in the capital budgeting process.

В¤ Discuss difficulties and relevant considerations in estimating net cash flows, and explain the four major ways that project cash flow differs from accounting income. В¤ Define the following terms: relevant cash flow, incremental cash flow, sunk cost, opportunity cost, externalities, and cannibalization. В¤ Identify the three categories to which incremental cash flows can be classified ESTIMATING CASH FLOWS Cash is kingвЂ¦ Aswath Damodaran 113. 114 Steps in Cash Flow Estimation ВЁ Estimate the current earnings of the firm В¤ If looking at cash flows to equity, look at earnings after interest expenses - i.e. net income В¤ If looking at cash flows to the firm, look at operating earnings after taxes ВЁ Consider how much the firm invested to create future growth В¤ If the

1 EIN 4354 12 - 1 Fall 2003 Chapter 12: Developing Project Cash Flows вЂў Cost and Benefit Estimating вЂў Income Statement вЂў Cash Flow Statement Cash Flow Estimation Topics to be covered Discount Cash Flow, Not Profit Discount Incremental Cash Flow - Include all direct effects. - Forget Sunk Costs - Include Opportunity Costs - Recognize the Investment in Working Capital - Beware of Allocated Overhead Costs Discount Nominal Cash Flow by the Nominal Cost of Capital If you use a nominal cost of capital, you should forecast the nominal

View Chapter 11 - CASH FLOW ESTIMATION.pdf from ACC 2012 at De La Salle University - DasmariГ±as. C H A P T E R Cash Flow Estimation Capital Budgeting Processes Project Cash Flows вЂ¦ A budget - or a construction cash flow forecast - is an estimate of expenditures and incomes to be generated if the proposed project is to be undertaken. Budgets are predictions and are therefore subject to accuracy constraints in respect of the techniques employed, availability of information, expertise of вЂ¦

The rate used to discount a project's cash flows after taking into consideration firm's overall cost of capital, the divisional cost of capital, and any additional subjective risk assessments for the particular project, including its impact on the firm's debt capacity. Valuation Analysis Assignment 3: Cash Flow Estimation Instructions: This assignment requires you to collect and analyze the components of free cash flow for your firm.

1 EIN 4354 12 - 1 Fall 2003 Chapter 12: Developing Project Cash Flows вЂў Cost and Benefit Estimating вЂў Income Statement вЂў Cash Flow Statement cash flows in real estate project, we adopted probability theory and mathematical statistics to balance and estimate the cash flows. Then the computer simulation method for uncertainty factors based on Beta distribution and normal distribu-

Estimating cash flows: Incremental Cash Flow for a Project ProjectвЂ™s incremental cash flow is: Corporate cash flow with the project Minus Corporate cash flow without the project. 11 - 5 NO. We discount project cash flows with a cost of capital that is the rate of return required by all investors (not just debtholders or stockholders), and so we should discount the total amount of cash 1 EIN 4354 12 - 1 Fall 2003 Chapter 12: Developing Project Cash Flows вЂў Cost and Benefit Estimating вЂў Income Statement вЂў Cash Flow Statement

Cash Flow Estimation Topics to be covered Discount Cash Flow, Not Profit Discount Incremental Cash Flow - Include all direct effects. - Forget Sunk Costs - Include Opportunity Costs - Recognize the Investment in Working Capital - Beware of Allocated Overhead Costs Discount Nominal Cash Flow by the Nominal Cost of Capital If you use a nominal cost of capital, you should forecast the nominal cash flows in real estate project, we adopted probability theory and mathematical statistics to balance and estimate the cash flows. Then the computer simulation method for uncertainty factors based on Beta distribution and normal distribu-

I switched to straight line depreciation in the last two years. 8-5 a. Expected Operating Cash Flows Revenues $5.00 COGS (without depreciation) $1.50 Prediction of project cash flow using time-depended evolutionary LS-SVM inference model Min-Yuan Cheng, Nhat-Duc Hoang *, and Yu-Wei Wu Department of Construction Engineering, National Taiwan University of Science and

project cash flow In the previous chapters, techniques for project planning, scheduling, resources management, and time-cost trade off have been introduced. The Practice of Cash Flow Estimation for Capital Budgeting in Financial Management - The Practice of Cash Flow Estimation for Capital Budgeting in Financial Management courses with reference manuals and examples.

need to evaluate the risk of these future cash flows; that is, the projectвЂ™s business risk. A project's business risk is reflected in the discount rate, which is the rate of return required to compensate the suppliers of capital (bondholders and owners) for the amount of risk they bear. The project is expected to operate for 4 years, at which time it will be terminated. The cash inflows are The cash inflows are assumed to begin 1 year after the project вЂ¦