Comparación entre Métodos Tradicionales y Opciones Reales para Evaluar Proyectos Solares Fotovoltaicos en Hospitales Públicos Colombianos.

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Bibliographic Details
Title:	Comparación entre Métodos Tradicionales y Opciones Reales para Evaluar Proyectos Solares Fotovoltaicos en Hospitales Públicos Colombianos.
Alternate Title:	Comparing Traditional Methods and Real-Life Options to Evaluate Photovoltaic Solar Projects in Colombian Public Hospitals.
Authors:	HERNÁNDEZ PALMA, HUGO GASPAR¹, JIMÉNEZ CORONADO, ANGELICA MARÍA¹ angelicajimenez@mail.uniatlantico.edu.co, MENDOZA-CASSERES, DANIEL¹
Source:	Revista EIA. ene-jun2026, Vol. 23 Issue 45, p1-23. 23p.
Abstract (English):	This research article performs a comparative analysis between traditional financial evaluation methods-such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PRP)-and the real options approach, applied in this case to solar photovoltaic projects in public hospitals in Colombia. Based on a theoretical review and practical application of both approaches, the limitations of traditional methods in highly uncertain scenarios characteristic of the healthcare sector are identified. This study presents a case study based on the application of the binomial real options model, demonstrating several advantages in strategic decision-making, the incorporation of operational flexibility, and improved efficiency in the use of public resources. This methodological approach not only enriches the technical perspective with which public investments are valued but also introduces analytical elements that allow for more effective management of the risks associated with projects with high contextual variability. As a result, the analysis reveals that the real options approach allows for greater leverage of the implicit value in sequential and adaptive project decisions. This article not only seeks to provide technical tools to strengthen the management of renewable energy investments within the hospital system, but also contrasts both methodologies. It also presents visual aids, formulas, and cases that systematize the findings and facilitate their practical application. [ABSTRACT FROM AUTHOR]
Abstract (Spanish):	El presente trabajo compara dos enfoques para evaluar proyectos de inversión: los métodos financieros clásicos - como el Valor Actual Neto (VAN), la Tasa Interna de Retorno (TIR) y el Período de Recuperación de la Inversión (PRI) - frente al enfoque de opciones reales. El análisis se sitúa en proyectos solares fotovoltaicos en hospitales públicos de Colombia, un contexto marcado por incertidumbre y exigencia en el uso de recursos. Si bien las herramientas tradicionales siguen siendo útiles, muestran limitaciones en escenarios donde las condiciones cambian con rapidez, como sucede en el sector salud. Dichos métodos tienden a asumir estabilidad, lo que reduce su capacidad para reflejar la flexibilidad necesaria en la práctica. El estudio recurre al modelo binomial de opciones reales, mostrando cómo este permite ajustar decisiones conforme evoluciona el proyecto, aprovechar mejor los recursos y considerar escenarios alternativos. En vez de ofrecer una visión rígida, incorpora la posibilidad de responder a cambios regulatorios, económicos o tecnológicos. El enfoque de opciones reales no solo aporta rigor técnico, sino que amplía la comprensión de la inversión pública al integrar la gestión del riesgo y la capacidad de adaptación como elementos centrales. Este artículo no busca solo aportar herramientas técnicas que fortalezcan la gestión de inversiones en energías renovables dentro del sistema hospitalario, sino que a su vez este trabajo contrasta ambas metodologías, así como además de ello, presenta recursos visuales, fórmulas y casos que sistematizan los hallazgos y facilitan su aplicación práctica. [ABSTRACT FROM AUTHOR]
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Database:	Engineering Source

Description
Abstract:	This research article performs a comparative analysis between traditional financial evaluation methods-such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PRP)-and the real options approach, applied in this case to solar photovoltaic projects in public hospitals in Colombia. Based on a theoretical review and practical application of both approaches, the limitations of traditional methods in highly uncertain scenarios characteristic of the healthcare sector are identified. This study presents a case study based on the application of the binomial real options model, demonstrating several advantages in strategic decision-making, the incorporation of operational flexibility, and improved efficiency in the use of public resources. This methodological approach not only enriches the technical perspective with which public investments are valued but also introduces analytical elements that allow for more effective management of the risks associated with projects with high contextual variability. As a result, the analysis reveals that the real options approach allows for greater leverage of the implicit value in sequential and adaptive project decisions. This article not only seeks to provide technical tools to strengthen the management of renewable energy investments within the hospital system, but also contrasts both methodologies. It also presents visual aids, formulas, and cases that systematize the findings and facilitate their practical application. [ABSTRACT FROM AUTHOR]
ISSN:	17941237
DOI:	10.24050/reia.v23i45.1932