Abstract
Abstract Investment theory has traditionally divided risk into two parts: (1) the risk of business failure and (2) the uncertainty associated with cash flow prediction. Analysis then proceeds to disregard attrition as a variable and to focus on cash flow forecasting. Though high attrition may be typical in the pattern of industry growth, it is certainly an attribute of structural development that has not been investigated extensively. This article explores the character of attrition and develops an analytical device that may be used to adjust separately estimated cash flows for the risk of failure.
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