Abstract
The object of research is a conceptual approach to the process of controlling the dynamics of the financial and economic efficiency of a construction project as a result of engineering has been developed. Acceleration of scientific and technological progress underlines the relevance of this topic. It is established that the theory of the project value dynamics is based on three laws. The first law of the project value dynamics emphasizes that a qualitative, dynamic growth of value occurs only through innovation or rationalization, and the rest of the design changes is static. Charts of isovalue demonstrate the potential state of the financial and economic performance of the project in the four-dimensional space «time-benefits-costs-risks». Each subsequent line of isovalue, which runs farther from the origin, reflects a higher level of intense project value. The second law of value dynamics indicates that entropy is gradually decreasing as a result of the project. Thus, the earlier engineering sessions take place (within the project life cycle) for introducing innovations, the higher the potential for influencing the dynamics of the project value. The third law of the project value dynamics provides that the absolute maximum value cannot be achieved. So, innovation, unlike other factors of financial and economic growth, is an inexhaustible source of increasing the value of projects. The change in the «benefit-cost ratio» (BCR) adequately reflects the project value dynamics. This indicator clearly takes into account all four factors (measurements) of project effectiveness and captures precisely dynamic, qualitative changes in value. BCR is very similar to the definition of value, which is used in functional value and hierarchical analysis. This promotes mutual understanding and convergence in communications between project stakeholders (in the integrated Crystal model, value management). The process of controlling the project value dynamics directs the work of the engineering team to achieve project results that are best suited to the interests of investors, subject to a careful attitude to nature.
Highlights
Innovation is associated with the introduction of new ideas that provide quality value growth
Let’s note that the benefits-costs ratio (BCR) calculation based on annual cash expenditures and receipts, rather than net cash flows, distinguishes this criterion from other indicators. This feature of BCR further contributes to the fact that the process of controlling the dynamics of the project value meets the tasks of saving resources and protecting the environment
The first project value dynamics law emphasizes that a qualitative, dynamic growth of value occurs only through innovation or rationalization, and the rest of the project changes is static
Summary
Innovation is associated with the introduction of new ideas that provide quality value growth. Innovations are a source of dynamic, intensive formation of added value It is innovation (rationalization, invention, etc.) that is the means to achieve the goal of the work of engineering teams of project value. Different subject areas (for example, physics, finance, engineering, economics and project management), each of which at first glance is peculiar, have similar principles in their foundation. From this follows the idea of borrowing the key principles of thermodynamics to formulate the laws of the theory of value dynamics. The process of monitoring the dyna mics of the project value is aimed at directing the work of the engineering team to achieve such results that best meet the interests of investors, provided that they take care of environment. The problem of creating a sound conceptual procedure for monitoring the dynamics of the value of a project has acquired particular relevance today
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