Improvement of the Effectiveness Evaluation System of Projects Implemented on the Public–Private Partnership Principles in the Complex Development of the Territory

Abstract

The article presents an extended approach to the assessment of infrastructure construction projects implemented on the principles of public–private partnership (PPP). The assessment of the integral efficiency of the project based on the system-target approach is the distinctive feature of the proposed methodology. The analysis takes into account the goals, objectives and interests of all participants in the investment process. Appropriate criteria for evaluation are being developed for each of them, namely, the effectiveness of the project for the state, the private partner and the society. Integrated assessment of state efficiency involves the calculation of several criteria that is budget and social efficiency with a preliminary indicators division into groups, which allow us to give a qualitative and quantitative description of the planned project results. The assessment involves the calculation of efficiency without comparative advantage with government procurement. The private business efficiency assessment is based on the principles of investment costs profitability and payback, which are expressed in net present value, adjustments and redistribution of risks between public and private parties being taken into account. Those are risks in projects implemented on the principles of PPP in the construction industry. The integral index, presented in accordance with the additive model, is evaluated on the effectiveness criteria scale, made up using the methods of economic and mathematical analysis. The developed integral index of project efficiency, which takes into account public, social, state and private interests, will improve the evaluation accuracy and attract the attention of potential investors to PPP projects.