Abstract
A large number of economic, financial, social, technological, ecological – environmental and other indicators define the effectiveness of the investment projects. According to some of the indicators, the alternative investment project is suitable for putting it into practice, according to others, it is not. Therefore, while evaluating the investment projects (e.g. the projects which are financed by EU structural funds) it becomes difficult to choose the most effective projects whose realization would bring the most significant benefit to the economy subject and to our country. It is possible to get objective answers about the effectiveness of the alternative investment projects by evaluating them according to multicriterial methods. With the help of such methods it is possible to evaluate the investment projects comprehensively by presenting one generalized indicator. It shows the effectiveness of the alternative project fairly objectively. The multicriterial evaluation method analyzed in the article gave the possibility to evaluate the effectiveness of the projects chosen, and to set the priority level of these projects. From the analysis carried out, it is obvious that three investment projects are suitable for being financed and put into practice, and the remaining ones have to be rejected or corrected. The method for evaluating the effectiveness of the investment projects proposed by the authors has both theoretical and practical advantages (the extensive analysis can be carried out, the different classification of the evaluation criteria is possible, the weight of the criteria is evaluated (importance, significance), the possibility to include the new evaluation criteria and their employment in practice (in the field of investment analysis) is considered. The obtained evaluation results of the investment projects show that the multicriterial evaluation method is good for evaluating complex processes such as the evaluation of the effectiveness of the alternative investment projects, and the method of the evaluation of the investment projects proposed can be adapted for various situations (e.g. evaluating investment projects which get EU means.
Highlights
A large number of economic, financial, social, technological, ecological – environmental and other indicators define the effectiveness of the investment projects
It is possible to get objective answers about the effectiveness of the alternative investment projects by evaluating them according to multicriterial methods
The multicriterial evaluation method analyzed in the article gave the possibility to evaluate the effectiveness of the projects chosen, and to set the priority level of these projects
Summary
Šiandien verslo subjektų vertybių sistema transformuojasi į bendruosius įmonės tikslus (ekonominius, finansinius, socialinius, aplinkosauginius ir kitus), kurie dažniausiai įgyvendinami pagal investicinius projektus. Todėl ir investicinių projektų efektyvumas vertinamas naudojant ekonominius, finansinius, technologinius, ekologinius, aplinkosauginius ir kitus efektyvumo rodiklius. Kuriuo remiantis būtų aprėpiami visi investicinių projektų analizės aspektai ir kuris parodytų bendrą (kompleksinį) projekto efektyvumą, nes įvairių veiksnių poveikis nagrinėjamam projektui yra skirtingos kilmės ir jie skirti ne tiems patiems investavimo tikslams įvertinti. Objektyvius atsakymus apie alternatyvių investicinių projektų efektyvumą galima gauti juos vertinant ne vienu, o keliais aspektais ir naudojant ne vieną dominuojantį, o kelis rodiklius (daugiakriteriniai būdai). Straipsnyje nagrinėjamas alternatyvių investicinių projektų, įgyvendinamų verslo sektoriuje, efektyvumo vertinimas, vadovaujantis daugiakriteriniais vertinimo principais. Tyrimo metodai – ilgametė praktinė autorių patirtis investicinių projektų efektyvumo vertinimo srityje bei daugiakriterinio vertinimo būdai
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