Abstract
A search and analysis of sources (articles, conference materials, reviews) was conducted in the Web of Science Core Collection database from 1975 to March 2018 time period (57 sources) and in the RSCI database to March 2018 (48 sources) on the matter of using and recommendations of certain mathematical tooling in assessing the effectiveness of investment projects, taking into account non-economic characteristics. These 45 cases were identified in 41 sources of mathematical methods application in accounting for non-economic characteristics in the process of assessing the effectiveness of investment projects, their advantages and disadvantages. The recommendations on accounting for easily formalized non-economic indicators in evaluating project effectiveness were developed. Criteria have been established for classifying methods for taking into account non-economic characteristics as those that with a high degree of probability can do this in the value (money) scale. A mathematical tooling is proposed for taking into account difficultly formalized non-economic characteristics in the assessment.
Highlights
The problem of evaluating the effectiveness of investment projects is of particular relevance in the aspect of considering non-economic characteristics
In the official methodological recommendations devoted to assessing the effectiveness of investment projects (Kosov, Livshic, & Shahnazarova, 2000),("Methodical recommendations for evaluating the effectiveness of investment projects," 2008),("Method of calculation of indicators and use of criteria of efficiency of the investment projects applying for receiving the state support at the expense of means of Investment fund of the Russian Federation," 2009), this issue is studied in the framework of extremely general recommendations of a qualitative nature
We propose to use the Harrington desirability function method and fuzzy sets theory for taking into account difficultly formalized non-economic characteristics in assessing the effectiveness of investment projects of global and national economic importance
Summary
The problem of evaluating the effectiveness of investment projects is of particular relevance in the aspect of considering non-economic characteristics (externalities). The issue of an investment project's impact on the outside environment in Russian practice is considered as a question of evaluating social efficiency, based mainly on the cost approach. There are works which are considered as attempts of mathematical formalization of the impact of non-economic characteristics on the efficiency and feasibility of investment projects. This work is devoted to the analysis of the existing mathematical tooling in the arsenal of accounting of noneconomic indicators, parameters in the modern methodology of evaluating the effectiveness and feasibility of projects and the development of author recommendations for its improvement. In order to improve the methodology and mathematical tooling for accounting of non-economic characteristics (externalities) in the process of evaluating the effectiveness of investment projects, the author’s classification of their subdivision into and difficultly formalized project characteristics (indicators, parameters, externalities and consequences) was proposed
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