Economic Efficiency Of Investment Projects Research Articles

Scientific and methodological aspects of the choice of discount rate in the evaluation of investment projects

The article is devoted to the issues of evaluating the efficiency of investment projects, taking into account the justified and objective choice of the discount rate, which significantly affects the accuracy of the indicators of the economic efficiency of the evaluated investment project. In the conditions of an acute shortage of investment resources, the desire to increase the accuracy of the predictive assessment of the effectiveness of investment projects necessitates the search for new scientific and methodological approaches to the justified choice of the discount rate. In each specific situation, this choice depends on a large number of different factors, which are conditionally divided into two groups - internal and external. Unfortunately, in investment projects developed by Ukrainian enterprises, insufficient attention is paid to justifying the discount rate. The article provides an analysis of the main methods of determining the value of the discount rate when evaluating investment projects and scientific and methodological approaches to the selection of the discount rate in order to increase the objectivity of the predictive assessment of the feasibility of implementing an investment project. The essence of the advantages and disadvantages of such "traditional" methods of determining the discount rate of investment projects, such as the SARM model, the cumulative construction model, and the WASS model, are revealed. The effect of the intensity of exogenous factors in the form of the cost of credit resources, tax rates, inflation rates on the result of the assessment of the efficiency of the investment project has been specified. The main problems of justifying the economic efficiency of investment projects in the post-war recovery of the national economy are formulated. The author's rationale for the cumulative premium to the discount rate is given, due to the risk of speculative growth in the cost of construction caused by excess demand for construction work. The indicator of the expected duration of the portfolio of all orders of the construction enterprise, expressed in months, is proposed for use. On the basis of a cluster analysis of retrospective data, the linguistic terms of this meaning "deficit of orders", "partial..." and "sufficient security of the medium-term portfolio of orders" and their corresponding Gaussian membership functions are substantiated. An artificial intelligence system has been developed for forecasting the most likely percentage of speculative overestimation of the cost of construction works performed by the contractor, and the feasibility of using the output of this system as a cumulative premium to the discount rate has been proven.

On the comparative assessment of the investments’ economic efficiency in production capital

The article notes that in the current methodological document approved by government bodies on determining the investment projects effectiveness there are no recommendations for a comparative assessment of the economic efficiency of decisions made in the process of investment and construction activities, and at the same time their necessity is shown. The authors’ approaches to solving this problem are substantiated and presented. It is proposed to use income and property approaches in determining the economic efficiency of investment projects for the creation of new enterprises, industries, reconstruction and technical re-equipment of existing ones. The proposed methods and indicators are presented, which make it possible to give a comparative assessment of both investment projects as a whole and individual decisions on the choice of production technologies, technological and other equipment, design and construction solutions for buildings and structures.

Methodological approaches to assessing the impact of environmental factors on the efficiency of investments

Methods. The theoretical and methodological basis of scientific research was the work of scientists on the issues of evaluating the effectiveness of investments and improving the criteria for evaluating investment projects in accordance with today's challenges. In order to achieve the goal, the article uses general scientific and specific methods: methods of theoretical generalization – to study the process of improving the methods of assessing the economic efficiency of investments in accordance with changes in the environment and the development of scientific and technical progress; statistical methods – when determining the structure of capital investments; generalization and synthesis – to substantiate the scientific approach in improving the criteria for evaluating the economic efficiency of investments. Results. The article highlights issues related to the improvement of criteria for assessing the economic efficiency of investment projects in accordance with the requirements of modern economic conditions and the life of humanity as a whole, recommendations are provided in the field of taking into account the influence of environmental factors when determining the economic efficiency of investment projects. Novelty. The analysis of the structure of capital investments was carried out, the importance of the company's own funds for the implementation of investments was determined, while at the same time solving the question for the owner of the company about what would ensure obtaining a higher income: reinvestment of profit or rational use of dividends in private interests. The need to take into account the influence of environmental factors when determining the economic efficiency of investment projects is substantiated, for which it is necessary to define a toolkit for measuring environmental impact. When determining the economic efficiency of projects, it is proposed to take into account the environmental impact coefficient (EIC), which characterizes the ratio of economic damage to the environment after (DEa) and before the implementation of projects (DEb). Practical value. The results of the conducted research can be useful for business entities and investors who will participate in the post-war reconstruction of Ukraine.

Кластерні структури як організаційна основа здійснення стратегічної реорганізації підприємств

The article is concerned with studying topical issues of functioning of cluster structures in Ukraine, which are an important instrument for ensuring sustainable economic development of the country. The research is aimed at improving the methodological support of substantiation of the feasibility of forming and evaluating the efficiency of the results of functioning of cluster structures. The necessity of expanding the existing classification of cluster structures is substantiated and it is proposed to supplement the list of types of cluster structures with the following types in accordance with the purpose of functioning: discretionary, sales, service, income, profitable, costs, capital investment, venture, and investment. It is proposed to link individual indicators of efficiency of cluster activity with its type, defined in accordance with the purpose of functioning. For each type of cluster structures, it is advisable to use a separate set of indicators in accordance with their purpose and the developed list of types. For the operation of the discretionary cluster, it is necessary to calculate the coefficients of the level of performance of a certain list of works and compliance with the estimate of operating costs by elements. The basis for evaluating the performance of the «costs» cluster should be based on such indicators as the coefficient of compliance with the estimate of operating costs by elements, the total coefficient of operating costs for production and the cost efficiency ratio. The activities of the «sales» cluster should be assessed by indicators of the individual coefficient of sales volume, the coefficient of compliance with the standard of finished product balances in the warehouse, and the coefficient of transaction costs. For the cluster structures of service, it is necessary to determine the coefficients of compliance with the estimates of operating costs, services provided outside the enterprise, and the quality of service of its structural units. The results of the functioning of the income cluster structures are expressed in the sale of products of the i-th type, sales of products with the help of intermediaries, the coefficient of potential losses. For the profitable cluster structures, it is necessary to use such criteria as product profitability, total profitability of sales, compliance with operating cost estimates, profit growth rate. For the capital investment cluster structures, it is proposed to calculate the following criteria: coefficients of compliance with the estimate of operating costs, profitability of capital investments and their payback period for each investment project. For the venture cluster structures, it is advisable to calculate the level of risk, and for investment ones – indicators of economic efficiency of investment projects. The proposed types of cluster structures and the system of criterial indicators for evaluating their activities allow considering each cluster as an independent business entity that functions independently in accordance with its purpose, according to which individual strategies are developed, ensuring adaptability to changes in the external environment and creating real opportunities for self-development.

Economic efficiency of gas industry investment projects in Russia on the example of export gas pipelines

The efficiency of domestic and export supplies of natural gas largely determines the sustainable development of the Russian economy and national security. At present, in the context of sanction restrictions and increasing uncertainty in the global energy market, the theoretical and practical aspects of the economic efficiency of investment projects in the gas industry are of fundamental importance and require further development. The article discusses the theoretical foundations of the category “economic efficiency” and methodological approaches to its assessment on the example of investment projects in the gas industry. A comparative analysis of the standard methodology for determining economic efficiency of capital investments and the methodological recommendations for evaluating the effectiveness of investment projects in the planned and market economics has been performed based on the criteria specified by the authors. A review of published studies on methods for assessing economic efficiency of investment projects in the oil and gas sector has been performed. It is concluded that to assess the efficiency of investments is proposed to use the discounted cash flow method as the main approach, as well as the alternative methods in the papers of Russian authors. Two large-scale projects of the Russian gas industry have been considered, a review of published studies on the efficiency assessment has been performed with emphasis on the external effects due to implementation of the projects under consideration. According to the study results, the uniqueness of the implementation conditions of each gas transportation project, fundamental importance of the influence of non-economic factors on the project implementation and the need to develop assessment methods for the economic efficiency of investment projects were noted with due regard to the uncertainty and risk impact.

Research of the concept of design organization and assessment of factors for forming the economic efficiency of investment projects

Introduction. The expansion of the areas of enterprise activity contributed to the formation of a new concept of management, which was called project management. The necessity and expediency of the development of this direction of the company’s activity as project management is caused by the growth of the scale and complexity of projects, the strengthening of requirements for the terms of their development, implementation and implementation, optimization of the use of material, financial and human resources, the quality of work and final results.Goal. Сonsists in the theoretical-methodical substantiation of the concept of investment design and assessment of the factors of formation of the economic efficiency of projects at the enterprise.Research methods. In the research process, general scientific and special methods of cognition were used: analysis and synthesis, theoretical generalization and formal logic, system approach, classification, statistical analysis, generalization, observation, mathematical statistics, modeling, specification, technical and economic calculations.Results. It has been found that the real organizational and technological norms of work performance determine the discrete nature of the «time-cost» dependence. It has been proven that the minimum amount of funding is achieved when all project works are performed with the minimum duration (maximum intensity) at certain stages. It is estimated that the performance of works that ensure the minimum amount of funding corresponds to the minimum term of the project. These results form the basis of the proposed methodology that maximizes investment efficiency.Perspectives. The perspective is seen in the spread of the design concept at the stage of calendar planning, where there is a need to optimize the estimated production terms, which will act as a significant lever for increasing the intensity of the execution of individual works, which are accompanied by their increase in cost at various stages of the execution of works, taking into account risk and uncertainty factors.

Финансовые аспекты реализации четвертого энергоперехода

The key issue of successful implementation of any project, program or development strategy is the problem of sufficiency and timeliness of financing of all planned activities. The purpose of this study is to analyze the financial aspects of the implementation of the fourth energy transition in terms of assessing the potential and actual opportunities for financing various activities within the framework of the energy transition. The relevance of the topic of the article is determined by the fact that in the process of the energy transition carried out in the Western countries, primarily in the countries of the European Union, a contradiction has developed and is rapidly deepening between the main areas of financing of various groups of measures to implement the energy transition and the effectiveness of these investments. To achieve the goal of the study, traditional methods of economic analysis were used, including bibliographic, statistical, comparative and factor analysis, methods of graphical representation of data, as well as methods of formal and logical analysis. In the course of the study, the specifics of financing of the modern energy transition were investigated; an analysis of the main sources of financing was carried out, as well as an in-depth analysis of the features of financing activities to create new generating capacities and to achieve the goals of the European Green Deal. The authors identify the main problems and difficulties in financing of the energy transition, primarily related to the ability to accumulate financial resources in the required amount, to the achievement of economic efficiency of investment projects, as well as to the availability of sufficient funds for the implementation of major energy transitions.

Screening of Factors for Assessing the Environmental and Economic Efficiency of Investment Projects in the Energy Sector.

In view of the current agenda in the field of climate and environmental conservation, the requirements for environmental project appraisal are being tightened: the evaluation of environmental indicators of project implementation should be carried out on a par with indicators of its economic performance. Current approaches to the assessment of environmental and economic efficiency do not completely cover the negative environmental impacts of a project’s implementation, and this reduces the effectiveness of the evaluation. Therefore, it is necessary to develop a system of environmental indicators that will address the specifics of the industry. This is made possible on the basis of determining a list of key factors that should be included in the evaluation system. The purpose of this study is to determine the most significant factors for establishing a simple yet thorough assessment framework to evaluate the efficiency of energy investment projects. Research methodology includes an a priori ranking method and analysis of interrelations between factors. Based on the results obtained, the authors have formed a list of key factors that could become the basis of a future system of environmental indicators for the efficiency assessment of energy projects.

КОМПЛЕКСНА ОЦІНКА ПОКАЗНИКІВ ЕФЕКТИВНОСТІ ІНВЕСТИЦІЙ БУДІВНИЦТВА, РЕКОНСТРУКЦІЇ ТА РЕМОНТІВ АВТОМОБІЛЬНИХ ДОРІГ: НАУКОВО-МЕТОДИЧНИЙ АСПЕКТ

A historical review of methods for evaluation the economic efficiency of investment projects is performed. The analysis of modern methods of efficiency evaluation in the field of construction, reconstruction and repairing of roads is carried out. The main provisions and principles of comprehensive evaluation of construction, reconstruction and repairing of roads are identified and generalized methodological approaches to determination of the overall socio-economic efficiency of financing works on new construction, reconstruction and repairing of public roads, which provides for the relevant stages of: operational condition of the road; socio-economic efficiency of road reconstruction and repairing; environmental efficiency of road construction, reconstruction and repairing . Introduction The most important requirement for the functioning of modern economic systems is a developed network of roads. Integrative development of the national economy is faced with the need to build new and improve existing international transport corridors, which increases their capacity and transit capacity, exports of motor transport services and reduces the time of connection and delivery of goods and passengers by road. Comprehensive evaluation of socio-economic and environmental efficiency of construction, reconstruction and repairing of public roads is a tool of public policy aimed at implementing the principles of sustainable economic development. In terms of program-targeted planning of public roads generalization and further development of scientific and methodological approaches to comprehensive evaluation of the effectiveness of investment projects for construction, reconstruction and repairing of roads is one of the key tasks to improve the quality of existing roads and new transport routes considering their socio-economic and environmental efficiency. Problem statement. During the evaluation of projects for the construction, reconstruction and repairing of public roads, it is need to consider not only the effectiveness of project investments, but also the social and environmental effects associated with their implementation. Generalization of methodological approaches to the comprehensive evaluation of projects for construction, reconstruction and repairing of roads considering their socio-economic and environmental efficiency and the development of methodological tools for evaluation additional effects is a complex scientific problem. Thus the comprehensive evaluation of efficiency of construction and reconstruction of the road has to characterize conformity of its transport and operational condition to the level of social and economic and ecological requirements which are formed taking into account the state, territorial, public and private interests. Purpose and task. The purpose of the article is to substantiate at the scientific and methodological level the feasibility of a comprehensive evaluation the socio-economic and environmental efficiency of construction, reconstruction and repairing of public roads based on the generalization of existing methodological approaches to investment efficiency calculation. The task of the article is to analyze methodological approaches to evaluation the effectiveness of investment projects, determination of their features and basing on their generalization substantiation of a comprehensive approach to the overall evaluation of socio-economic efficiency of investment in construction, reconstruction and repairing of public roads. Materials and methods During the article preparation, the current methods of evaluation the effectiveness of capital expenditures (investments), designing and regulatory documents regarding evaluation the socio-economic efficiency of investments in the construction, reconstruction and repairing of roads were used. In the process of study the methods of comprehensive and system analysis, abstract-logical, method of comparative analysis and others were used. Results The main provisions and principles of comprehensive evaluation of construction, reconstruction and repairing of roads are determined and the unified methodology for determination the overall socio-economic efficiency of financing of new construction, reconstruction and repairing of public roads, which provides for the relevant evaluation stages: transport and operational condition of the road; socio-economic and environmental efficiency of construction, reconstruction and repairing of the road. Conclusions During evaluation the socio-economic efficiency of investment in the development of public roads has to be used a system of indicators that characterize the results of related effects at the macro-and micro-economic level and in the social sphere. In this context, in order to optimize the processes of prioritization and priority of financing works on new construction, reconstruction and repairing of public roads within the relevant legal and regulatory field, methodological approaches to determination the overall socio-economic efficiency of financing works on new construction, reconstruction and repairing of public roads. The application of common methodological approaches to determining the overall socio-economic efficiency of financing new construction, reconstruction and repair of roads involves long-term planning and financing of clearly defined tasks and measures for the restoration and development of public roads. Keywords: construction, reconstruction and repairing, public roads, comprehensive evaluation, overall socio-economic efficiency, environmental efficiency, investment efficiency indicators.

The economic feasibility analysis of innovative megaprojects for the benefit of construction enterprises: the case of the Republic of Tatarstan

The strategic development of the Republic of Tatarstan determines its development prospects for the coming 10–20 years. Its land zoning has shown that Kazan, Kama and Almetyevsk are the three fastest developing agglomerations in the republic. Nonetheless, many areas cannot benefit from the flow of goods and resources. A research on logistics allows to assume that the development of a road transportation network, including the construction of bridges, tunnels and the use of the river transport (as the cheapest means of transport) is a must. Along with the development of transport arteries, the republic needs advanced development points, the construction industry growth triggers, modernization and reconstruction of construction industry enterprises.
 In the article, the co-authors analyze the natural resources, available in Tatarstan and the prospects for the establishment of enterprises for the production of construction materials in Tatarstan.
 The co-authors consider alternative cement delivery routes, key products needed for the development of housing and industrial construction to ensure the economic prosperity of Tatarstan. The co-authors have also analyzed the economic efficiency of investment projects to be implemented in Tatarstan Republic, including the launch of a cement production facility that will take advantage of the mineral resources in the Ulyanovsk region minerals and the imported clinker to be delivered from Iran by water. The co-authors have also considered the potential construction of the toll highway “Shali (M-7) – Bavly (M-5)”.

INVESTMENT DESIGN AS A BASIS FOR THE FORMATION OF INVESTMENT ATTRACTIVENESS OF AN INDUSTRIAL ENTERPRISE

The article investigates the financial and economic essence of investment design and proves that having the diversity and abundance of sources of financing of various projects and programs in industrial enterprises there is an urgent need to form their investm ent attractiveness, which should be embodied in the form of an investment project. The main approaches to the definition of the concept of investment project are analyzed and the author's definition of this concept is given. The groups of methods for assessing the economic efficiency of investment projects, which allow to assess its economic efficiency, which increases the investment attractiveness of prospective domestic and foreign investors. Typical errors that may occur in the calculation of performance indicators of the investment project and adversely affect the investment attractiveness of an industrial enterprise are highlighted. It is proved that one of the most important and defining stages of the project cycle of investment design is project analysis, which is a set of methodological measures and techniques used for the preparation and justification of investment decisions. The main types of analysis that should be included in the project analysis of the investment project ar e defined. It is concluded that after all the studies preceding the investment decision, it is necessary to draw up a certa in final document that will allow the investor and the entrepreneur not only to accept, but also to fix, and when to be done to justify the hopes for the effective ness of the investment project. For this purpose, a standard document is drawn up, in which the concept of a real investment project – a business plan-is substantiated in detail. The business plan developed in the article makes it possible to find out the viability of the project in the conditio ns of market competition, contains guidelines for the further development of the enterprise, and is the main condition for the formation of investment attractiveness of an industrial enterprise in the modern investment climate of Ukraine.

ESTIMATING ECONOMIC EFFICIENCY OF ENTERPRISESE FUNCTIONING

The article analyzes the essence and importance of the mechanism of estimation of production activity efficiency in a modern industrial enterprise. The main aggregated indicators of complex evaluation of economic efficiency of enterprises are determined. In accordance with the prevailing instruments and means of public administration, the main mechanisms of state regulation of the analyzed industry are identified. The theoretical principles of the concept of "enterprise efficiency" as a property and ability of the enterprise to formulate and achieve their goals, taking into account the influence of external factors and using internal conditions of functioning, to achieve the set tasks, using all available resources and means for solving social, environmental, budgetary and other problems of both society and enterprise at the established cost-benefit ratio. The basic theoretical and methodological approaches to the estimation of economic efficiency of enterprises are considered. The basic approaches to the estimation of efficiency of production activity of the enterprise are analyzed and systematized. It is proposed to use econometric modeling to improve the reliability of the estimation of the efficiency of production activity. The expediency of carrying out such an assessment by determining the dependence of the production activity efficiency on the partial indicators of the evaluation mechanism in modern industrial enterprises based on traditional and multifactorial approaches is substantiated. The basic elements of estimation of efficiency of production activity of the enterprise are selected and the integral index of estimation of efficiency of production activity is defined. The main approaches to establishing the essence of economic attractiveness and economic efficiency of investment projects are investigated in the article. It is established that the purpose of assessing economic attractiveness is to determine the efficiency of use of public resources within the project, economic efficiency - to assess the feasibility of using scarce (limited) resources of society in the framework of a specific project. The views of scientists on the choice and characteristics of indicators of evaluating the economic efficiency of functioning of enterprises for the purpose of conducting a comprehensive analysis are investigated. Methodical approaches to assessing the economic attractiveness and cost-effectiveness of investment projects are explored. The main stages of evaluating the economic attractiveness and efficiency of the investment project have been established.

ПАРАДИГМА ОЦІНКИ ЕФЕКТИВНОСТІ ІНВЕСТИЦІЙ В ЕКОНОМІЦІ КРАЇНИ

The article considers the current conditions of the process of development and decision-making on investment. Different methods of investment efficiency assessment are described. The relevance of the use of quantum economic analysis as one of the newest methods of analysis of investment projects is studied and substantiated. In particular, it is noted that the difference between KEA and currently used concepts is that these methods are based on the analysis of accounting documents, forecast indicators, application of audit analysis and calculation of various financial ratios. However, financial calculations must be preceded by an analysis that identifies and eliminates a priori inefficient and unprofitable projects. Determining the economic efficiency of investment projects is the most important and difficult stage of pre-investment research. The timing of the return on investment depends on how objectively and comprehensively this assessment has been carried out and, consequently, on the correct course of further action on a particular project. In turn, objectivity and comprehensiveness provide modern methods of evaluating the effectiveness of investment projects. he methods considered by us are quite accurate, because based on simple calculations, they allow you to quickly assess the economic efficiency of investment projects, they can be used to address issues such as project profitability; determine the benefits of different versions of the project; find out how one project is more effective than another. The foreign experience of investment efficiency assessment is studied. Based on the study of which, it was concluded that the evaluation of investment projects should be based on economic, social and environmental conditions, selected and grouped taking into account the investment objectives. When evaluating investment projects by individual criteria, it is very difficult to compare projects and evaluate them. Therefore, different criteria (economic, financial, social, environmental, etc.), and they should be combined into one generalized meaning.

Methods of multi-criteria evaluation of economic efficiency of investment projects

In the context of globalization and fierce competition in world markets, the high level of investment activity in the country is a key to economic and innovative development. The high level of wear and tear of fixed assets in developing countries gives special relevance to solving the problem of attracting investments for production development. Hence, for the investment management system choosing an optimal variant among several available investment projects is one of the most responsible stages of ensuring the stable operation and sustainable development of an enterprise. In this regard, the aim of the article is to develop a comprehensive multi-criteria approach to choose the best investment option. The article analyzes the existing methodological approaches to assess the economic efficiency of the investment projects, identifies their advantages and disadvantages. A multi-criteria method of investment project evaluation is proposed, which is characterized by the absence of restrictions on the number of individual evaluation indicators and the possibility for the investor to determine the significance of every indicator using weights independently. The use of the proposed methodology by enterprises will improve the quality of management decisions at the stage of choosing the optimal investment option.

Preliminary criteria for the energy sector: environmental and economic efficiency of investment projects

Ecological and economic assessment is a key stage in the selection process of investment projects as it defines their efficiency and allows to forecast their likely impact on the environment and the socio-economic situation of the territory. Approaches to the efficiency assessment of investment projects include only basic criteria and do not sufficiently consider industryspecific. The energy sector is a significant primary sector in the global economy that directly affects the standard of living, energy resources availability for population and for the productive sector of economy and has a considerable impact on the environment. Therefore, the efficiency assessment process of investment project in the energy industry should comprise criteria which will respond to the branch specificity and provide accurate data about potential environmental and socio-economic consequences of project’s implementation in both the short and the long-term run. The paper aims to propose a list of environmental criteria for improving the process of the ecological and economic efficiency assessment of energy investment projects, considering also the Circular Economy concepts. The list is based on the results of the expert survey carried out by the authors and might be used for multiple-criteria decision analysis of the investment projects.

Economic security in the management system of environmental sustainability of investment processes

The article is devoted to current issues of economic security of economic entities in strengthening environmental sustainability in the implementation of investment activities. The generalized experience of global and local ecological problems demands careful planning and introduction of ecological actions which are formed at a design stage. The author discusses the basic contents of the section “Environment protection” of the design documentation allowing to level threats to ecological safety during construction and operation of an object of investments. The author reviews methods to assess the environmental and economic efficiency of investment projects, the main complexity of which is the allocation of the influx of funds as a result of increased environmental responsibility of business entities. The author justifies the inclusion of the environmental goodwill indicator in the balanced scorecard used to comprehensively assess the activities of enterprises, which will more fully disclose information about the company environmental policy, having a direct impact on financial performance, the improvement of which will ensure economic security and sustainable development.

NSR and NSTC projects: environmental and economic efficiency assessment of the goods’ overseas transportation

The authors attempt to assess the environmental and economic efficiency of investment projects for the goods transportation by the northern seas of Russia taking into account the relevance of the topic of cargo transportation by means of the “Northern Sea Route” (NSR) and new concept of the digital format of the “Northern Sea Transit Corridor” (NSTC) implemented by the “Rosatom” State Corporation. The structure of import-export and transit traffic by the NSR in 2020 is considered. The goal of the article is to evaluate the efficiency of investment project for the goods transportation forwards and backwards by the NSR from Murmansk city to PetropavlovskKamchatsky city using the example of the “Andrey Osipov” shipping facility. Some indicators were assessed: planned revenue, payback period; NPV, environmental damage. The following results are obtained: the payback period is 10 years; by using the naval fuel oil over a ten-year period, 1101.6 tons of SOx, 143.1 tons of CO2, 288.9 tons of NOx will be emitted. In addition, the authors propose an innovative approach to creation of ships from new materials and technologies based on the modern paradigm of “Accelerated Digital Certification”.

ASSESSMENT OF THE REGIONAL SIGNIFICANCE OF INVESTMENT PROJECTS USING A FUZZY INFERENCE SYSTEM

Ponte Academic JournalNov 2021, Volume 77, Issue 11 ASSESSMENT OF THE REGIONAL SIGNIFICANCE OF INVESTMENT PROJECTS USING A FUZZY INFERENCE SYSTEMAuthor(s): Emin Garibli ,Rovshan AkbarovJ. Ponte - Nov 2021 - Volume 77 - Issue 11 doi: 10.21506/j.ponte.2021.11.6 Abstract:Analysis and evaluation of the economic efficiency of investment projects is one of the difficult problems in the economy, production and management. Its complexity is specified, on the one hand, the presence of uncertainty, because when problem solving on investments always it is necessary to anticipate the future, and the other – the presence of set of knowingly conflicting criteria that are both quantitative and qualitative nature. The paper proposes an approach to assessing the regional significance of investment projects claiming to receive budgetary allocations from the National Investment Fund for the Support of Entrepreneurship in Azerbaijan. This approach is based on a verbal model, which is implemented through the use of a fuzzy inference system on the example of six real alternative investment projects. Download full text:Check if you have access through your login credentials or your institution Username Password

ВИКОРИСТАННЯ МЕТОДІВ ОЦІНКИ ЕКОНОМІЧНИХ РИЗИКІВ ДЛЯ ПРИЙНЯТТЯ РІШЕНЬ ЩОДО ІНВЕСТУВАННЯ

The article uses methods of quantitative evaluation of economic risks that allow in conditions of uncertainty to provide an industrial enterprise with information on a less risky investment project for the adoption of a managerial decision. Several methods for assessing the risk of investing are used: the size of the dispersion, the value of the coefficient variation, the size of the semivariation, the size of the coefficient of semivariation, the value of the coefficient of asymmetry. Dispersion is a statistical term that describes the value range values expected for a particular variable. Dispersion is used in studying the variability of profits from a specific trading strategy or investment portfolio. This is often interpreted as a degree of uncertainty and, therefore, the risk associated with a certain portfolio of securities or investments. Semiivariation is an indicator of data that can be used to assess potential investment risks. Semivarianity is calculated by measuring the dispersion of all observations that fall below the middle or target data set. Neoclassical theory goes out for understanding that risks are just unfavorable scenarios for an investor company. Therefore, it is necessary to take into account the unfavorable deviations. When the management subject is loyal to risk, then it is necessary to use the coefficient of semivariation, which can also be determined which of the projects. If the company wants to successfully investigate the project, it is important to identify situations where the probability and magnitude of a positive (or negative) result is much larger than the opposite result. Understanding asymmetric risk is crucial for making correct decisions. The ability to identify asymmetric risk helps to avoid potentially dangerous situations where there are not enough errors. It also allows you to use the opportunities for investments where there are several ways to win. The criterion of maximum asymmetry is the minimum risk criterion. The results of the quantitative assessment of economic risks enable to substantiate the economic efficiency of investment projects.

Methodology for Analysing and Evaluating the Effectiveness of Investment Projects: from Idealism to Consumer and System Approaches

The article studies the theoretical and methodological approaches of subjective and objective idealism, general scientific subjective and consumer methodological approaches in relation to the systematization of the fundamental foundations for evaluating the effectiveness of projects. The scientific positions of the economic schools of mercantilism and marginalism are analyzed, the views of the economic school of physiocrats, the ideology of objective rationalism of classical political economy are considered. In the course of theoretical scientific research, the process, trend and regularity of transformation of the main principles of subjective and objective idealism into the basic characteristics of consumer and system methodological approaches, respectively, which are the basis for evaluating the economic efficiency of investment projects, are established.