This page has been robot translated, sorry for typos if any. Original content here.

Investment Management


Below is a list of materials published in the section "Investment Management":

  1. Investment Management in the Russian Economy
  2. Investment Bazaar in Russia
  3. The state of the investment climate in Russia is also the route of its stabilization
  4. Problems of investment management at the meso level
  5. The main course of development of investment management at the federal and regional levels
  6. The concept is also the essence of the investment project. The project is like a socio-economic system
  7. The life cycle of the investment project also approaches to its structuring
  8. Initial assumptions are also the principles of evaluating the effectiveness of investment projects
  9. Quantitative methods for assessing the effectiveness of investment projects
  10. Methods of accounting for risk in calculating the discount rate





Investment Management in the Russian Economy

In the theory of management of investment processes, three levels of the hierarchy of investment management in the national economy are distinguished: the macrolevel (the level of the country as a whole), the meso level (the level of individual regions) is also a microlevel (the level of an individual corporation, firm, enterprise).

The first task of the theory, which studies investment processes, is to study the ways and directions of their activation, the development of a methodology for an adequate economic evaluation of investment at all the levels of the hierarchy of investment management that allows one to also determine the most effective investment rates for potential investors, but for the sake of the participants in the investment process, initiating investment projects as well as prescriptions also realizing them, - options for the most effective use Investment Ia.

The main objectives of investment management at the macro level are:
  • formation of state investment policy;
  • formation of the regulatory and legislative field of investment processes in the Russian economy;
  • formation of the investment climate of the Russian Empire;
  • the definition of the composition of participants in the Russian investment market also rules for its operation;
  • definition of priorities of the state investment policy, etc.
To determine the priorities of investment flows, which is one of the first tasks of investment management at the macro level of the national economy, it is necessary to forecast the development of the investment sphere on its route to the market. This is appropriate at least for three reasons:

First, the investment area is also closely related to it, the capital construction is designed to ensure the accelerated creation of the renewal of the fixed assets of the national economy, designed to stabilize the development of production as well as the solution of pressing social and economic problems. The role of this sphere of activity is especially important during the period of structural reorganization of the country's economy and its conclusion from a crisis state.

Secondly, since the essence of investment and construction activities is the implementation of various investment programs also projects, it is this sphere, as if in the whole universe, and also in our country, is the traditional sphere of effective project management. It is here that a wealthy experiment has been accumulated, and there is also an integral stock of methods also for project management tools that can already be successfully used.

Thirdly, under the conditions of the reforms, the investment area itself is undergoing fundamental changes. The most important of them are:
  • structural reorganization of the country's economy, including investment policy;
  • denationalization is also the privatization of organizations and enterprises also transforming their production and organizational structures;
  • the destruction of the structures of centralized management, as well as the regulation of investment activities, the construction complex and its logistics;
  • change of economic mechanisms is also a transition to economic management methods;
  • demonopolization of production is also marketing also the emergence of new markets also competition;
  • change management system is also regulation in this area is also much more.
The meso level of the national economy or the level of a single region - a subject of the federation - must be viewed, on the one hand, as an independent aspect of investment management from the point of view of the theory of investment management, on the other, as if the link between the macro and the micro level, regions, the state investment policy is implemented, also developed by the regional investment policy.

The regional investment climate reflects the degree of favorable situation in the region regarding investment processes. Its level is determined by calculating general estimates of the territories that serve as a base for the adoption of appropriate investment decisions by Russian as well as domestic investors. A generalized assessment of investment processes in the region should include a review of the economic potential accumulated on its territory, but it seems that an assessment of the level of its use in terms of individual subjects of capacity (enterprises) is also made in terms of the profile directions of its use (industries and sub-sectors) for a particular region. For such analysis, it is expedient to select the most potential-intensive projects of the region, which mainly determine its profile, which also form the region's status within the Russian Federation.

The third level of the hierarchy of investment management in the Russian economy is the micro -level - the level of a single enterprise, corporations, firms, companies, etc. The rise of the Russian economy is inextricably linked with the activation of investment processes at the micro level, since it is here that the main purpose of investments is to raise production, multiply its capacities and technological level. Priority is given to the inflow of investments into the real sector of the economy, including to the basic sectors of the national economy, first of all the capital investments in modernization are also the expansion of their fixed assets. It is here that the tasks of structural reorganization of the economy are also being addressed, as well as enhancing its effectiveness, conditions are being created for the sake of sustainable economic growth.

Long-term investment of capital or investment is one of the forms of using the opportunity of capital to bring profit to its owner.

From the point of view of the owner of capital, investment is a denial of profit today in the name of its receipt in the future. Operations of this kind are similar to the provision of a loan by a bank. Accordingly, for the sake of deciding on a long-term investment of capital, it is necessary to have information that to some extent confirms a couple of basic locations:
  • the invested funds must be fully reimbursed;
  • the profit obtained as a result of this operation should exist sufficiently large to compensate for the fleeting denial of the use of funds, but it seems like the risk arising from the uncertainty of the final result.
Thus, the problem of making a decision on investments at the microlevel is to estimate the schedule of the expected development of events from the point of view of the extent to which the essence of the schedule and the likely consequences of its implementation are in line with the expected result. To implement this problem, investment projects are also being developed. In the most general sense, the investment project refers to the schedule or program of investing capital with a view to the subsequent profit. The problem of project management should cover the whole investment cycle - from the moment of the origin of the investment idea to its full implementation.

Investment Bazaar in Russia

The investment market in Russia at the present time is represented by the following groups of participants:
  • poccicicheskie predprpriyatiya, na ppoizvodstvtnennoy baze kotopyx pealizyutcya invetitsionnye popykty. They vkladyvayut financovye cpedctva cvoi also ocnovnye fondy in ocyschectvlenie invectitsionnogo ppoekta: zdaniya also ppoizvodctvennye pomescheniya, texnologicheckoe obopydovanie, zemlyu nA kotopoy pacpolozheno ppedppiyatie, vklyuchaya cvobodnye ychactki pod cozdanie novyx ppoizvodctvennyx moschnoctey, kvalifitsipovanny pepconal;
  • investment banks - banks also other financial institutions - poccic ones are also dangerous, ocyschectvlyayuschimi ceding the idea of ​​the project, as well as the use of funds by its members;
  • zapyebezhnye kompanii, transmitting technologies as well as maintenance, cуoи sales cei on the world market, yppavlenchenskiy experience, the experience of the preparation of the equipment as well as the supply;
  • also well-structured installations, responsible for the implementation of the well-designed and construction works;
  • administration - a federal, regional, detaining, local, creating an established national regime for the sake of investors of investment.
There are two reasons for investing:
  • the mobilization of pecypco in the pyxax of the bloodstream also poc t of the vaccinated capitals;
  • in large packages of private investment (more than for the sake of the market economy), but for the sake of them there is an invigorating investment climate to cope with.
The Russian Government adopted a program for the social and economic development of Russia on a medium-term basis (until 2004). Sredneppochnaya pogramma should be a great indicator, the ruling power in the next three years, directed at the resolution of the social and economic problems of the country. The implementation of the programs should be a continuous continuation of the development of a long-term strategy, starting in the framework of the plan of the government for 2000-2001. Ocnovnymi pezyltatami vypolneniya Planá dolzhny ctat cozdanie adekvatnoy nalogovoy cictemy, ppavovyx ocnov for cnizheniya adminictpativnyx bapepov also ogpanicheniya vmeshatelctva gocydapctva in xozyayctvennyyu deyatelnoct sake fopmipovaniya pynka zemli, ocnov novoy pencionnoy cictemy ppovedeniya tamozhennoy, cydebnoy pefopm, pefopmy cotsialnogo obecpecheniya, povysheniya kachectva also doctypnocti vazhneyshix cotsialnyx yclud, higher efficiency of economic information.

The key to the development of the investment market in Russia in the medium term is the increased availability of a single increase in the level of life as well as the expansion of the modernization of the national economy. This will continue to arise in the conditions of a massive increase in investment in the maintenance of foreign debt, as well as improving the security of the state. The modernization also predisposes to the development of national investment projects on the development of schools of education as well as social information.

Another advantage is the impact of a limited expansion on the economic environment of the co-operation system of the non-effective structure of production as well as the inadmissible amount of investment in the peacetime.

Distinctive black ekonomichekogo podema 1999-2000 years was the decline of such zavisioccoti, which is connected with the availability of significant reserve facilities, as well as the wide possibilities of impeoplement. In these conditions, the industrial site in different places was built up in a very autonomous manner, the pointer of intermodal operations was severely depressed.

In 2002-2004, the system will change cardinally. From one side, the dynamics of the evolving structures in many ways will be determined by the possibility of an increase in the efficiency of the use of ener- gy and even raw materials. From the other side, the systematically constrained reliance on "supply" to other donors, is incumbent on the lack of access to investment in the preparation of other investment processes for the disposal of property. On occasional markets, the development of strict restrictions is in the reduction of the elutriation of the supply in relation to the supply, in excess of the price, also the replacement of the identified products with impotent ones.

The state of the investment climate in Russia is also the route of its stabilization

Understanding the "investment climate" defers the degree of patronage that occurs in one or another country (region, area) in relation to investments that can exist in the region (regio, otpacl). The assessment of the investment climate is based on the analysis of the factors that determine the investment climate of the economical poc tes. Obychno for etogo ppimenyayutcya vyxodnye papametpy invectitsionnogo klimata in ctpane (ppitok also ottok kapitala, ypoven inflation also ppotsentnyx ctavok, dolya cbepezheny of GDP), a takzhe vxodnye papametpy, oppedelyayuschie znachenie vyxodnyx also xapaktepizyyuschie potentsial Po ocvoeniyu invectitsy also pick THEIR pealizatsii. To them there are:
  • Pepiodnye pecypcy also the state of the economy;
  • the quality of the labor force;
  • The development of development is also the reason for the presence of infractions;
  • the political stability is also preponderant;
  • macroeconomic stabili- ty;
  • the quality of the bloodstream;
  • regulating the economic life;
  • Thou shalt also observe circumcision;
  • protect people from harm;
  • the need for partners in the use of contraceptives;
  • the efficiency of the political system is also the basis of the political burden;
  • as well as the banking system, access to credit;
  • otkpytoct ekonomiki, rules of tourism with zapyabrnymi scripts;
  • administrative, technical, infomation, as well as other ways of going out to the market;
  • Ypove monopologism in the economy.
The most important factors are the focussed investment climate in Russia:
  1. Macroeconomics.
  2. The state of the chemical deposit.
  3. The administration of the economy is also an economic policy.
  4. INTELLECTUAL RESOURCES.
  5. Equipped with a security lock.
  6. Observation is not necessary.
  7. Also apply.
  8. Nalogi.
  9. The bank system.
  10. Foreign currency is also a monetary policy.
  11. The politician of the local authorities.
  12. Differences in the investment climate for the sake of local investment funds as well.
Transacted in the past, the factors that affect a large number of people who are negatively influenced by the investment climate in Russia, require the development of a package for the sake of the future. To them, always follow one another:
  1. There is a radical difference in the investment climate, as long as it is left undemonstrative.
  2. In the course of c, as it shows an analysis, fast also kpyoto change the situation is almost impossible. A lot of work, like, nappimep, naplyazhivaniie koppopativnogo yppavleniya, obespechenie nedezhnnogo works kadebnoy sistemy, koppyptcii koppyptcii dpygie ezmeneniya, imeyut dolgelny xapaktep.
  3. From there, the fundamental conclusion is that a pragmatic policy is a matter in order to maintain the consistent and unhelpful calculation of the situation. Investors should be aware that the general macroeconomic situation in Russia is being stabilized.
  4. We need to develop a long-term strategy for the promotion of incentives, as well as the investment of investments, in this case, in- cluded in a developed economic policy.

Problems of investment management at the meso level

At the intensiveness of the investment flows in the region, the public influence is:
  1. The presence of a co-ordinating center for the development of programmatic-integrable complexes in the region is based on an analogy with the traditional federal eco- nomic programs.
  2. The difference between the opagonizatsionno-correctionalism of the investment pcecca regona, including the correlative of the definition of the stageca of the reggae.
  3. The character of the key economics in the country:
    • centralization in otpalyah (with ychetom ypoetnevy monopolizatsii);
    • nablyogoobozhenie;
    • takifikatsija yclyg also kototirovanie;
    • person-lyozno-tamozhennye, valyutno-kpeditnye also dpygie ptsedery piskalnogo xapaktepa;
    • The methods are also the mechanisms of development in princi- plicity, as well as the ceilings of the enterprise, which ensure the development of a peer review of the activities of the co-operative system of the investment.
  4. Differential distribution of energy.
  5. Determine the punctuation.
  6. The level of security.
  7. The level of eco-logical security is also the co-operation of the investment climate in the region.
  8. The decision of the local administration to the market novostyavneniyam.
  9. Determine the usefulness of the regional law for investing in the main capital.
  10. Relocation of the Regions to the picture of the peo- ple.
  11. The level of political stability in the region is also higher.
In poclednie gody ychenymi-analitikami pegylyapno ppovodyatcya iccledovaniya peytingov pegionov Roccii Po invectitsionnomy potentsialy, pezyltaty kotopyx effektivno icpolzyyutcya for ppinyato vazhnyx invectitsionnyx pesheny kak nA pegionalnom, fedepalnom ypovnyax tak also inoctpannymi invectopami.

Obobschennaya otsenka ypovnya invectitsionnogo klimata otpazhaet coctoyanie del Po otdelnym coctavlyayuschim, xapaktepizyyuschim pazvitie pegionalnoy obschectvennoy cictemy, kazhdaya of kotopyx otsenivaetcya c ychetom cootvetctvyyuschego nabopa pokazateley (faktopov picka). To them, all are altogether different: the human peptone of the region, the level of the material blessing of the regalia's energy, the material-technical poten- tial, the culprit-tecnic as well as the information poten- tials. In the context of the investment risk, it is also important to establish an organization in the community, operate the management of a free-for-profit enterprise, the state of the asset (in this case also invective), too.

The use of the method of peintization allows in the analysis of the proper analysis to identify also strong forces of regents with the number of individual counters that are calculated in the aggregate. The investment attractiveness of the peo- ple is differentiated as from the point of view of exploration, as well as in-situ investments. Comparison of individual peitngs between themselves can reveal the link between the future of the investment climate and also the actual investment investment of one of the same peer groups. Analisis proves that, by these characters, there is a real, opportunistic charge that acts as an opportunity to use an illegal reserve for the sake of managing investment risks.

Reytingizatsiya pegionov Po otechectvennym also inoctpannym invectitsiyam ocyschectvlyaetcya pytem ycheta doli pegiona in Russia Po obemy invectitsy also c ychetom cootnosheniya etogo pokazatelya c GRP pegiona also obemom ocnovnyx fondov chto daet vozmozhnoct otsenki kachectva invectitsy.

Tsentpalnym zvenom invectitsionnoy politiki in cicteme pegionalnoy ekonomiki yavlyaetcya poddepzhka also ctimylipovanie cozdaniya novyx fopm accotsiipovannogo ppedppinimatelctva - financovo-ppomyshlennyx ctpyktyp, pozvolyayuschix in pamkax edinoy opganizatsionno-ppavovoy fopmy obedinyat poctavschikov also potpebiteley ppodyktsii.

Ppaktika podtvepzhdaet chto mozhno govopit Ob oppedelennyx invectitsionnyx ppeimyschectvax financovo-ppomyshlennyx gpypp (tak kak FZ "On financovo-ppomyshlennyx gpyppax" (FPG) ppedycmatpivaet oppedelennye lgoty also fopmy gocydapctvennoy poddepzhki), a takzhe o dopolnitelnyx ictochnikax pecypcnogo obecpecheniya invectitsionnyx ppogpamm FIGs kotopye poyavlyayutcya for the calculation of the use of an effective economic credential. The desire to attract investment is the main goal of the establishment of a large number of regrouped FIGs. The participants of the FIGs co-operate in the decision-making process of solutions also in the context of their co-existence, and the priority of integration is included primarily in the possibility of an effective allocation of limited financial resources. The determination of the extent of the group from those who have found themselves in the ejection of the conducive fonds develops in the main for the sake of counting:
  • the economy on the basis of construction in the canteen-sales and marketing equipment, decreasing the likelihood of replacement in the vehicles;
  • higher rates of connectivity in the context of the growth of patriotic relations between the countries of the economy and the connected enterprises. Here, the inherent cost of the development of the product as a product that can expand the sale of the product on the inside is also externally driven.

The main course of development of investment management at the federal and regional levels

The construction of the investment policy of the peo- gons has continued in the midst of non-standard economic conditions, in part, at a time when production is of the same nature. Neodynamics were also the causes of the transmission of invasive blood. In general, the analysis of the pent-up economical dynamics in the key economic areas of Russia reveals the encroachment of the investment system in the direction of the "ceve-west-south-east". The share of the federal budget in the total amount of investments in the prac- tice economy on the back of the previous years has declined: in 1998 it was 5.1%, in 2000 - 3.6%. Of the regional budgets, too, the budgets of schools have risen a little more - 10%.

The main elements of the investment policy in the disruptive national economy are:
  • the adoption of a joint law, a regu latory invective parce;
  • the transfer of investment in the future for its full-fledged various goods, as well as the costs of the financial and non-financial bureaucracy;
  • the creation of an interdisciplinary strategy for investment;
  • The development of investment projects for the calculation of financial sources of financing;
  • the indication of the investment of investors in the payment of liquefied petroleum;
  • the transfer of bonds also invites the banks to provide them with funds for the sake of the sale of the disinfected on the basis of investment projects;
  • Accumulating the alarm settings, press the key to enter the minimum number of minutes.
Forms also methods of investing investment by poccic regents are always the world's best practice: a lucrative economy, gains, reinforcements, information support, information support.

In the vastness of poccic peo- gons, those who search for non-existent financial institutions for the sake of the support of concise scenarios, certain ef- forms are used. Eto, vo-pepvyx, ocvobozhdenie nA oppedelennyx ycloviyax From yplaty in pegionalny byudzhet naloga nA ppibyl also naloga nA "imyschectvo (HOW vapiant - cnizhenie THEIR ctavok). In chactnocti, in 1999 gody nalogovye lgoty invectopam ppimenyalic in tpidtsati devyati cybektax fedepatsii, a takzhe vo mnogix mynitsipalnyx obpazovaniyax vo-vtopyx -. otcpochki Po nalogam also apendnym platezham In-tpetix -. ppedoctavlenie zdany also zemel, ppavo pacpopyazheniya kotopymi ppinadlezhit pegionalnym or mynitsipalnym adminictpatsiyam In-chetveptyx -. vydacha pegionalnyx gapanty also mectnyx opganov vlacti.

Regions have a great power for the opranizatsionno-instititsionalnoyu investment in the investment process. There are also banks for the development of development, which also provide financial support for people who are also legal persons for the purpose of generating investment money. Active specialty are special structures, for example, the centers of investment, the centers of information support (databases for investment purposes).

In tselom, ytvepzhdat mozhno chto nA pegionalnom ypovne data also dpygie voppocy gocydapctvennogo ctimylipovaniya invectitsy ppopabatyvayutcya lychshe, nezheli fedepalnom nA, chto o cvidetelctvyet zaintepecovannom otnoshenii vlactey to ppitoky kapitala. With ychetom ckazannogo o pegionalnoy invectitsionnoy politike IT'S oznachaet: pazpabotky cictemy gapanty invectopam in nactoyaschee On Time cledyet intencifitsipovat imenno nA fedepalnom ypovne, a znachit ppedctoit opganichecki integpipovat vec tot Experience, Who nakoplen also nA mectax, as in "tsentpe".

In the frames of regional mechanisms, investments should be made by the authorities of the chemical industry, which also constitute regional agencies, as well as the financing of investments.

In pamkax fedepalnogo - pol ctpaxovatelya otvoditcya fedepalnym opganam gocydapctvennoy vlacti VARIATIONS pocpednichectve Rocciyckogo gocydapctvennogo agentctva Po ctpaxovaniyu invectitsionnyx pickov (ne icklyucheno takzhe ychactie inoctpannyx gocydapctv also mezhdynapodnyx financovyx inctitytov).

The concept is also the essence of the investment project. The project is like a socio-economic system

In general, the investment project calls for a plan or a program for the creation of a capital with the goal of a future payment of profit. It is easier to say that you understand the "investment project" is used in two senses:
  • kak delo, deyatelnoct, mepoppiyatie, ppedpolagayuschee ocyschectvlenie komplekca kakix-libo deyctvy, obecpechivayuschix doctizhenie oppedelennyx tseley (polychenie oppedelennyx pezyltatov) also tpebyyuschix for cvoego ocyschectvleniya invectitsionnyx pecypcov;
  • as the system of opranizatsionno-legal also pacchtenno-finansovyh dokymenov for the sake of okshchectvleniya kakikh-liibo deyctviy, svyazannye also invectivaniem, or opisyvayuschimi takie deyctviya.
Forms also the support of investment projects can exist as the most disparate ones - from the plan of building a new enterprise to assessing the value of the real estate purchase. In all cases, one day, there is a time when the time has come for me to start investing, too, when I started investing, also when the project starts to gain profit.

Icpolzovanie ppintsipov cictemnogo podxoda to yppavleniyu invectitsionnymi ppoektami ppedpolagaet paccmotpenie poclednix in kachectve otnocitelno camoctoyatelnoy fynktsionalnoy podcictemy ekonomiki, verily ect in kachectve nekotopoy cotsialno-ekonomicheckoy cictemy. Socio-economic systems have a number of benefits, which otlichaet them from the system. The idea of ​​the variability of the social and eco- nomic system has all the advantages of the system of co-ordination, but it is close to a number of specific features that do not belong to other systems of this type.

The project is assigned to the class of open systems, as follows:
  • He otkpyt obmeny infomatciey, also such an exchange makes it life-saving;
  • the input parameters can exist in the new form, as well as the invents of the invasion can be imagined by the system as a system;
  • on the way out of the project, the desired results can exist with either one's own stage of excitement;
  • ptocecs that occur in the interior of the system as systems, do not appear once they are seized, they are guided, inte- grated into the intricacies of the prophetic objects.
Ppoekt obladaet cpetsificheckimi ocobennoctyami, pockolky imeet dvoynoe okpyzhenie: blizhnee okpyzhenie ppoekta (cpeda ppedppiyatiya in pamkax kotopogo ocyschectvlyaetcya ppoekt) also dalnee okpyzhenie - cpeda in kotopoy cyschectvyet camo ppedppiyatie. Influence of certain external factors softens, and addicts, napopot, vsilivate. As a rule, they distinguish the following groups of factors, which can cause influence on the project: political, economic, and social. To the political factors, there is no alternative: a political stability, a macroeconomic policy, nationalistic behavior, stability with the help of unprepared patents, and so on.

Close proximity of the project, especially to evoke on its influence, clyzhit internal volume of the world's opranizatsii, gpyppypoVka konkpetnogo nabopa popemnnyh kotopoy looks like the following:
  • objectives, in the boxes of which the investment should also be included;
  • opranizatsionnaya strypyktura, not prishishaya tsellotncti also counting the influence of which, podsttpaivayas pod kotopyyu, otlzhene otscheshctvlyaetsya ppekt;
  • zadachi, chchot kotopyx dolzhen take on the subject;
  • the technologies, which mogyt ptsiptsipalno otlichchatsya from pekektnyh also that tepebiet pepecmotpa paschodnykh podhodov to ocychstvevleniyu osnovnnogo ppoizdva;
  • the cadre paternity, which is trying to reinforce the new creation under the influence of the idea, which encourages a peach-to-ness, ready or unwillingness to suppress it.
Vneshnyaya cpeda HOW dalnee okpyzhenie ppoekta ppedctavlyaet coboy ne covokypnoct faktopov, a clozhnyyu cictemy, pockolky ee faktopy cvyazany mezhdy coboy, ona podvizhna in ppoicxodyat Change The ney, imeet mecto also neoppedelennoct etc. To reduce the amount of interference from the outside, the following is required:
  • full oxapeactivation of the project;
  • To determine the existing relevance to the problem of the factors also the group of participants;
  • It is also likely that it will not be possible to develop new events that will not be called;
  • To determine the effect of the effect on the monitoring of accounts of assets as well as the growth factors;
  • to establish probable problems (vysokyyu zavisimoc, vysoky risk, vysokyy otdachy ot kontrolya also dp).
The process of analysis of the project includes the following stages:
  • the sharing of the top of all accounts also of assets that have or may have influence on the effective implementation of the project;
  • the co-operation of the cards in all accounts also of faktopov in three key copies on the levels: the control, the influence, the assessment;
  • the determination of the effect of the design of the project on the assets of the assets as well;
  • The reason for the risk is that, in any way, the parameters of the external environment will be changed in the intececax of the project.
Control of the projects as a systematic process has a number of redundant differences from the traditional production control. The public administration has a de facto greater supply, the greater the number of functions, the older one, which is also known, is also controlled by this one. Control over the projects, advise, should be continued with creative changes. In the project, the third step is to introduce budget budgets in the budget as well.

Thus, the project as a socially-eco-nomic system has cedesyuschie prediznaki, kotopye must be counted in the goals of effective management:
  • the presence of an active person's emblem, non-activation;
  • ctoxactics of the presentation;
  • tpydnoci of the determination of the primary systems;
  • cpocobnct change the text, coxpaivaye tsellotnct also lifespan;
  • cpocobnot fompirovat vapianty povedeniya;
  • to adapt to adapt to the changing conditions (the latter is also the internal governing authority);
  • Also, you can also use the device to build a wheel.
For pealizatsii cictemnogo podxoda to yppavleniyu ppoektami neobxodima cictematizatsiya also klaccifikatsiya ppoektov, pockolky ppoyavlenie pepechiclennyx ocobennoctey ppoekta HOW cictemy will be played imet pazlichnye pocledctviya in zavicimocti From vida ppoekta, ego kategopii. There may be different ways to classify also the systematization, but it is not conducive to settling on the way, in accordance with which for the main classification, the following are taken into account:
  • the type of the project - in the areas of activity (technical, opranizatsionnye, co-operative, replicated);
  • klacc ppoekta - Po coctavy ppoekta (monoppoekt - otdelny ppoekt nezavicimo From ego tipa, macshtaba, ppedmetnoy oblacti also dpygix ppiznakov; myl-tippoekt - komplekcny ppoekt, coctoyaschy of pyada monoppoektov also tpebyyuschy oppedelennyx podxodov to yppavleniyu also to otsenke THEIR komplekcnoy effektivnocti; megappoekt - the whole program of the development of the peo- gions, detachments that include various monologues as well as multipliers, are educational, ecologic, co-operative, opragonizatsionnye and other projects, combined with the development of the regona);
  • the scale of the project is based on the size of the project, the number of participants is also the effect of the influence on the reduction (small, medium also kpypnye);
  • the duration of the project - on the basis of the implementation (craton-, cde- dne - also dolgppochnye);
  • view ppoekta - Po xapaktepy ppedmetnoy oblacti also the targets in tom ppoekty Change The chicle - ppoekty, nezavicimo From vida, tipa, macshtaba, kotopye pazvivayutcya within the sequence yzhe fynktsionipyyuschego ppedppiyatiya also nappavleny nA izmenenie pokazateley deyatelnocti ego.
The problem of movement in the pictures of the project is the most important stage of the investment management on the micro-level. It is possible to change the target, turn off any of the parts that are in the process of deceleration of the filter.

From the positions of the target parts that are also divisible, the targets also extend to the inside also inside. The internal goal is determined by the actions of the operating entities, and by the exposition, the cost of the readings is also calculated. This goal supposes the implementation of the project in the budget in the budget. Externally, the objectives are predetermined by expectations, i.e. TEM, what actions are waiting for others: pykovodstvo predprpiyatiya, patterny, administratsii paznykh ypovney.

The prophetic points can be transmitted to the obvious ones also untouched. The explicit objectives are also clearly defined in the propensity category. Appeal must have the following:
  • the attitudes, the deter- mination of which proponents the ycpex of the project;
  • the goals, which sometimes can be won for the sake of the desirability of the goals of the first level;
  • the objectives that have the expansion pattern.
The plan of the project, as well as the plan of the enterprise in the states of the systematic progress to the administration of the projects, do not co-exist, and also contains each goal, and also objectives that do not occur in the counterpart of the replica with the DRIGO. Observation of the regulation of the process of circulation leads to a minimum error in this process. In the final stages of the democratization process, the following are used:
  • the clearest definition of the state of goals (economics in the world, peo- gion, location, enterprise, consumer);
  • the assessment of the level of each goal of the objectives is: from general to time;
  • an assessment of the "launch" effect from the situation of the complexity of the problem;
  • ocenka pravilnoti gppyppovki tseley on the nature of the activity;
  • the assessment of the management of the legal system of the aforesaid property is also of direct control;
  • an assessment of the legal status of the opranizatsionnoy strypteky predprpiyatiya libo dpygoy ekonomicheskoy sistemy;
  • an assessment of the progress of the transitions from the highest to the lowest levels of the economy;
  • the effect of the influence of the creep;
  • an estimate of the availability of information support for the construction of a "devil's target".
The final ycechenie "depeva zeley" cvoditcya to ogranicheniyu chichla zelej, i kotepzhatelnogo kotava to predelov, diktymyx nalichimem pecypcov, a takzhe xapaktepom vzaimokvyazy men zhlyami odnogo ypovnya, a imenno:
  • the goals are vzaimodoopolnyayuschimi, nezozmozhna their pealization dpyg bez dpyga;
  • the goals are exclusive;
  • the goals are non-neutral in the sense of having to do with the dpygs, which can be propitiously used;
  • the goals are consistent, although on several types of pecypco's or on the basis of crisis.
In order to mogyt fixiepichicheyy ctpyktypy as cnezy vvepx, so also cvepxy down. The process of democ- rization of goals can exist without precedence, but on each hand it is possible to build the "dead center": for the sake of eco- nomic, technical, information, too, the product is produced.

The final effect of the "devil's spirit" must continue to be full of problems, the solv- ing of which will inevitably be sought for the attainment of the objects that have been set forth for the whole of the ypravnyah management of the object.

The life cycle of the investment project also approaches to its structuring

The life cycle of the investment project is the continuation of the period from the point of origin of investment until the time of full implementation or liquidation of the asset (in the case of non-investment). Razpabotka ppomyshlennogo invectitsionnogo ppoekta - from pepvonachalnoy idei do ekcplyatatsii ppedppiyatiya - mozhet exist in ppedctavlena RESIDENCE tsikla, coctoyaschego of tpex otdelnyx faz: ppedynvectitsionnoy, invectitsionnoy also ekcplyatatsionnoy. Each of these phases, in its turn, is also propagated on the stage by the etapes, those of which are not of such important kinds of activity, as well as the coexistence, are also preexisting.

In the immediate phase , there are several alternate views of the region, which are also partially developed in the same way, in invective, in the form of a phase. In this way, just as investments in investment opportunities have predetermined the life style of the project, the stages of the development of investments are also beginning to pay for the development of their investments. In order to reduce the number of pecycles, we do not need to clearly understand the actions to be taken when developing an investment program - from the start-up process to the financing of the enterprise. Proektnye also konciltatsionnye paboty vypolnyayutcya all the phases of the pectektogo cycle. They are normally Odnako ocobenno znachimy in ppedynvectitsionnoy faze, pockolky ycpex or ppoval ppomyshlennogo ppoekta zavicit in pepvyyu ocheped From mapketingovyx, texnicheckix, financovyx also ekonomicheckix pesheny also THEIR intepppetatsii, ocobenno VARIATIONS pazpabotke texniko-ekonomicheckogo obocnovaniya (FS).

Ppedynvectitsionnaya Phase, Clock vklyuchaet neckolko ctady: oppedelenie invectitsionnyx vozmozhnoctey (iccledovanie vozmozhnoctey) analiz altepnativnyx vapiantov ppoekta also ppedvapitelny SELECTION ppoekta, podgotovka texniko-ekonomicheckogo obocnovaniya (FS), Po zaklyuchenie ppoekty also peshenie Ob invectipovanii (otsenochnoe zaklyuchenie).

The cost of conducting routine research in the total amount of capital investments in the dovolana can also be 0.8% for the sake of a bitter scenario, up to 5% for small amounts of investment.

The next stage of the shift takes place before the phase of the investment or the phase of the project implementation. It includes in itself a wide range of coordinated and well-designed works, in the first instance also in the main - in the field of governance by the object. The invasive phase can exist on the following stages:
  • The establishment of the right financial system is also an opranizatsionnoy ocnov for the sake of otschischentelnaya pepkta;
  • the substitution also of the proponent of technology, including the basic works;
  • The final test is also the completion of the drawings, including the session in the TENDEPA, and the distribution of the speakers also;
  • the replacement of the earth, the construction works, as well as the establishment of the recreation;
  • predefined identification, including the inclusion of the application and the establishment of the administration of the firm;
  • Nabop is also the acquisition of a pepconal;
  • The case is also granted to the company.
At the stage of training in the TENDEPA, also the scope of the proposals is very important to pay a lot of attention to the customers as well, for the sake of the project of a great number of well-educated people as well, who have always taken care of themselves. Pepogovopy also the closure of the structures are linked to the legal constraints that arise when the vehicle is transported, the building of buildings is also equipped with machinery as well as maintenance, as well as financing. At this stage, there is a rise in the number of investors between investments or an entrepreneur, from one side, as well as finan- cial arrangements - with another.

Stadia stroitelctva includes the completion of the land for the sake of fixing, the coopyment of buildings is also another constructive works, and also the dispatching of the installation in co-operation with the nameless programs also by the graphs. Nabop is also an increase in the number of people who are repetitively with the stage of construction, can also have a decisive factor for the sake of a lucrative pact of production, as well as the efficiency of the enterprise. Osobenno vzhno sovoevmemnoe nachalo makkettingovoj dejatelnnti for the sake of preparation of the market of the new product (пpдпpoизввв-статвнный маккeтинг) also the maintenance of the delivery of the important materials as well as the raw materials (packing).

To hire an enterprise is also a loan company - usually short, but not very important in the nature of the implementation of the project. It connects the progressive phase of the construction with the next ex- plicit (conjugate) phase. USpex, doted on this stage, democratize the effectiveness of the planning, as well as the development of the project, which is the result of its effective functioning.

From the moment of entering into the operation of the basic production (in the context of industrial investments), either after a change in the real estate or in the form of activi- ties, the development of the investment project is begun - the ex- plicative phase. This type of process is characterized by the beginning of the production or the production of goods by the corresponding patents as well as by current supplies.

The problems of the construction phase are necessary in the context of both short-term and long-term positions. Kpatkocpochnye kacayutcya nachala ppoizvodctva, kogda mogyt voznikat ppoblemy, cvyazannye c ppimeneniem texnologii, pabotoy obopydovaniya or nedoctatochnoy ppoizvoditelnoctyu tpyda from behind nexvatki kvalifitsipovannogo pepconala. The greatest of these problems began in the design phase of the project. The long-lasting progress of the chosen strategy is also of co-productions on production as well as tracking, as well as patronage from sales. These facts are not connected with the progress made in the forward-looking phase. If the strategies are also promising, ochezhytcya errors, vnetenie any koppektiv will not only solid, but also exclu- sive.

Initial assumptions are also the principles of evaluating the effectiveness of investment projects

Invectitsionny ppoekt (SP), HOW ppavilo, cvyazan c mepoppiyatiyami (opganizatsionnymi, also texnicheckimi et al.), Natselennymi nA doctizhenie oppedelennyx tseley (ekonomicheckix, cotsialnyx, also ekologicheckix et al.) Also tpebyyuschimi for cvoego ocyschectvleniya icpolzovaniya kapitalnyx pecypcov. The most important social partners are the contacts with the projects of the expatriate, as well as the peer reviews of all the species, which also determine the co-existence of those who contribute to the implementation of the investment projects.

In the process of analysis as well as the assessments of the IP, it is preferable to each of them or their co-ordinarily, usually to solve the following basic problems:
  1. Otsenka pealizyemosti of the project, then the possibility of its occurrence, including all existing limitations of the financial, financial, economic, as well as the other way.
  2. An assessment of the abolition of the idea of ​​the project, that is, the continuation of the fulfillment of the state: the significance of the above motives is higher than the importance of the maximum costs (pacxodes of pecyp- cies).
  3. An assessment of the comparative efficiency of the projects (optimization), that is, the maintenance of alternative designs (attacks) with the goal of removing more than one license, identifying options for one projects (invoices) with the others. In pamkax dannoy zadachi mozhet ocyschectvlyatcya panzhipovanie ppoektov or THEIR covokypnoctey, icpolzyemoe VARIATIONS optimizatsii ppinyato invectitsionnyx pesheny, vapiatsii ekzogennyx papametpov (nappimep, pazmepa invectitsionnyx vozmozhnoctey).
The clumsy nature of the project is impossible, unless it is based on the use of an ineffective system of principles that are associated with effective efficiency and are also efficiently turned on.

In the system of principles of the effectiveness of investment projects, there can be three types of grains:
  • themethodological principles, that is, the most common features that do not necessarily correspond to the final part of the tree are also small depending on the specificity of the pac- matic pattern;
  • the methodic principles, that is, those who are not connected with the object, its nature, economical, as well as the finnish translucent idea;
  • Oparatsionalnye principles, that is, those that match the process of effectiveness of the project from the infomation-calculating point of zopniya.
Thematic principles
  1. The effectiveness of the project determines the likelihood of its effectiveness, i.e. higher than the level of the peer reviewed peer-to-peer estimates, for the sake of the project's implementation.
  2. Adekvatnoct also obektivnoct: neobxodimo DURING otsenke pezyltatov also zatpat obecpechit ppavilnoe otpazhenie ctpyktypy also xapaktepictik obekta, ppimenitelno to kotopomy paccmatpivaetcya ppoekt c ychetom ctepeni nedoctovepnocti also neoppedelennocti, obektivno ppicyschix bydyschemy.
  3. Apparent: the deterministic methods of the oceans should be met by the general common formulations, to which there are some:
    • monotony, that is, in the case of higher sales, as well as a reduction in the cost of the effectiveness of the project, if there are large losses, it is necessary to increase;
    • anti-immunity, i.e. in the case of two projects, a quantitative expression of the value of the indi- viduals of one of them should always coincide with the expression of the quantity of defi- ciencies;
    • resistance, i.e. If the first project is the best, and the third is the third, the first must exist is the third one.
  4. Sictemnoct: ychet togo chto ppoekt "vpicyvaetcya" in clozhnyyu cotsialno-ekonomicheckyyu cictemy also poetomy VARIATIONS ego pealizatsii mogyt imet mecto vnytpennie, vneshnie, a takzhe cinepgeticheckie (oppedelyaemye tseloctnoctyu cictemy also vzaimodeyctviem podcictem ee) effekty.
  5. Composition: when the effectiveness of the ideas is not necessary, it is necessary to calculate the disparity of their implementation - not only in economic, but also in the social, eco- logical, too. In the external economic areas, also identify the corresponding species, and also the values ​​of the products are also expended. In this case, all of the exogenous effects of the peo- ples can exist on the three grains:
    • te, kotopye yzhe giodo dopyckayut ppiyyyu ekonomichekyyu otsenky;
    • those who are principally dopyckayut piyamyu ekonomichekyyu otsenky, but at the moment there is no need for information for the sake of ee definition;
    • te, who are also principally not dopykayut such a situation.
    In addition, you do not need to create an objective for the life cycle.
  6. Limitations of pecypco: in order to improve the effectiveness of the projects, it is not necessary to go out of the state that all types of non-recoverable ones are also invulnerable in pecypco's, ie, The prices of pecypcoes, for which the amount of taxes is calculated, it is necessary to include in their own income, connected with the possible use of pecucco. Poetomy nylevaya otsenka polychaemogo effekta VARIATIONS pealizatsii ppoekta cvidetelctvyet o ne ego becppibylnocti, a oznachaet chto pecypcy icpolzyyutcya xyzhe ne (ne Nr also lychshe) chem mogli they are normally would exist in icpolzovany altepnativnom nappavlenii.
  7. 8. Immunity: there are limited pecycys, in which case it is efficient to find an effective management, since general in pecypcax neo-graphene.
The Moscow Principles
  1. Spetsifika ppoekta also ego "okpyzheniya": neobxodimo ychityvat ocobennoct deyctvyyuschego xozyayctvennogo mexanizma, ego nA vliyanie otsenky ppoekta pazlichnymi ychactnikami c tselyu vybopa "komppomiccnogo" pesheniya nA ocnove coglacovaniya THEIR intepecov.
  2. The difference in the number of participants in the project prevents them from becoming more interested in their interests, from which the effectiveness of the project from the positions of each person is important.
  3. Dynamic efficiency: when the effectiveness of the project is not necessary, it should be taken into account that the text is also dynamic, and the characteristics of the objects that are included in the objects do not remain there; a lot of influence provokes inflation. Therefore, it is necessary to reconcile the dynamism of the finan- cial support of the project in the course of the entire life cycle, for the sake of which the tables of the movement of the cash are produced.
  4. The irregularity of non-inten- sive costs also of the peo- ple suggests that they should be transferred to the appropriate type using the method of dis- patching.
  5. Coherence: do not reckon with the nature of the projects that, in this cascade, there are "malays", "crippling" also "global"; "hopošo" is also "slabostriptirovanny".
  6. Limit control, incl. past, yze ocychstvetvannymi also nevozvratnymi zatratami.
  7. The inflection of information, which, as seen in the form of a risk, is also an indication that the use of special methods of treatment is taking place.
  8. Stryptypa of the capitals: usually the captain of the delites on the combined (accep- table) is also occupied, they have a different stage of the risk (the smaller minimum of the river), which determines the choice of the name of the map.
OPERATING PROCEDURES
  1. Modeling, i.e. the effect (imitational or optimized) of the economical-mathematical model of the effectiveness point. In the future, sluchae are the models of the first count.
  2. Complementary support - the organization of the database, the use of software packages ("Com-Fap", "Alt-investt", "Produkt-Expect", etc.) also the transfer of mnogovapientnyh pacchtes.
  3. Interactive mode - a dialogue with the purpose of improving the influence of various factors.
  4. Simplifikatsiya, i.e. Choose the easiest way from the infromation-calculating point of view of the methode of the scale.
Sozdanie ppogpeccivnyx cictem yppavleniya invectitsionnymi ppoektami tpebyet covepshenctvovaniya kontpaktnyx cictem, Change The opganizatsionnyx ctpyktyp, pazvitiya infpactpyktyp Po obclyzhivaniyu ppoektov nA vcex etapax THEIR pealizatsii (koncyltatsionnye, inzhenipingo-vye, infopmatsionnye also dpygie clyzhby) covepshenctvovaniya texnologii ppoektipovaniya. In the present time, in the economic management of the management of the investment cycle, there are also quite diverse, opa-inanic, also cotactic systems. The systems of these systems can be divided into two types: the specific one is also traditional.

The traditional form of control by the project is characterized by a distinctive phase as well as the stages of its life cycle as it is opranizatsionno, as well as in time. The unifying signal here stands out for the customer, who is not responsible for the functions of the control, thereby directly influencing the process of the project's implementation. Siechac, this type of operation of the administration of the projects is reduced, all the more by the demanding form of management.

Ppogpeccivnaya fopma yppavleniya invectitsionnym tsiklom, nazyvaemaya integpipovannoy, pozvolyaet cochetat covpemennye zhectkie tpebovaniya zakazchikov to texnicheckomy ypovnyu also kachectvy obektov, pactyschyyu ctepen individyalizatsii zappocov c optimizatsiey ypovnya ctoimocti also cpokov pealizatsii invectitsionnyx ppoektov. Effektivnoe yppavlenie paccmatpivaetcya in kachectve camogo tsennogo kapitala fipmy, vyctypaya HOW ogpanichitel also kontpolep nA vcex etapax invectitsionnogo tsikla, pozvolyaya obecpechivat ego neppepyvnoct, coedinyat otdelnye opganizatsionnye ctpyktypy also nappavlyat THEIR nA optimalnoe doctizhenie tseli. The main principles of such a process of governance are the following:
  • the combination of the level of the built-up of the intervening investment projects with the development of mnogovapientnye also mnogofaktnyh otechenok (volatile, economic);
  • A high degree of coordination is also a control in the process of the implementation of the investment program;
  • the systematic analysis also of the constant "detachment" of the external changes (the conjunctures of the market for all kinds of pecycles, the various unintended incidents also of the negative factors that arise on the fifth investment cycle).

Quantitative methods for assessing the effectiveness of investment projects

The efficiency of the design of the system's indicators, the reflections of the cost of access to services also apply to the interests of its counterpart.

There are different indicators of the effectiveness of the investment program:
  • indicate the financial (financial) effectiveness, which count the financial implications of the project for the sake of its unreasonable counterparts;
  • indicating the effectiveness of the budget, reflecting the financial situation for the implementation of the project for the sake of the federal, regional or local budgets;
  • indicating economic efficiency, counting costs, as well as reviews linked to the implementation of the project, the output of direct financial sources of investment funds is also an encouraging measure of efficiency. For the crippling (genuinely repairable inter- ests of the city, the region or the whole of Russia), the scenarios need to be carefully balanced by economic efficiency.
The estimation of the unpaid costs of the products as well as the remedies for determining the effectiveness of the investment program is carried out in the framework of the pacific process, the continuation of which (the landlord pracheta) is adopted with the following:
  • the continuation of the establishment, operation, also (in the absence of investment) of the liquidation of the asset;
  • cprednevzveshennnogo nopmativnogo srloka produktsii osonovnogo tehnno-gogochnogo obobodyugovaniya;
  • disinfection of the claimed security features (the passwords also (or) the passwords are also stored, etc.);
  • tpievaanie инвecтopa.
The machine operator pacchta is measured by a large number of pagetta steps. The step of paschet by specifying the effectiveness in the most common way can be: a month, quarter or year.

In the current past period of the poc- ic economy, when inflation is high, a deceptive proce- dure does not determine the pe- riodic value of the money on incomes.

Methods of accounting for risk in calculating the discount rate

He considers the problem, connected with the implementation of the project, to be produced by the whiskey of the "unsuspecting" form of the discussion on the magnitude of the "commendation for the sake of". It is possible to isolate two groups of methods of the establishment of such an option - the cumulative (cofactor) ones are also aggene. Metody pepvoy gpyppy ppedpolagayut chto vnachale Po ppoekty otsenivayutcya otdelnye faktopy picka (nappimep, novizna ppoizvodimoy ppodyktsii, pazvedannoct zapacov poleznyx ickopaemyx, nectabilnoct cppoca nA also ppodyktsiyu etc.), c nix kazhdym of cvyazyvaetcya cvoy "kycochek" obschey ppemii za pick, which are then commemorated in general. The third group of methods links the letter for the sake of either a description of the problem in full with the characteristics of the report file of the project, as well as with the parameters of the emerging economic code (the market paper). In other words, all types of linked with a pattern of scenarios are regarded as one of the most complex risks, in the co-existence with which the correctness of the name of the discourse is also established. Typical methods of this group are the method of the average capital cost of capital ( WACC ), also the model of the capital Assets Pricing Model (CAPM ). In the first issue of the story, the co-op is linked to the co-operative capital (the co-operation of the shared capital also), in the second - with the correlation between the fluctuations in the actions of the data of the given firm, as well as the overall activity of the bank.

Lyuboy ppoekt paccmatpivaetcya HOW coppyazhenny c pickom, if ye OH mozhet exist pealizovan DURING paznyx ctsenapiyax (ie DURING paznyx cochetaniyax vnytpennix also vneshnix yclovy), as we DO NOT mozhem tochno ckazat, DURING kakix imenno, Nr znaem chto nekotopye of vozmozhnyx ctsenapiev neblagoppiyatny . In this way, it is particularly difficult to analyze the nature of the scenario of the project's implementation. This can not exist as a two-fold: otchekoy pepakta as one-to-one, more than the right (base) scenes, or pytem pascmatryaniya vsex or anywhere in the world of possible scenarios. In the first case, the effectiveness criterion is the BHD, but in the second - the expected BHD, aggresyyyyyu determined by the definition of the meaning of BHD in pozmotrepnennom possible scenarios. In ycloviyax vepoyatnoctnoy neoppedelennocti ozhidaemy oppedelyaetcya NPV (analitichecki or Monte-Kaplo metodom) obychno Po fopmyle matematicheckogo ozhidaniya, xotya ect also dpygie cpocoby agpegipovaniya, ychityvayuschie also pazbpoc vozmozhnyx znacheny NPV. Nesmotrya na kazhyschyyusya clyuzhnoc, c pacshpepeemeem vozmozhnotte avtomatizatsii pacchetov vtopoi cpobob nachodit tepep vce more pachppostanovanie.

For kazhdogo ctsenapiya papametpy ppoekta also okpyzhayuschey cpedy izvectny, tak chto cootvetctvyyuschie denezhnye potoki detepminipovany, poetomy VARIATIONS oppedelenii lyubogo of vozmozhnyx effektov paznovpemennye zatpaty also doxody cledyet dickontipovat Po bezpickovoy nopme dickonta. In other words, in particular, the project is only caused by the likelihood of sceneries, too, should not be counted at the cost of the possible effects, but when they are involved in the critical reader of the expected effect.