Investment Management

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

  1. Investment Management in the Russian Economy
  2. Investment Bazaar of 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 for evaluating the effectiveness of investment projects
  9. Quantitative methods for evaluating 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 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 them 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 that also realize them, - options for the most effective use of investments.

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 investment market of Russia also rules of its functioning;
  • 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 along its route to the market. This is reasonable at least for three reasons:

First, the investment area, which is also closely connected with 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 for project management tools that can already be successfully used.

Thirdly, under the current 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;
  • The change in 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 investment management theory, on the other, as if the link between the macro and the micro level, Regions, the state investment policy, developed also supplemented by the regional policy regarding investments, is implemented.

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 the context of individual subjects of capacity (enterprises) is also made in terms of the profile areas 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 microlevel - 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 investment 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 branches of the national economy, first of all the capital investments in modernization, as well as the expansion of their fixed assets. It is here that the tasks of restructuring the economy are also being addressed, and also increasing 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 a 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 evaluate the schedule of the expected development of events from the point of view of the extent to which the essence of the timetable 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, an investment project is a schedule or a program for investing capital in order to subsequently generate profits. 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 of Russia

The investment market in Russia at the present time is represented by the following groups of participants:
  • Poccicicheskie predprpiyatiya, 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 employment of its members;
  • Zapyebezhnye kompanies, transmitting technologies, also maintenance, both on the world market, yppavlenchenky experience, the experience of the preparation of the equipment as well as the maintenance;
  • Also well-structured installations, responsible for the implementation of the well-designed and constructive 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 climate of the city is also a pact of the hypothetical capital investments;
  • In a large number 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 Government of the Russian Federation has adopted a program for the social and economic development of Russia on a medium-term basis (until 2004). Sredneppochnaya program should be a big 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 availability of a single increase in the level of life, as well as the development of the modernization of the national economy. This will continue to grow 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 schemes on the development of schools of education as well as social information.

Another advantage is the reduction of the limiting amount of growth in the economy of the economy of the coexistence of an ineffective structure of production as well as an unacceptable 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 pochet in various places was built up in a very autonomous manner, the pointer of intermodal operations was severely depleted.

In 2002-2004, the cadence changes cardinally. From one side, the dynamics of the developing countries 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. On the other hand, the systematically constrained banks will "help" other people, in the context of the inadequate financing of the project, as well as the incremental costs of the retirement of the developed assets. On occasional markets, the activity of the strict restrictions is in the reduction of the elutriation of the supply in relation to the supply, in excess of the prices, 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 countries (regions, territories). 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 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;
  • Political stability is also prodigious;
  • Macroeconomic stability;
  • The quality of the bloodstream;
  • Regulating the economic life;
  • Thou shalt also observe circumcision;
  • Protect the rights of co-existence;
  • The importance of patronage in the use of contours;
  • The efficiency of the political system is also the basis of the political burden;
  • The quality of the banking system, the availability of credit;
  • Otkpytyt ecomonics, rules of tourism with zapyabrzhnymi countries;
  • Administrative, technical, infromation, 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 of Russia:
  1. Macroeconomics.
  2. The state of the biological deposit.
  3. The epidemic control is also an economic policy.
  5. The killer is also protected.
  6. Observation is not necessary.
  7. Also apply.
  8. Nalogi.
  9. The bank system.
  10. Valyutnaya is also a political expert.
  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. Tbebyetsya pdikkalnoe ylichchenie inventsitsionnogo klimata, tak 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, naplyazhivanie koppopativnogo yppavleniya, obedechenie nedezhnnogo works kadebnoy sistemy, koppyptcii koppyptcii dpygie ezmeneniya, imeyut doltechny xapaktep.
  3. From the principle of a fundamental conclusion: a platical policy in order to ensure the consistent, as well as the unhealthy interpretation of the situation. Investors must be aware that the general macroeconomic situation in Russia is being stabilized.
  4. We need to work out the long-term strategy of building incentives for investment, also investing in investments, including investments that are reinforced in a hypothetical economic policy.

Problems of investment management at the meso level

At the activation rate of investment flows in the region, the public influence is:
  1. The presence of a co-ordinating center for the development of computer-centric components of the regona on the basis of cooperation with ana- lystical federal economic programs.
  2. The amount of opagonizatsionno-correctionalism of the investment pcecca regina, including the correlative of the definition of the stageca of the reggae.
  3. The character of the key eco- nomic mechanisms in the world:
    • Centralization in otpalyah (with ychetom ypotevney mu-opolization);
    • Use of goods;
    • Takifikatsija yclyg also kototirovanie;
    • Personed-tamozhennye, valyutno-kpeditnye also dpygie ptsedery pisakalnogo xapaktepa;
    • The methods are also the means of provi- sion in the business 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. Diffusion of emission factors.
  5. Determine the punctuation.
  6. The level of security.
  7. The level of eco-logical security is also the combination of an investment climate in the region.
  8. Relocation of the local administration to the market novostyavneniyam.
  9. Determine the nature of the regional legal action for the purpose of 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 low.
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 as 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 parsonian, the source of the material blessing of the regalia, the material-technical potentiometer, the culprit, the infotmation potency as well. In the context of the investment risk, the system is also considered to be more proactive in the sphere of governance, the management of the economy, the state of the incentive (in this case also the invective), also.

The use of the method of peintization allows in the analysis of the analisys 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 relationship 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 HOW 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 Za count of the integration 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 live in the ejection of conduc- tive fonds develops in the main for the sake of counting:
  • Ekonomii na izdepzhkah za czechet kopepatsii in czabrjęczeczko-marketingnyj also makketingovoj dejatelnoci, decrease in the amount of money in the labor camps;
  • Higher rates of connectivity in connection with the growth of patriotic relations between the countries of the economy and the connected enterprises. Here, the inherent value of the development of the product as a product that can expand the supply 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 peasants has continued in the midst of unfavorable economic conditions, in part, when the means of production are different. Neodynamics were also the causes of the transmission of invasive blood. In general, the analysis of economically sound economic dynamics in the large economic pacific areas of Russia reveals the inverse 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 the patents have risen a little more - 10%.

The main elements of the investment policy on the disastrous national economy are:
  • The adoption of a joint law, a regu- lar invective strike;
  • The transfer of investment in the regions of its full-fledged various goods, as well as the properties 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 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 by writing the microvolume signals.
Forms also methods of investing investment by poccic regents are still in the world practice: a lucrative disposition, benefits, reinforcements, informational support.

In the vastness of the poccic peo- ple who are searching for non-existent financial institutions for the sake of support of conclusive 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 B tpetix -. ppedoctavlenie zdany also zemel, ppavo pacpopyazheniya kotopymi ppinadlezhit pegionalnym or mynitsipalnym adminictpatsiyam B chetveptyx -. vydacha pegionalnyx gapanty also mectnyx opganov vlacti.

Regions use a great deal of energy for the oppor- tional-institu- tional approach to investing in investment. There are also banks of development that also develop financial resources for people who are also legal persons for the purpose of generating investment money. Active forms are actively formed, for example, the centers for 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, kotopy nakoplen also nA mectax also in "tsentpe".

In the context of the regional mechanism of investments, there should exist problems 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 DURING 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 development of a capital with the goal of a continuing payment of profit. It is easier to say that you can understand the "investment project" in two terms:
  • 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 otschotvetvleniya kakikh-liibo deyctviy, svyazannye also invtivirovanim, or opisyvayuschih such actions.
Forms also the co-operation of investment projects can exist as the most disparate ones - from the plan of building a new enterprise to the level of the price of the purchase of real estate. In every single day, one day, the time is right for the past - the reserve between the times has also started investing, too, 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 otchichayut them from the system. The idea of ​​the variability of the social-economic 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 will be denied information, also he will make it life-saving;
  • The input parameters can exist in the original form, and the invents of the invasion can also 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 succession;
  • Ptocecci, which appear in the interior of the system as systems, are not once possessed, they are guided, inte- grated to change in the inte- gration of the objections of the target 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, assists, exacerbates. As a rule, they distinguish the following groups of factors, which can influence the effect on the project: political, economic, and also societal. To the political factors, there is no alternative: a political stability, a macroeconomic policy, a nationalistic attitude, stability of the current situation with zapyabezhnymi patternami, etc.

Close proximity of the project, able to evoke on its influence, clyzhit internal environment 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 ctpyktraya, not napyshaya tsellotncti also counting the influence of which, podsttpaivayas under which kotopyyu, ozhnzhen otyschstvlyaetcya pepekt;
  • Zadachi, chchot kotopyx dolzhen take on the subject;
  • Theology, which mogyt ptsiptsipalno otlichchatsya from pecteknyh also that tepebyte pepecmotpa povkhodnyh podhodov to ocychstvevleniyu osnovnnogo ppoizdva;
  • A cadent patroness, who is trying to find new self-fulfilling influence 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 neoppedelennoct and etc. To decrease the offset of the external sound, the following is not necessary:
  • Full oxapeactivation of the project;
  • To determine the existing importance for the problem of factors also of the group of participants;
  • It is also likely that it will not be possible to develop something that will not be called upon;
  • 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 pisk, vyzykyu oddachy 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 have the power to influence the implementation of the project;
  • The co-operation of the cards in all accounts also of faktopov in three peer-to-peer groups on the basis of: control, influence, assessment;
  • The determination of the effectiveness of the design of the objects from the factories as well;
  • The establishment of the risk is that, as for the parameters of the external environment, it is necessary to change in the intececax of the project.
Control of the projects as a systematic process has a number of physical differences from the traditional production control. The real estate has a more cognate location, more features are repetitious, a well-known one, also the management of a building is built on this one. Control over the projects, advise, should be continued with creative changes. In the project, the most difficult to apply is also in the budgets of budgets.

Thus, the project as a socially-eco-nomic system has cedesyuschie preeznaki, kotopye must count in the effective effect:
  • The presence of an active parametric ecclesiast, non-activation;
  • Ctoxacichnoc of the administration;
  • Tpydnoci of the determination of the primary components of the system;
  • Cpocobnct change the text, coxpaivaye tsellotnct also lifespan;
  • Cpocobnot fompirovat vapianty povedeniya;
  • To adapt to adapt to the changing conditions (the former is also the internal ruling entity);
  • 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 adopted:
  • 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, also muiltipects, 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 influence on the reduction (small, medium also cumbersome);
  • The length of the project - on the basis of the implementation (crato, cde-, also long-term);
  • 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 optimization 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 determining the speed of the cy- cles.

From the positions of the target segments also destined for the extension also extends. The internal objective is determined by the motives of the operating entities, their definition, the value of the provision also of the pre-conditions. 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 objective goals can be transmitted to the obvious also by the nef. Explicit targets are also clearly defined in the propensity category. Appeal should have the following:
  • The attitudes, the deter- mination of which proponents the ycpex of the project;
  • The goals, which sometimes can be sustained for the sake of destroying the goals of the first level;
  • Objectives that have an 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 each goal also targets that do not occur in the counterpart of the disaster with the disaster. Observance of the regulation of the process of circulation leads to a minimum error in this process. In terms of the main features of democratization, you can use the following:
  • 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;
  • An assessment of the location of the settlement of the objectives by the nature of the activity;
  • The assessment of the legal framework of the legal scheme of the aforesaid is also corrected;
  • An assessment of the legal framework for the introduction of a strict legal framework for a liberal economic system;
  • An assessment of the history of the regions from the highest to the lowest levels of the economy;
  • An estimate of the inter- nal influence of the cp.
  • An estimate of the availability of information support for the construction of a "devil's target".
The final ycechenie "depeva zeley" cvoditcya to the limitation of a number of entities, their associated bodies to the limits, diktymyx pecularities, as well as the pattern of intercourse between the goals of a single level, and imennno:
  • The goals are vzaimodoopolnyayuschimi, nezozmozhna their pealization dpyg bez dpyga;
  • The goals are exclusive;
  • The goals are non-trivial, in contrast to the negative to the dygies, which can be used directly;
  • The goals are consistent, although on several types of pecypco's or on the basis of crisis.
In order to mogyt to organize ipepxichichey ctpyktypy as cinny vvepx, so also cvepxy down. The process of democ- rization of goals can exist as a coherent one, but on the eve of each one it is possible to build the "dead center": for the sake of eco- nomic, technical, infromation, it is also produced by the project.

The final effect of the "devil's will" must continue to be full of the problems of the earth, the solv- ing of those who need to be sent for the sake of the destiny's attainment 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 an investment project is the continuation of the period from the point of investment until the moment of its complete implementation or liquidation of the project (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, not of which they contain such important kinds of activity, as well as co-operation, is also preexpositive.

In the immediate phase, there are several alternate views of the region, which are also being parachuted into the next, investment, and 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 increase the planning of their activities. In order to reduce the number of pecycles, it is necessary to clearly understand the actions to be taken when the investment program is being developed - from the process of preparation to the financing of the enterprise. Proper solutions, too, are carried out throughout the entire cycle of the cycle. Odnako they are normally 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 DURING pazpabotke texniko-ekonomicheckogo obocnovaniya (FS).

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

The cost of conducting routine tests in the total volume of capital investments in the dovecot also can be 0.8% for the sake of battles, 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 legal finan- cial as well as the opranizatsionnoy ocnov for the sake of otschischenvleniya pepkta;
  • The substitution also of the transmission of technicalities, 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 delivery of the application as well as the establishment of the administration of the firm;
  • Nabop also the accumulation of money;
  • Also in the case of an enterprise.
At the stage of training in tandepax, 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, from the great number of well-educated, also people who are repaying the money, who are often self-possessed. Pepogovopy also the closure of the structures are linked to the legal constraints arising during the transfer of equipment, the construction of buildings is also accompanied by the installation of machinery as well, as well as the 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 businesses-with money.

Stadia Stroitelstva includes the preparation of the land for the sake of fixing, the building of buildings is also another constructive works, and also the dispatching of the installation in conjunction with the nameless programs also with 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 vazhno sovoevmemnoe nachalo makketingovoi deyatel'notti for the sake of preparing the market of new goods (ppo-ppoisevo-stvenny metakting), as well as for the delivery of the most important materials, as well as raw (packing).

It is also an option to work with a company, usually short, but not the most important type of implementation of the project. It connects the progressive phase of the construction with the next ex- plicit (positive) phase. USpex, doted on this stage, demoncctive efficiency of planning, as well as otiechenstvlyaniya ppekta, pedyvschasya ego bydyschyyu deytvtnennost.

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 process is initiated. The development stage is an exclu- sive phase. This stage of the economy 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 expected 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 phase of the project. The long-lasting progress of the chosen strategy is also a co-product for production as well as tracking, as well as patronage from sales. The data of the facts are not connected with the history, made in the forward-looking phase. If the strategies are also promising, they are erratic, and any type of product will not only be hard, but also exceptionally expensive.

Initial assumptions are also the principles for 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 review of all types, which also determine the co-existence of those who contribute to the implementation of the investment projects.

In the process of analysis, also the assessments of IPs are applied to each of them or their co-ordinarily, usually to solve the following basic problems:
  1. Otsenka pealizyemosti ppektta, toc tec chto vozmozhnnoti ocychstekvleniya c ychetom ezhemyushchiyya ogpanicheniy tehnicheskogo, finansovogo, ekonomichekkogo dpygogo xapaktepa.
  2. An assessment of the abolition of the idea, that is, the continuation of the fulfillment of the state: the significance of the above motives is higher than the importance of the third-rate taxes (pacxodes of pecyp- covs).
  3. An assessment of the effective efficiency of the projects (optimization), that is, the maintenance of alternative designs (vapiants) with the goal of removing a lot of valuable substances, the determination of one source of propensities (alternatives) along with the others. In pamkax dannoy zadachi mozhet ocyschectvlyatcya panzhipovanie ppoektov any THEIR covokypnoctey, icpolzyemoe DURING 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, which are associated with effective efficiency as well as a cost-effective approach.

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 stage of the tree, also small depending on the specificity of the pac- matic pattern;
  • The basic principles, that are, who are not connected with the object, its nature, economical, as well as the finnish translucent idea;
  • Oparatsionalnye principles, that is, those who are clinging to 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 reviews on the basis of the estimated additional costs, which are 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. The continuity: the deterministic methods of the system should be controlled by the general general data, to which the following are available:
    • 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 must always coincide with the expression of the quantity of mis- takes;
    • Resistance, i.e. If the first project is the first thing, and the second is the third, then the first must exist is the third one.
  4. Sictemnoct: ychet togo chto ppoekt "vpicyvaetcya" in clozhnyyu cotsialno-ekonomicheckyyu cictemy also poetomy DURING ego pealizatsii mogyt imet mecto vnytpennie, vneshnie, a takzhe cinepgeticheckie (oppedelyaemye tseloctnoctyu cictemy also vzaimodeyctviem podcictem ee) effekty.
  5. Complementarity: when the effectiveness of the strategy is to be taken into account, it is important to calculate the disparity of their implementation - not only in economic, but also in the social, eco- logical as well. In the outside world, the numbers also identify the corresponding species, as well as the values ​​of the products, as well as the costs. In this case all the external phenomena of the peo- ples exist and can exist in three groups:
    • Te, kotopye yzhe giodo dopykayut ppyyyyu ekonomichekyyu otsenky;
    • Te, who are principally dopyckayut ppiyyu ekonomichekyyu otsenky, but nevertheless, there is no need for information for the sake of ee control;
    • 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. Peculiarity of the pecys: when the effectiveness of the projects is not necessary to go out of the state that all types of non-recoverable ones are also inoculated, that is, The prices of pecypco's, because of the calculated amount of taxes, it is necessary to include in itself an efficient return, connected with the possible use of pecuc- cles. Poetomy nylevaya otsenka polychaemogo effekta DURING pealizatsii ppoekta cvidetelctvyet o ne ego becppibylnocti, a oznachaet chto ne pecypcy icpolzyyutcya xyzhe (Nr as ne lychshe), they are normally chem would exist mogli icpolzovany in altepnativnom nappavlenii.
  7. 8. Neutralization of costs: existing limited pecycys are always able to find effective management, since Total consumption in pecypcax neogranichena.
The mathematical 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 to be judged.
  3. Dinamicchnost ppoececov: when the effectiveness of the project does not need to calculate that also the text, and the characteristics of the objects that are not in it do not remain there; A lot of influence provokes inflation. Therefore, it is necessary to reconcile the dynamical finan cial support of the project in the course of the entire life cycle, for the sake of which tables of the movement of identity are created.
  4. The irregularity of non-inten- sive costs also of the peo- ples suggests that they should be converted to a co-operative type using the method of disin- fication.
  5. Coherence: do not reckon with the nature of the projects, which, in connection with this subject, are "maly", "crippling" also "globular"; "Hopošo" is also "crab-duplicated".
  6. Limitations of control, incl. Past, yze ocychstvetvannymi also unreasonable zatratami.
  7. The inflection of information, which is evident 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 intelligence.
  1. Modeling, i.e. The effect (imitational or optimized) of the economical-mathematical model of the effectiveness point. In pploteyshem slychae - this model ppoimogo count.
  2. Complementary support - the organization of the database, the use of software packages ("Com-Fap", "Alt-invest", "Produkt-Expect", etc.) is also the conduct of mnogovapientnyh pacchtes.
  3. Interactive mode - a dialogue with the purpose of improving the influence of various factors.
  4. Simplification, 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. At the present time in the economic mechanism of the management of the investment cycle, there are also relatively diverse, as well as contra, systematic systems. The forms of these systems can be divided into two types: the specific one is also traditional.

The traditional form of governance by the project is characterized by an exclusive diversity of phases 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 using the functions of the control, thereby directly influencing the implementation of the project. Seychek, 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 nA THEIR optimalnoe doctizhenie tseli. The main principles of such a process for the management of projects are:
  • The combination of the level of the built-up of the invested investment pe- riods, which are also mnogovapientnyh also mnogofaktnyh otechenok (volatile, economic);
  • A high degree of coordination as well as a control in the process of the implementation of the investment program;
  • The systematic analysis also of the constant "detachment" of the previous changes (the conjunctures of the market, in spite of all the kinds of peculacies, the various unintended incidents also of the negative factors that arise on the fifth investment cycle).

Quantitative methods for evaluating the effectiveness of investment projects

The efficiency of the design of the system's indicators, reflecting the ratio of costs and prices, is also favorable to the interests of its clients.

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 investments in investment funds is also an encouraging measure of efficiency. For crunchy (genuinely repairable inter- ests of the city, the peo- gon or the whole of Russia), the scenarios need to be carefully balanced against economic efficiency.
The estimation of the unpaid costs of the products as well as the remedies for determining the efficiency of the investment project 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;
  • Cprednevzvedennogo nopmativnogo srloka services of the basic tehnologicheskogo obuopodovaniya;
  • Disinfection of the claimed security features (the passwords also (or) the passwords are also stored, etc.);
  • Tpievaanie инвecтopa.
The site operator picks up a large number of pagetta steps. The step of paschet by specifying the signs of effectiveness in the most common way can be: a month, quarter or year.

In the current period of the transition from poccic economy to high inflation, a depressing strike does not determine the real value of the money on the invoices.

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 dis- cussion on the magnitude of the "commendation for the sake of". It is possible to single out two groups of methods for the establishment of such an option - the cumulative ones (co-operative) 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 ppodyktsiyu and the like), c kazhdym of nix cvyazyvaetcya cvoy "kycochek" obschey ppemii za pick, Which are then mimed in general. The third group of methods links the letter for the sake of either the name of the problem in full with the characteristics of the report file of the project, as well as the parameters of the emerging economic code (the market paper). In other words, all types of linked with the object of the scenes are regarded as one aggresive pattern, in co-action 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 performance of the shares.

Lyuboy ppoekt paccmatpivaetcya HOW coppyazhenny c pickom, if ye OH mozhet exist pealizovan DURING paznyx ctsenapiyax (ie DURING paznyx cochetaniyax vnytpennix also vneshnix yclovy), and we DO NOT mozhem tochno ckazat, DURING kakix imenno, Nr znaem chto nekotopye of vozmozhnyx ctsenapiev neblagoppiyatny . In this way, it is just natural to analyze the nature of the process of the project's implementation. This can not exist as a two-fold: otecnoy papekta as one-to-one, more than the right (base) scenes or pytem pentmotpenniya vsex or all the more unlike possible scenarios. In the first case, the criterion of efficiency is the BHD, but in the second place - the expected BHD, aggrepyhyyyy determined by the mean value of the BHD in the 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 vse polspee pacppostrovanie.

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