CHARACTERISTIC OF THE INVESTMENT PROJECT AND ITS LIFE CYCLE

The Investment Project (IP) - justification of economic feasibility, volume and terms of implementation of capital investments, including the necessary design and budget documentation developed according to the legislation of PK and standards approved in accordance with the established procedure (norms and rules), and also the description of practical actions on implementation of investments (business plan). It is official treatment which defines the state understanding of the term the investment project. However some economists hold other opinion.

One consider that the SP is the plan demanding for the realization of investments, i.e. investments of means in real assets or securities for the purpose of receiving profit and/or achievement of any other desirable success. Others consider that the SP is the issued program of implementation of investments.

Nevertheless, it is possible to tell that all economists consider as the general for all investment projects a time log between the moment of the beginning of the investment project and the moment of the beginning of its payback. Term of life of the investment project is defined by time during which this investment project is realized. In foreign practice no more than ten years as, than the investment more long works operate, as a rule, with temporary term, especially unreliable there is a forecasting process.

Term of life of the investment project can be presented three phases of development of the project:

- The 1-preinvestment;

- The 2-investment;

- The 3-operational.

Allocate three types of pre-investment researches:

- research of opportunities;

- pre-design researches;

- assessment of feasibility of the project.

Research of opportunities includes:

• market research (market research (possibilities of the sale, competitive environment);

• research of security by material raw material resources (security, price, requirement);

• personnel researches (security, requirement).

Predesign researches can be the following:

• production technology choice;

• development of the perspective program of sales and product range;

• development of price policy;

• research of a place of placement taking into account technology, climatic, social and other factors.

The assessment of feasibility of the project can look as follows:

• assessment of volumes of construction;

• development of design and technological documentation;

• equipment specification, choice of suppliers and terms of delivery;

• development of the organization of production management and production sale;

• development of the schedule of work of the enterprise;

• assessment of need of training of workers (if this new production);

• choice of suppliers and terms of delivery of raw materials, materials, energy carriers;

• development of terms of payment of work;

• development of conditions and schedule of depreciation of the equipment;

• definition of a lease term of rooms, equipment;

• development of the schedule of implementation of the project (construction, installation, balancing and commissioning and project functioning;

• commercial assessment of the project;

• negotiations with potential participants of the project;

• legal registration of the project (registration, registration of contracts);

• issue of securities.

The list and work order on a pre-investment phase of the project have approximate character and can change depending on the purpose of the project, its organization, an economic condition of firm and its environment.

The final document of pre-investment research is the investment business plan. The investment business plan contains all necessary information on the project. In too time for implementation of negotiations with potential participants of the project it can contain only its financial part.

From degree of development of the investment project of envy result of its realization, as in the technical plan, and financial.

The second phase of an investment cycle is connected with formation of production assets of long-term character. Feature of this phase is irreversible character of the expenses accepting the considerable size. Expenses on formation of production assets of long-term character (construction, equipment purchase, its installation, a starting-up and adjustment) are capitalized, and expenses on personnel training, carrying out publicity belong on prime cost. The beginning of production means the beginning of the third phase of life of the investment project – operational. It is characterized by the corresponding costs of production and receipts from realization of production which is growing out of implementation of SP. Income gained thus, provides payback of the investment project.

As financing is a limiting resource factor of implementation of investment projects, their selection is made with observance of the following rules:

• the exhaustive list of options of investments is formed;

• comparability of alternative options is provided.

Appeal of the investment projects included in the list of options of investments, is estimated by their efficiency and a financial solvency.

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