Tasks and principles of an assessment of efficiency of the investment project

As well as any kind of the analysis, the analysis of efficiency of the investment project has definite purposes and tasks. Speaking about the purposes of the analysis of efficiency of a solvency, it is necessary to notice that a main objective of the analysis is making decision on implementation of the investment project. Besides, such strategic objective of the analysis of efficiency, as improvement of an economic condition of the state which chooses the most effective projects for realization can be allocated

As for tasks which have to be solved during the analysis of efficiency of the project, they can be classified depending on the subject of the analysis. The credit organizations and other investors, financial services of the enterprise realizing the project, and also other subjects which can be involved in process of implementation of the project can be subjects of the analysis of efficiency of the project.

So, during the analysis of efficiency of the investment project the financial service of the enterprise has to solved the following tasks:

1. Carrying out the aggregated analysis of design decisions and creation of necessary conditions for search of investors;

2. Development of the scheme of financing of the project;

3. Ensuring maximizing profit on implementation of the investment project.

If for implementation of the project borrowed funds are required, the analysis of efficiency of the investment project can be carried out by the credit organizations and other investors. In this case tasks of the analysis of the investment project will be:

1. The analysis of compliance of volume of the means requested by the enterprise, to that volume of borrowed funds which is really necessary for ensuring efficiency of the project;

2. Minimization of the risk connected with investment of means in the project;

3. Choice of the project which is most equitable to interests of the creditor.

Important element of the analysis of efficiency of the investment project are those principles on which the analysis is based. These principles can be applied to any projects, irrespective of their features:

1. The principle of consideration of the project at all stages of its business cycle. This principle assumes that the assessment of efficiency of the investment project begins with the moment of carrying out preinvestment researches and comes to an end with the project termination;

2. The principle of modeling of the cash flows including all connected with implementation of the project monetary receipts and expenses for the settlement period taking into account possibility of use of various currencies;

3. The principle of comparability of conditions of comparison of projects assumes that analyzed investment projects are comparable in the following aspects: temporary, monetary (the project currency means), aspect of scale, etc.;

4. The principle of the accounting of a factor of time means that at an assessment of efficiency of the investment project time factor, that is dynamism of parameters of the project, gaps in time between production and production realization, not equivalence of expenses occurring at different times and results, etc. will be considered;

5. The principle of the account of only the forthcoming expenses and receipts assumes that at an assessment of efficiency of the investment project have to be considered only coming during implementation of projects of expense and receipt;

6. Principle of the accounting of presence of different participants of the project. This principle is especially important in the efficiency analysis as for different participants of the investment project expected results are various, capital estimation of cost, and, therefore, and norm of discount is various;

7. Principle of taking note of inflation and risk, and also other principles.

All listed principles are equally important at an assessment of efficiency of a solvency of the project, however the most important, in our opinion, the principle of the accounting of presence of different participants of the project is. It is connected with that the most effective will be that project which will be equitable more to interests of all its participants.

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