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The article summarizes the results of the 25th St. Petersburg International Economic Forum (SPIEF-2022), which was held in St. Petersburg from June 15 to 18, 2022. As a participant of the forum, the author focuses on the analysis of Arctic issues, which were considered at the last event. They include current problems in the Arctic Council's activities, issues of the development of the Northern Sea Route, ship-building and ship repair in the Arctic, ensuring security in the region by the forces and means of the Russian EMERCOM, the state and prospects of building the international Arctic station Snezhinka, and problems of education and personnel training. Particular attention is paid to increasing the role of science, scientific and educational centers in making strategic decisions on the development of the economy, social and spiritual spheres of the Arctic territories. It is noted that, for the first time, heads of Arctic regions of the Russian Federation successfully presented investment projects in their regions at the Forum.

The process of evaluating investment projects according to the Islamic approach; is one of the most important economic researches due to the growing importance that Islamic banks are playing on the one hand, and the use of Islamic standards to prevent the suspicion of usury on the other hand. Through this research, we tried to control and identify the most prominent and important control and criteria that can be used in evaluating investment projects that are consistent with the Islamic approach. We relied on the descriptive and inductive method. In the end, we reached a set of results the most prominent of which was that Islamic banks bear the task of diligence in applying the principles of Islamic finance, but this approach is linked to the extent of their adherence to all these principles. In addition, the proposed solutions to replace the usurious rate with an Islamic profit margin remain in their entirety theoretical jurisprudence that has not escaped the difficulty of application on the ground due to the absence of sufficient information on all similar projects and the different degree of risk. [ABSTRACT FROM AUTHOR]

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The article justified the feasibility of an investment project by analysing the performance indicators while taking into account risk and uncertainty of the use of information technologies. The impact of the above calculations of the investment project results is due to the fact that the evaluation of the investment performance depends on the projected cash flows. The purpose of the article is to assess the impact of risks on making investment decisions using information technologies in order to increase the financial security of enterprises. Methodological and practical aspects of risk modelling of the investment project were further developed, using the Monte Carlo method, which allows to construct a model by minimizing data, as well as to maximize the value of data used in the model. This model involves the use of probability theory and random number tables. The results show the distribution of probabilities of the successful project variable and the coefficient of variation of the performance indicator, allowing the investor to take uncertainty into account when making a decision. [ABSTRACT FROM AUTHOR]

The need to reduce the negative environmental impact of energetics with the growing energy demand in the world is the core objective of the industry for the upcoming decades. The global agenda in the field of environmental protection increases the requirements for evaluation of the energy investment projects, in particular for their environmental efficiency. Currently, much attention is paid to assessing the impact of the project on atmospheric air, water bodies and land resources, including the formation of industrial waste during the operational stage. The formation of production and consumption waste at other stages of the project life cycle is not considered either when generating cash flows or when conducting the assessment pf environmental efficiency. It might significantly reduce the reliability of assessment results. The purpose of this study is to develop a system of integrated accounting for all types of waste generated and the environmental costs incurred for handling them during the environmental and economic assessment of energy projects. The paper discusses modern waste management practices at energy enterprises, waste generation at various stages of investment projects implementation, and provides recommendations on waste accounting when assessing their environmental and economic efficiency. [ABSTRACT FROM AUTHOR]

Insurance of investment risks is hampered by a number of reasons, among which there is a lack of convenient and effective models for making relevant decisions. The purpose of the study is to create a conceptual decision-making model regarding the key parameters of the project investment risk insurance contract in the context of behavioural finance. The subject of the study is project risk management in the context of investor-insured and insurer relations. The object of the study is the procedure and mathematical apparatus for determining the recommended basic contract parameters for the insurance of investment risks. The key methodology underpinned by the study is benefit-cost analysis. The expected net present value (ENPV) is an analytical method for evaluating alternative options for the implementation of an investment project under conditions of uncertainty. The conclusion of an insurance agreement does not reduce the value of money over time - in the case of project insurance, investors will apply the same criterion interest rate of capitalization as without insurance. The reduction of project risks for the insured as a result of insurance occurs due to the improvement of expected cash flows in the sum of probable scenarios. The article offers a conceptual model of decision-making that is focused on the policyholder's expectations, takes into account the interests of the insurer, provides a multi-scenario forecast of cash flows of an investment project, applies a schedule of normal probability distribution and includes an element of protection against moral hazard. In addition to the sum insured and the insurance premium, the model can be used to calculate the residual risk (the share of the risk that remains with the insured after concluding the insurance contract). This parameter characterizes the policyholder's interest in applying various methods of influencing the risk, not only insurance. The specified model will contribute to the conclusion of contracts by insurers and policyholders on mutually beneficial terms, activation and development of the investment segment of the insurance market of Ukraine. The conceptual model is illustrated in a visual example, as a result of which it can be concluded that the proposed approach can be useful in practice when concluding contracts between insurers and policyholders. [ABSTRACT FROM AUTHOR]

The prerequisite for the scientific research on this topic is the need to form an economic-mathematical model that would make it possible to predict and simulate the financial flow of the company to provide construction services in time. The aim of the scientific article is to carry out economic and mathematical modeling of the financial flow for the provision of services in time on the example of the project of the company “STROITEL12” JSC. In the demonstrated example, the situation was considered, in which the organization performed design work for 2 years and construction work for 4 years in a foreign country in the framework of the creation of the subway (station + track + station improvement) in Turkey, in the city of Izmir. According to Rosstat, the forecast inflation rate amounted to 5%. The implementation of this project led to the fact that the staff of “STROITEL12” received a reward for the completion of the project ahead of schedule. After the application of the economic-mathematical model in the formation of the financial flow, the employees of the company were more diligent to their work, as their salaries increased. The novelty of scientific research is the application of economic-mathematical model for modeling the cash flows from foreign economic activity of the organization.

Multiple studies are devoted to problems of construction labour productivity and methods of increasing it. These studies contain systematized factors and the main measures that can be applied to influence them. However, the issues of reducingdowntime in design and construction by integrating Lean manufacturing tools and innovative digital technologies to increase construction labour productivity have not yet been actively studied. This paper examines the quantitative assessment of the impact of tools for Lean construction and the digitalization of business processes on labour productivity when implementing investment projects in development and changes in the effectiveness of projects. The conducted study contains an extensive review of the literature, identifies time losses as an important labour productivity factor, proposes a practical approach to the implementation of Lean 4.0 technology in the activities of a development company, and provides practical calculations of labour productivity for the existing project. Expert and calculated evidence of the positive impact of Lean 4.0 on labour productivity and performance parameters of construction projects are presented here. The effects of the introduction of tools and principles of Lean-digital technologies for construction project participants, as well as recommendations for the implementation of the proposed approach in construction practice, are discussed.

The paper considers the reasons that actualize the need for an investment audit, reveals its concept as a special type of audit service. The generalization of the existing positions of scientists on the applied methods and procedures of investment audit revealed the leading role of analytical procedures used to provide this service. The subject of the study is an investment audit as a segment of the activities of external and internal auditors. The purpose of the study is to form conceptual approaches and a methodological model of investment audit. The authors used general scientific principles and research methods: systematization, induction and deduction, synthesis and analysis. The empirical basis was statistical data and scientific works of Russian and foreign scientists. The article discusses the reasons that actualize the need for investment audit, reveals its concept as a special type of this service. n the course of the work, the analysis of factors influencing management decisions in the field of investments was carried out. Also, there were determined the audit tasks for each stage of the investment project and regulatory regulations; the methods used for investment audit and internal control were generalized. The paper consists the conceptual and methodological models of investment audit, revealing its principles, methods, prerequisites, information sources, control points. The results of the study have theoretical and applied significance as well as can be used by researchers in the field of financial control, auditors, business entities.

The purpose of the study is to substantiate the effectiveness of innovative and investment activities of enterprises within the functioning of eco-industrial parks in the circular economy context. The methodological basis of the research is system and synergistic approaches, the application of which makes it possible to study innovation and investment activities of enterprises that are part of the eco-industrial park as certain subsystems, which in the end, as components of the park, provide a synergistic effect. It is substantiated that the unification of production enterprises within eco-industrial parks consists in a more integrated interaction of enterprises, including through joint investment. The proposed methodical approach to calculating the efficiency of innovation and investment activity of enterprises included in ecoindustrial parks and its approval proves the possibility of obtaining a positive effect from investment activities and investment in innovative projects by enterprises united in ecoindustrial parks in the context of the circular economy. The analysis of the share of production enterprises that implement innovations, as well as the share of the volume of innovative products sold to the total volume of manufacturing enterprises prove the need to intensify the innovative activity and the introduction and development of eco-industrial parks. The advantages of innovation and investment activities within eco-industrial parks in the circular economy context are highlighted. [ABSTRACT FROM AUTHOR]

Evaluation of investment projects is a crucial part of the investment decision-making process. Although dynamic evaluation techniques are precise and theoretically correct, they can still lead to the wrong investment decision. The main goal of this study was to identify the key drivers of investment projects’ profitability from the point of view of the company, municipality and society. Data on 26 investment projects were gathered and analyzed. The results of the principal component analysis (PCA) showed that the net present value, when compared to the internal rate of return and discounted payback period, represents the key indicator of the profitability of investment projects. Also, PCA showed that the total sales and total costs, when compared to the initial investment and discount rate, represent the key factors that affect the profitability of investment projects. Regression analysis (OLS) confirmed these results since the total sales and total costs have the highest and statistically significant effect on the net present value of investment projects [ABSTRACT FROM AUTHOR]

Background: In this paper, the problem of sustainability of investment activity in the direction of the high yield investment program is considered. In these financial instruments, large amounts of money are accumulated, consisting of contributions from the vast majority of the population. For example, pension funds inherent in most developed countries, insurance institutions, etc., can be indicated. Accordingly, the social significance of their activities and the impact on the quality of life of all segments of the population increase. Methods: This article outlines the methods and results aimed at the digital transformation of methods for forecasting long-term institutional investments. The authors use the method of mathematical modeling of the dynamics considering that the sustainability calculation must assume that the life cycle of citizens providing contributions is limited. The parameters of the distribution of the duration of the accumulation phase over the array of people and the time of life in the subsequent period are known. For mathematical modeling, the researchers divide the players by the time they have been present on the market. Results: The authors have developed a mathematical model in the form of a set of algorithms for calculating the sustainability of long-term institutional investments with reference to life quality indicators. Conclusions: The need to develop a methodology for assessing sustainability is dictated by the increased role of digital technologies and the ability to receive the most relevant information for analysis online.

The purpose of the article investigates introducing new products processes at mechanical engineering enterprises based on the innovative transformation of vacuum production equipment. In the context of global competition activities of large Kazakhstan’s enterprises are characterized by an insufficient level of innovation activity. Building the infrastructure and production potential is the main in effective management production activities of engineering enterprises. The heads of enterprises are primarily concerned by the situation since innovation development has a significant impact on competitiveness, industrial enterprises’ export potential and could ensure the balance of the economic sectors. Authors are interested in conducting an economic analysis of the business entities’ activities, which aimed at efficiency increasing and quality of work in all links of industrial production. Authors suppose that practice requires the development of complex measures related to the peculiarities of investigating scientific and practical problems of increasing the production activities efficiency in the economy. In the authors’ opinion, the investment project can become the basis for effective innovation implementation at mechanical engineering enterprises. They analyzed the financial activity of the enterprise and developed measures to reduce the production costs and products sales on the example of JSC «Vostokmashzavod». The result of the study is an investment project that arouses interest from the subjects of the machine-building industry from the point of view of the practical applicability of projects to reduce production costs, and the efficiency of their management.

The search for optimal solutions to improve effective implementation of one of the forms of development of industrial complexes, industrial parks, requires an accurate definition of the list of its (park) key elements and investment subjects for its creation. One of the most important areas for solving this problem is the analysis of the general structure of the perimeter of the business landscape of the project for the creation and operation of an industrial park. It is the elements of the business landscape, including processes and objects, that give rise to the risks of such projects, which significantly reduce their economic efficiency for participants. The results of this analysis make it possible to identify risks and their metrics that reduce the expected economic effects from the project for the participants in the project to create an industrial park. The analysis of the theoretical substantiation of the existing criteria for assessing and making a decision on the creation of industrial parks, the structure and financing sources for the engineering and transport infrastructure revealed significant differences in the positions of scientists and the expert community in relation to both models and criteria for an integrated assessment of the effectiveness of projects implemented by the state and private investors. Differences in the structure of funding sources, including the costs and revenues of budgets of various levels generated by these projects, do not allow correct and comparable assessment of such projects only using standard integrated performance indicators: NPV, DPBP, IRR and PI. The objective need to develop new methods for assessing the economic feasibility of implementing industrial park projects for the purpose of providing such projects with state financial support measures is confirmed by an analysis of the current state of development of the industrial parks institution in the Russian Federation. Our focus on the need for a hierarchical classification of risk types up to the second level of decomposition generated in the framework of the implementation of industrial parks projects, taking into account standardized groupings and empirical data obtained during the implementation of similar real projects, allows us to rethink the attitude to the analysis and assessment of investment risks projects. Thus, we can now use the value of the total risk of the project not as part of the mathematical model for assessing the present value of the cash flows generated by the project, but as a separate metric for the comparative assessment of the project. As part of the confirmation of this hypothesis, the rationale for the use of methodologies of qualitative and quantitative analysis (including the calculation of the probability value), as well as a comparative risk assessment established by the current GOST R, in relation to projects to create industrial parks, was justified. Another result of this work is an assessment of the low efficiency of methods that take into account the risks of an investment project in the discount rate of cash flows in relation to projects for the creation of industrial parks, and not the creation of enterprises for the industrial production of goods. As a constructive solution, a mathematical model is proposed for calculating the integral indicator for assessing the risks of a project to create an industrial park, as well as an optimization model for choosing projects and the composition of industrial park support mechanisms. The model is based on the analysis of correlation matrices of dependencies between: types of projects and types of risks generated by them, types of risks and elements of the project’s income and expenses, as well as the project participants and the structure of the project’s income and expenses.

The paper describes the developed software product-the decision support system (DSS) «DSS Invect 2020» and its module «IT INVESTMENT», which can be used both independently and as part of the DSS «DSS Invect 2020». The DSS is designed to make recommendations to the DSS during the selection of rational financial strategies by investors. «DSS Invect 2020» allows you to evaluate the attractiveness of investment projects in the field of digitalization of enterprises. The DSS «DSS Invect 2020» is implemented on a modular basis. This makes it possible to supplement the DSS with other modules.

The article discusses the main features of the development of an investment project to promote the brand of an enterprise. The purpose of any investment is to increase capital. Many companies are wary of investing heavily in promotion, as there is a high risk that the promotion will be ineffective. It is necessary to carry out a lot of preliminary work in order to analyze the economic benefits of investments, determine the term and size of deposits, take into account all the risks and calculate the company’s profitability. For this, investment projects are being developed to promote the brand. The main features of such investment projects are: – research of the effectiveness of the company’s efforts using marketing analysis methods; – the flexibility of the project, the ability to adapt it to changes in the external and internal environment without risks and losses; – the difficulty of predicting the real results of using certain marketing tools; – the need to test marketing activities in practice; – without big risks. To study the topic of the article in practice, a project was developed to promote the brand of LLP “Stoma-K”. LLP “Stoma-K” is a dental clinic that is currently unprofitable, but has great potential for development. The reasons for the negative financial results are a change in ownership, an outflow of material and labor resources, as well as the COVID-19 pandemic, due to which the clinic did not function for several months in 2020. The developed investment project will grow the company’s net profit through the implementation of certain marketing activities. To confirm the hypothesis and calculate the expected effect of marketing implementation, a test advertising campaign was carried out, which was financed from the personal funds of the head of the clinic. The ad campaign resulted in a 23% increase in monthly revenue and a 20% increase in dental workload. The implementation of the investment project predicts an increase in net profit from 100% in the first year to 20% annually, taking into account expenses. To implement the project in the first year of promotion, investment in the amount of 6 182.4 thousand tenge are required. According to calculations, the payback period of the project is 4 months. The developed investment project can be considered like effective, since even during the test period it showed positive results. Despite the fact that investment promotion projects are not widespread at present and are not yet widely considered in scientific papers, we predict that in the future their popularity will grow due to the growing importance of marketing in modern conditions. Such projects have some peculiarities, but their development and implementation are generally identical to other types of investment projects.

The subject of research is the formation of skills of creative design in the specialty “Tourism ". The aim of the article is to develop a universal design algorithm, the study and application of which would guarantee a high level of assimilation of necessary information, development of creative abilities of students and mastering skills of similar projects. The task of the research is to analyze the professional training of service specialists, to expand the educational and methodological support of tourism specialist training, to propose a new algorithm of investment design for the tourism sector. Research methods. The following general and specific scientific research methods were used in the research process: system approach, methods of logical generalization and comparison, scientific abstraction, methods of synthesis, logical generalization and analogies and foreign scientists and leading experts, analytical materials on the research problem. Results of work. The analysis of professional training of service specialists has been carried out, the educational and methodological support of tourism specialist training has been expanded, a new algorithm of investment design for tourism has been proposed. The obtained results of the research can be used by the educational departments of HEIs of Ukraine to expand educational and professional programs, educational complexes, curricula and work programs. Conclusions: It was found: the implementation of the investment component in modern tourism education requires future professionals in the field of tourism knowledge and skills to develop investment projects, an important factor in the effectiveness of which is favorable for professional self-realization of future professionals; a set of unresolved problems of tourism education related to the readiness of specialists to create and implement investment projects, in particular, in terms of goals, content, learning technologies; the author's position is substantiated that the basis of the content of training of future tourism specialists should be design activities as such, which allows to reveal their creative potential and be embodied in a specific tourism product.

The article provides a broad overview of theoretical research on the nature of investment in the economic literature, the views of scientists in the scientific work, and the author's description of the nature of investment according to the results of the analysis. [ABSTRACT FROM AUTHOR]

Analysis of the advantages and disadvantages of indicators of the internal rate of return and the modified internal rate of return as criteria for the effectiveness of an investment project. The mathematical and graphic apparatus for studying the functions and dependencies between the economic characteristics of future financial and production activities of entrepreneurial activity was used in the process of the analysis of the most important indicators of the effectiveness of the investment project. The characteristics of the criterion of the internal rate of return are studied on the basis of the properties of the function which describes the dependence of the net present value of the project on the value of the discount rate. The main advantages of the modified internal rate of return in comparison with its unmodified analogue are revealed. The inequalities between the indicated indicators are mathematically proved, their influence on the stability (safety) characteristics of the investment project is analyzed, and the interrelation of the criterion of the modified internal rate of return with the value of the profitability index is shown. The scientific novelty consists in the mathematical proof of the interrelation between the indicators of the internal rate of return and the modified internal rate of return, as well as the interrelation between the criterion of the modified internal rate of return and the profitability index of the investment project. Theoretical conclusions and suggestions can be used in the investment analysis of future financial and production projects in the domestic economy, which opens up the possibilities of rational use of resources in entrepreneurial activity at all levels of business process management. [ABSTRACT FROM AUTHOR]

Purpose. Analysis of the advantages and disadvantages of indicators of the internal rate of return and the modified internal rate of return as criteria for the effectiveness of an investment project. Methodology. The mathematical and graphic apparatus for studying the functions and dependencies between the economic characteristics of future financial and production activities of entrepreneurial activity was used in the process of the analysis of the most important indicators of the effectiveness of the investment project. Findings. The characteristics of the criterion of the internal rate of return are studied on the basis of the properties of the function which describes the dependence of the net present value of the project on the value of the discount rate. The main advantages of the modified internal rate of return in comparison with its unmodified analogue are revealed. The inequalities between the indicated indicators are mathematically proved, their influence on the stability (safety) characteristics of the investment project is analyzed, and the interrelation of the criterion of the modified internal rate of return with the value of the profitability index is shown. Originality. The originality consists in the mathematical proof of the interrelation between the indicators of the internal rate of return and the modified internal rate of return, as well as the interrelation between the criterion of the modified internal rate of return and the profitability index of the investment project. Practical value. Theoretical conclusions and suggestions can be used in the investment analysis of future financial and production projects in the domestic economy, which opens up the possibilities of rational use of resources in entrepreneurial activity at all levels of business process management. [ABSTRACT FROM AUTHOR]

Despite market volatility in 2020 due to the COVID-19 pandemic and a decline in global investment flows to 2005 levels, sustainable development funds continued to grow. These data indicate a change in development vectors: now leading investors are guided by technologies for sustainable growth. The purpose of this paper is to determine the optimal model for evaluating investment projects in terms of their economic and environmental effects on the development of the region. The proposed technique is being tested for an investment project aimed at developing the production of mobile phones in Europe. As shown, the analysis of the location of the production of smartphones in Europe for subsequent implementation in the European market has a number of advantages and is more beneficial in terms of environmental and economic effects for the region. First, from an economic point of view, this leads to an increase in the volume of attracted investments, a decrease in operating costs for international logistics, the creation of new jobs and qualifications for the population. In addition, it is important to be able to actively implement circular business models that will reuse lithium-ion phone batteries, which will lead to a decrease in the need for cobalt as a raw material, as well as lead to an increase in the level of recycling of e-waste and the circularity of the European economy. Also, such investment projects open up great opportunities for manufacturers from a marketing point of view, creating bonuses for a positive image and preferences for a “local green producer”.

The purpose of this study is to develop scientifically sound proposals and recommendations for the implementation of planning, accounting and control tools in risk management of investment projects of small businesses. The relevance of this study is due to the need to provide small businesses with effective methods of risk management of the investment project, which can significantly reduce the negative impact of risk factors and achieve a significant effect from the investment. To achieve the goal of the study, methodological approaches were used to assess the risk sustainability of the enterprise, based on the assessment of the resource potential of the enterprise. A system of indicators is proposed to assess the quality of enterprise resources. Theoretical and methodological approaches to the formation of an early warning system in risk management have been developed. The proposed concept of indicative management includes tools for indicative control of investment projects in relation to the risk sustainability of the enterprise from the standpoint of its resource provision. Risks in this case become key indicators to which management actions should be directed. The introduction of a risk passport is proposed as a tool for early warning of crisis phenomena in small enterprises. The authors proved that the risk prevention system should be integrated into the overall organizational structure and become part of the enterprise management system. Indicative management is proposed as a tool for implementing functional strategies to prevent or eliminate threats and maximize their strengths and capabilities. Doi: 10.28991/esj-2021-01302 Full Text: PDF

The problems arising in organizations during the process of investment activities have been considered. The results of financing and implementation of projects and programs have been analysed and interpreted consistently. The issues of expediency of using the profitability indicators of the capital or assets of the company, which requires for the project implementation, have been touched upon. Approaches to the possibility of using the project financing mechanism, have been substantiated. Attention has been paid to the positive and negative aspects of the application of project financing for the company investment activities. It has been noted that project financing is usually used in the implementation of large investment projects, which combine the economic interests of the state and private investors. Particular attention has been paid to the issues of project and program management within the digital environment in order to provide a unified information base. The analysis of possible risks when using the project financing mechanism has been provided and the approaches to influencing the emerging risks have been defined. The result of the study was the formation of factors affecting the effectiveness of the project financing mechanism in the implementation of investment projects and programs.

Analysis of the advantages and disadvantages of indicators of the internal rate of return and the modified internal rate of return as criteria for the effectiveness of an investment project. The mathematical and graphic apparatus for studying the functions and dependencies between the economic characteristics of future financial and production activities of entrepreneurial activity was used in the process of the analysis of the most important indicators of the effectiveness of the investment project. The characteristics of the criterion of the internal rate of return are studied on the basis of the properties of the function which describes the dependence of the net present value of the project on the value of the discount rate. The main advantages of the modified internal rate of return in comparison with its unmodified analogue are revealed. The inequalities between the indicated indicators are mathematically proved, their influence on the stability (safety) characteristics of the investment project is analyzed, and the interrelation of the criterion of the modified internal rate of return with the value of the profitability index is shown. The scientific novelty consists in the mathematical proof of the interrelation between the indicators of the internal rate of return and the modified internal rate of return, as well as the interrelation between the criterion of the modified internal rate of return and the profitability index of the investment project. Theoretical conclusions and suggestions can be used in the investment analysis of future financial and production projects in the domestic economy, which opens up the possibilities of rational use of resources in entrepreneurial activity at all levels of business process management.

The purpose of the article is to develop a methodical approach to complex investment analysis of cash flows on the example of shipping investment. This is especially relevant for projects in the shipping industry with a significant capital costs, a high share of debt financing, a low profitability and a high risk. The study used such scientific methods as financial modelling, analysis and synthesis of results, logic and analytical methods. Authors have developed the approach to investment analysis of cash flows for the shipbuilding project, which includes five stages. At the first stage the structure of investment are determined, taking into account ship type and size and building terms. The second stage involves construction the three statements model for forecasting of financial indicators. At the third stage assessment of profitability and liquidity were fulfilled. At the fourth stage security cover ratios and average breakeven were analysed. The fifth stage is devoted to risk assessment with using techniques of sensitivity and scenario analysis.

The development of the tourism in Bulgaria and in particular of rural tourism is a way for achieving one of the CAP objectives- increased index of human development in rural areas. Through the development of tourists’ sector, it is possible to ensure an acceptable standard of living for people, to preserve the cultural heritage and at the same time to help protect the environment. There are tendencies for changes in consumer preferences from the mass forms to alternative forms of tourism. This in turn changes the entrepreneurial business in response to increased consumer interests. In the present article an assessment of a project for reconstruction of a house ("Karakusheva house" in the village of Svezhen) for rural tourism is made. Four scenarios are analyzed in which the site can operate after its construction. Recommendations for policies for the development of alternative activities in rural areas have been made. [ABSTRACT FROM AUTHOR]

This research aims to study the current activities, and operations of the processed chicken products and to study the feasibility of an investment project in the production of this process of the case study company. The population in this study was those involved who are directly responsible for the investment project of processed chicken products. The tool is a semi-structural interview that collected the data research by applying the value chain concept and the feasibility study of the investment project. The data analysis of this research is to measure the results and make an investment decision. The finding found the value chain operations show deficiencies in activities and lost revenue of sales opportunities. The feasibility study is considered in an investment project to assess the feasibility of all three aspects. Firstly, the marketing manner found the low production cost of the product cost and the opportunity to technically competed in the market. Secondly, the production process and capacity included the machine tools used that are suitable for the ability production volume with the sufficient to support future demand trends. Finally, the finance manner found the project uses an initial investment of 8,710,000 baht, a project lifetime of 5 years. The net present value of 6,832,048.71 baht. The payback period of 2 years 1 month 11 days, and a rate of return within the project as a percentage of 43.64% Therefore, this feasibility of an investment project in processed chicken products is suitable for investment. [ABSTRACT FROM AUTHOR]

This paper focuses on the problems of company’s sustainable management in an emergent environment. The authors’ vision of the functioning peculiarities in the formulation of a company’s strategy based on the information support is presented in the article. The world experience of studying the development of investment projects in companies of different industry sectors is investigated and analyzed according to the economic and mathematical modeling. A multivariate model of evaluation and selection of the investment project based on the hierarchy criterion of company's economic objectives with the information technology is developed as an embodiment of the strategic goal of ensuring the company's sustainability. The essence of the hierarchy criterion method is to determine the order and the value of priority of each individual criterion, thus, application of this method allows providing recommendations for making an effective management decision in unpredictable environment. The proposed model based on the hierarchy criterion of company’s economic tasks allows providing sustainability in emergent environment. The analysis and substantiation of the necessity of applying the proposed model with the information technology support is presented in this paper.

The article discusses the main problems associated with the development and implementation of investment projects at enterprises of the real sector of the economy for sustainable development. The current situation in the investment and construction sector of the economy has been evaluated and the ways of solving the main problems of investment activity in the construction industry are outlined. The issues of formation mechanism of the investment attractiveness of industries and individual organizations, production and investment activities have been consistently considered. Traditional indicators and criteria of investment efficiency have been analysed. The expediency of using indicators of the return on capital or assets of the organization necessary for the implementation of the project has been substantiated. It has been noted that in the process of developing an organization’s sustainable development strategy, it is necessary to take into account its digital transformation, within the framework of the possibility of functioning in a single digital environment in order to increase competitiveness. The applying a comprehensive assessment of the effectiveness of attracting investments for the implementation of investment programs based on the selected criteria, taking into account their functioning in the digital environment, – has been recommended.

Nowadays in the world, public structures are just as often and fundamentally pre-evaluating investment projects using a proven methodology as private investors. This allows them to predict the results of the investment project implementation and to make final conclusions about the effectiveness of the investment project compared to the actual indicators. Moreover, there is a clear tendency to reduce the volume of projects for which pre-selection-evaluation procedures are applied, before making a decision on their implementation. On the example of Georgia, despite the fact that a normative base for pre-selection and evaluation of investment projects has been created with the involvement of donor organizations, we have not been able to find even one case of selection and evaluation of investment projects at the municipal level (except the capital). Therefore, the aim of our research is to identify the circumstances that prevent municipalities from pre-evaluating investment projects, analyze the challenges municipal authorities faces in this area, make appropriate conclusions and develop recommendations to solve the existing challenges. There was approved "Investment Project Management Guide" by the Government Resolution №191 on the management of public investment projects (22.04.2016); The management methodology of investment project was approved y the order of the Minister of Finance of Georgia N165 (22.07.2016) and according to them, public investment projects with a value of 5 million GEL or more were subject to selection and evaluation. According to the international practice, the above-mentioned guide and methodology suggests the use of CBA - Cost-Benefit Analysis and CEA - Cost-Effectiveness Analysis methods for the evaluation of alternative projects. Cost-benefit analysis in the evaluation of a public investment project is characterized by certain specific features, which is reflected in the fact that the evaluation of costs and benefits of the investment project goes beyond the narrow spectrum of financial indicators of the implementing agency and is done in a broader economic context. It is called as economic cost-benefit, which refers to the estimation of costs and benefits in the context of society as a whole, including possibly costs and benefits for which market prices are sometimes not directly observable. Therefore, in order to evaluate investment projects with this approach, it is necessary to have a number of statistical data and information in the target area of the project, depending on the specifics of the project, which in most cases are impossible to obtain at the municipal level. Therefore, they are not able to use the cost-benefit approach when evaluating alternative projects. However, as our observations have shown, this is not the only reason and there are other interceptive conditions. In that case when it is not possible to calculate the benefits of project implementation with sufficient accuracy, it is advisable to use cost-effectiveness analysis to evaluate projects. That should be relatively simple for the municipalities, however, in the 10 municipalities we did surveys, there is not a single case of its usage and investment project evaluation in general has not been identified. In the process of the survey, from the respondents which represent the economic services of the municipalities, it was found that the majority (about 75%) are not well acquainted with the requirements of the above guide and methodology, about 80% do not have an economic education that will allow them to practice independently evaluate investment projects in the process of activities. After getting acquainted with the essence of the methods of cost-benefit analysis and cost-effectiveness analysis, the problem of finding relevant statistical indicators was named as the main obstacle to the process of evaluation of investment projects by these methods. They also emphasize that the lack of statistical information at the municipal level also delays the effective implementation of the municipality's activities in many other areas. As a result of the conducted research, we can conclude that in order to effectively conduct the pre-selection-evaluation process of investment projects at the municipal level following issues has to be considered: • Increase the qualifications of relevant staff of municipal bodies and provide them with relevant knowledge and skills to be able to evaluate investment projects funded by the municipality using a proven methodology based on objective analysis. Moreover, in order to achieve this, except providing staff training, we also consider it advisable to appoint experienced external consultants (Coach) to the municipalities at the first stage, who will offer their staff on-the-job training; • As a result of the cooperation between the Municipalities and the National Statistics Office, the list of key statistical information that is critical to the effective implementation of municipal government should be defined and the National Statistics Office should be responsible for collecting, processing and delivering it to municipalities; • Municipalities should evaluate investment projects in the first stage using the cost-effectiveness analysis method, and after purchasing the relevant competencies and providing the necessary statistical information to the relevant staff, gradually introduce other methods, including the cost-benefit analysis method; • After implementing the given recommendations, a amendment should be made in the relevant government decree and the cost of the investment projects that will be subject to selection-evaluation by the above-mentioned methodology should be reduced to 1 million GEL. There is no doubt that the implementation of these mentioned recommendations will give a number of positive results to the municipalities, among which we should first of all mention the increase in the efficiency and effectiveness of public finance spending

The implementation of investment projects in Russia is associated with a lot of different problems caused by non-financial factors. The high degree of uncertainty of the investment situation, the lack of awareness and subjectivity of the decision-makers on the investment choice, the unreasonableness of the selection criteria, as well as the difficulties in the interaction of actors are due to the lack of systematic mechanisms for managing the investment process in the Russian economy as a whole. Together, they form a fairly voluminous complex of related problems. The article is devoted to the study of these problems and ways to solve them. It focuses on the mutual influence of the organization of interaction between participants in the investment process and investment choice procedures.Purpose: to develop proposals for the formation of mechanisms for interaction between stakeholders to ensure a systematic justification of the investment choice.Methods: in the preparation of this article, the methodology of applied system analysis and modeling is implemented, decision-making methods are used, including the Analytical Hierarchy Process.Results: the importance of the pre-investment stage of the investment process as the stage that generates most of the problems of stakeholders is argued. The approach to building system mechanisms of interaction of participants of the investment process at the pre-investment stage is justified. The schemes of such interaction and procedures for making investment decisions are proposed within the framework of the constructed modified model of multi-criteria investment choice. The formation of systemic mechanisms of interaction between participants in the investment process is carried out based on the need for a systematic justification of the multi-criteria choice of an investment project, taking into account the interests of all interested parties. The proposed methodology was developed through the development and modification of the Analytical Hierarchy Process by T. Saati and is aimed at improving the organization of the investment process and the implementation of investment choice based on generalized criteria of satisfaction, efficiency and effectiveness.Сonclusions and Relevance: the formation of system mechanisms of interaction of participants in the investment process at the pre-investment stage was carried out by developing a set of procedures that accompany the process of justifying a multi-criteria investment choice to achieve satisfaction, efficiency and effectiveness of the activities of all actors. The formation of system mechanisms of interaction of participants in the investment process allows to coordinate their interests, opportunities and limitations of the participants' activities, as well as to give the investment process purposefulness and manageability.

The development and evaluation of investment projects is a very important issue that falls into the hands of the financial managers, taking into account especially the fact that the structures that make the object of these projects are of high value. The first part of the project, materialized in the first article of a trilogy, targets the company’s market.

The development and evaluation of investment projects is a very important issue that falls into the hands of the financial managers, taking into account especially the fact that the structures that make the object of these projects are of high value. The second part of the project, which is presented in the second article, refers to the project cost estimation and the identification of the main income and expense flows.

In many countries wordwide there is an urgent need to increase the housing level. However, a significant increase in this level is hindered by a number of factors. Among these factors, the significant risk of housing construction investing is essential. Reducing the riskiness of housing construction investing requires, among other things, the use of scientifically grounded risk planning methods in such investment. With taking this into account, the purpose of this work is to develop methodological principles for the housing investing risk planning. The study subjects were the patterns of forming the housing construction investing risks. The methodology of this study involved the use of systems analysis, economic and mathematical modeling, tools of decision theory, and technical and economic calculations. Among the results of the study, the formed input information array needed for planning the housing investing risks should be noted. This array includes the following main blocks: information on the available regulatory and legal support for housing construction; information on potential developers, intermediaries, and other entities investing in housing construction (particularly on the occurrence of risky events’ frequency and scale in their activities); information on potential investment objects (such as their preliminary estimated costs, consumer characteristics, construction terms); information on the concluding agreements’ conditions and procedure between the housing construction investment subjects. The indicator system for retrospective assessment in housing construction investing risk is proposed. In particular, the following indicators groups are included in this system: actual frequency indicators of risky events’ occurrence in the investment entities’ activity in the previous period(s); specific indicators of the risky events’ occurrence scale in the investment entities’ activities in the previous period(s); relative indicators of the risky events’ occurrence scale in the investment entities’ activities in the previous period(s). Also, this indicators system was supplemented by a number of generalizing indicators. The sequence of the risk planning process in housing construction investing for all the main participants of the process is proposed. For the investors particularly, this sequence contains the following sequential actions: a set of situations in which the construction object may appear is formed; the probability for each of these situations is estimated; the expected value of the economic benefit from the housing purchase in each situation is set; the mathematical expectation calculation of the value of economic benefits from the housing purchasing is made; the coefficient of variation is calculated according to the average linear deviation of economic benefits from the housing purchasing; the estimated market value of a residential real estate object is calculated taking into account the risk factor; the profitability index of the particular dwelling purchase operation is calculated. The practical implication of the developed methodological principles of the risk planning in housing construction investing in the practice of the construction subjects will increase the approved management decisions validity.