As a result of studying this chapter, the student must:


• ways to solve research problems;

• the laws of the development of nature, society and thinking and be able to operate with this knowledge in professional activities;

• modern legislation, regulatory documents and methodological materials that regulate the financial and investment activities of economic entities

• the social significance of their future profession;

be able to

• have a high motivation to perform professional activities;

• Develop options for management decisions and justify their selection based on criteria for socio-economic efficiency;

• use regulatory legal documents in their activities;

• Analyze the relationship between the functional strategies of companies in order to prepare balanced management decisions;


• methods of quantitative analysis and modeling, theoretical and experimental research in the field of risk management;

• the ability to assess the impact of investment decisions and financing decisions on the growth of the value (value) of the company;

• The ability to independently acquire (including through information technology) and use in practice new knowledge and skills, including new areas of knowledge not directly related to the field of activity.

Stages of formation of the investment program

The strategic plan defines the main areas of investment activity and does not contain benchmarks or indicators, and the planned investment projects are characterized by aggregated indicators, without detailed elaboration. Achievement

The goals of the strategic plan are provided by the development and implementation of annual investment programs.

If the strategic plan determines the main directions, goals and objectives of investment activities, then the annual investment program is a concrete plan of action that is deployed and comprehensively justified.

It's important to remember

The strategic investment plan is designed to identify key areas of investment without detailed elaboration, and annual investment programs specify the strategic investment plan and ensure the achievement of its objectives.

The program, as a rule, reflects three groups of projects:

- the completion or continuation of the investment phase of the projects that have been undergoing since last year;

- implementation of projects, the investment stage of which fully fits within the framework of the annual program;

- projects, the implementation of which begins this year, but ends next year (or in subsequent years).

Therefore, at the same time there are three interrelated documents functioning as a single planning system and including:

- a strategic investment plan for a specified period, for example, for 3 years;

- the annual cut of the strategic investment plan;

- an annual investment program.

Investment decisions on mutually exclusive investments

The general rule for assessing the investment attractiveness of investments is that in the event of a contradiction between the evaluation criteria, the final conclusion must be made on the basis of MDU. However, the MRA has a significant drawback - its dependence on the accepted value of the discount rate. Accordingly, a reliable estimate of investment attractiveness based on MDB can be obtained only in conditions of stability of interest rates.

In order to adequately assess the investment attractiveness of projects, it is recommended to study the graph of MDB from a change in the discount rate, which:

- is a non-linear relationship;

- crosses the abscissa axis at the point corresponding to the internal rate of return of the project (1YA);

- crosses the y-axis at the point corresponding to the net cash flow of the project (MGU).

The intersection of MDU profiles of projects that are compared is usually called a Fisher point.

Since the discount rate is the only exogenous parameter of the investment project established by the analyst independently, the calculation of the Fisher point avoids the subjectivity of the corresponding estimates of the effectiveness of the investment.

Example 8.1

Define the Fisher point for two alternative projects A and B, , characterized by the following metrics:


Cash Flow

0th year

1st year

Year 2

3rd year

4th year














1. We will define the cash flow as the difference between the flows of projects B and A.


Cash Flow

0th year

1st year

Year 2

3rd year

4th year







2. We calculate the internal rate of return for the project (B - A ), it was 7.36%. This will be Fisher's point.

Thus, the Fisher point of the projects A and B was 7.36%.

Fisher's point influences the adoption of management decisions by comparing it with the actual discount rate and allows you to choose a project that will maximize the net present value.

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