Phases of implementation of the investment project...

Investment project implementation phases and types of analytical work

When considering and implementing an investment project, it is customary to allocate several phases. Analytical work on each phase has its own characteristics. Let's consider the key elements of this work in phases.

1. Pre-investment phase. Analytical work includes: comparison of markets in terms of investment attractiveness, analysis of the company's position in the market, formation of the company's investment strategy and the objectives of the projects under consideration, economic evaluation of project implementation options, adjustment of implementation conditions. With a well-established investment activity in the company, the process of studying the market, promising areas of investment is constantly ongoing. The investment division of the company periodically reviews investment proposals several times a year. The investment budget is usually set at the beginning of the year.

2. The investment phase (ensuring the movement of money within the framework of investment activity) can last from several months to 4-6 years. Analytics at this phase - monitoring the implementation of the investment budget, analyzing market changes and adjusting investment plans.

3. Operational ( or operational, realizatsionnaya) phase - stage of implementation of the investment project, at which the company receives various effects from the created assets, primarily cash. It is usually fixed from the moment of the first receipts of proceeds. The analysis consists in calculating the current return on capital created by years of cost and justifying decisions on the reorganization of the project (termination, expansion, freezing).

4. Final , liquidation phase, on which the process of termination of the project is implemented. Analytics is implemented in the form of control over the received liquidation cash flows.

The main task of the pre-investment phase is to evaluate the feasibility of investing in certain objects. Enlarged pre-investment studies can be divided into several types of work:

a) rapid assessment of investment opportunities for the project on aggregated data (data on prices and costs are usually taken from analogical projects, according to industry estimates, and not on the basis of specific information on suppliers, consumers, etc.)

b) preliminary feasibility studies (feasibility studies) - evaluation of the concept and study of additional data. The geographical and economic situation in the region of the project implementation, data on the nature of employment and income per capita, on the developed and potential production factors are analyzed, the infrastructure (especially the transport and power supply systems), the demand for output, the capacity of engineering, construction organizations and others are studied. Identify:

■ possible economic alternatives: market and enterprise capacity (research of demand, sales and marketing, production program and capacity of the company, taking into account additional assets created);

■ material costs;

■ production and distribution locations;

■ the technical aspect of the project (technology and equipment, the composition of civil engineering projects);

■ overhead (general factory, administrative and commercial);

■ availability of labor resources (workers, engineers and employees);

■ timing of the project;

■ financial aspect (the size of investment costs, sufficiency of own funds, the possibility of external financing);

c) a feasibility study of the project - justification of its feasibility (feasibility), efficiency and viability based on all available information;

d) the conclusion on the evaluation of the project and the decision to invest.

The costs of conducting pre-investment studies (% of costs in the investment phase) are approximately:

■ express assessment - 0.3-0.5;

■ Opportunity research - 0.2-1.0;

■ Feasibility study - from 1.5-3.0 for small companies and projects and up to 0.5-1.0 for large.

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