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Regular version of the site

Article

Эвристические методы в оценке инвестиционных проектов

Финансы и кредит. 2015. № 5 (629). С. 51-63.
Штефан М. А., Орнатский А. А.

The article substantiates the need for using not only quantitative but also qualitative characteristics in investment project evaluation. This conclusion bases on the analysis of methods and criteria, which are proposed in literature and in practice. To select the most attractive investment projects, in addition to widely proven quantitative methods that are based on evaluation criteria related to discounting (net present value, net terminal value, investment profitability index, internal rate of return, discounted payback period, economic value added, cash value added, etc.), we propose to use heuristic methods of decision-making, such as the Delphi method and the ranking method. The results of the study may serve as a tool for modern companies in their comprehensive multifactorial evaluation of investment projects by way of calculating integral criteria, in selecting the best projects with equal values of quantitative criteria, in case of need to consider group judgment while selecting investment projects. The ranking method is easier than the Delphi method; therefore, it is less labor-consuming. However, the results of project evaluation under the Delphi method are more accurate and unbiased, as they are based on the opinions of a group of experts. In any case, heuristic methods in investment project evaluation, along with the generally accepted quantitative approaches, provide more accurate, comprehensive and objective results.