Investment project efficiency and risk evaluation: an integrated approach

The article deals with the problem of assessing the socio-economic efficiency of investment in the expansion of University housing infrastructure. Evaluating the effectiveness of investment design solutions is the main approach to determining the return on investment of financial resources in expanding the Fund of student dormitories, in which both investors and all participants in the implementation of investment projects for the construction and modernization of student dormitories are interested. To determine the socio-economic efficiency of the investment project for the construction of housing infrastructure of higher education institutions, a system of indicators was formed. Methods for calculating the socio-economic efficiency of housing infrastructure investment projects based on qualitative and quantitative criteria are considered. A step-by-step implementation of methods for assessing the socio-economic efficiency of projects for the modernization of student housing stock is presented. Since all regions of Kazakhstan set the task of expanding the University's housing infrastructure through the construction of new and reconstruction of existing dormitories with the use of public-private partnerships, there is a need to expand student housing Fund, which is based on the data of the operator of the state program of JSC "Financial center" of the MES RK, which determines the need, funding sources, manage cash flow to ensure the introduction of new places in hostels for students, undergraduates and doctoral students, draws up contracts with investors.

Quantitative and Qualitative Ultrasound Evaluation for the Diagnosis of an Anterosuperior Acetabular Labral Tear.

Abstract. The article is dedicated to a comparative analysis of multi-criteria decision-making (MCDM) methods, particularly the Analytic Hierarchy Process (AHP) and the TOPSIS method, for information-analytical support of scientific research in project selection within the field of international trade. The article examines the theoretical foundations of the AHP and TOPSIS methods, identifies their key features, advantages, and disadvantages, and justifies the appropriateness of their use in decision-making processes related to selecting investment projects in the global market. The study analyzes approaches to integrating qualitative and quantitative criteria, which allows for the consideration of economic, political, social, and other factors in project evaluation. Special attention is paid to the practical application of the AHP and TOPSIS methods, demonstrated through the example of choosing the optimal market for the expansion of an international company, which includes an analysis of economic potential, political stability, logistics infrastructure, market barriers, and cultural proximity. The article analyzes how different MCDM methods can influence management decision-making, considering the specificity of the data used and the company's strategic priorities. The paper also explores the possibility of combining AHP and TOPSIS methods to achieve more substantiated and reliable results and to improve the accuracy of alternative evaluation. Recommendations are provided on selecting the appropriate method depending on the specific context and research objectives, as well as ways to enhance existing approaches to support strategic decisions in international trade. The article may be useful for researchers, analysts, and practitioners involved in investment project selection and business process optimization in international markets.

Aim . The presented study aims to formulate the methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects in the context of negligible transaction costs. Tasks . The authors analyze the effect of the relationship between the subjects of an investment and construction project on its efficiency; examine the major groups of fundamental economic mechanisms for enabling integration cooperation between economic entities; describe the IPD approach as the methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects; define the principles of formation of local and global maximum economic effects of investments at the stage of an investment and construction project; formulate the methodological foundations of an economic IPD partnership, which is viewed as a market mechanism for maximizing the integral effect of an investment and construction project. Methods . This study uses general scientific methods of cognition and the institutional approach, which considers the market, organizational, and government groups as the fundamental economic mechanisms for enabling integration cooperation between economic entities, to develop the economic fundamentals of the IPD approach as a methodological basis of a market mechanism for ensuring the efficiency of investment and construction projects. Results . During the implementation of investment and construction projects, the so-called mutual effects of independent entities arise when changes in the cost and/or duration of one stage of the project affect the quality of the results at another stage. The need to develop mechanisms for ensuring the integral efficiency of investment and construction projects by compensating for efficiency losses at each stage is substantiated. In the case of negligible transaction costs, the best such mechanism would be to establish voluntary agreements between the parties based on a market mechanism. In investment and construction management, IPD contracts serve as the instrument of such agreements. The authors develop a methodological basis for an economic IPD partnership by differentiating the subjects included in the IPD contract in correlation with their costs and results within the investment and construction process and by establishing the conditions for remuneration payments and internalization of "internal" externalities by types of subjects in the IPD project. Conclusions . Economic interaction modeled according to the presented methodology is meant to ensure a cognitive IPD partnership combining the knowledge, competencies, and interests of different subjects, experts and specialists, which in turn serves as one of the mechanisms for maximizing the integral effect of an investment and construction project. Having a common digital information space for the project is a modern prerequisite for a successful IPD partnership based on the presented model of economic interaction between subjects.

Introduction. Improving the quality of medical services and raising the effectiveness of the operation of the subjects of the medical system of Ukraine requires intensifying innovation, which needs significant investments. So, the application of qualitative methods for analyzing the efficiency of such projects is of great importance.Problem Statement. Scholarly research and methodological framework and practical recommendations deal with the identification of problem areas and aspects of the implementation of innovation and investment projects at healthcare institutions in Ukraine.Purpose. The purpose is to comprehensively analyze and to identify the problematic aspects of the implementation of innovation and investment projects by healthcare institutions and to determine the measures to address them as well as to increase the effectiveness of the innovation. Material and Methods. In the course of the study, the method of economic and mathematical modeling has been used to perform a composite analysis (using the weighted average method) of the effectiveness of the implementation of innovation and investment projects by the example of healthcare institutions.Results. It has been established that the efficiency of the implementation of innovation and investment projects at healthcare institutions of Ukraine is satisfactory, but such components as the financial and economic sustainability of the project and the quality of intellectual and personnel support, especially the structure of investments and their profitability, staff turnover and the level of professional qualification of medical personnel remain problematic. Financial and economic stability and investment andmarketing development remain the most problematic components of the efficiency.Conclusions. One of the key signs of the efficiency of investment and innovation projects in medicine is their systematic manner that involves a combination of measures to activate and develop investment and innovation in the organizational and institutional (1), the economic (2), the product and service (3), the social and psychological (4) components.

To develop an optimized interpretation strategy of dynamic contrast enhanced breast MRI based on a combination of quantitative and qualitative criteria, the features of 120 histopathologically verified lesions were retrospectively analysed on contrast enhanced dynamically acquired (before and 1, 2, 4 and 7 min following injection of 0.2 mmol kg-1 gadolinium-DOTA) three-dimensional gradient echo images. Quantitative criteria, based on relative signal intensity measurements and qualitative morphological features, including lesion shape, margins and enhancement patterns were analysed in regard to differentiating malignant (n = 70) from benign (n = 50) lesions. Quantitative assessment of enhancement profiles was most accurate when analysis was based on early 1 min measurements. Using a 90% threshold, sensitivity and specificity in detecting breast cancer were 83% and 66%, respectively. When based on qualitative morphological analysis alone, sensitivity and specificity were 83% and 54%. Combined quantitative and qualitative assessment yielded a considerably higher sensitivity, specificity and accuracy of 93%, 74% and 85%, respectively. In conclusion, results from dynamic contrast enhanced breast MRI can be improved by basing the interpretation on both quantitative and qualitative criteria.

In this paper, the current state of the investment projects' evaluation, as well as software tools and methods for solving the corresponding task of investment project selection are analyzed. The choice of investment projects is an actual and important topic for increasing the efficiency of commercial activity of companies. Successful investment project will increase the profitability and competitiveness of the company. One of the perspective approach to solve the problem of evaluation and the choice of investment projects is based on the implementation of the intelligent information systems (IISs). In addition, existing software tools for assessment of the profitability of the investment project are analyzed. Among their limitations are: lack of time factor accounting and limited number of factors (criteria) affecting investment project' evaluation. The authors developed an IIS for investment project selection based on Mamdani-type fuzzy inference engine which allows: (a) more number of factors affecting investment project' evaluation, (b) the use of experience and opinions of experts, and (c) the use of expert estimates in the form of triangular fuzzy numbers. IIS' testing results for several real examples of investment projects confirm the correctness and efficiency of project selection.

Placing the economy of federal subjects of the Russian Federation in the trajectory of sustainable development, increasing its competitiveness are associated with the expansion and increase of effectiveness of investment activity in the regions. With present-day conditions in mind for improving the efficiency of functioning of regional economy one needs new tools and methods of management of regional investment projects based on the latest achievements of science and synthesis of international best experience. The article shows that the main aspect of management of regional investment projects is the analysis and estimation of their efficiency. It influences the pace of development, as well as solving regional socio-economic problems. The paper substantiates the necessity to complement the evaluation algorithm of regional investment projects with functional units of analysis of social, innovative, environmental consequences of projects. Basing on the systematization of the existing estimated figures, we propose the integrating efficiency indicator of assessment of regional investment projects efficiency. The article identifies the main methodological shortcomings in the regional practice of investment planning. Taking into account these shortcomings in the activities of regional authorities will create conditions for increasing the efficiency of administrative decisions in this field and on this basis will provide the dynamic development of a particular area. The authors develop a method of multi-criteria assessment of regional investment projects efficiency, which provides for the calculation of economic, social, innovative and environmental efficiency indicators, the application of the Pareto principle, the construction of vector diagrams enabling executive authorities to determine reasonably the priority directions of socio-economic policy. The results of the research have practical implications and can be used by local authorities in the selection of priority investment projects supported by public funding and guarantees, as well as in the preparation of regional special programs of socio-economic development. DOI: 10.5901/mjss.2015.v6n5s2p362

The analysis of current regulations shows that only a few indicators (budgetary effect) are used to assess the budget efficiency of investment projects in Ukraine, and the decision on financing is not made from it. As a result, it is necessary to raise the issue of introducing an additional system of indicators for assessing the effectiveness of investment projects, which characterize the return on investment of budget funds. Thus, the purpose of this study is to develop proposals for improving the methodology for assessing the budget effectiveness of investment projects. The main indicator for assessing the effectiveness of projects that provide state or regional financial support is the budgetary effect. Budget effect is the main indicator of budget efficiency used to justify the decision to finance the project, which is often defined as the difference between inflows and outflows of budget funds, taking into account discounting. The paper proposes to introduce additional indicators to assess the budget efficiency of the investment project, in addition to the payback period of state support. Absolute budget effect. which will be calculated in the form of two indicators: taking into account and without taking into account loans to banks under government guarantees. This calculation is justified, as the budget effect may be understated by including bank loans in the definition of this indicator, while the state budget may not incur costs under its guarantee obligations. Absolute budgetary effect, which characterizes the total amount of funds that the country's budget will receive as a result of the project. Relative budget effect, which characterizes the ratio of budget investments to the investment project and additional revenues to the budget. Budget profitability – shows how many monetary units the project implementation brings per unit of budget funds spent. Due to the fact that this indicator is based on the indicator of the absolute budgetary effect, the calculation of this indicator will be calculated taking into account and without taking into account bank loans issued under government guarantees. The authors have developed some modifications to the calculations for assessing the budget efficiency of investment projects, as well as the calculation of indicators of budget efficiency of projects that characterize the return on investment: absolute budget effect, relative budget effect (indirect and direct), budget profitability.

Impact or risk assessments of alien species can use qualitative criteria (such as verbally described categories) or quantitative criteria (numerically defined threshold values of empirically measurable quantities). According to a common misconception, the use of qualitative criteria in invasion biology is justified by uncertainty in the available data. Yet qualitative criteria have the effect of increasing uncertainty. In contrast, assessments using quantitative criteria are testable, transparent, highly repeatable and comparable. Most of these characteristics do not even depend on the availability of numerical data. Although quantitative criteria do not necessarily make assessments correct, they do make them correctable, which is the benchmark of science.

The article examines the essence of the analysis and assessment of the risks of investment projects in the innovative development of the country's economy. One of the most important tasks for investors in the context of the coronavirus crisis is the analysis, assessment and effective management of risks that can affect investment projects before investing. And also, the investor must identify the factors that negatively affect the project and develop measures to reduce their negative impact. Based on the above, it can be said that improving the risk management methodology and evaluating investment projects based on modern and best practices has become one of the urgent tasks. In this article, the author explains the essence of risk management and presents the main stages of risk management developed by foreign and domestic economists, and also expresses her own opinion about the stages of risk management of investment projects in the form of a scheme. The article also presents the content of the methods of risk analysis that are frequently used in practice. In particular, the author shows the essence of methods for assessing investment risks, such as Break-even point, the sensitivity analysis of the project, the method of Scenarios, the method for assessing the sustainability of the project, Expert evaluation method, Analogy method, and others. We can identify two aims of research: 1) to study the stages of investment risk management, developed by foreign and domestic scientists, and, on their basis, to propose the stages of risk management, developed by the author; 2) to study various methods of risk assessment, which are a key part of investment risk management, and develop proposals for their application in Uzbekistan. To achieve the objectives of the study, the following tasks were identified:  explain the content of the economic categories “risk” and “investment risk”;  explain the content of investment risk management;  study of the process (stages) of investment risk management, developed by foreign and domestic economists;  development by the author of the stages of the investment risk management process;  study and outline methods for assessing the risks of investment projects;  development of recommendations on the application of risk assessment methods in Uzbekistan. Subject of research: methods for assessing the risks of investment projects. Information sources for writing the research was books and articles by foreign and domestic economists.

The subject of the article is methods and models for assessing the criticality of industry information and telecommunications systems (ITS). The purpose of this article is to analyze the existing methods and models of criticality assessment and use its results to propose a functional model for calculating the quantitative criterion for assessing the security of ITS. Results. Based on the known method of hierarchy analysis, a functional model for calculating the quantitative criterion for assessing ITS security is proposed, which, through the processing of expert assessments, allows to obtain a quantitative indicator of ITS security. This makes it possible to simplify the procedure for selecting experts, to avoid the specifics of processing expert data, as well as to assess ITS in a limited amount of statistics. Conclusions. The study showed that the developed model for calculating the quantitative criterion for assessing the security of ITS, using pairwise comparisons, allows experts to focus on the problem. In addition, the proposed model has a built-in quality criterion of the expert and allows to move from a qualitative assessment in the form of an ordered series of alphanumeric combinations, to a quantitative assessment in the form of the ratio of the basic security profile to the security profile defined by the expert.

This paper uses fuzzy sets and fuzzy numbers to reduce the subjectivity in the assignment of qualitative criteria in a design problem. Through fuzzy measures and the Choquet integral it is possible to combine multiple qualitative and quantitative criteria into a single numerical value and make a proper design decision. The fuzzy measures, indicators of the importance of single criteria are determined using a linear program optimization method. The input for the linear program is only a preference order of some of the alternatives. With the verified fuzzy measures it is then possible to compute a single numerical value for the remaining alternatives. This results in an order of preferred design constructions and a recommendation for an optimized design. The theory is applied to EEGIEOG (electroencephalography/electrooculography) electrode placement for sleep monitoring by incorporating the criteria: comfort, reliability and power consumption.

This paper focuses on the sorting problems with multiple types of attributes. About the attributes, in which are divided into qualitative attributes, quantitative attributes, qualitative criteria and quantitative criteria. Granules of knowledge are defined by applying four types of relations simultaneously: indiscernibility relation defined on qualitative attributes, similarity relation defined on quantitative attributes, dominance relation defined on qualitative criteria and quasi-partial order relation defined on quantitative criteria. To guarantee the tolerance of the system, the threshold is adjusted, resulting in a N-neighborhood system comes into being. The consistency measure which possess properties of monotonicity is regarded as the Likelihood Function, so the optimal threshold is obtained by Maximum Likelihood Estimation, as a result, N-neighborhood system is converted into optimal 1-neighborhood system. Therefore, we proposed the Optimal-Neighborhood Statistics Rough Set Approach with Multiple Attributes and Criteria.

The appraisal and forecasting on the risk of investment projects is the key problem in the investment decision-making process. Aiming at overcome the defect of the previous research, this paper analyzes and forecasts investment risk of high-tech small or medium-sized enterprises (SMEs) and illuminates the fuzzy character of risk factors. In terms of multi-dimension characteristic of the risk, the paper adopts the fuzzy comprehensive evaluation model to evaluate and forecast the risk of investment projects of high-tech SMEs. To test the proposed methodology, an application is described at a high-tech small company.