Introduction
Chapter 1. Management of Investment Projects
1.1. The concept of an investment project
1.1.1. Objects and forms of investment
1.1.2. Types of investment projects
1.1.3. Structure and features of investment projects
1.1.4. Project Life Cycle
1.2. Organization of work with investment projects
1.2.1. Project Management Planning
1.2.2. Project Management as a management system
1.2.3. Project Management Functions
1.2.4. Project Management at Different Stages of the Life Cycle
1.3. Information technology, assessment and possible risks of investment projects
1.3.1. Risks of investment projects
1.3.2. Evaluation of the effectiveness of the project
1.3.3. Information technologies in investment activities
Chapter 2. Analysis of the enterprise "Vistreid", implementing an investment project
2.1. Brief description of the company's services
2.2. Evaluation financial state Enterprises
2.2.1. Analysis of solvency of the enterprise
2.2.2. Liquidity of the enterprise
2.2.3. Financial indicators of the company
2.2.4. Analysis of assets turnover
2.2.5. Policy LLC "Wistraid" in the selection of areas of investment
Introduction
The investment activity of enterprises largely determines the effectiveness of work in the long term, the feature is to survive in competition, to enter new markets, master new types of products.
For investment activities, enterprise specialists need relevant knowledge, since investment management involves the formation of an investment strategy of an enterprise, creating and evaluating its investment portfolio and risks, investment attractiveness of potential investment facilities, justification and evaluation of the effectiveness of real investment projects and alleged investments and securities. To successfully manage this activity (including enterprises), the specialist should be well intended to be well in all matters of investment management, which means its specificity, to be able to properly apply theoretical knowledge to achieve high efficiency of management.
Under the organization of work with investment projects means the art of leadership and coordination of labor, material and other resources throughout the project life cycle by applying a system of modern methods and management techniques to achieve the results of the results and volume of work, the cost, time, the quality of the project. Moreover, the investment policy is aimed at financing projects that have the minimum implementation periods and capable of bringing maximum profits. Such projects that meet these conditions are most often undergraduated or reconstructed construction objects. They are focused on the production of new services, improving modern housing conditions Citizens, reduction of construction terms, the use of a new material and technical base and, as a result, receiving profit for investors.
For all time, during which the investment project management technology is used in construction, a number of techniques and tools designed to help project managers and investors were developed.
In order to cope with the time limitations use methods for building and control calendar work schedules. To manage financial restrictions, methods of forming a financial plan (budget, calendar plan) of the project and, as far as possible, the budget is monitored, in order to not give costs to exit control.
To perform work, their provision is required to provide modern human and material resources for which special control methods are constantly being created and improved.
In connection with the foregoing, the purpose of this term paper is: consideration of all issues related to management investment project. To achieve this purpose, the following tasks must be solved:
1. In detail to consider the concept and main characteristics of investment projects, their classification and structure.
2. Get acquainted with the concept and structure of the management of the investment project, methods and systems for organizing work with projects, planning project management, functions, management of the investment project at different stages of the life cycle, evaluation of the effectiveness of the project.
3. Develop a project to expand the enterprise, increasing product evodulation, by investing in a small investment project.
Chapter 1.Management of investment projects
All enterprises to one degree or another are associated with investment activities. Any firm as a result of its functioning faces the need to invest in its development. In other words, the firm is effectively developing, it needs a clear policy of its investment activities. In any effective firm, the investment process management issues occupy one of the most important places. However, the adoption of investment management decisions is complicated by such factors as:
Limited financial resources available for investment;
The risk associated with the adoption of a particular investment solution.
The degree of responsibility for the adoption of an investment project within these directions is different. If we are talking about replacing existing production facilities, the solution can be accepted quite painlessly, since the management of the company clearly imagines to itself, in which volume and with what characteristics new fixed assets are needed. If we are talking about investments related to the expansion of the main activity, the task is complicated, since in this case it is necessary to take into account a number of new factors: the ability to change the situation of the group on the product market, the availability of additional volumes of material, labor and financial resources, the possibility of mastering new markets, etc. .
It is also important to the question of the amount of alleged investment. Thus, the level of responsibility related to the adoption of projects worth 100 thousand rubles and 100 million rubles is different. Therefore, the depth of the analytical development of the economic side of the project, which precedes the decision-making should be different. Many firms practices the differentiation of the rights of making investment decisions, i.e. The maximum amount of investments is limited, within which one or another leader can make independent decisions.
Quite often decisions are made in conditions when there are a number of alternative or mutually independent projects. In this case, it is necessary to make a choice of one or more projects based on some criteria. It is obvious that such criteria can be somewhat, and the likelihood that some kind of project will be preferable to others, as a rule, less than one.
In a market economy, there is quite a lot of investment opportunities. At the same time, any enterprise has, as a rule, limited free financial resources available for investment. Therefore, it is necessary to choose the optimal investment project.
A very significant risk factor. Investment activities are always carried out in conditions of uncertainty, the degree of which can vary significantly. For example, at the time of acquiring new fixed assets it is very difficult to predict the economic effect of this operation. Therefore, decisions are made on an intuitive basis, however, they should be supported by an economic calculation.
1.1. The concept of an investment project
The implementation of investment objectives involves the formation of a set of isolated or interrelated investment projects. The system of interrelated investment projects that have common goals, unified sources of financing and management bodies are called the investment program. The investment project is a complex of interrelated events, assumed certain investments of capital for a limited time in order to obtain income in the future. At the same time, in a narrow understanding, an investment project may be considered as a complex of organizational and legal, financial and design and technological documents necessary for justifying and conducting relevant work on achieving investment goals.
1.1.1 Structure and features of investment projects
With investment design, the project is mainly considered as a process. Project consideration as a structure allows the project decomposition for several principles and features.
By the nature of the elements, the project can be divided into:
Project documentation;
Production facilities;
Industrial premises;
Technological equipment;
Production technology and work;
Product Product, Work, Services.
Depending on the nature of the project itself, there may be other elements, or the same, but divided in more detail.
Providing project elements:
Finance;
Staff;
Commodity resources;
Territory, room, placement;
Contacts, agreements, agreements;
Other elements contributing to successful development and implementation
One of the main elements in the project structure is its participants. They ensure the implementation of the designs laid down in the project. The number of participants, depending on the complexity of the project, can be from one to hundreds. Each of them has its own functions, as well as the tasks, the degree of participation in the project and its measure of responsibility for its results.
Consider each of the project participants:
1. Customer - Future owner and user of the project results. The customer can be both an organization and several who have united their efforts, interests and capital to implement the project and use its results.
2. Investor. - The one who invests funds into the project. Often the investor is both the customer at the same time. If the investor and the customer is not the same person, the investor concludes a contract with the customer.
3. Designer - Developer of design and estimate documentation.
4. Provider - Carries out material and technical support of the project (procurement and supply).
5. Contractor - a legal entity that is responsible for performing work in accordance with the contract.
6. Consultant - These are firms and specialists involved in contractual terms for the provision of consulting services to other project participants on all issues and at all stages of its implementation.
7. Project Manager - This is a legal entity, the project manager to which the Customer (or Investor) delegates the authority to leaders the work on the project: planning, controlling and coordinating the work of project participants.
8. K. omanda Project - A specific organizational structure headed by the project manager and created for the period of the project to effectively achieve its goals.
9. Licensee - legal or individual - license holder and "know-how" used in the project. The licensor provides on commercial terms the right to use the necessary scientific and technical achievements in the project. Work and other costs. Investment project - substantiation of economic feasibility, volume ... tax taxing organizations " Participants of this investment project Not freed from ...
Investment project for the production and implementation of the company's software "Quester Plus"
Degree work \u003e\u003e Financial sciencesObtained information to make up for organizations business plan ( investment project). Sources of information for research ... Provision, as well as subsequent support. Organization works According to the simplified tax system. Brief...
Investment projects are complex objects in which a huge amount of resources are involved, connections. At the initial stage in the documentation investment enterprise can be spelled out to the little things all actions and possible risks, work with financial investments. But during the period of implementation, problems arise: the lack of financial and labor resources, a change in the position in the market, the leap of the course. That is why the investor needs to clearly monitor the history of the life of his own investments. All decisions made may be revised both at the formation stage and the implementation of the investment project. The main purpose of the project investment management is to receive real profits. At the same time, the investor has a specific management system. The type of project, the volume of equity and even personal qualities play an important role in managing.
Construction investment projects require separate documentation. Developing companies whose work is associated with the involvement of third-party investments in their development, have features of the management regime. But exist general principles Work with investment.
To profit from the project invested financial means It was maximum, it is necessary not only to know about the peculiarities of the niche, rules and methods of management, but also to be able to apply the theory in practice.
Principles of Investment Management Principles
The fundamental investment management are:
- minimizing risks;
- maximizing profits.
Investment management is an important, laborious process, a sequence of analysis and decision-making, which contribute to achieving the goal, namely to obtain the maximum return on investments.
The investor or investment manager requires the following:
- evaluation of prospects in the market;
- the choice of faithful direction;
- formation of the investment portfolio;
- development of an investment project management plan;
- development forecast at all stages of project implementation;
- specific implementation actions;
- permanent monitoring, tracking results, process adjustment.
Investor's activities are associated with compulsory rules. The tasks include diagnostics of profitability, payback period, tracking the current cost of the project.
If the investment project management is built correctly, the following conditions will be satisfied:
- profit from investment above the bank deposit;
- profitability of investments above the inflation rate;
- pre-certain risks do not increase across;
- investments are maximum liquid;
- all project participants have clear tasks and follow them.
When choosing an investment manager, it is necessary to understand that this is not only a competent management and economist. Professional must have skills technical analysis, To be able to build a mathematical model of development, be an expert in legislative, tax, regulatory and document spheres.
Important! The number of necessary skills does not mean that ordinary citizens should not act as private investors. Subject to basic rules - preliminary analysis, refusal to participate in doubtful or unfamiliar projects - they have all the chances of success.
Here it is necessary to take into account the specifics of citizens of the Russian Federation and the neighboring countries. Only recently, the promotion of investment and total elimination of financial illiteracy, the study of the material began. Wherein long-term investments It seems something unreliable, frightening and foggy. It's easy to explain financial pyramids in Soviet and post-Soviet time. But with a competent approach, management, market analysis and refusal to "believe the word" in the fabulous profit from investments, any private investor can get solid profit.
Investment strategies
Investment strategy is an analogue of risk management. The investor creates a sequence of actions, the result of which the planned target becomes. A clear program of implementation is being developed, which takes into account the maximum possible number of factors. There are three project management strategies.
Conservative strategy. For this management system, minor risks are assumed. But at the same time, the yield of investments is not high, about 20% per annum. These investments include bond purchases, valuable papers, investing in gold, real estate, functions. There is no need to manage the investment: I bought and wait for a percentage of investments. But the level of inflation will always be higher income from investments, and payback period is sufficiently long.
Moderate strategy. Risk level - medium, yield about 50% per annum. When managing investors, active interaction with all project participants will be required, a good economic knowledge base. The list of objects of moderate investment includes: stocks, securities of non-state enterprises, mutual impact, PAMM accounts, promising startups, IIS, production.
Aggressive strategy. By its essence, this is a game for survival for investors with a decent financial pillow. It will take not only a wide range of knowledge in various fields, but also steel nerves, a permanent analysis of the implementation of the investment project. At the same time the volatility is the maximum. Citizens either receive profits from investments from 100 to 1000%, or lose everything. The objects of aggressive project investment include the development of new technologies, high-tech startups, market directions with uncertain prospects, little-known financial pyramids.
Alpari provides customers with access to a wide range of investment objects.
Investment Management Principles
The structure of private investment in small amounts and management of multi-million assets of a large corporation is completely different. But the basic rules of management exist. In both cases, it is necessary to calculate the steps 10 forward, timely evaluate the current state of the market, conduct research. The management process is based on the following postulates.
- Analysis of investments over the past period. It is assumed that the investor has already had an investment experience (negative / positive). Based on the analysis of the advantages and minuses of its own decisions, it is concluded about the feasibility of making certain measures. Methods for managing the portfolio of investment of large enterprises requires greater implementation: assessments of the marketable congestion, the volume of general domestic capital, etc.
- Determination of investment in the future period. Calculate the volume of the upcoming investment. If additional sources of financing are needed, analyzing possible methods for obtaining. For bank lending The income indicator should significantly exceed the loan rate.
- Form of investment. It depends on the selected strategy and investor tasks (current, long-term). The choice may fall and on investment in the authorized capital of the enterprise, and to invest in construction, production, agriculture, participation in brokerage transactions, receiving a return on deposits in mutual piths or PAMM accounts.
- Development and assessment of an investment and financial project. The project must meet the long-term prospects to solve the current financial tasks. If the investor does not own the necessary knowledge of the knowledge, then entrust this work follows the professional manager. They will be able to thoroughly explore liquidity, calculate the risks and distribute the invested funds.
- Creating an investment program. Formation in detail of the project life plan. In the same stage, official duties are distributed.
- Project implementation. At this stage, the first real difficulties arise. Credit with them will help the competent distribution of responsibility. Private investor He is also a supervisor to himself, therefore his future profit depends on the full immersion in the work process.
- Control program execution. The payback period for investments may vary from several months to several years. It is necessary to constantly monitor the progress of implementation, make adjustments, take into account the instability of the market and the economy.
To avoid problems with investing in financial projects, it is necessary to create a "airbag", that is, part of the profit gained during the implementation of the program to leave for possible risks. Better as the project moves to seek advice from professionals, as well as use several financial instruments.
For each project, the task is to reduce the loss of limited resources, use allocated resources with maximum efficiency. This task is solved by applying project management methods.
Project management methods allow:
Determine the objectives of the project and to hold it substantiation;
Identify the project structure (soda, the main stages of work);
Determine the necessary scope of work and sources of financing;
Pick up performers (through trading procedures and contests);
Prepare and conclude contracts;
Determine the timing of the project, the schedule of its implementation, calculate the necessary resources;
Determine and take into account the risks;
Ensure the control of the project.
The effect of these factors is interrelated with individual components of a feasibility study and is estimated with financial and economic points of view.
To date, the most common methods for managing investment projects is a method of network planning and management, method linear graphs.
The network planning and management method is based on calculations, namely on the use of computing equipment and an affordable mathematical tool. The essence of this method is the graphical representation of all types of work necessary for the implementation of the investment project, in establishing a logical connection between them and strict sequence. This allows you to determine the necessary time to perform each stage of the investment project, plan the necessary action and calculate the costs.
The linear graphics method is inherently a graph, vertically reflected, and horizontally reporting periods Performances (shifts, days, months, quarters, etc.). This method is good for determining the period necessary for the implementation and implementation of a particular type of work, but it does not allow the analogy and comparison with a schedule for performing another type of work.
One of the main requirements for the enterprise in market conditions is its ability to create value added, which includes wage workers cross interest, Profit, minimal obligations to shareholders. If the company does not possess such ability, then, having lost its competitiveness, it is displaced from the market.
The company develops due to the growth of pure income, which is formed from net profit (enrichment of the owner) and depreciation deductions. Therefore, as a criterion of effectiveness, it is possible to consider the value of the value added and capital, which was spent on its creation, and the more will be (services or products should have a high quality) from the enterprise income per unit costs, the more competitive it will be.
Some methods for assessing investment projects are based on this criteria for efficiency. These include income (spectacular) and costly methods:
The cost method is based on the analysis of cost-related costs. They enable the economic annual effect of this project in comparison with alternative.
Profitable, or spectacular, the method is based on the analysis of the results from invested investments, that is, profits (additional, balance, clean), pure discounted income (NPV), clean products, annual economic effect. NPV is a reflection of an absolute result from investment, and Pi (profitability indices) and IRR (internal return standards), including the efficiency coefficient - relative.
Considering the time factor, methods for assessing investment projects are divided into two main groups: static and dynamic.
Static methods (comparison of costs, payback, profits, profitability) are based on indicators using accounting estimates, for example, the efficiency coefficient, the costs, payback period, the economic annual effect.
Dynamic methods (extensive cost, annuity, discounting) use indicators that are based on a pure discounted income, the internal rate of profitability, the investment profitability index, the payback period of the project, that is, on discounted estimates.
Methods for assessing investment projects are differentiated by the number of criteria used in assessing. With this position, the estimate model is divided into regulatory and multifactorial, and in the methods, single and multicracide are isolated.
With a multi-critical method of assessing optimality criteria, in addition to the profitability of the project, such indicators are also served as: capital growth stability, safety, risk, payback period, social and environmental efficiency. Since in regulatory models, the assessment is carried out only on the basis of financial and economic indicators, with a multi-criteria method, multifactor modeling should be applied.
Efficiency can be counted in the forecast or current prices:
At the initial stage of developing an investment project, calculations can be carried out at current prices;
The effectiveness of the entire project is generally produced in both forecast and current prices;
For the development of the financing scheme and evaluating the effectiveness of participation in it uses forecast prices.
It would be a significant simplification of the problem to explain the economic difficulties of enterprises and organizations exclusively in the absence of sufficient investments. Practice allows you to identify a significant number of examples when, carrying out investment activities, the Organization failed, trying to ensure the profitability of business based on free access to resources. Therefore, the problem is not in the presence of investments, but in an efficient, profit-oriented management of them.
High potential, raising business activity becomes an important factor Competitive struggle and this circumstance allows us to consider any changes as a project, the implementation of which is related to the costs of time and means. And the process of these changes in advance developed rules within the budget and temporary restrictions - project management.
Development method special project It is usually used in the event that the planned changes are inappropriate or cannot be carried out during ordinary industrial or business activities.
Currently, the conditions for the widespread use of this method are increasingly formed in Russia. These include:
- - elimination of the planning and distribution system and recognition of various forms of ownership
- - Formation of the market for investment projects, real estate, securities, contract work
- - creation of investment, engineering and consulting organizations focused on the provision of services in the field of economic, managerial, information support for project implementation
- - Changes in the psychology of managers
- - Development of computer programs, networks and email
- - Creation of new market structuresworking with projects (various financial institutions)
- - Attracting investment projects of foreign contractors and investors to implement investment projects, which today are widely used project management methods.
Project Management implies a targeted change in the technical or socio-economic system implemented within a certain time and with a specific budget.
Project Management is the art of leadership and coordination of human and material resources throughout the project's life cycle, by applying the system of modern methods and management techniques to achieve the results of the results and terms of work, the cost, time, quality and satisfaction of the project participants defined in the project.
There are certain differences between production management and project management:
- 1. Project management is associated with the creation of something new or improving the existing one. It is focused on innovations or changes and is one-time activity. When the study is completed, new products are designed, new process Mastered, this work is rarely repeated. In turn, manufacturing management is dealing with more predictable, well-defined tasks. The emphasis is done on periodically repeated templates, reliable plans and procedures and absolutely unacceptable is the unpredictable behavior of machines and people. And, on the contrary, project management implies the creation of an atmosphere contributing to creative changes and implementations. In contrast to project management, which is looking for changes, operational management is looking for the same, repeatability.
- 2. The price or value of one-time activity is determined with great difficulty, while re-action prices can be predicted on the basis of previous data. A similar approach to identifying the resources required for the implementation of activities is different. In production, product growth can be provided with a proportional change in resources. When implementing a project, the lack of people may be more effective than their excess.
The project management methodology is to concentrate rights and responsibility on achieving the objectives of the project on one person or a small group. This activity is carried out by the project manager, mainly concentrating its efforts on the following functions:
- - Drawing and control of cost estimates
- - preparation and control of work schedules
- - Distribution of resources
- - quality control
- - Risk Management
- - Relationships and connections with the outside world.
Currently, two opposite points of view were formed on the qualities that the project manager should have.
According to the first point of view, it is believed that defining for the manager are professional qualifications and technical knowledge in a specific area. According to the second - the main factor is the combination of leadership and special management skills of temporary creative teams.
Supporters of the second point of view proceed from the fact that it is the lack of organizational and management skills that is the most common cause of project failures.
To ensure effective project management, US researchers identify a number of important elements that must be implemented during the project preparation:
first, understanding at all levels organizational structure The essence of the project management,
second, the interest and support of the project by the top management of the organization, thirdly, the ability of units and organizations of the organization to adapt to work in project management,
fourth, the correspondence of the project manager of the selection criteria (clear orientation for obtaining specific results for a certain period, a complete understanding of organizational goals, the desire to make a personal contribution to their achievement, work skills),
fifth, the presence of a genuine leader (authority, responsibility, the ability to establish and maintain business contacts).
Work on the project consists of three stages:
- - The preparatory stage includes the definition of project objectives and the formation of its structure
- - The organizational stage includes work, coordination of actions and performers
- - The final stage is aimed at ensuring the compliance of the results to the goals.
Project management implies compulsory Detailed analysis of the internal and external conditions for its implementation, risk analysis and development of project thinking from the team that implements the project, planning design workcarried out by the project manager and persons responsible for performing its individual stages.
To coordinate actions and monitor the implementation of the project, a certain structure is required, which includes a group of management, project and working group.
The objectives of the Management Group are to determine the strategic goals, the development of management principles, approval of project managers, the development of issues of domestic and foreign policy of the organization, support and assistance to project managers during the project.
The objectives of the project teams include the implementation of approved project work plans, evaluating the results achieved during projects, assessing expenses and saved funds, preventing conflicts and contradictions in the team, reaction to emerging difficulties.
The functions of the Working Group are to fulfill the tasks and goals delivered by the project and management groups.
Depending on the objectives, tasks, scale and other project parameters, two main types of project team structure can be applied.
The matrix structure of the team applies, as a rule, for small and medium-sized projects with a duration of the life cycle to two years.
The project structure is a qualitative new scheme of interaction between divisions and project contractors and is used to manage large-scale projects for a long time (more than two years).
The creation of a project team is usually experiencing five stages:
- - Formation - the main difficulties at this stage are due to personal feelings, relationships in the team, determining the place of the project team inside the organization
- - The period of the team's participants is characterized by such problems as the difficulty of the team's work (NPR, manifestation of authority), manifestation of characters (NPR, the presence of an informal leader), discussion of problems (disputes for any occasion), management errors (weak control, sudden mood change, errors in planning and distribution of resources), relationships (conflicts, lack of interpreteers and trust)
- - The period of normal functioning is the longest and most effective for the project, since each member felt its role and its place in the team with whom he has to work throughout the project life cycle
- - reorganization consists in a quantitative and qualitative change in the volume and types of work, attracting new professionals, redistribution official dutiesdue to the internal and external surroundings of the project
- - The main task of the team disabling the team is that the team members felt the satisfaction of their work and were ready to work together and in the future (as a rule, the manager, starting a new project, invites to the team of those people with whom successfully implemented the previous project).
The project management is intended to optimize the movement of financial and cash streams, and also effectively solve problems arising between business entities in the process of implementing an investment project. The answer to the question of how to skillfully lead this movement and relationships is the content management of the project.
The success of the project is determined by how effectively its plan is carried out, in which the interests of all those who work on its implementation are concentrated. But the effective implementation of the project plan is possible only with a coordinated targeted development of all processes that ensure this implementation, i.e. In effectively managing the project process.
The project can be defined as a system of interconnected elements. The links between the elements of the project, the arising and developing in time, form the process of its implementation. In other words, the process of implementing the project is the process of implementing certain connections between all its elements. With these positions, the concept of project management can be defined as follows:
The project management system is a definition, establishment, regulation and development of links between project elements that ensure the achievement of the objectives set before the project.
Project management, as any other type of management includes a strategy and tactics of management. The strategy is understood by the general direction and method of using funds to achieve the goal. This method corresponds to a certain set of rules and restrictions for making a decision. The strategy allows you to concentrate efforts on those solutions that do not contradict the accepted strategy, paying all other options. Tactics are specific methods and techniques to achieve the goal strategy. The task of the management tactics is the choice of the most optimal solution and the most acceptable management methods and techniques in this economic situation.
Project management as a management system consists of two subsystems: a managed subsystem (management object), which is an investment project generated by them monetary and financial flows and emerging relations between project participants and the control subsystem (management entity), which consists of the company's administration and its divisions, as well as the project manager.
When considering and evaluating project management activities, a number of aspects (approaches) can be distinguished. The most common ones are functional, dynamic, subject.
The functional aspect reflects the general approach to the management problem and suggests the consideration of the main management functions (management activities): analysis; planning; organization; Control and regulation. Management functions are considered a central concept: they are performed at all levels of management activities, in each phase of project implementation, for all its processes and managed objects (elements). The sequence of control functions form a kind of cycle, presented in Fig. 4.2:
Fig. 4.2.
Regulation is like the next level of control and starts a new cycle:
- 1. Analysis of the deviations of the actual state of affairs from the plan;
- 2. Planning work to eliminate deviations;
- 3. Organization of activities to eliminate deviation;
- 4. Control of performing corrected plans, etc.
An analysis of the state in which the project is located is required at each moment when the need to intervene in the course of work. From the analysis begins all the work on the project, all elements of the project are subject to analysis: the timing of the work, the degree of risk, finance, personnel, the course of design, supplies and perform construction and installation work, quality of results, etc.
Planning is a fundamental feature in project implementation process management, which has confirmation of many years of work in this area. Planning are subject to design work, the purchase of technology, materials and equipment, construction and mounting work, delivery of objects into operation, etc. Work plans on the project can be structured in accordance with the division of the project on processes reflecting the logic of project development from its initial stages until the project is completed. Each of these stages (or works within this stage) is an independent level in the structure of the project implementation process.
For each phase of the project, the cost is determined and calendar plans (graphs) of work execution are calculated. The performance schedules are regulated by the costs of resources and the timing of work. The project implementation plan and the graphs associated with it must if necessary, taking into account the changing conditions for its implementation.
The most important direction of planning is to assess the cost of the project. To plan the project costs, four types of estimates are used, which consistently specify the cost of the project, depending on the degree of availability of project work: Viability assessment; factor assessment; approximate evaluation; Final score.
Implementation of the developed project implementation plans is provided by organizational activities. The success of any project depends largely on the proper selection of personnel. Therefore, the main task organizational activities It is the creation of teams to work on the implementation of the project and ensuring their effective labor.
A dynamic project management approach involves consideration in the time of processes related to the main activities of the project. These processes are enlarged as: analysis of the problem; Development of the project concept; basic and detailed design; building; Installation, commissioning, start, operation, disassembly.
The subject approach determines the objects of the project to be sent. There are two types of such objects in the project: production facilities (their composition is determined by the nature of the project) and objects (elements) associated with the implementation of the project implementation, including: Finance, personnel (staff), marketing, risk, material resources, quality , information.
In general, all three aspects of the project management are presented in Fig.4.3.
Such an approach to project management allows you to manage investment activities in accordance with the possibilities of the enterprise, intensifying the management functions at all stages of the implementation of investment projects.
Project Management As a form of entrepreneurial activity means that the management of the movement of financial and cash flows, as well as the relationship between the project participants, cannot be a purely bureaucratic, administrative act. Project Management As a form of entrepreneurship involves the use of scientific foundations of planning, management and analysis.
The essence of the project management as a form of entrepreneurship is expressed in the exchange:
Fig. 4.3.
Money -\u003e Project Management -\u003e Money with an increase.
The scope of the project management application is investment activities firms. By implementing such projects, the company enters into economic, financial, legal, and others. Relations with project participants, forming their business activities.
The essence of the project management as the implementation of entrepreneurial activities express the objectives of the project. The main objectives of the project are determined based on the concept of the project and the corporate goals of its participants. The procedure for determining the objectives of the project may have a serious impact on its implementation. The customer, the contractor and third parties in the course of the project are pursued by many interrelated (including mutually exclusive) goals, the main of which are clearly formulated in the concept of the project and contract documentation.
These main (main) objectives of the project, included in its implementation plan, should most fully take into account the corporate goals of the project participants. However, some goals may not be clear or may not be determined explicitly and occur at various stages of project execution. These implicit goals can have an indirect impact on the course of the project, and as a rule, the question of their impact on the achievement of the main objectives of the project fixed in the concept remains unexplained.
The most complete identification of the goals of all project participants and their clear wording is one of the most important tasks of the project manager, as a common success may depend on this. Objectives should be issued as clearly as possible, determining the relative meaning of each of them and the mechanism of accounting for these purposes in the adoption of alternative management decisions. Thus, the complete implementation of entrepreneurial activities occurs only when the goals set before the project is reached.
Management of investment projects
You can give two basic concepts of project management, which are most often given in the literature.
Project management - It is planning, organization, coordination, motivation and control over the entire life cycle of the project using a system of modern methods and management techniques, the main objective which is to ensure the effective implementation of the results defined in the project and the amount of work, the cost, quality and satisfaction of the project participants.
Project management - This is the art of the leadership and coordination of human and material resources throughout the life cycle of the project by applying modern methods and management techniques to achieve the results of the results and the amount of work, the cost, quality and satisfaction of the project participants.
Project Management also represent as a system model consisting of three interrelated blocks:
1. Controls;
2. control objects;
3. Processes of project implementation.
1.2.1 Project Management Planning
Planning is a fundamental feature in project implementation process management, which has confirmation of many years of work in this area.
Planning are subject to design work, the purchase of technologies, materials and equipment, construction and installation work, delivery of facilities, etc.
Work plans on the project can be structured in accordance with the division of the project on processes reflecting the logic of project development from its initial stages until the project is completed.
For each phase of the project, calendar plans (graphs) of work execution are being developed. The performance schedules are regulated by the costs of resources and the timing of work. The project implementation plan and the graphs associated with it must if necessary, taking into account the changing conditions for its implementation.
The essence of the planning development and project implementation is:
1) in determining and coordinating the time of the content of all work on the implementation of the project;
2) in determining the effective methods and methods for using the resources of all types necessary for the implementation of the project;
3) in establishing effective interaction between all participants and project executors.
Plans are developed at all stages of project implementation: from the development of the project concept, when making decisions on the project and developing its individual parts and stages, including contracting, and end when it is completed. In the planning process, all the necessary project implementation parameters are defined, including the duration of its implementation in general and individual parts, the need for financial, material and labor resources, work volumes and timing of the attraction of various organizations: project, financial, etc. Planned calculations must ensure the implementation of the project in deadlines, With minimally possible costs, at a high level of execution.
The project planning plan is continuous, it continues throughout the project implementation phases before its completion and covers all types of work: design, procurement of materials and equipment, signing contracts, product creation, etc.
The project implementation plan is determined based on the size and complexity of the project itself, as well as its features.
In the implementation of the project, four main plans are usually identified. Consider the content of each of them.
Conceptual plan. The objectives and objectives of the project are determined; possible options Organization of production and ways to achieve goals are rated positive and negative sides Each option, all directions for the implementation of the project with the enlarged structure of the work are established, cost estimate is carried out. required resources And the needs of them. This type of plan is usually called business plan. This is the first and basic plan defining a large fate of the entire project. Its development should be taken seriously. At this stage of planning, endpoints should be clearly defined and their estimate is given.
Strategic plan.Determines the phased planning of the project implementation. Usually, the strategic plan of the project establishes:
1) target stages and basic control points, deadlines for entering objects and production volumes;
2) the deadlines for the completion of the complex of work;
3) organizations - performers and the procedure for their interaction;
4) step-by-step need for phased, labor and financial resources.
Current plan.Specifies the timing of the work, the needs of resources, the timing of work on individual performers.
Operational plan.More details the tasks by the performer into small periods of time: month, decade (week), day. Plans are detailed for individual complexes of work and performers. These are preparatory, project, construction work, production development. This plan can be adjusted based on the changes arising.
1.2.2 Project Management as a management system
The project management is intended to optimize the movement of financial and cash flows, as well as effectively solve problems arising between economic entities in the process of implementing the investment project. The answer to the question of how to skillfully lead this movement and relationships is the content management of the project.
Project Management System It is a definition, establishment, regulation and development of links between the elements of the project, ensuring the achievement of the objectives set before the project.
The implementation of most projects depends on how large resources to achieve the goal to the project, and how they are used. From here there is a problem of optimal resource management. However, resource management is part of project management problems and is associated with an objective approach to managerial activities.
Project Management, like any other type of management, includes strategy and management tactics.
Under strategy Understand the general direction and method of using funds to achieve the goal. The strategy allows you to concentrate efforts on those solutions that do not contradict the accepted strategy, paying all other options.
Tactics - These are specific methods and techniques to achieve the goal strategy. The task of the management tactics is the choice of the most optimal solution and the most acceptable management methods and techniques in this economic situation.
Project Management As a control system consists of two subsystems: a managed subsystem (control object) and the control subsystem (control entity).
1.2.3 Project Management Functions
Management functions are considered a central concept. They are performed at all levels of management activities, in each phase of project implementation, for all its processes and managed objects (elements).
The sequence of control functions forms a kind of cycle, represented in Scheme 1:
When considering and evaluating project management activities, a number of aspects (approaches) can be distinguished. The most common ones are functional, dynamic, subject.
Functional aspect Reflects a general approach to the management problem and suggests the consideration of the main management functions.
Dynamic approach The project management assumes consideration in the time of processes related to the main activities of the project.
Subject approach Defines the objects of the project to be sent.
In general, the form, project management functions are presented in Table 1.
Table 1. Preinvestment phase
Investment phase
Operational phase
1.2.4 Project Management at Different Stages of the Life Cycle
It is very important before the decision to implement the project to consider all aspects of its implementation throughout the entire period of life cycle.
Preinvestment phase
The control on the preinvestment phase contains the following steps:
In the first step are determined investment opportunities Investment. Defining investment features is a starting point for investment-related activities. Ultimately, it can be the beginning of mobilization investment funds. Potential investors, private and government, are interested in obtaining information on emerging investment opportunities. To create such information to identify an investment project, approaches at the economy level level and at the enterprise level should be applied. For these approaches, two directions of research are characteristic. At the level of the economy, it is necessary to analyze all investment potential, as well as the overall interest in investing funds. At the enterprise level, specific investment requirements of individual project engineers should be determined.
The task of the next step to identify the most effective projects. To this end, each project is exposed analysis .
The following types of project analysis are most common:
1) financial and commercial - exploring costs and results in relation to specific company participating firms;
2) Ecological and social. Environmental or social consequences The project, due to their specificity, is interested in society as a whole, and not the firms participating in the project.
The purpose of the project analysis is to determine the potential effectiveness of the project.
The project efficiency is characterized by a system of indicators reflecting the cost ratio and results in relation to the interests of its participants. They can be qualified as follows:
1. Indicators of commercial (financial) efficiency that take into account the financial implications of the project implementation for its immediate participants.
2. Fiscal efficiency indicators reflecting the financial implications of the project for the federal, regional or local budget.
3. Indicators economic efficiencyConsidering the costs and results related to the implementation of the project, which go beyond the direct financial interests of the investment project participants and allowing the cost measurement.
The task of the next step is the initial planning investment.
The initial prerequisites for planning on the pre-investment phase of the project implementation are the strategic planned solutions laid down in the concept of the project, namely:
1) the main objectives of the project;
2) base terms;
3) potential participants;
4) Possible risk factors;
The main element of planning is to prepare a financing plan.
Financing should be aimed at solving 2 main tasks:
1. Ensuring the flow of investment required for the systematic execution of the project;
2. Reducing the cost and risk of the project due to the optimal structure of investments and receiving tax breaks.
Problem Financing Plan: take into account the following types of risks:
- risk of non-viability of the project. Investors must be sure that the estimated income from the project will be sufficient to cover the costs, debt payments and ensuring the payback of the project.
- risk of non-payment of debts. Even W. effective projects A temporary decline in income may be observed due to a short-term drop in demand for the product produced, or due to price reduction.
Control Represents the process in which the project manager establishes the achievement of the objectives of the project, identifies the reasons for the destabilizing work of work, and justifies the adoption of management decisions that correct the execution of tasks before the damage to the implementation of the project will be damaged.
Control allows the project manager to determine whether to adjust plans, estimates, if some control parameters exceeded permissible values.
In the light of this, the following elements are most often exposed to the pre-investment phase:
Time, cost and quality of work;
Preparation, receipt and distribution of project documents;
State of affairs with financing;
Compliance with the provisions of the contract.
The tasks of control on the preinvestment phase are to, having received actual data for each project, compare them with planned characteristics and identify deviations.
After that, go to the next step - regulation .
The main task of regulation is to determine whether deviations identified in the previous step are so significant that the appropriate decisions are required. If deviations cannot have a significant impact on the further progress of the project implementation, the regulatory function is reduced to the initialization of the next stage of control. If deviations provide a threat to successful implementation of the project, all work on the current project must be collaborated and proceed to the analysis of the alternative version with the repetition of the full management cycle.
Investment phase Directly related to the implementation of investments. At this stage of the life project, the highest amount of money is at risk. If on the preinvestment phase, the project may be terminated with relatively small cash losses, then after the start construction work Completion of project work is associated with large costs. That is why the management at the investment phase has a priority value. It consists of the following steps:
Consider the content of each step.
Analysis of the status of the project It is a fundamental point, for the success of the project as a whole depends on it. The analysis is carried out by the project manager whenever the project passes certain control points, on which the course of further project implementation depends. If deviations were revealed as a result of the analysis, the project manager should analyze their causes and draw up a fixation plan.
On investment phase planning It takes one of the most important places. Practically the project planning process at its investment phase is continuous. All types of work are subject to planning: carrying out construction and installation works, purchase of technologies, materials and equipment, delivery of finished objects to the customer, etc.
The unified base for continuous project planning is overall plan The project implementation, on the basis of which the calendar work plan is being developed.
Third step - initialization of work . After the project manager adopted and approved the plans for the project, and also solved the problem associated with the material and technical supply, he gives an indication of the start of work.
At the fourth step is carried out control Implementation of work and regulated intensity of investment. The process of performing the work planned on the pre-investment phase can be characterized by many parameters. However, the control of the project implementation on all these parameters is not at all necessary, since the influence of each of them to the final result is far from the same. Because of this, the control on the investment phase of the project is usually carried out by a set of a small number of the most important parameters. All control systems on the investment phase of the project use criteria that determine changes in the project state.
The most commonly applies the following 4 criteria for determining arising changes:
1) achieving control points (stages) in the execution of a calendar work plan (graphics);
2) consumption of funds;
3) the costs of resources and the effectiveness of their use;
4) the amount of income received.
Fifth step - regulation .
Operational phase
After the successful completion of the investment phase, the project enters the stage of operation of its results. The project manager's task includes the implementation of the following steps:
1) analysis of production capabilities;
2) planning;
3) production initialization (start).
In the first step, a comparison is made by indicators planned on the preinvestment stage, and the results achieved at the investment phase. If significant deviations revealed, go to the second step. Otherwise, by the third step.
In the second step, the plans specified on the pre-investment phase are adjusted in accordance with the production facilities that can be achieved.
The third step implies the management of work directly related to the start-up, commissioned object. Such work includes operational and demonstration tests.
Operational tests Performed with the aim of obtaining accurate data characterizing the level and quality of the results that were achieved during the work on the project. Successful operational testing requires their careful preparation, planning and coordination. This includes a schedule for their conduct. If the tests or malfunctions are detected as a result of tests, they must be recorded for later correction.
Demonstration tests They are a type of operational and carried out in a lack of raw materials. Their distinctive feature is that they are most often on request and in the presence of a direct user.
This feature manager functions are exhausted.
