Investment management. Investment management in an enterprise

The specialization of the MBA program of the NRU HSE Banking Institute "Investment Management" is intended for specialists who want to become leaders in the management of the company's finances, as well as for personal purposes. The content of the specialization takes into account the most relevant innovations financial market, which is confirmed by the concluded in 2009 (the first partnership in Eastern Europe).

WHAT THE SPECIALIZATION OFFERS

- The content of the specialization is based on the CFA Candidate Body of Knowledge, prepared based on the annual survey of the world's leading employers
- Practical teachers with certificates with experience in leadership positions in Russian and foreign companies
- Using the Harvard Business School methodology based on group work with real business cases
- Access to the Thomson Reuters Eikon terminal and
- Discounts up to 75% on passing any of the three levels of the CFA exam
- Education in the city center (metro Pushkinskaya / Tverskaya)

WHAT TO LEARN

- Form the optimal strategies for managing the company's finances
- Develop and analyze investment projects
- Manage the risks of the company, project
- Lead a team and create competitive advantages
- Make management decisions using data analysis

Activity Mode Classes 3 times a week: 2 times a week on weekdays from 18.30 to 21.40, Saturday from 10.00 to 17.20
Issued document Diploma of professional retraining
Language of instruction Russian
Implementing unit
Direction of training ,
Location of classes Moscow, Maly Gnezdnikovskiy pereulok, 4, office 401 (drive to the metro stations Pushkinskaya, Tverskaya)

Admission

Target group

Financial analysts, managers investment projects, company executives real sector and financial institutions related to the implementation and development of projects.

Documents for admission

Original and copy of passport or document replacing it

Original and copy of education and qualification document or certificate of study for persons receiving higher education

Original and copy of the document on changing the surname, name, patronymic (if necessary)

1 photo, size 3x4
Copy certified at the place of work work book(work experience must be at least 2 years)

To be enrolled in the MBA program, you must pass an entrance test.

Conditions of admission

Teachers

Graduates

“In the current economic situation, there is an especially acute need to understand many business processes banking, which is why I came to the additional business education program.

Why did I choose HSE?

Qualitatively selected disciplines that are relevant at the moment;
Highly qualified teaching staff;
Advice from many colleagues who have studied at various programs at the HSE;
Convenient schedule for attending classes (2 working days + 1 day off).

The program provides students with the opportunity to understand many issues from a practical point of view, to understand how everything happens in large organizations. But you should already have a basic understanding of many aspects of banking and investment activities otherwise it will be difficult to participate in discussions and cases.

For those who want to study the discipline in more depth, it is imperative to read all the literature recommended by teachers.

I also consider it a huge plus to meet colleagues from other organizations (for the most part, this is bank employees). This helps to resolve issues in current work activities.

As a result, the program fully met my expectations, in the future I want to continue my studies, but already under the DBA program. "

Akhmadeev Artur R.
Leading Specialist of the Department for Management of the Structure of Assets and Liabilities of OJSC "Bank Uralsib"

I would like to point out right away interesting courses in disciplines that provide not only skills and knowledge, but also help to form a critical approach to various business models, look for new meanings, and evaluate “not like everyone else”.

Your way of thinking changes quickly enough - you begin to see the world economic system, to understand the processes taking place in it, a clear understanding of the strategy and tactics of the company's development is formed. As a result, you learn to manage these processes, risks, people and the company as a whole. Of course, all this becomes possible thanks to the "stellar" staff of teachers, many of whom are widely known in the financial community.

As for the specialized literature, a qualitative selection of modern publications is given, taking into account the experience of Western business schools in relation to Russian practice. In general, the learning process is based on the model of Western business education programs. Much attention is paid to cases, tasks, detailed analysis of existing and implemented projects, development of management skills, which makes training on the program highly effective and allows you to systematize previous knowledge and experience, rethink management processes.

The program has changed a lot for me. The main conclusion that I came to after completing the program is the realization of my potential and reserve for growth.

In conclusion, I would like to thank Vasily Mikhailovich Solodkov and the staff of the Banking Institute for the meetings and the opportunity to communicate with people from the field of business, who broaden their horizons, help to look at the events from different points of view, sometimes the most unexpected. "

Abovyan Karine Ashotovna
Key Account Manager CJSC "Banca Intesa"

“In 2012, I graduated from the MBA program at the Banking Institute of the Higher School of Economics with a degree in Investment Management. Choice educational institution carried out according to reviews on the Internet, recommendations of friends and colleagues who had been trained in MBA programs earlier. From the very beginning of the training, the teachers of the program do not just give lectures, but make them think, ask questions, and give the opportunity to independently test the acquired knowledge in practice. The overwhelming majority of teachers are practitioners, which does not negate their theoretical training at a high level. Lectures are interesting, lively, in the mode of dialogue with the audience; By the way, there is a great respect for the listeners.

I recommend to future listeners not to miss a single pair of Doctor of Economics, Academician of the Russian Academy of Sciences R.M. Entov. ("Money and economic solutions»), Tregubova V.A. ("Mergers and Acquisitions"), Popova D.V. ("Corporate Financial Management"), Yu.K. Kharakoz ("Financial accounting"), V.M. Solodkova ("International foreign exchange markets"), Moshkova M.E. ("Valuation of the company").

During my studies, I gained knowledge covering history from the emergence of money to modern tools. monetary policy countries, monetary regulation, ongoing macroeconomic processes, the value of currencies in relation to each other, the dependence of the processes taking place in the country on the volume of export-import transactions, which determines the value of the company, what is cash flows and how to calculate them, correct financial accounting.

Each teacher is assessed by students on several indicators, before the start of classes, teachers give an extensive list of recommended literature, links to specialized sites, which makes it possible, if desired, to prepare well for exams and become a real professional in investment management in the future.

Wi-Fi is available in classrooms, which allows you to access sites with the latest information on site. I want to say a special thank you to the curator of our group - Natalya Alekseevna Frantseva. All the necessary information was presented on time, additional analytical information promised during the lectures was conveyed by the teachers in full, the wishes of the listeners regarding the topics of the lectures were taken into account in full, it was always possible to get the contact information of the teachers.

In principle, I really liked my studies, I broadened my horizons, began to understand what was happening financial processes, unfortunately, I do not work in the field of investments yet, however, I plan to deal with them in the future. For those wishing to acquire a solid knowledge of investment management, I recommend the Banking Institute of the Higher School of Economics! "

Andrey A. Shestakov
General Director of TorgInvest LLC

Partners

The main foreign partner of the Banking Institute is CFA Institute (USA) - an international organization that confers one of the most authoritative titles in the field of finance and investment - Chartered Financial Analyst. In 2009, the Higher School of Economics became the first university in Eastern Europe to receive the status of a partner of the CFA Institute, which recognized the MBA program "Investment Management" of the Banking Institute as a partner program. In 2012, the Master's program "Financial Analyst" implemented at the Banking Institute received the status of a partner program of the CFA Institute. This is a unique case for the programs of our educational field and a very significant achievement, since only a program whose curriculum corresponds more than 75% to the syllabus of the CFA Institute program can be recognized as a CFA Institute affiliate program. This is evidence that the structure and content of the courses of the MBA program "Investment Management" and the master's program "Financial Analyst" meet the highest international standards in the field of financial education.

One of the main benefits of a partnership is providing students studying in partnership with the CFA Institute programs a 70% discount on the payment of the registration fee for passing the exam for obtaining a C certificate FA (all three levels).

Also, on an annual basis, the HSE student team takes part in competitions in financial analysis CFA Institute Research Challenge - "investment Olympiad" for students of finance and economics departments around the world. The competition is attended by leading world universities that implement bachelor's and master's programs in finance and business.

The purpose of the competition: to prepare a study in which the activities of the selected company will be analyzed and its value assessed. The winning team in the Russian round gets the opportunity to compete in the European Regional Championship and, ultimately, in the final of the CFA Institute Research Challenge Championship.

The CFA Association (Russia) was registered in accordance with the CFA Institute rules on October 22, 2004. Since then, the CFA Association (Russia) has come a long way and rightfully occupies one of the leading places among professional associations in Russia. During this time, the number of members of the CFA Association (Russia) has grown from 24 to 503 people, 96.8% of whom are CFA certificate holders. CFA Association (Russia) has been repeatedly recognized by CFA Institute as the most active national association in the world (with up to 1000 members).

The HSE Banking Institute is an official partner of the CFA Association (Russia). The status of a partner of the CFA Association (Russia) provides us with ample opportunities to involve our students in the activities of the association and opens up a unique opportunity to express ourselves and get acquainted with the professionals of the financial market.

In addition, members of the CFA Association (Russia) are actively involved in the educational process at the Banking Institute - more than 20 CFA charterholders are invited teachers of our programs.

Cooperation with the Inholland University of Applied Sciences began in 1995, when this high school was called the Amsterdam Academy of Finance and Banking. Now it is the largest university in Holland with over 40,000 students. The first joint project is the course "Banking Management", developed with the support of the NFPC and the World Bank. More than 1000 employees of the Bank of Russia, Vnesheconombank, Sberbank of the Russian Federation and commercial banks were trained under this program. The experience gained in the preparation and conduct of the course on banking management allowed to create at the Banking Institute a second higher education program in the specialty "Finance and Credit" (specialization "Banking") and the MBA program "Finance and Banking", which were opened at the Banking Institute in October 2002. At the moment, Inholland University and the Banking Institute continue to actively cooperate in the field of joint research projects and teaching exchange.

Every year, HSE students take part in the international student program “Sustainability in Banking and Finance”. This international project is being implemented by Inholland University of Applied Sciences, Netherlands with the participation of student teams from universities:

CEU San Pablo University Madrid (Spain)
- Centria University of Applied Sciences (Finland)
- University College Gent (Belgium)
- Higher School of Economics (RF)

The University of Applied Sciences BFI Vienna is a partner of the Banking Institute in exchange programs for students of master's programs. On the basis of a student exchange agreement, the Banking Institute can send up to two students per academic year to the Vienna University of Applied Sciences, who can be enrolled in any training course, provided that the student has the appropriate skills.

On an annual basis, the Vienna University of Applied Sciences organizes an International Master Course Week on the topic "Educating for Global Competence", in which students of the Master's program "Financial Analyst" are invited to participate. As part of a one-week study at the Vienna University of Applied Sciences, students can choose one of the following specializations:

Managing International Projects;

Emerging Markets and Crises.

The following universities take part in the program:

University of National and World Economy (Bulgaria)
- Université Catholique de Lyon / ESDES School of Management (France)
- European University of Applied Sciences Brühl (EUFH Brühl) (Germany)
- University of Economics Katowice (Poland)
- National Research University Higher School of Economics (RF)
- Southern Federal University Rostov-on-Don (RF)
- Kyiv National Economic University (Ukraine)

The Economic University in Wrocław (Uniwersytet Economiczny we Wrocławiu) was founded in 1947 and has the status state university... It is the most popular economic university in Poland among applicants. For more than 65 years, future specialists in various fields of the economy and state administration have been successfully trained here. The university has 15,000 students. The quality of education of the educational institution is evidenced by the fact that it is the only economic university and one of eight universities in Poland, in which all faculties received the I scientific category according to the assessment of the Ministry of Science and Education of Poland.

The partnership between the Banking Institute and the University of Economics in Wroclaw aims to enhance the academic and cultural interaction of students. The partnership provides for the exchange of students within one academic year for a period of 1 semester from among students of undergraduate and graduate programs in economics, finance and management.

Investments are also a budget, one of many in an enterprise. The peculiarity of this budget is that it should pay off, in contrast to other budgets that are spent on ensuring the current economic activities of the enterprise. And therefore, specific requirements are imposed on the management of this budget - it is necessary to take into account the long-term and ensure the payback parameters.

Implementation of investment management together with INTALEV experts allows achieving such effects as:

Formation of reports on planned and ongoing investment projects for external investors and foreign partners in a short time with high accuracy and with minimal labor costs.
Control over the investment program and project analysis.
Saving resources on projects due to their systemic control.
Improve supplier and contractor relationships with timely and accurate payments through a project-driven billing calendar.
Achievement of project payback and efficiency indicators through accurate business planning, ongoing analysis and monitoring of investment.
Increasing the overall profitability of projects.

Full control over capital expenditures (CAPEX) and return on investment (ROI)

See how INTALEV experts solve important investment management problems. The flagship product INTALEV: Corporate Management is used for automation.

Financial modeling
Monitoring the implementation of contracts
Integration with project activities

Financial modeling

Large projects almost never meet deadlines and budgets. According to Professor Bent Flivberg, who studies megaprojects, on average, the original budget is exceeded by 30%. Flivberg came up with a formula for why this is happening. For a project to be approved, four main components are needed:

underestimation of costs,
revaluation of income,
underestimation of the environmental impact,
reassessment of the future effect.

To prevent this from happening, "INTALEV: Corporate Management" offers flexible options for modeling future projects and factor analysis.

Basic assessment methods are automated

The main method for evaluating investment projects in the mining industry today remains the DCF method (Discounted Cash Flow). cash flow), using NPV (Net Present Value) as a measure of the value of the investment proposal. Along with NPV, the INTALEV: Corporate Management software also calculates the internal rate of return (IRR - Internal Rate of Return), payback period (PP - Payback Period) of the project, project income and other indicators. All of these parameters are used to assess investment attractiveness projects.

It is important that the accepted plans automatically fall into unified system management accounting and budgeting and managers immediately receive consolidated budgets. In case of adjustments to estimates or resource plans, these changes should be immediately reflected in the budgets.

It often happens that a company can choose different technical solutions for the acquisition of capital assets. In this case, you need to compare capital costs, the cost of attracting a loan for their purchase and subsequent operating costs and choose the best option. "INTALEV: Corporate Management" allows you to customize templates for automated decision-making.

For all participants in the investment management process, key indicators are developed for individual projects and project portfolio.

Monitoring the implementation of contracts

When the budget and annual complex program procurement (ACPZ), it is important for project managers and executors to perform and track the current tasks that make up the project plan. To carry out the project, the organization opens tenders and concludes contracts. Here it is important to strictly follow all procedures, namely to have the relevant documents on hand in a timely manner.

Monitoring the implementation of contracts: financial conditions, terms and obligations of the parties

To control and assist in the implementation of such tasks, INTALEV: Corporate Management has developed a powerful mechanism of business processes. It allows you to describe all the essential parameters of a project or contract (terms, amounts, milestones and key indicators) and automatically assign tasks to employees: complete, check, analyze. In the event of deviations, information can be escalated along the project management vertical.

If necessary, this contour includes claim and claim work. It can include both incoming claims (from customers and external counterparties) and outgoing (to suppliers and other counterparties).

As a result, the company receives:

clear terms of electronic agreement of contracts;
increasing the discipline of initiators during the negotiation of the contract: insurance against the loss of the contract, constant information about the status of the contract, etc.;
clear monitoring of the entire state of affairs under the agreement: settlements, acts, internal documentation;
increasing the responsibility of the initiators of contracts for the final result.

Monitoring the implementation of investment plans

After the investment decision is made, it is necessary to establish regular monitoring of its implementation. You need to follow the spending processes Money, income streams and value creation. In order to understand whether the project is progressing according to plan or it is necessary to agree on deviations.

Investment monitoring data is automatically extracted from primary accounting

The difficulty is the allocation of investment flows in the general accounting system. Based on the developed methodology, analytical features are indicated for each operation. It is important that in this case there is a single data entry and the complexity of operations practically does not increase. With the help of "INTALEV: Corporate Management" it is possible to establish the necessary analytics in management accounting, if possible, excluding additional work for accountants and economists. Thanks to flexible mechanisms of data translation, it is possible to "pull" any data from the primary circuit or other systems for management tasks... And if there are not enough of them in the operational circuit, then you can configure the introduction of any data directly into "INTALEV: Corporate Management".

Key investment control indicators are calculated automatically

For all participants in the investment management process, key indicators are developed for individual projects and a portfolio of projects: earned value, deviation, planned and current profitability and any other indicators for making management decisions.

Investment management is a kind of a set of principles and methods for the implementation of management tasks, which are included in the basis of all investment activities of the company.

Due to the basic aspects of management, they usually plan to increase the competitiveness of the enterprise, economic growth and its development.

These basic aspects include:

Striving for a higher rate of development in all areas of the enterprise
Striving to maximize the expected profit of the company
, both in specific areas and for the enterprise as a whole
Ensuring maximum liquidity of investments and the possibility of reinvestment
Formation of the required amount of financial resources
Acceleration activities

One of the aspects of the successful development of society and the state as a whole is the competent regulation of capital investments. Most of the processes related to the investment sphere are very necessary for all business entities. This primarily applies to organizations, businesses, individuals and legal entities and, of course, to the state.

It is for this reason that investment management requires a serious approach using complex systems and principles for the effective implementation of the entire process. To achieve an excellent effect in management, it is also worth doing a preliminary analysis of the market situation in order to wisely use the available capital and properly distribute it.

Key steps in investment management

Investment activity in some cases may be ineffective. Because of which? Due to the fact that in almost any medium-sized enterprise, investment processes are carried out only with the help of one structure in the form of several people (in some cases, such duties are performed by only one person).

For the efficient operation of all investment processes, it is necessary to create and regulate a kind of system. As a rule, investment management takes place in several basic stages. that play a critical role.

The essence of the first stage is to assess the investment process over the past periods.

The second step is to calculate the amount of funds needed for future capital investments.

This stage implies the definition of the forms of investment, i.e. in which material form investment activity will be carried out.

It considers the choice that suits the goals and objectives of the company.

At the stage of the fifth stage, the analysis of the effectiveness of investment activities and an assessment of expected risks are carried out.

The last stage involves taking into account the control and monitoring that takes place during the implementation of the investment project.

An important point is that if at least one of these stages of management activity is missed or is implemented with significant errors, then all this can have a very negative impact on the process of making capital investments. It is for this reason that when implementing all the previously described stages, you need to plan your actions very seriously and deliberately in order to achieve maximum effect.

Summing up, I would like to say that investment management is a difficult process that is aimed at implementing promising forms of investment.

All activities carried out in the course of the management process form an investment portfolio as a set of enterprise programs. Investment management portfolio assumes that the company, if necessary, can return to the past stages of this process.

This is possible when the project demonstrates its low efficiency and you need to check whether the goals were set correctly and the strategies were adjusted.

If these investment management methods have several mistakes, then the wrong decision can negatively affect the project as a whole. This is a vicious circle - a continuous and cyclical process of capital management.

Look at the participants in the public markets. They never learn a lesson. They are interested in the game.

© Don Valentine

Why do you need investment management
Investment project participants
How to create an investment management system

Investment management Is a set of management standards that form the foundation of an enterprise's investment policy.

CEOs do not highlight the investment aspect, but the area of interest of each enterprise includes activities related to investments. At the same time, few people take into account that the company's investments require separate management.

The specialization of divisions in enterprises is formed under the influence of operating activities. If an organization produces a group of goods, then its employees have the skills and knowledge to manage production processes, and are well-versed in technological processes... Consider what happens in such an enterprise when the owners express a desire to introduce budgeting technologies to improve the quality of management. Not having a separate department at his disposal, the head of the enterprise will set the task of introducing investment activities to the financial and economic department. Since the main specialization of the employees of such a department is the management of production processes, they will concentrate on completing the task exclusively in moments free from the main work. Moreover, they have no idea how to manage investments.

At the same time, many people understand that the development of an enterprise depends on investment. The growth of the organization involves the introduction of new products to the market, the expansion of the sales network, etc., but lack of understanding and ignorance of how to manage investments leads to serious losses. If a company has spent investment funds on the implementation of ineffective technology, then one should not hope for the expected progress in its core operations. If a company decided to master new markets by investing investment funds in them, but the market field was not chosen correctly, then a positive result should not be expected either, or serious technological omissions were made in the development of new products, then even the most economical production will not save the situation.

Practitioner tells

Alexander Soloviev, President of FIS: Food Technologies, Fryazino (Moscow Region)

When I start a new project, I always draw up a plan, a schedule and systematically, once a week, I control everyone. Finding out where the new $ 1 million machine or assembly line is located. After all, when you do something new, there are many inconsistencies, and it is sometimes difficult for top managers to come to an agreement. Everyone is busy with their own business. Therefore, taking on a big new business, it is necessary to regularly and methodically check everything. I even call on vacation and demand to send me a project implementation schedule. I have to see him. Then I come and see what has been done and how.

Types of investments

Considering the types of investments, two main groups can be distinguished:

portfolio (financial) group;
group of real investments of the enterprise.

The first group includes the entire list of investments with the help of which certain goals are achieved. These types of investments usually involve investments in securities, precious metals and other similar investments. Such activities are carried out by special investment funds, financial placement advisors, but not the investor personally.

The second group of real investments includes investments in tangible and intangible assets. It can be the company's working or non-working capital, or intellectual resources. Real investment enterprises are classified as long-term.

In turn, this group is divided into the following types of investments:

investing in your own company, contributing to more efficient operations. This can be the modernization of fixed assets, a change in the location of capacities or the purchase of equipment;
investments in the creation of a new production or modernization of an existing one;
investments in the expansion of the company, contributing to the growth of production volumes using existing facilities. These types of investments are called extensive.
investments in another company providing participation in large orders (for example, in government procurement) or in certain investment projects;
enterprise investments in public administration structures on demand. Such financial investments are carried out in order to fulfill the requirements of the authorities in the field of compliance with safety rules, raising the level of quality standards, etc.
intellectual investment in intangible values. These investments are aimed at scientific research, the introduction of innovative technologies, employee training, and so on.

Practitioner tells

Alexey Krainov, General Director of Mobile Innovations CJSC, Moscow

Our company was founded with the money of a venture investor, the so-called business angel. A year later, having received the first return on sales of the new product, we conducted a second round of investment, and two individuals became shareholders. And finally, six months ago, we received money from a venture fund.

A venture capital fund is a great tool for attracting investment. The assets of such a fund are often managed by a powerful international financial group (as in our case). As a result, by attracting investments, the company additionally gains access to the accumulated experience and connections of its partner (in terms of security, financial management, planning, reporting, etc.). Business profitability is not the main factor for a venture capital fund to make an investment decision; other parameters are in the foreground: the status of the management team and the company's position in the market, business ideas, and an already working business model.

Investment process structure

Investment and operational management activities are carried out in each case different ways... The employees performing the main functions are united in the process into separate operating departments - sales, service, support, development, production activities. Investment activity is a combination of several projects.

Product creation. The launch of any investment project implies various expenses: the allocation of finance for the creation and implementation of a new product, the organization of the production process, the formation of a sales office and the construction of a new enterprise.
Self-sufficiency. With the release of a new product for sale, income always appears, but in the beginning it is not able to cover all costs. To do this, manufacturers attract investment funds that will help recoup all costs (planned losses). The infusion of investment funds continues until the moment of self-sufficiency, when the income received from the sale of products will cover the costs of its production. As a result, the product starts to become profitable over time.
Return on investment. Self-sufficiency of an investment project comes at a time when the profit from the sale of the product will cover all the costs used for the implementation of this project.
Investment efficiency. Any investor, first of all, is not interested in the return of funds spent on the implementation of the product, but in the profit from its use. This is where the efficiency of investments is expressed.

Basic steps in investment management

Investment activity in an ordinary enterprise is expressed by the work of one structural unit, in rare cases, one person, who combines these responsibilities with operating activities in their area of work. This is the main reason for the ineffective performance of investment activities.

To create an effective management investment activity, it is necessary to create a system:

First of all, it is necessary to assess the scale of the enterprise and determine whether it is worth doing this activity. The scale of an investment project is determined by the following criteria: planned budget, time for project implementation and total labor intensity. The level of parameters depends on the scale of the enterprise and the degree of development (for a small enterprise with a staff of 12 employees, the purchase of office equipment will be considered an investment project). In the context of an average organization, an investment project can be presented as an activity financed from an income of 500 thousand rubles, with the implementation of the project within a certain period with a labor intensity of about four man-months.

Step 2. Assign tasks and responsibilities

For effective management activities General manager must distribute three positions - customer, contractor, investor. These responsibilities should not be combined with each other. If the performer plays the role of a structural unit and conducts operational activities, then in this case it is necessary to develop two systems of motivation - separately for the operational and investment ones.

The project organization of labor includes positions such as project manager, coordinator and implementer. The role of the coordinator should be assumed by the General Director, it is he who determines the project manager and finds appropriate resources for him.

In practice, the CEO of a company is often responsible for implementation, safety, investment management and other business processes. This picture serves as an illustration of a poorly structured management structure. Enterprise management should be structured in such a way that specific employees are responsible for each area of activity.

Investment activity can consist of several projects, so someone should be responsible for their combination, and someone - for each project.

Practitioner tells

Georgy Kozeletsky, OCS Branch Director, Moscow

Most of our company's profits go to development. Each new OCS branch is a separate investment project that is carefully thought out and implemented according to an individual plan.

The decision to launch a particular project is made by the company's management, but “local initiative” is also widely used. For example, OCS branches that have achieved high results in their region initiate regional expansion of the company themselves and take over the management of new representative offices. Responsibility for the implementation of the project usually lies with its authors.

OCS has a department that provides general management of the branches, efficiently interacts with them, and coordinates their work. The department is faced with the task of developing the company in the regions. The department also monitors the efficiency of the new branches, evaluates the progress achieved. The already mentioned branches in Volgograd and Kazan showed a brilliant start of sales (the best in the history of the company). This was the result of quality preparatory work carried out in these cities.

Of course, over the years, not all of our projects have been successful "there is an experience of closing a branch in one of the cities. The decision was difficult. It cannot be said that the branch did not justify itself, we just went our separate ways. We had to completely change the team of the branch employees and start over. The "divorce" was very civilized, after three years both sides are satisfied with the development of the situation.

Step 3. Describe the project management procedures

Before moving to special management, it is necessary to establish rules for three formal procedures:

1. Start of the project. This is the procedure for determining the person responsible for making a decision on the start of an investment project, as well as determining the grounds for such a decision. One of mandatory conditions the initial stage is the appointment of the customer and the investor. Initially, the customer and investor can be one department of the company or one person.

2. Control of the project and interruption of the process. The form of reporting on the status of the process should be defined. In addition, it is necessary to establish the characteristic features, if identified, a decision will be made to close the project. As a rule, companies in a separate time period work on several investment projects. In cases where the deadlines or budget for one investment project is exceeded by more than 50%, in most cases, the amount of financing for all projects is reduced by 1/5. The decision to cut funding for all areas is always more painful than closing the weakest. But, not every responsible specialist can make such a courageous decision.

3. Closing the project. This procedure describes the formalities associated with the completion of investment projects.

The combination of the above procedures enables the head of the company to:

determine the responsible persons and the very procedure for making decisions on investment projects;
define a list of projects;
compare the size of projects with the possibilities from financial support;
monitor projects;
close ineffective directions;
improve the level of efficiency in the investment management category.

The final stage

In conditions when the investment management technology is an element of the general corporate culture of the company, we can talk about its full implementation. This usually takes about three years. But the effect of the formation of a corporate project management system will be felt much earlier. It consists, directly, in the very clarity and understanding of the procedures of the investment project.

In the future, investment management can be automated. Here it is important to understand the secondary nature of software costs. The primary issues are the formation of the management structure, the identification of key employees, the definition of standards, as well as the description of processes and employee training. Only after that you can proceed to automation.

Enterprise Investment Management Principles

The investment management division for effective activity must be formed on the basis of the following principles:

Continuity - a continuous management process aimed at the implementation of the set goals, as well as the formation of new tasks;

Flexibility, implying prerequisites and the ability to make adjustments during the process:

Versatility based on the selection of various technologies and tools.

The investment department should be formed not only from qualified financiers, but also from analysts with good experience in this area. One of the most problematic aspects of how to manage investments is the lack of an accurate forecast of efficiency. It is possible to obtain data that are as close to objective as possible only when using complex assessment methods. Estimation and forecasting problems are also included in the list of reasons for a separate investment unit within a company.

Practitioner tells

Nikolay Semin, General Director management company Fininvest Service, Oktyabrsky (Republic of Bashkortostan)

Our company is engaged in attracting investments. Our two main investment projects are a porcelain tableware factory and a leather goods factory. Of course, the crisis slowed down the development of projects. We temporarily suspended leather production and concentrated all efforts on the Oktyabrsky Porcelain Factory.

Investments in the company amounted to 223 million rubles. These funds were spent on the purchase of equipment, the reconstruction of production facilities, and the introduction of new technologies. Today it is the only factory in Russia that has modern energy-saving technologies for the production of high-quality porcelain. Our plans included a phased increase in production volumes, since the demand for products in recent times increased. There are orders, but customers do not want to work on prepayment, so we are now trying to attract additional investment resources for the further development of the plant (expanding the range of products), paying off debts and are actively negotiating with investors.

So far, our attempts have not been crowned with success, but we are still working in this direction, looking for a way out, considering options for loans (although now loans are, of course, not the best solution). In addition, today, there is an opportunity to participate in government tenders (now it is much easier to do than two years ago, when there were many intermediaries).

Investors began to choose projects more carefully. Now it is most profitable to invest in nanotechnology, the development of new projects and activities for the development of industries.

We have plans for this year a new investment project in the field Agriculture(animal husbandry). Today it is one of the few industries that did not suffer from the crisis and have government support. In a crisis or not, the main thing in attracting investments is financial discipline, the responsibility of the team to investors and founders, a well-developed business plan and its implementation.

How to automate investment project management

Let's consider in more detail the strategic software products... They are based on general principle activities, including the formation of a financial model, making forecasts for the financial component of the company's work, creating reports and documentation for the owners of the enterprise, investors and bankers.

Excel. It is the most common and versatile software product.

Advantages. The flexibility of the program allows investment analysts to apply their best practices and unique methodologies.

Restrictions. It is necessary to have deep knowledge of the program, as well as have experience in the field of techniques used for analytics. When working with Excel, you will have to additionally create the necessary reports and analytical documents. This feature is also inherent in specialized templates, which are equipped with special forms for entering and calculating data, greatly simplifying the analysis and formation of an investment model.

Specialized programs. This list includes INEC-Analyst, Project Expert, MS Project, Open Plan, Artemis, Primavera, Cobra, Intalev, PlanDesigner, Hyperion, ARIS BSC, Business Objects, Cognos Metrics Manager, Prime Expert. Comfar, Intalev: Navigator, Hyperion Performance Scorecard, SAP SEM, SAS Strategic Performance Management.

The above products include effective tools and techniques for creating investment projects.

Advantages. The listed software products include a set of analytical methods and financial indicators, as well as convenient forms for displaying projected indicators and generating reports. For large enterprises, they are of particular value, since they ensure the implementation of the principle of a unified approach to the provision of indicators and the assessment of investment planning. The most advanced programs provide opportunities for integration into the formed financial models additional information(data on counterparties, market analytics), on the analysis of value formation, as well as on the creation of your own reporting forms and analysis methods. Thanks to such opportunities, it becomes possible to accept effective solutions for investment projects.

Restrictions. When working with such programs, analysts have to work with methods built into them. The large number of existing users can be cited as a factor indicating the quality of such software.

Operational-level programs are divided into products intended for managing investment programs and for budgeting projects. Investment performance management tools enable you to link operational data to strategic planning.

Finally, we would like to draw your attention to the fact that, despite the complexity of the investment management process, the ultimate goal of which is to implement promising forms of investment.

creates an investment portfolio that can be viewed as a complex of company projects. The peculiarities of managing such a complex include the ability to return, if necessary, to the previous stages of investment projects. These capabilities are very important in situations when the efficiency of the project is reduced and it is necessary to analyze the tasks and the correctness of adjustments to the strategies.

The peculiarity of the process lies in the fact that investment management technologies contain errors, they are reflected in the entire process of project development. As a result, we get a closed cyclical process of financial investment management.

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