The feasibility report of the project is the main document proving expediency and efficiency of investments into the considered project. In the feasibility report the decisions made on a zero step that is technological, space-planning, constructive, nature protection are detailed and specified; ecological, sanitary and epidemiologic and operational safety of the project, and also its efficiency and social consequences is authentically estimated.
The main lack of a payback period as indicator of an is that this indicator does not consider the entire period of functioning of production and, therefore, it is not influenced by the income which will be gained outside a payback period. Such measure as a payback period, has to be used not as criterion of a choice of the investment project, and in a look an at decision-making. That is that if the payback period is more than some accepted boundary value, the investment project is expelled from structure of the considered.
The general criterion of adoption of the investment project is positivity of balance of the saved-up real money in any time interval where this participant carries out expenses or gains income. The negative size of balance of the saved-up real money testifies to need of attraction by the participant of additional own or borrowed funds and reflections of these means in efficiency calculations.
The main documents containing necessary planned characteristics of the project are the feasibility study (FS) on the project, its funding plan and the integrated network schedules. Thus drawing up the above documents belongs to a problem of planning on a preinvestment phase of the project.
The internal standard of profitability of the investment project represents a settlement rate of percent, at the net provided income corresponding to this project is equal to zero. The IRR level completely by the internal data characterizing the project.
However, not all monetary payments (influencing a stream real to the dena are fixed in the commercial analysis as expenses. For example, purchase of inventory holdings or property is connected with outflow of real money, but is not an expense.
The funding plan which is properly sharing risk and advantages of the project between participants in the course of its realization can encounter the requirement of investors to provide the additional guarantees reducing separate types of risk. All possible types of risks which manage to be revealed, estimated and considered at risk analysis, in a funding plan of the project appear in the special aggregated look.
The alternative of financing of the project providing the minimum expenses at increase of cost of the capital and less sensitive to fluctuations of control indicators of the project is used for coordination of schedules and signing of agreements with the investors chosen for financing.
the indicators of economic efficiency considering the expenses and results connected with implementation of the project, which are going beyond direct financial interests of participants of the investment project and allowing cost measurement.
When scheduling financing it is necessary to consider that financing of the project is one of the most important conditions of ensuring efficiency of its performance. Financing has to be aimed at the solution of two main objectives:
The net discounted income (NPV) is defined as the sum of the current payments for all settlement period specified to an initial step or as excess of integrated results over integrated expenses. The size NPV for constant norm of discount (d) is calculated on a formula:
One of problems which should be solved when developing a funding plan of the project, is the accounting of risk. Considering this factor, a basic purpose of a funding plan of the project — rational distribution of possible financial consequences of action of risks between its participants.