Investment project management: forms and methods. Investment project management Formation of an investment project management team

Investment project management

Introduction

Chapter 2. Analysis of the company "VISTrade", which implements an investment project

2.1 Brief description of the company's services

2.2 Assessment of the financial condition of the enterprise

2.3 Marketing research

Chapter 3. Business project management

3.1 Management of the proposed investment project

3.2 Investment planning

3.3 Commercial analysis of a project based on the "Project Expert" software product

Conclusion

List of used literature

Introduction

The relevance of the investment policy is aimed at financing projects that have the shortest implementation time and can bring the maximum profit. Such projects that meet these conditions are most often under construction or reconstructed construction projects.

They are focused on the production of new services, improvement of modern living conditions of citizens, reduction of construction time, use of a new material and technical base and, as a result, making a profit for investors.

The object of the course work is an investment project.

The aim of the course work is to study the management of investment projects.

The objectives of the course work are:

1. Consider in detail the concept and main characteristics of investment projects, their classification and structure.

2. To get acquainted with the concept and structure of project management, methods and systems of project management, planning of project management, functions, project management at different stages of the life cycle, assessment of project effectiveness.

3. Develop a project for expanding the enterprise, increasing the distribution of goods by investing in a small investment project.

Chapter 1. Investment project management

1.1 The concept of an investment project

The concept of an investment project is interpreted in two ways:

as an activity (event), involving the implementation of a set of any actions that ensure the achievement of certain goals;

as a system that includes a certain set of organizational, legal and settlement and financial documents necessary for the implementation of any actions or describing these actions.

There are various classifications of investment projects.

In relation to each other:

independent;

mutually exclusive;

complementary.

By terms of implementation (creation and functioning):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

By scale:

small projects;

large projects;

megaprojects

By the main focus:

commercial projects, the main goal is to make a profit;

social projects aimed, for example, at solving the problems of unemployment in the region, etc .;

environmental projects based on the improvement of the living environment;

reliable projects;

risky projects.

By the nature of the elements, the project can be divided into:

project documentation;

production facilities;

industrial premises;

technological equipment;

production technology and work;

production product, works, services.

Depending on the nature of the project itself, there may be other elements, or the same, but divided in more detail.

Supporting elements of the project:

staff;

raw materials;

territory, premises, accommodation;

contacts, agreements, contracts;

other elements contributing to the successful development and implementation

Activities (processes) as project elements:

marketing;

supplies;

building;

design;

installation of equipment;

commissioning of the facility;

exploitation;

production of products, works, services;

sales of products.

One of the main elements in the structure of a project is its participants. They ensure the implementation of the ideas 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 tasks, the degree of participation in the project and its own measure of responsibility for its results.

The project structure takes into account the stages of the life cycle. At the same time, the organization of the work of the structural divisions - the executors of the project is determined, i.e. organizational structure of the project.

The period of time between the start of the project and its liquidation is usually called investment cycle.

1.2 Investment project management

There are two basic concepts of project management that are most often cited in the literature.

Project management is the activity of planning, organizing, coordinating, motivating and controlling throughout the entire life cycle of a project using a system of modern methods and management techniques, the main goal of which is to ensure the effective implementation of the results defined in the project in terms of the composition and scope of work, cost, quality and the satisfaction of the project participants.

Project management is also presented as a system model, consisting of three interrelated blocks:

1. Subjects of management;

2. Objects of management;

3. Processes of project implementation management.

The essence of planning the development and implementation of the project consists of:

1) in determining and agreeing in time the content of all work on the implementation of the project;

2) in determining effective methods and ways of using all types of resources necessary for the implementation of the project;

3) in the establishment of effective interaction between all participants and performers of the project.

Plans are developed at all stages of the project: from the development of the project concept, when making decisions on the implementation of the project and the development of its individual parts and stages, including drawing up contracts, and end at its completion. In the planning process, all the necessary parameters for the implementation of the project are determined, including the duration of its implementation as a whole and individual parts, the need for financial, material and labor resources, the amount of work and the timing of attracting various organizations: design, financial, etc. Planned calculations should ensure the implementation of the project on time, with the lowest possible costs, with a high level of performance.

The planning process for project implementation is continuous, it continues throughout all phases of the project until its completion and covers all types of work: design, procurement of materials and equipment, signing contracts, creating products, etc.

The project implementation plan is determined based on the size and complexity of the project itself, as well as its features.

When implementing a project, there are usually four main plans. Let's consider the content of each of them.

Conceptual plan. The goals and objectives of the project are determined, possible options for organizing production and ways to achieve the set goals are considered, the positive and negative aspects of each option are assessed, all areas of project implementation are established with an integrated structure of work, and the cost of the necessary resources and the need for them are assessed. This type of plan is commonly referred to as a business plan. This is the first and main plan that largely determines the fate of the entire project. Its development should be taken very seriously. At this stage of planning, the final results should be clearly defined and evaluated.

Strategic plan. Determines the phased planning of the project implementation. Typically, a strategic project plan sets out:

1) target stages and main points of control, terms of commissioning of facilities and volumes of production;

2) the timing of the completion of the work package;

3) organizations - executors and the procedure for their interaction;

4) phased needs for phased, labor and financial resources.

Current plan. Clarifies the timing of work, the need for resources, the timing of work for individual performers.

Operational plan. It further details the tasks by the performer for short periods of time: a month, a decade (week), a day. The plans are detailed for individual work packages and performers. These are preparatory, design, construction work, production development. This plan can be adjusted to reflect emerging changes.

1.3 Information technology, assessment and possible risks of investment projects

When analyzing and justifying the effectiveness of projects, there is a factor of uncertainty or risk to one degree or another.

Calculation, analysis and assessment of risk is an important part of project management. For large projects, a careful calculation of risk using a special analytical apparatus is required. For simple and low-cost projects, it is enough to carry out an expert risk assessment.

Evaluation of project effectiveness is divided into the following approaches:

1. Commercial (financial) efficiency.

2. Cost-effectiveness.

3. Efficiency as a whole for the project.

Consider the economic indicators most often used in the assessment and analysis of investment projects:

The net present value (NPV) or the net present value of the project is defined as the net cash flow from the project reduced to the present value, it is the difference between the present value of all income and the value of all cash costs in the implementation of the project.

Investment is the investment of money in various projects or the purchase of property to generate income and other benefits. Investment is based on investment in the real sector of the economy, i.e. in the fixed and circulating capital of business entities.

The main stages of investment are:

Converting resources to capital costs, i.e. the process of transformation of investments into specific objects of investment activity (investment itself);

Conversion of funds into an increase in capital value, which characterizes the final consumption of investments and the receipt of new use value (buildings, structures, infrastructure);

Capital gains in the form of profits, i.e. implementation of the ultimate investment goal.

The process of accumulating financial resources (net profit and depreciation charges) is a necessary prerequisite for investment activities. The latter characterizes the investment and implementation of practical actions to make a profit or achieve another beneficial effect.

The most common factors in achieving investment goals are:

Collection of the necessary information for a feasibility study (FS) and a business plan for an investment project;

Studying and forecasting the prospects of the market situation for objects of interest to the investor;

Choosing a strategy of behavior in the market for investment goods;

Flexible current adjustment of investment tactics.

Choosing the most effective investment method begins with clearly identifying the options. Alternative projects are compared with each other in turn and the most acceptable from the point of view of profitability and safety for the investor is selected.

At the first stage, it is advisable to determine where it is more profitable to invest capital: in production, financial instruments (securities), purchase of goods for resale, real estate, etc. Therefore, when investing, it is recommended to observe the following rules.

The net profit (NP) from this investment must exceed its value from placing funds on a bank deposit.

The return on investment must exceed the inflation rate.

The profitability of this project, taking into account the time factor (time value of money), should be higher than the profitability of alternative (mutually exclusive) projects. Classification of projects into independent and alternative ones is of fundamental importance in the formation of a portfolio of real investments of an enterprise in conditions of a shortage of sources of financing for capital investments. The value of the upper limit of the amount of funds allocated for long-term investments may be uncertain at the time of the forecast, depending on various external and internal factors, for example, the amount of net profit of the reporting and future periods.

The return on the investor's assets (NP / A · 100) increases after the project is implemented and in any case should exceed the average bank interest rate (SP) on borrowed funds. Otherwise, the implemented project will be ineffective.

The rule of financial maturity ("golden banking rule") is that the receipt and use of funds for investment must occur within a specified time frame. This applies to both own and borrowed funds. Therefore, it is advisable to finance capital investments with a long payback period through long-term loans and borrowings, so as not to distract own funds from the current turnover for a long time.

The rule of balancing risks: it is advisable to finance especially risky investments in short- and medium-term projects from their own funds (net profit and depreciation charges).

The rule of return on capital investments: for capital expenditures, it is advisable to choose the cheapest methods of financing (self-investment), financial leasing, etc. It is profitable to attract borrowed capital only if, after the implementation of the project, the return on equity capital increases.

The project under consideration corresponds to the main strategy of the enterprise's behavior in the market of goods and services from the point of view of the formation of a rational assortment structure of production, the payback period of capital investments, the availability of financial sources to cover the costs of production and circulation, as well as ensuring the stability of income from the project.

Investing is a lengthy process. Therefore, when evaluating investment projects, it is necessary to take into account:

The riskiness of projects (the longer the payback period of capital investments, the more risky the project);

The time value of money, since over time, money loses its value due to the influence of the inflation factor;

The attractiveness of the project in comparison with alternative options for investing funds in terms of maximizing income and increasing the market value of the equity securities of a joint-stock company with a minimum degree of risk, since this is a determining goal for the investor;

Scope of the project: the largest investment a company makes is the purchase of another company (takeover); a somewhat smaller-scale option is the construction of a new plant, which requires comparing all the costs that arise with economic benefits (income, profit); finally, the easiest option is to purchase a new production line (here they do the same as when building a new plant).

Using these rules in practice, an investor can make an informed investment decision that meets his strategic goals.

Methods for managing investment projects of an organization.

The process of making management decisions of an investment nature is based on a comparison of current and future cash flows. Since the compared parameters refer to different points in time, the key problem here is the problem of their comparability. The real value of cash flow is influenced by the inflation rate, the level of sufficient profitability, the degree of uncertainty and other factors.

In the analysis of investment activities, methods are used that can be divided into two groups:

a) based on discounted estimates;

b) based on accounting estimates.

Payback period method (PP)- one of the simplest and widespread in the world accounting and analytical practice, does not imply a temporary ordering of cash receipts. The algorithm for calculating the payback period (РР) depends on the uniformity of the distribution of the projected income from the investment. If the income is evenly distributed over the years, then the payback period is calculated by dividing the one-time costs by the amount of the annual income due to them. If the profit is unevenly distributed, then the payback period is calculated by directly calculating the number of years during which the investment will be repaid with cumulative income.

Some experts, when calculating the PP indicator, still recommend taking into account the time aspect. In this case, the calculation takes into account cash flows discounted by the indicator "price" of the advanced capital. Obviously, the payback period is increasing.

The indicator of the payback period of an investment is very simple to calculate, however, it has a number of disadvantages that must be taken into account in the analysis.

First, it does not take into account the impact of income after payback. As an example, consider two projects with the same capital expenditures (10 million rubles), but different projected annual revenues: for project A - 4.2 million rubles. within three years; for project B - 3.8 million rubles. for ten years. Both of these projects provide a return on capital investments within the first three years, therefore, from the standpoint of this criterion, they are equal. However, it is clear that Project B is much more profitable.

Secondly, since this method is not based on discounted estimates, therefore, it does not distinguish between projects with the same cumulative income, but with different distributions over the years and different discount rates. So, from the standpoint of this criterion, project A with annual incomes of 4000, 6000, 2000 thousand rubles. and project B with annual revenues of 2000, 4000, 6000 thousand rubles. are equal, although it is clear that the first project is preferable because it provides a large amount of income in the first two years.

Thirdly, this method does not possess the property of additivity.

There are a number of situations in which a payback-based approach may be appropriate. In particular, this is a situation when the management of the enterprise is more concerned with solving the liquidity problem, rather than the profitability of the project - the main thing is that the investments pay off and as soon as possible. The method is also good in a situation where investments are associated with a high degree of risk, therefore, the shorter the payback period, the less risky the project is. This situation is typical for industries or activities that are inherent in a high probability of fairly rapid technological change.

Method for calculating the efficiency factor (ARR) investment has two characteristic features: first, it does not imply discounting of income indicators; secondly, income is characterized by the indicator of net profit PN (balance sheet profit minus deductions to the budget).

The calculation algorithm is extremely simple, which predetermines the widespread use of this indicator in practice: the investment efficiency ratio (ARR) is calculated by dividing the average annual profit PN by the average investment amount (the coefficient is taken as a percentage).

The average investment is found by dividing the initial amount of capital investments by two, if it is assumed that after the expiration of the implementation period of the analyzed project, all capital costs will be written off; if residual or residual value (RV) is allowed, then its valuation should be excluded.

This indicator is compared with the coefficient of return on capital advanced, calculated by dividing the total net profit of the enterprise by the total amount of funds advanced in its activities.

The method based on the investment efficiency ratio also has a number of significant drawbacks, mainly due to the fact that it does not take into account the time component of cash flows.

In particular, the method does not distinguish between projects with the same average annual profit, but varying the amount of profit over the years, as well as between projects with the same average annual profit, but generated over a different number of years.

Net present value (NPV) method is to compare the value of the initial investment (IC) with the total amount of discounted net cash flows generated by them during the forecast period. Since the cash inflow is distributed over time, it is discounted using the coefficient r, set by the analyst (investor) independently, based on the annual percentage of return that he wants or can have on the capital invested by him.

Obviously, if:

NPV> 0, then the project should be accepted;

NPV< 0, то проект следует отвергнуть;

NPV = 0, then the project is neither profitable nor unprofitable.

It should be noted that for different projects it is possible to use different values of discount rates due to differing characteristics of projects (income expectations and risk levels).

When forecasting income by years, it is necessary, if possible, to take into account all types of income, as well as operating expenses, both production and non-production, that may be associated with this project. At the end of the project implementation period, it is planned to receive funds in the form of the liquidation value of the equipment and the release of part of the working capital, due to the termination of activities, which is taken into account as income of the corresponding periods.

It should be noted that the NPV indicator reflects the forecast assessment of changes in the economic potential of the enterprise in the event of the adoption of the project under consideration. This indicator is additive in terms of time, i.e. NPVs of different projects can be summarized. This is a very important property that distinguishes this criterion from all the others and allows it to be used as the main one when analyzing the optimality of an investment portfolio.

Internal rate of return method (IRR) is understood as the value of the discount rate at which the NPV of the project is zero:

IRR = r for which

The meaning of calculating this ratio when analyzing the effectiveness of planned investments is as follows: IRR shows the maximum allowable relative level of expenses that can be associated with a given project. For example, if a project is fully financed by a loan from a commercial bank, then the IRR value shows the upper limit of the acceptable level of the bank interest rate, the excess of which makes the project unprofitable.

In practice, any enterprise finances its activities, including investment, from various sources. As payment for the use of the financial resources advanced for the activities of the enterprise, it pays interest, dividends, remuneration, etc. incurs some reasonable costs of maintaining its economic potential. The indicator characterizing the relative level of these costs can be called the "price" of advanced capital (CC). This indicator reflects the minimum return on the capital invested in its activities, its profitability, which has developed at the enterprise, and is calculated according to the formula of the arithmetic weighted average.

The economic meaning of this indicator is as follows: an enterprise can make any decisions of an investment nature, the level of profitability of which is not lower than the current value of the CC indicator (or the price of the source of funds for this project, if it has a target source). It is with him that the IRR indicator calculated for a specific project is compared, while the relationship between them is as follows:

IRR> SS, then the project should be accepted;

JRR< СС, то проект следует отвергнуть;

IRR = CC, then the project is neither profitable nor unprofitable.

The practical application of this method is complicated in the absence of computer technology. In this case, the method of successive iterations is applied using tabulated values of the discount factors.

Return on investment index method (PI) calculated based on NPV.

Obviously, if:

PI> 1, then the project should be accepted;

PI< 1, то проект следует отвергнуть;

PI = 1, then the project is neither profitable nor unprofitable.

Unlike NPV, the profitability index is a relative indicator. Due to this, it is very convenient when choosing one project from a number of alternative ones that have approximately the same NPV values, or when completing an investment portfolio with the maximum total NPV value.

An important feature of all the methods under consideration is the application to the possibility of comparing various options for investment development, which differ in duration, form of investment, the amount of required investments and the timing of their implementation.

I am obliged to think over everything carefully and evaluate my future steps, so as not to lose my own capital.

What does it mean?

The analysis of the future asset for the level of investment risks is carried out, the amount required is calculated, and the magnitude of the positive effect that can be achieved at the end of the investment is estimated.

Bringing almost any investment project to life is hard work. This is the organization of the interaction of a large number of participants with each other, this is the building of ways and methods to achieve the necessary goals and objectives, this is the provision of the project is necessary for everyone.

Obviously, such a multifaceted process requires control, and most importantly, management.

Investment project management is the process of establishing interaction between all participants in the activity, as well as providing them with the necessary resources.

In general, management refers to specific steps, methods and ways of influencing and interacting on a specific object from which it is required to obtain specific results. Management serves to preserve and maintain the stable functioning of the facility.

Main control functions:

control over the technical and technological component of production
control over the process of buying, selling and exchanging inventory
financial activities
accounting (accounting, material, statistics, etc.)
insurance
administrative.

In order for the investment project management process to be successful, and investors and owners to get what they want, the following management principles should be adhered to:

take into account the interests of all participants
take into account the specifics of each stage of the life cycle of an investment project
take into account all types of risks at all stages of implementation
maintain positive results of activities, make an in-depth analysis of the results of activities and ways to achieve them
consider an investment project as a single complex system that requires a flexible approach
carry out continuous financial modeling of cash flows.

Management methods

Management methods reveal the essence of all management activities at the enterprise. They are an incentive and motivating factor for all project participants.

The more effective the method, the higher the final results of the activity. Thus, its effectiveness will largely depend on which management method is chosen at the enterprise.

To date, the following are distinguished investment project management methods :

network planning method(construction of understandable and interrelated actions for the implementation of the project and the provision of the information received in a graphical form by using mathematical models and computer technology)
line graph method(allocation of time intervals (stages), related types of work and persons responsible for their implementation).

Control system

Effective management requires a well-functioning system. The system is an integral structure of all the elements involved in one process.

Investment project management system it is an organized structure of ways and methods of achievement.

functional(planning, analysis, control, regulation and stimulation of activities, organization of all production and financial processes, control over their execution)
dynamic(adjustment of the adopted managerial decisions over all processes for the implementation of the project in the moment "here and now")
subject(management is carried out not over all current processes simultaneously, but separately over each one. Special attention is paid to the production segment, financial, advertising, etc.).

Forms of management

The main forms of investment project management are considered to be:

design(creation of a project implementation team headed by a leader responsible for its completeness and deadline)
functional(use of the current management structure at the enterprise without changes, responsibility for implementation lies with the heads of structural divisions)
matrix(the project manager can use his subordinates at those moments in time when he needs them, either attracting them to the management of the investment project, then removing them, guided by current needs and tasks).

There is also operational and day-to-day management. The difference lies in the fact that operational management of a project means control over all key indicators almost in real time (as a rule, it is a day, a week), and in current management, control is carried out strictly according to reporting periods (month, quarter, year) and, accordingly, the necessary adjustments are made.

Risk management

The process of managing the activities of investment projects is very complex and multifaceted. It can take both short and long term. It happens that not everything goes according to plan and some of the nuances may undergo adjustments.

For example, the market situation, tax legislation, the political system may change, a man-made, environmental or natural disaster will take place, the standards in the production of products will change, etc. In this case, from the point of view of risk management of investment projects, the manager can make changes in the goals and objectives of the project, in time intervals after achieving specific results, revise the financial plan, as well as the composition of the participants involved in the project.

So, investment project risk management it is the process of making management decisions and actions aimed at reducing the likelihood of adverse events and effects that can negatively affect the results.

Also, risk management is maintaining a balance between the possibility of obtaining the desired benefits and the risk of not doing so.

As you know, the life cycle of an investment project goes through several phases of implementation. The effectiveness of the implementation of each of the phases is very important in achieving the final result and, of course, each phase has its own unique risks, the correct management of which will lead the project to success.

At the investment stage, there are the following types of risks:

missed deadlines
increase in project cost
unsatisfactory quality of work.

The operational stage has risks:

product marketing
production (sufficiency of raw materials, energy resources, sufficiency of technological resources for production, etc.)
changes in the degree of solvency of the enterprise (change in the exchange rate, interest rates, taxation, etc.)

When liquidating a project, you can face the following group of risks:

execution of civil liability (if the project caused environmental, social or other harm, the owners will need to fix everything or compensate for the damage)
refinancing of works.

So, when risk management, it is necessary to take into account groups of risks related to all phases of the implementation of investment projects, namely:

political risks
administrative
legal
managerial
force majeure circumstances.

Having identified the main problems and difficulties that may interfere with the implementation of an investment idea, you need to know what methods can be used to control and manage them:

the simplest will be to refuse to implement a project that carries risks
the presence of a "safety cushion" capable of covering unforeseen damage
use of insurance and hedging procedures
distribution of risk among all project participants (occurs at the pre-investment stage of the project).

The implementation of an investment project is usually divided into 3 phases: - pre-investment

Investment

Operational

Each phase contains several stages. Pre-investment phase includes:

1) the search for investment concepts and the birth of an idea (ideas) - there is an analysis of the directions for the effective investment of free capital and the selection of the most appropriate business ideas;

2) preliminary preparation of the investment project: at this stage, a business plan is drawn up;

3) the formulation of the project and the assessment of its technical, economic and financial acceptability and feasibility. Here, a detailed feasibility study and financial justification of the project is carried out with an alternative consideration of various options for its reaction, incl. with different sources of resource requirements, funding participants;

4) final consideration of the project and making a decision on its implementation. The final assessment of the project is given in terms of goals, anticipated risks, future costs and revenues. An economic and environmental examination of investment projects is carried out, which precede the decision on its implementation.

Investment phase includes the following steps:

1) negotiating and concluding contracts, incl. with a design organization, with a contracting construction and installation organization, with suppliers of technological and other necessary equipment, technological equipment, fixtures, tools, raw materials, energy, fuel, with commissioning organizations, with service organizations, etc.;

2) engineering surveys and design. Exploration is understood as engineering-geological, hydro-geological, etc., which are necessary for making engineering and construction decisions and developing project documentation. Then a detailed construction project or company recommendations and detailed working drawings are developed;

3) the production of construction and installation work for the construction (reconstruction, modernization) of buildings and structures in accordance with the working drawings;

4) pre-production marketing consists in the fact that the developers of new products, its manufacturers and sales services work in coordination to reduce production costs, obtain the greatest profit, and ensure optimal sales;

5) education and training of personnel necessary for the production created according to the project in accordance with the required level of qualifications and professional training;

6) commissioning, testing of technological equipment and commissioning of newly built and reconstructed production facilities;

The operational phase is a well-organized technological process for the production and sale of products.

Investment project management is the process of managing financing, material, labor resources throughout the entire cycle of the project in order to ensure maximum economic and social efficiency of investment investments.

Effective management of project implementation involves a combination of the following periods: functional, dynamic and substantive.

Functional approach means the regulation and organization of the implementation of all management functions: planning, organization of production and labor, coordination of the work of all departments and systems, analysis and control of activities, regulation and incentives.

Dynamic approach involves consideration of all processes and works on their implementation in time. With this approach, it is necessary to create an appropriate management structure, a system for collecting, processing and storing information about the progress of the project, methods of decision-making.

Subject approach defines objects of direct control. Those in the investment project are: firstly, objects subject to construction, reconstruction, modernization; secondly, material resources for the production of products; thirdly, financial, marketing, sales and other activities related to both project management and the achievement of planned economic and social results.

The duration and complexity of the project is associated not only with its scale, but also with a number of factors such as the economic development of the region, the state of the transport infrastructure, and the falsity of natural and climatic conditions.

Control system investment project is organizational structure management, methods and tools management that ensure the implementation of management functions, as well as information support system management process.

The main person responsible for the implementation of the investment project is the future owner of the investment object and its user, i.e. customer. He determines the basic requirements for the project, its nature, scale, ensures its financing, concludes agreements with various project participants, is responsible for the financial results of its implementation. The customer can be a legal entity or an individual; several persons, joining their efforts to implement the project.

In the implementation of the project, special powers are vested in its head (manager). The customer (investor) delegates to him the authority to manage all the work of planning, organizing, coordinating and controlling the activities of all its participants. Supervisor of the investment project organizes and coordinates all activities for its implementation from the idea (concept) to the release of products with the output of the enterprise to the specified capacity.

Organizational structures project management is of three types.

1. Functional organizational structures.

Provides for the use of the existing functional structure of enterprise management. The work on the project is distributed among the functional divisions of the firm's management apparatus. The leaders of these departments ensure the fulfillment of tasks.

The disadvantage of this form of management is that managers and specialists from different departments and services can understand the priorities in project implementation in different ways, which can introduce inconsistency in the performance of work by individual performers.

2. Project approach to the formation of the organizational structure of project management consists in creating an independent management team, which is led by the project manager, and the heads of functional departments are not directly involved in managing the project implementation and does not affect the employees of the project management structure.

The disadvantage is that it is impossible to optimally load workers (project team members) in accordance with their qualifications and work experience, since the volume and content of management work during the project implementation period change significantly. The constant number of performers in the project team can be underutilized or overloaded with work.

Each approach alone is not flexible enough, so a combination of the two is preferable. This is how the third form of the organizational structure of project management arises - matrix.

3. Matrix the organizational structure differs in that all employees of the management apparatus of the enterprise, in accordance with their specialty and qualifications, at certain periods of the implementation of the investment project can be involved in managing it, and the project manager has the opportunity to more expediently attract and use the necessary specialists. He is responsible for the cost indicators and timing of the project. The heads of the functional departments of the enterprise are responsible for the quality and timing of project assignments.

One of the most important management functions is planning. Planning covers all stages of the project. There are the following types of plans: conceptual - strategic; current; detailed operational plans.

On the conceptually - strategic At the planning level, the goals and objectives of the project are outlined, alternative options for achieving them are considered, the timing and cost of the project, project participants, and required resources are determined.

At the stage the current(tactical) planning determines the timing of specific works and their complexes, the need for the necessary resources for each type of work, it is planned to carry out coups regarding the implementation of survey, design, construction and other works and the conclusion of relevant contracts.

The tactical level of planning an investment project includes drawing up detailed operational plans for specific types of work by stages of project implementation.

Under ongoing planning and management implementation of investment projects is understood as annual and quarterly planning, accounting, analysis, control and regulation of the process of its implementation. Implemented by the investor - the customer of the project.

Under operational planning and management implementation of projects is understood as monthly, ten-day and weekly-daily planning, accounting, control and regulation of the investment project implementation process. To a greater extent, operational planning is carried out by the project participants themselves, i.e. organizations that carry out construction, installation, design, commissioning, services for the purchase and supply of technological equipment.

Based on the results of the analysis of time parameters, costs and the cost of actually performed work on the investment project, its manager makes decisions.

1) to overcome the backlog of the project implementation schedule or accelerate implementation, taking into account the identified opportunities;

2) to reduce unnecessary costs, reduce the cost of individual work and the project as a whole. However, in the practice of project implementation, it is not always possible to reduce the planned time frame and

cost of work. On the contrary, situations are common when the timing and cost of project implementation increase. Then the project manager makes decisions on revising the cost, deadline and scope of work. Management decisions are carefully substantiated so that the implementation of the project is provided with an investment position that suits the investor.

In general, in the process of managing an investment project, adjustments can be made:

Schedule for its implementation;

Contracts with contractors and suppliers;

Financial plan.

The reasons for the adjustment can be both subjective factors of an unsatisfied plan and objective factors, in particular:

Changes in market conditions;

The prices of products planned for release;

Competitors' actions;

Changes in tax policy;

Changes in financial and credit policy;

Changes in environmental requirements;

Changes in production standards;

Impact of the implementation of other similar projects.

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 that allow them to manage production processes, and are well-versed in technological processes. Let us 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 top managers sometimes find it difficult 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, finance placement consultants, but not by the investor personally.

The second group of real investments includes investments in tangible and intangible assets. It can be a company's working or non-working capital or intellectual resources. The real investments of the enterprise are referred to as long-term investments.

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 made 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 fund is an excellent 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, an already working business model.

Investment process structure

Investment and operational management activities are carried out in each case in 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 costs: 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 conditions 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, the General Director 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 long years of work, not all of our projects have been successful "there is 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 anew. 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 the prerequisites for 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 of the managing 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, 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 has recently 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 started choosing 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 of 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 take a closer look at strategic software products. They are based on the general principle of activity, 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 integrating additional information into the generated financial models (data on counterparties, market analytics), for analyzing value formation, as well as for creating your own reporting forms and analysis methods. Thanks to such opportunities, it becomes possible to make effective decisions on 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.

Copying material without approval is permissible if there is a dofollow link to this page