APPLICATION OF REAL OPTIONS IN EVALUATE THE EFFICIENCY OF INVESTMENT PROJECTS

Ilhomjon Qodirov

Authors

 

Yusupova G.A. – Candidate of Economic Sciences, Associate Professor of the Department of Finance and Credit, Polytechnic Institute of Tajik Technical University, Khujand,

 Republic of Tajikistan, yusupova_gulya@rambler.ru

Ochilova K.O. – Master’s student of the Department of Finance and Credit, Polytechnic Institute of Tajik Technical University, Khujand, Republic of Tajikistan,katya.ochilova@mail.ru

Karimova M.I. – Doctoral student of the Department of Economics Management and Marketing, Khujand State University, Khujand, Republic of Tajikistan, maftunakhon.karimova@gmail.com

 

Annotation

 

The article deals with the basic approaches to the interpretation of the concept of “investment project”, describes the classification of investment projects, which is based on such features as the degree of mutual influence, as well as the impact on domestic and foreign markets, form of ownership and investment amount, the type of expected income and cash flow, the functional orientation and methods of financing, as well as the level, scale, complexity, implementation time, resource constraint requirements, the nature of the target, the object of investment activity. The approaches to the interpretation of the economic essence of the category of “real options” are considered, the views of foreign and Russian scientists regarding the classification of investment projects are analyzed and systematized, a comparative analysis of methods to assess the effectiveness of investment projects, which showed that the use of the method of real options allows more accurately assess the effectiveness of the investment project. Scientific novelty of the study lies in the authors’ proposal of an additional classification of investment projects by type of benefit, by degree of statistical dependence and the choice of real option method based on the criteria of cash flow orientation, risk consideration, decision-making flexibility, uncertainty and volatility of project cost as the most optimal approach to assess their effectiveness.

 

Keywords

 

 investment project, classification of investment projects, classification signs, assessment methods, efficiency of investment projects, real option, uncertainty, management decisions

 

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Publication date

2023-10-27