motives investment activity are the needs of business development and rehabilitation. However, investments are not a natural, self-organizing form of company activity. This circumstance causes the need for actions referred to as investment management. One of the most important objects management are investment projects, which, in turn, occupy the lion's share of all project activities of the organization. Investment and project management processes, integrated with the overall management system, are beginning to take a dominant position in modern business.
Unlike investment projects (IP), business investments are perceived as cash and other property invested in objects to generate income, profits and other beneficial effects. entrepreneurial activity. This is a broad concept that includes such a tool as IP as part of its implementation. The investment activity of the company is an essential part of its economic activity, which, together with the operating cycle, solves the problems of implementing the strategy. Investment management is one of the components of business management, closely related to the subsystems of strategic, financial and innovation management.
Investment management should be understood as activities that include the processes of choosing directions and objects of investment, IP management, analysis and regulation of IP. These management actions also include the processes of methodological, regulatory improvement, automation and management accounting. The objectives of investment management are to maximize the value of the business as capital and to achieve strategic goals within a set timeframe.
Hierarchy of investment management at the enterprise
Investment project management is an activity that involves planning, organizing, motivating, controlling and regulating the course of IP, aimed at obtaining a result investment task under time, budget, risk and quality constraints. The implementation of investment management processes has a cyclical nature, implemented regularly and in stages. The main stages of investment management at the corporate level are presented in the diagram below.
Investment Management Sequence Diagram
From the presented scheme, we see that the emphasis in investment management is expressed to a greater extent on the financial component of the choice, evaluation, control and analysis of IP. General managerial emphasis is focused on the stages of IP and risk management. Investment management as a phenomenon from the standpoint of its tasks and functions is described in more detail in an article devoted to. This section concludes with a summary of the basic principles used to tune managerial conditions in order to increase their effectiveness.
The managerial point of view on the investment project involves its consideration not only as an object of regulated influence. The project, as a set of measures and works performed under restrictions, also has an investment component. First of all, an IP is taken under management as an investment event, with a set of financial, material, intellectual and labor resources. These resources are planned and managed at the moment of their transformation into a new tangible or intangible form, as well as at the moment of termination of the IP by its execution.
Project planning provides for a specific financial results and achievement of goals, including tangible results. If the project is significant, planning is based on concepts such as the mission, strategy, and outcome of the IP. The mission of the project expresses its general goal, the root cause of its implementation, underlies the formulation of the main task of the IP from the perspective of its future products (services, products, means of production, markets and technologies). The IP strategy is the main context for the course of action that determines the success of the project in accordance with its mission. Like any management strategy, it consists of:
The result of the project is its product and secondary beneficial effects. The system set of management activities implies the interaction of a number of elements, which are also to be determined for their further application.
IP control scheme through the projection of the structural model
Control investment projects is based on the accepted organizational structure from the standpoint of the implementation of the project management doctrine. At the same time, the organizational context is only part of a set of measures for structuring IP. By it, we mean the decomposition of the project model into structural subsystems that make it possible to more effectively manage the project as a whole. The structured model, as it were, is transferred from the design level to the implementation level (see the diagram above). The structuring procedure belongs to the sections of the planning function. Among its results, the leading places are occupied by the matrix of responsibility and the hierarchical structure of work. The IP management functions include actions for:
An investment project has a significant number of indicators that are subject to planning, control and regulation in the management process. Consider the list of parameters that are monitored by the control system.
IP life cycle according to the methodology World Bank
The period from the inception of the idea to the estimated achievement of the planned results is called the project life cycle (PLC). The World Bank methodology offers the most detailed step-by-step sequence of the LCP. Her diagram is shown above. Each stage has not only event specifics, but also managerial specifics, so the management of investment projects is built taking into account the peculiarities of the cycle.
For each of the IP participants, both the beginning and the end of the project occur at different points in time. At the time of initiation, the investor may not yet be aware of the opportunities that are opening up, and the project manager takes either the initial conversation with the curator or the moment the project charter is signed as the beginning of the IP. During the implementation of the main phases of the LCP, certain problems arise, which are often of a typical nature. The composition of typical problems by stages is offered to your attention further in a visual form.
Typical problems of IP management by life cycle stages
Among the typical problems, the difficulties of solving related to the completion of the project by execution and the problems of early termination of the IP are not indicated. The latest completion date can be chosen at the time when production activity related to the investment made has been completed. All the results received from the IP were analyzed, work was done on the bugs, the project report was accepted, and the cases were transferred to the archive. Production has been completed, the equipment has been dismantled and decommissioned.
There are cases when the project is recognized as completed upon the start of the operational phase and the issuance of a closure order. And, unfortunately, there are situations in which the project is forced to end, although the IP result has not been achieved in full or in part. Examples of such terminations are:
Implementation of the main stages of IP in construction by phases of its life cycle
In addition to the composition of the tools included in the IP management system, approaches to building management processes are essential for the purposes of increasing its efficiency. There are three approaches: subject, dynamic and functional. You can manage directly the object of investment and the capacities generated by them. This approach is called subject, it provides a focus on the success of the IP, localized to a single object.
Take, for example, metallurgical rolling production. Technical re-equipment and reconstruction of a rolling mill is a rather complex investment project closed type. The whole complexity of IP lies in the fact that there is a strict time limit for the implementation phase - the technological cycle of the entire enterprise does not allow stopping production for a long time. Work infrastructure, materials, components, equipment for replacement must be prepared in advance. The management system for a specific project is built taking into account the duration, organizational, technical and technological complexity of the work. Many management subsystems are involved: financial, logistics, marketing, etc.
Dynamic Approach takes into account the time factor in the design of processes and work for the implementation of the investment plan. Project events are lined up in a logically determined relationship with the layout of work in terms of start, finish and duration. This approach requires special attention to the use of such management tools as:
At functional approach investment management is based on routine management functions that are consistently performed in the process of project implementation. The traditional methodology of the Deming cycle is modified into a slightly modified set of functions listed in the second section of this article. We will focus only on the planning function, as the most complex and voluminous in project management.
A feature of the planning function is that it is implemented cyclically, being present at the main stages of the IP life cycle. Planning technologies differ depending on the type of project and on the stage of its implementation. In the first case, the differences are planning objects, and in the second, their depth. In this regard, there are conceptual, strategic and detailed operational plans for the implementation of IP. Planning tools include:
Investment project management, as we have already seen, is a complex system of consistently applied means of managerial influence and regulation, a specific set of managerial functions. This system has one more decomposition into control subsystems. They locally work out procedures for particular management tasks, adding up the results of which, we get a single favorable result. Due to localization, a higher managerial quality is achieved. This approach has been widely used in international standards in Project Management (PMI Institute). The composition of the tasks and the applied methodological models corresponding to each of the subsystems are presented below in tabular form. Their list consists of control units:
A set of tasks and models of IP management subsystems
When managing IP, there are four base element, which are the main control objects.
Each of these subsystems interacts to some extent with these objects, investing its share of participation in the overall result. The action of subsystems is associated with the creation and use of certain management models, which are their implementation and control means. Both the company's management and the project manager actively use these tools for decision-making, direct setting of operational tasks, for monitoring and controlling the progress of IP implementation.
In this article, we have outlined the main methodological outlines of investment and investment project management systems. The investment management system as an element includes IP management. In turn, the child system is decomposed in the areas of objectivity, dynamism, functionality, system localization, using methodically and practically proven control models. This material gives an overview and will allow us to further develop each of its points into separate articles, translating a general understanding into subject applied methods of practical value.
Investment expresses the investment of funds in various projects or the purchase of property to generate income and other benefits. The basis of investment is investing in the real sector of the economy, i.e. in the fixed and working capital of economic entities.
The main stages of investment are:
Converting resources into capital expenditures, i.e. the process of transforming investments into specific objects of investment activity (investment itself);
Turning Cash Into Growth capital cost, which characterizes the final consumption of investments and the acquisition of a new use value (buildings, structures, infrastructure facilities);
The increase in capital value in the form of profit, i.e. realization of the ultimate goal of investment.
The process of accumulating financial resources ( net profit and depreciation charges) is a necessary prerequisite for investment activity. The latter characterizes the investment and implementation of practical actions to make a profit or achieve another beneficial effect.
The most common factors for achieving investment goals are:
Collection of the necessary information for feasibility studies (FS) and business plan of the investment project;
Studying and forecasting the prospects of market conditions for objects of interest to the investor;
Choice of strategy of behavior in the market of investment goods;
Flexible current adjustment of investment tactics.
Choosing the most effective way to invest starts with a clear definition options. Alternative projects are alternately compared with each other and the most acceptable one in terms of profitability and security 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.
Return on investment must exceed the rate of inflation.
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. The 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 the conditions of a shortage of sources of financing for capital investments. The value of the upper limit of the amount of allocated funds 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 for the reporting and future periods.
The return on the investor's assets (NP / A 100) after the implementation of the project increases and in any case should exceed the average rate bank interest(JV) on borrowed funds. Otherwise completed project will be ineffective.
The rule of financial ratio of terms ("golden banking rule”) lies in the fact that the receipt and use of funds for investment must occur within a specified time frame. This applies to both equity 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 divert own funds from the current turnover for a long time.
Risk balancing rule: it is advisable to finance especially risky investments in short- and medium-term projects using own funds (net profit and depreciation).
Yield rule 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 the return on equity increases after the project is implemented.
The project under consideration corresponds to the main strategy of the enterprise's behavior in the market of goods and services in terms of the formation of a rational assortment structure of production, the payback period for capital investments, the availability financial sources covering the costs of production and distribution, as well as ensuring the stability of income from the project.
Investing is a long process. Therefore, when evaluating investment projects, it is necessary to take into account:
The riskiness of projects (than longer term payback of capital investments, the riskier 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 investment options in terms of maximizing income and increasing the market value of equity securities of a joint-stock company with a minimum degree of risk, since this goal is decisive for the investor;
Scope of the project: The largest investment a company makes is the purchase of another firm (acquisition); a slightly smaller option is the construction of a new plant, which requires a comparison of all emerging costs 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, the investor can make an informed investment decision that meets his strategic goals.
Methods of management of investment projects of the organization.
The process of making managerial decisions of an investment nature is based on a comparison of present 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 the cash flow is influenced by the rate of inflation, the level of sufficient profitability, the degree of uncertainty and other factors.
In the analysis of investment activity, methods are used that can be divided into two groups:
a) based on discounted estimates;
b) based on accounting estimates.
Payback Method (RR)-- one of the simplest and most widespread in the world accounting and analytical practice, does not imply temporal order cash receipts. The algorithm for calculating the payback period (PP) depends on the uniformity of the distribution of 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 annual income due to them. If profits are unevenly distributed, then the payback period is calculated by directly counting the number of years during which the investment will be repaid with cumulative income.
Some experts still recommend taking into account the time aspect when calculating the PP indicator. In this case, it takes into account cash flows, discounted by the indicator "price" of the advanced capital. Obviously, the payback period is increasing.
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 earnings after payback. As an example, consider two projects with the same capital costs (10 million rubles), but different projected annual income: for project A - 4.2 million rubles. within three years; for project B - 3.8 million rubles. within ten years. Both of these projects during the first three years provide a return on capital investments, 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, it therefore does not distinguish between projects with the same amount of cumulative returns, 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 incomes of 2000, 4000, 6000 thousand rubles. are equal, although it is obvious that the first project is more preferable, since it provides a larger amount of income in the first two years.
Thirdly, this method does not have the additivity property.
There are a number of situations in which the use of the payback method may be appropriate. In particular, this is a situation when the company's management is more concerned with solving the problem of liquidity, rather than the profitability of the project - the main thing is that the investment pays off and as soon as possible. The method is also good in a situation where investments are associated with a high degree risk, therefore, the shorter the payback period, the less risky the project is. This situation is typical for industries or activities that are characterized by a high probability of fairly rapid technological change.
Efficiency ratio calculation method (ARR) investment has two character traits: firstly, it does not involve discounting income indicators; secondly, income is characterized by the net profit indicator 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 value (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 analyzed project, all capital costs will be written off; if residual or salvage value (RV) is allowed, its valuation should be excluded.
This indicator is compared with the ratio 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 amount of average annual profit, but a varying 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 the discounted net cash flows they generate over the forecast period. Since cash inflows are spread over time, they are discounted by a factor r, set by the analyst (investor) on their own, based on the annual percentage return that he wants or can have on the capital he invests.
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 discount rates due to different project characteristics (revenue expectations and risk levels).
When forecasting income by year, 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 salvage 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 predictive assessment of the change in the economic potential of the enterprise in the event that the project under consideration is accepted. This indicator is additive in time aspect, i.e. The NPV 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 equal to zero:
IRR = r, at 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 the project is financed entirely by a loan 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 a payment for the use of financial resources advanced to the activity of the enterprise, it pays interest, dividends, remuneration, etc., i.e. incurs some reasonable costs to maintain its economic potential. An indicator that characterizes the relative level of these costs can be called the "price" of advanced capital (CA). This indicator reflects the minimum return on the capital invested in its activities, its profitability, which has developed at the enterprise, and is calculated using the arithmetic weighted average formula.
The economic meaning of this indicator is as follows: an enterprise can make any investment decisions, 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 > CC, 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 discount factors.
Return on investment index method (PI) calculated on the basis of the NPV indicator.
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 the NPV indicator, the profitability index is a relative indicator. Due to this, it is very convenient when choosing one project from a number of alternative ones with 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 different options investment development, differing in duration, form of investment, the amount of necessary investments and the timing of their implementation.
Capital management, regardless of its form and source of origin, is based on certain principles developed by thousands of years of practice economic activity humanity.
The basis of this practice has always been the goal and methods to achieve the goals. In the era of the early development of relations based on the alienation of property, the consolidation of its sovereignty (title) and the system of circulation of capital, the emphasis was predominantly not on achieving economic efficiency(due to the monopolization of markets by sovereigns), and the creation of a primitive economic system contributing to the retention of power by various kinds of usurpers and dictators.
With the advent of competition in the market and the development of advanced forms of capital reproduction, including the emergence of many financial instruments(the era of the Reformation and the Renaissance of the 15th-17th century AD), set before the owners of capital (acquired by wars, robberies, slave labor and piracy) the task of not only preserving the initial capital, but also increasing and protecting it. It was at that time that the basic methods of effective investment management were laid down, and today these simple principles have been supplemented by various scientific concepts of project and investment management, which will be discussed later in this article.
Without going into the depths of the theoretical understanding of the economic essence of the categories of "management of the implementation of investment projects", in the practice of investment, two main approaches are used:
However, it should be noted here that in practice management methods are rarely found in one form and, as a rule, some combination of types of investment strategies is used, determined by the type of assets, the market situation and the individual investor's risk appetite.
In some cases, there are specialized ways of managing the investment process (usually at the level of an enterprise or corporation), such as, for example, "investment controlling", the general conceptual solution of which is presented in the diagram below:
Speaking in more detail about this methodology, the main goal of investment controlling is:
Without begging at all such systematic approaches, nevertheless, the main role of investment project management belongs to the investor (or a group of capital owners, shareholders), who determine the basic principles of management investment business in each specific case. Therefore, another, no less important, is the methodology for managing investment projects, which directly depends on the type of asset ownership and the legal status of the investor.
For the purposes of this review, these techniques can be briefly represented by the following types:
It is natural to assume that the forms of investment project management for such different investors may differ significantly both in terms of the set of assets, and in time and in the type of markets in which capital is invested.
But there is one thing that is common to all these many and varied - it is an algorithm or a way of making decisions, which can be represented in the form of some (almost universal) functional block diagram, shown in the figure below:
As can be seen from the scheme, the investment project management functions are distributed among the three main levels of the corporation:
If we consider this scheme in the practical area, then we can give an example of investment management in the financial investment company, where:
Note. In today's wealth management industry, the improvement of investment project management is in the direction of separating the owner from the function of operational implementation of the investment strategy. Therefore, such forms of management as trust, trust, or based on fintech or blockchain technologies have been developed.
Summarizing all of the above, it becomes clear that managing the implementation of investment projects is not such a simple task as it seems on paper and other schemes. But in any case, the proven methodology, general form which was presented, is incomparably better than the absence of any system at all.
Therefore, the relevance of investment project management, in principle, is not some far-fetched idea, but in essence it is an algorithm for the successful operation of capital.
Transition of countries to market economy aroused considerable interest in methods of management in market conditions. One of the effective modern trends in this area is Project Management.
Project Management (eng. - Project Management) - the art of directing and coordinating human and material resources throughout the life cycle of the project by applying a system of modern management methods and techniques to achieve certain results in terms of the composition and scope of work, cost, quality and satisfaction of the requirements of the project participants. The main tasks of project management:
The basis of management is an investment project, which is considered as a controlled change in the initial state of any system, associated with a loss of time and money. The study of the process and regulation of changes that are carried out in the project according to previously developed rules within the budget and time constraints determines the content of this category.
The main directions of investment project management are:
In practice, there are three schemes for managing investment projects:
"Main" system. The head (manager) of the project is a representative (agent) of the customer, does not bear financial responsibility for the decisions made. It can be any firm participating in the project. In this case, the project manager is responsible for coordinating and managing the development and implementation of the project, and he is not in contractual relations with other project participants. Advantages - objectivity to the manager, and disadvantages - the risk for the fate of the project lies with the customer.
"Advanced Control" system. The project manager (manager) assumes responsibility for the project within a fixed (estimated) price. The manager ensures the management and coordination of the project processes according to the agreements between him and the project participants within a fixed price. It can be a contracting or consulting firm (sometimes an engineering firm). The consulting firm manages the project and coordinates the supply and engineering work. The contractor bears the risk.
System "turnkey". The head (manager) of the project is a design and construction company with which the customer concludes a turnkey contract at the agreed cost of the project.
In its modern form, project management has been developing since the 60s of the XX century and was originally associated with matrix organizational structures and network diagrams. Later in the process of its development, it included in its scope a large number of other aspects and methods of management, such as cost, risk, quality, working with project participants and stakeholders, organizing project teams, decision making, conflict resolution informatics, etc. Today "Project Management" is an independent direction in the investment sphere with its own methodology, conceptual apparatus and methods. Today, Project Management is change management, the science and art of successfully implementing projects from conception to completion, whether in a new business, renovation or refurbishment, or in reforming the economy.
He is obliged to think carefully and evaluate his future steps in order not to lose his own capital.
What does it mean?
An analysis of the future asset is carried out for the level of investment risks, the volume of required risks is calculated, and the magnitude of the positive effect that can be achieved at the end of the investment is estimated.
Implementation of any investment project is hard work. This is the organization of the interaction of a large number of participants among themselves, this is the alignment of ways and methods to achieve the necessary goals and objectives, this is the provision of the project with everything necessary.
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 with a specific object from which specific results are required. Management serves to preserve and maintain the stable functioning of the facility.
Main control functions:
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 followed:
Management methods reveal the essence of all management activities in 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 will be chosen at the enterprise.
To date, the following investment project management methods :
Effective management requires a well-functioning system. The system is an integral structure of all elements involved in one process.
Investment project management system it is an organized structure of ways and methods to achieve .
The main forms of investment project management are considered to be:
There is also operational and current management. The differences lie in the fact that the operational management of the project means control over all key indicators almost in real time (as a rule, this is a day, a week), and in the current management, control is carried out strictly by reporting periods (month, quarter, year) and the necessary adjustments are made accordingly.
The process of managing the activities of investment projects is very complex and multifaceted. It can take both short-term and long-term periods of time. It happens that not everything goes according to plan and some nuances may undergo adjustments.
For example, market conditions may change tax law, the political system, a man-made, environmental or natural disaster will pass, 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 to achieve specific results, revise financial plan, as well as the composition of the participants participating in the project.
So, risk management of investment projects it is the process of making managerial decisions and actions aimed at reducing the likelihood of adverse events and effects that can adversely affect results.
Also, risk management is maintaining a balance between the possibility of obtaining the desired benefit and the risk of not realizing it.
As is known, life cycle The 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 proper management of which will lead the project to success.
At the investment stage, there are the following types of risks:
The operational phase has risks:
When liquidating a project, you may encounter the following group of risks:
Thus, in risk management, it is necessary to take into account the groups of risks related to all phases of the implementation of investment projects, namely:
By identifying the main problems and difficulties that may hinder the implementation investment idea you need to know what methods you can control and manage them:
