Multi-criteria Evaluation of Investment Projects Using the Fuzzy Method of Weighted Maximin Convolution

Author(s):  
Elchin Aliyev ◽  
Ramin Rzayev ◽  
Adila Ali
2020 ◽  
Vol 2 ◽  
pp. 60-69
Author(s):  
A.E. Ali ◽  

Financial analysis is one of the main tools and methods of modern investment design, where the projects are alternative or mutually exclusive, that is, the implementation of one of them makes it impossible or unreasonable to implement the others. It is understood that alternative investment projects have the same target orientation, that is, in the process of financial analysis, each of the alternative projects is considered independently, and the possible effect of its implementation is determined without communication with oth-er investment projects. In this regard, the paper considers approaches to solving the problem of multi-criteria assessment of investment project portfolio having an information on financial indicators of projects from reliable sources. Within the framework of the proposed approaches and the formed set of financial indicators, a comprehensive methodology for comparative analysis and selection of investment decisions is proposed, which is based on the application in a certain order and using the capabilities of the methods of comparative analysis of Paret and Bord, as well as fuzzy maximin convolution methods and fuzzy infer-ence, provided that the evaluation criteria are equally important. When using fuzzy methods of analysis, each of the financial indicators is considered as a qualitative criterion for evaluating the effectiveness of an investment project, which is interpreted by suitable fuzzy sets. Based on the results of the calculations, the ranking of hypothetical alternative investment projects was carried out using the considered multi-criteria evaluation methods and their comparative analysis was carried out, which ultimately allows fi-nancing the most effective projects.


2021 ◽  
Author(s):  
Mohammad Nakhaei ◽  
Amin Mohebbi Tafreshi ◽  
Ghazaleh Mohebbi Tafreshi

Abstract In this research, six samples of valid and widely soil-water retention curve (SWRC) estimation models, including van Genuchten, Brooks and Corey, Fredlund and Xing, Durner, Kosugi, and Seki were studied. To realize this approach, in the first step, the accuracy of each model was calculated using ten statistical benchmarks, and then the numbers obtained from the fitting accuracy were standardized based on each benchmark by the standard fuzzy method so that all of them had a similar scale. Finally, with the sum of the fuzzy standardized values, an index for each model was obtained as a new index called the Best-Fit Model (BFM) index, which was the basis for comparing and evaluating the overall accuracy of the models in each soil texture. Accordingly, if the BMF index is more extensive and closer to 10, the model is more fitted and gets a higher rating. The superiority of this method to other similar studies is that here, as in the multi-criteria evaluation methods, it can simultaneously assess in terms of different statistical benchmarks and ranking the models according to the diversity in the reaction of each to various benchmarks provided. The results showed that Brooks and Corey model with the lowest and the Durner model with the highest BMF and rank among other models in most soil textures are considered as the weakest and as the most suitable model from the overall accuracy viewpoint of fitting based on the approach used throughout this study, respectively.


2011 ◽  
pp. 57-78
Author(s):  
I. Pilipenko

The paper analyzes shortcomings of economic impact studies based mainly on input- output models that are often employed in Russia as well as abroad. Using studies about sport events in the USA and Olympic Games that took place during the last 30 years we reveal advantages of the cost-benefit analysis approach in obtaining unbiased assessments of public investments efficiency; the step-by-step method of cost-benefit analysis is presented in the paper as well. We employ the project of Sochi-2014 Winter Olympic and Paralympic Games in Russia to evaluate its efficiency using cost-benefit analysis for five accounts (areas of impact), namely government, households, environment, economic development, and social development, and calculate the net present value of the project taking into account its possible alternatives. In conclusion we suggest several policy directions that would enhance public investment efficiency within the Sochi-2014 Olympics.


2019 ◽  
pp. 124-136
Author(s):  
Victor D. Gazman

The article considers prerequisites for the formation of a new paradigm in the energy sector. The factors that may affect the imminent change of leadership among the energy generation are analyzed. The variability of the projects of creation and functioning of power stations is examined. The focus is made on problematic aspects of the new generation, especially, storage and supply of energy, achieving a system of parity that ensures balance in pricing generations. The author substantiates the principles of forming system of parities arising when comparing traditional and new generations. The article presents the results of an empirical analysis of the 215 projects for the construction of facilities for renewable energy. The significance and direction of the impact of these factors on the growth in investment volumes of transactions are determined. The author considers leasing as an effective financial instrument for overcoming stereotypes of renewable energy and as a promising direction for accelerated implementation of investment projects.


2019 ◽  
Vol 16 (6) ◽  
pp. 60-77
Author(s):  
E. V. Vasilieva ◽  
T. V. Gaibova

This paper describes the method of project risk analysis based on design thinking and explores the possibility of its application for industrial investment projects. Traditional and suggested approaches to project risk management have been compared. Several risk analysis artifacts have been added to the standard list of artifacts. An iterative procedure for the formation of risk analysis artifacts has been developed, with the purpose of integrating the risk management process into strategic and prompt decision-making during project management. A list of tools at each stage of design thinking for risk management within the framework of real investment projects has been proposed. The suggested technology helps to determine project objectives and content and adapt them in regards to possible; as well as to implement measures aimed at reducing these risks, to increase productivity of the existing risk assessment and risk management tools, to organize effective cooperation between project team members, and to promote accumulation of knowledge about the project during its development and implementation.The authors declare no conflict of interest.


Author(s):  
Orshanska Marіana

The purpose of the article is to determine the nature, characteristics and keyproblems of the main types of economic and legal instruments for the realizationof foreign direct investment (FDI). the methodological basis of the study is asystematic approach to the processing and compilation of statistics and indicators,as well as methods for their comparison, analysis and synthesis and a method offorecasting decisions on the use of investment potential to increase the attractivenessand volume of FDI attraction. The scientific novelty of the research lies in theanalysis of greenfield and brownfield strategies as the main forms of FDIimplementation, the disclosure of the content and interpretation of data on thereal state of FDI attraction, the search for opportunities to improve the investmentclimate and effective mechanisms for attracting foreign investors. conclusions. Itis confirmed that the investment attractiveness and rating of the country in theinternational market are the main factors for attracting investors. Inaccessibleinfrastructure, inefficient judicial system, high level of corruption and imperfectlegislation are the main obstacles that need to be overcome in order to attractforeign investors’ funds, providing a full package of assistance and support ateach stage of the implementation of investment projects. Greenfield and brownfield(M&A) are the most effective forms of FDI in order to achieve high growth ratesof the domestic economy, improve the level of population well-being andinternationally enter Ukraine. An analysis of the statistics on the effectiveness ofinnovative enterprise development projects, the characteristics of economic andlegal instruments indicate the gradual improvement of the investment climate andthe promotion of FDI inflows into the region’s economy through the implementationof greenfield and brownfield strategies. Examples of effective implementation ofthese strategies in the creation of new enterprises, companies of foreignrepresentation, which are expanding their capacity and entering new domesticmarkets are given. Examples of the brownfield strategy have been analyzed torestart existing and high-quality structural and organizational changes in inefficiententerprises, which have given impetus to improving the economic environment,investment attractiveness of the economy of the region and the country as a whole.


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