Investment project preparation and appraisal tài liệu, giáo án, bài giảng , luận văn, luận án, đồ án, bài tập lớn về tất...
Investment Project Preparation and Appraisal Growth is an absolute requirement for survival. As products go through various stages during their life cycles, companies must invest in new projects in order to maintain or increase growth. Investment costs in new projects are continuously increasing, either because of new breakthrough technologies or shorter product life cycles, or a combination of both. Before embarking on any investment project, it is a pre-requisite that pre-investment studies be carried out. Our planet is littered with remnants of investment ideas gone awry, projects that failed mainly because some critical design factor was improperly assessed. One of the main deficiencies in project planning is that there is usually not enough of it, with decisions often made on the basis of anything from intuition to inadequate analysis. Pre-investment studies of appropriate breadth and depth vastly improve chances of successful outcome. Investment decision is predicated on a sound footing of information and risk assessment. Unanticipated impediments to the success of investment projects have included mismatches between internal characteristics of the enterprise, its personnel, and other project needs, and external aspects of the operation setting such as market dynamics, supply constraints, or environmental impacts. Often, there is failure to consider alternatives that would constitute more profitable applications of the time, energy, and other resources applied to the contemplated project. Pre-investment studies consist of the following components: • Opportunity studies • Pre-feasibility studies • Feasibility studies • Support studies Opportunity Studies The main instrument used to quantify the parameters, information and data required to develop a project idea into a proposal is the opportunity study. Depending on the prevailing conditions under investigation, either a general opportunity study (sector approach) or specific project opportunity study (enterprise approach), or both, have to be undertaken. General opportunity studies may be divided into the following three categories: • Area studies designed to identify opportunities in a given area • Industry studies designed to identify opportunities in a delimited industrial branch • Resource-based studies designed to reveal opportunities based on utilization of natural, agricultural or industrial products A specific project opportunity study, which is more common than a general opportunity study, is a transformation of a project idea into a broad investment proposition. The objective is to stimulate investor response and as such, a specific opportunity study must include certain basic information. The purpose of such a study is to arrive at a quick and inexpensive determination of the salient facts of an investment possibility. When entrepreneurial response is forthcoming after an opportunity study, a pre-feasibility study has to be carried out. Pre-feasibility Studies After an opportunity study, a project idea must be elaborated in a more detailed study, However, formulation of a feasibility study that enables a definite decision to be made on the project is a costly and time-consuming task. Therefore, before assigning larger funds for such a study, a further assessment of the project idea might be made in a pre-feasibility study, the principal objectives of which are to determine whether: • All possible project alternatives have been examined; • The project concept justifies a detailed analysis by a feasibility study; • Any aspects for the project are critical to its feasibility and necessitate in-depth investigation through functional or support studies such as market studies, laboratory or pilot-plants tests; • The project idea, on the basis of the available information, should be considered either non-viable or attractive enough for a particular investor or investor group; • The environmental situation at the planned site and the potential impact of the projected production process are in line with national standards. A pre-feasibility study should be viewed as an intermediate stage between a project opportunity study and a detailed feasibility study, the difference being in the degree of detail of the information obtained and the intensity with project alternatives are discussed. The structure of a pre-feasibility study should be the same as that of a detailed feasibility study. Support (functional) studies Support or functional studies cover specific aspects of an investment project, and are required as pre-requisites for, or in support of, pre-feasibility and feasibility studies, particularly large-scale investment proposals. Examples of such studies include the following: • Market studies • Raw material and factory supply studies • Laboratory and pilot-plant tests • Location studies • Environment impact assessment • Economies-of-scale studies • Equipment selection studies The contents of a support study vary, depending on its type and the nature of the projects. However, as it relates to a vital aspect of a project, the conclusions should be clear enough to give direction to the subsequent stage of project preparation. In most cases, the results of a support study, when undertaken either before or together with a feasibility study, form an integral part of the latter and lessen its burden and cost. When a basic input may be a decisive factor in determining the viability of a project, then a support study is carried out before commissioning a pre-feasibility study or a feasibility study. When detailed work required for a specific output is too involved to be undertaken as part of the feasibility study, a support study is commissioned separately but simultaneously with a prefeasibility study. A support study is undertaken after the completion of a feasibility study when it is discovered in the course of the study that it would be safer to identify a particular aspect of the project in much greater detail, although the preliminary evaluation as part of the decisionmaking process may commence earlier. Feasibility studies A feasibility study should provide all data necessary for an investment decision. The commercial, technical, financial, economic, legal and regulatory and environmental prerequisites for an investment project should be defined and critically examined on the basis of alternative solutions already reviewed in the pre-feasibility study. The depth of investigation in all areas provides information adequate for potential investors, financiers, guarantors, and licensing agencies to decide whether to go ahead with a project. Although feasibility studies are similar in content to pre-feasibility studies, the industrial investment project must be work out with the greatest accuracy in an iterative process, with feedback and inter-linkages, including identification of all commercial, technical and entrepreneurial risks. Appraisal report When a feasibility study is completed the various parties involved in the project will carry out their own appraisal of the investment project in accordance with their individual objectives and evaluation of expected risks, costs and gains. In investment project appraisal, the project performance is compared to each participant's criteria. Investment project appraisal address the following key issues: • To understand the likely consequences of an investment • To ascertain the risks involved • To decide if the investment should be undertaken Stratdigm's approach to investment project development process involves a series of states of preparation, essentially in a logical progression. The process involves the following key activities: • Identification • Preparation • Appraisal • Implementation • Promotion Stratdigm works with a multi-functional team from the client to synthesize a bankable preinvestment study. Our approach is mainly based on the United Nations Industrial Development (UNIDO)'s "Manual for the Preparation of Industrial Feasibility Studies." Stratdigm is a licensee of UNIDO's Computer Model for Feasibility Analysis and Reporting (COMFAR) and is thus able to do rigorous project analysis using the capabilities of COMFAR. http://www.stratdigmsolutions.com/index.php/our-services/2013-05-15-08-45-47 ... the project will carry out their own appraisal of the investment project in accordance with their individual objectives and evaluation of expected risks, costs and gains In investment project appraisal, ... necessary for an investment decision The commercial, technical, financial, economic, legal and regulatory and environmental prerequisites for an investment project should be defined and critically... appraisal, the project performance is compared to each participant's criteria Investment project appraisal address the following key issues: • To understand the likely consequences of an investment