The model for the formation of the investment program of a construction enterprise

Abstract

The essence and main purpose of forming an investment program to ensure the effective implementation of the main directions of the investment strategy of the enterprise's development is revealed. The conditions and criteria, the observance of which ensures the investor to form an optimal investment program, are given. It is pointed out the need to adjust the investment program when the conditions of the external and internal environment change. Different models of investment program formation and possibilities of their practical application are considered. The authors proposed a model for the formation of an investment program that allows for the reinvestment of funds received for the implementation of projects. The main optimization problem is aimed at minimizing the capital involved, the objective function of the auxiliary problem is to ensure the minimum deviation of the amount of actual initial capital investments, compared to the amount provided by the investment program. The auxiliary problem is a model of fuzzy optimization, and its solution is the maximum intersection of membership functions of two fuzzy sets – goals and constraints. As a vague limitation, it is proposed to take into account the variant of unfavorable conditions for the implementation of the investment project, when significant savings on initial capital investments will be impossible. For a vague purpose and limitation, the type of ownership functions is substantiated and their parameters are determined, a number of recommendations for their clarification for investors with different propensity to risk are developed. Examples of using the proposed approach to applied problems of investment process management are provided. Application of this model will allow the enterprise to optimize the use of limited financial resources, reduce the need for borrowed funds, and increase the effectiveness of management decisions in the investment sphere.