A beruházási projektek aggregált tőkeigénye = The Aggregate Capital Needs of Investment Projects

A tanulmány abból indul ki, hogy a beruházási projektek értékelése során egyidejűleg szükséges figyelembe venni a projektben lekötött tőkét és a lekötési időt mint jövedelemtermelési lehetőséget. Definiálja a projekt aggregált tőkeigényének fogalmát és megszerkeszti a vonatkozó mérőszámot. Az aggregált tőkeigény új vállalatgazdasági kategória, mely a beruházási projektek értékelésének egy új megközelítését teszi lehetővé. A projekt aggregált tőkeigénye azt a tőkeösszeget jelenti, mely a projekt működtetéséhez annak teljes élettartama alatt szükséges. A három meghatározó tényező: a kezdőtőke, a megtérülési idő (illetőleg az élettartam) és a megtérülés gyorsasága. A számszerűsítéshez minden évre vonatkozóan meg kell határozni az adott évben lekötött tőkét, ami az adott évig még meg nem térült tőkerészt jelenti, majd ezek összegzése révén adódik az aggregált tőkeigény. A mértékegység egységnyi tőke egyévi lekötése. A tanulmány az összefüggések modellszerű levezetése mellett gazdag példaanyagot is tartalmaz. Az elemzés bővíti a nettó jelenérték tartalmára vonatkozó ismereteket, rávilágít az aggregált tőkeigény ismeretének fontosságára mind a nettó jelenérték, mind a belső kamatláb esetében. _____ The starting point of this paper is that in the evaluation process of investment projects necessary to take into account simultaneously the tied-up capital and tiedup time as the income-generating potential. For this, it defines a special content of aggregate capital needs of investment projects, and elaborates an index. The aggregate capital needs is a new business economics category, which provides a new aspect to evaluate investment projects. This means the amount of capital needed for the operation of the project during its full duration. Three factors determine the aggregate capital needs for investments projects. These are the amount of initial investment, the payback period (or the duration) and the rapidity of capital payback. The solution is to sum up the yearly tied-up capital, that is, the notreturned parts of the capital for each year. The measurement unit is one unit tied-up capital for one year. The paper formulates the main relationships as models and by way of explanation presents some examples. The analysis highlights the importance of considering the aggregate capital needs furthermore widens knowledge regarding the net present value and internal rate of return.

Tax Cost of Investment Projects: the case of ICMS credits

This article discusses the impact on the profitability of firms under Complementary Law 102/2000 (which abrogated the Law 89/96 - Kandir Law) allowing the appropriation of ICMS credits, due to investment in fixed assets goods, at a ratio of 1/48 per month. The paper seeks to demonstrate how this new system - which resulted in the transformation of the ICMS as a value added tax (VAT) consumption-type to an income-type - leads to a loss of approximately 30% of the value of credits to be recovered and the effect it generates on the cost of investment and the profits for small, medium and large firms. From the methodological point of view, it is a descriptive and quantitative research, which proceeded in three stages. Initially, we have obtained estimated value of net sales and volume of investments, based on report Painel de Competitividade prepared by the Federacao das Indtustrias do Estado de Sao Paulo (Fiesp/Serasa). Based on this information, it was possible to obtain estimates of the factors of generation of debits and credits for ICMS, using the model Credit Control of Fixed Assets (CIAP). Finally, we have calculated three indicators: (i) present value of debt recovery/value of credits, (ii) present value of debt recovery / investment value, (iii) present value of debt recovery / sales profitability. We have conclude that the system introduced by Complementary Law 102/2000 implicates great opportunity cost for firms and that legislation should be reviewed from this perspective, aiming to ensure lower costs associated with investment projects.

Let's talk: public evaluation of large projects: variational inequialities, bilevel programming and complementarity. a survey

Large projects evaluation rises well known difficulties because -by definition- they modify the current price system; their public evaluation presents additional difficulties because they modify too existing shadow prices without the project. This paper analyzes -first- the basic methodologies applied until late 80s., based on the integration of projects in optimization models or, alternatively, based on iterative procedures with information exchange between two organizational levels. New methodologies applied afterwards are based on variational inequalities, bilevel programming and linear or nonlinear complementarity. Their foundations and different applications related with project evaluation are explored. As a matter of fact, these new tools are closely related among them and can treat more complex cases involving -for example- the reaction of agents to policies or the existence of multiple agents in an environment characterized by common functions representing demands or constraints on polluting emissions.

Physical and financial follow-up of investment projects: a methodology for the Project Information System

Includes bibliography

Evaluation of and projects for the Haitian coastal transport sector

Includes bibliography

Method for the evaluation of social projects

This instrument was part of the research project "Research on Evaluation of Health and Education Plans and Programs in the Province of Buenos Aires", developed by the of Chair Preventive Psychology of the Psychology course of studies at the School of Humanities and Educational Sciences, National Univer- sity of La Plata (Argentina). The basis for proposing an assessment instrument is the need for a method enabling analysis, systematization of knowledge and the assignment of values distributed into scales and organized in general charts, on social programs. Its main concern is the analysis of health and education programs and projects, restricted to certain specific areas or regions, in search for theoretic trustworthi-ness, methodological accuracy as well as pragmatic operability. This is the result of four years of researching said programs at system, service and community levels.

Method for the evaluation of social projects

This instrument was part of the research project "Research on Evaluation of Health and Education Plans and Programs in the Province of Buenos Aires", developed by the of Chair Preventive Psychology of the Psychology course of studies at the School of Humanities and Educational Sciences, National Univer- sity of La Plata (Argentina). The basis for proposing an assessment instrument is the need for a method enabling analysis, systematization of knowledge and the assignment of values distributed into scales and organized in general charts, on social programs. Its main concern is the analysis of health and education programs and projects, restricted to certain specific areas or regions, in search for theoretic trustworthi-ness, methodological accuracy as well as pragmatic operability. This is the result of four years of researching said programs at system, service and community levels.

Method for the evaluation of social projects

This instrument was part of the research project "Research on Evaluation of Health and Education Plans and Programs in the Province of Buenos Aires", developed by the of Chair Preventive Psychology of the Psychology course of studies at the School of Humanities and Educational Sciences, National Univer- sity of La Plata (Argentina). The basis for proposing an assessment instrument is the need for a method enabling analysis, systematization of knowledge and the assignment of values distributed into scales and organized in general charts, on social programs. Its main concern is the analysis of health and education programs and projects, restricted to certain specific areas or regions, in search for theoretic trustworthi-ness, methodological accuracy as well as pragmatic operability. This is the result of four years of researching said programs at system, service and community levels.

Evaluation of Development Projects: a Process-Centered Approach in the Outskirts of Lima, Peru.

Development cooperation projects work with people involved in processes of change and social transformation. While the main objective of the intervention is the development process itself, the project?s quality will be determined by the way of implementing it. Its success lies in the sustainability of the generated processes and the connection with them by the involved actors. The evaluation analyses both aspects. This article examines the evaluation, under a process approach, of a project on urban agriculture in Lima (Peru). The results show that the use of this approach, which combines different evaluation tools, allows the identification and analysis of the processes with the involved members, providing a better understanding of the real sustainability of the results.

Rail system investment analysis : financial analysis of investment projects from the individual corporate perspective /

Mode of access: Internet.

Rail system investment analysis : analysis of investment projects from the railroad industry perspective /

Mode of access: Internet.

An Approach for a more Objective Evaluation of Practical Projects, Used in the Training Process

Well–prepared, adaptive and sustainably developing specialists are an important competitive advantage, but also one of the main challenges for businesses. One option of the education system for creation and development of staff adequate to the needs is the development of pro jects with topics from real economy ("Practical Projects"). The objective assessment is an essential driver and motivator, and is based on a system of well-chosen, well-defined and specific criteria and indicators. An approach to a more objective evaluation of practical projects is finding more objective weights of the criteria. A natural and reasonable approach is the accumulation of opinions of proven experts and subsequent bringing out the weights from the accumulated data. The preparation and conduction of a survey among recognized experts in the field of project-based learning in mathematics, informatics and information technologies is described. The processing of the data accumulated by applying AHP, allowed us to objectively determine weights of evaluation criteria and hence to achieve the desired objectiveness. ACM Computing Classification System (1998): K.3.2.