About the program. About the program Project management of an investment and innovation project

MANAGEMENT OF INVESTMENTS IN INNOVATIVE PROJECTS

Vyacheslav Vasilievich Shadrin,

doctor of Economics, Associate Professor, Professor of the Department of Knowledge Management and Applied Informatics in Management,

Moscow State University of Economics, Statistics and Informatics,

Tel .: +79151589743, Email. post office: [email protected]

The article is devoted to the management of financing of innovative processes. The principles of organizing financing are considered. Methods, sources and objects of financing are shown.

Key words: management, financing, innovation, investment.

VyachesIav V. Shadrin,

Doctorate of Economics, Associate Professor, Professor, the Department of Knowledge Management and Applied Informatics, Moscow State University of Economics, Statistics and Informatics, Tel .: +79151589743, E-mail: [email protected]

INVESTMENT MANAGEMENT IN INNOVATIVE PROJECTS

The article is devoted to management financing of innovative processes. The author considers the principles of financing organization and shows the methods, sources and objects of financing.

Keywords: management, financing, innovation, investment.

1. Introduction

Financing of innovative projects means carrying out financial transactions that enable project initiators to reduce the cost of paying off debts, reduce the risks associated with the operation of equipment, establish long-term relationships with suppliers of raw materials and semi-finished products, and enjoy the support of financial organizations.

The main principles of organizing financing of innovative projects include the following:

Participation in the project of reputable partners prepared for cooperation;

Qualified training a feasibility study and its preliminary agreement with the investor, lender, guarantor or agent of the financing organizer;

Sufficient capitalization of the project;

Satisfactory resolution of issues financial security all work on the project;

Clear definition of project risks and their division between project participants;

Availability of appropriate guarantees.

2. Classification of financing methods

The analysis of the statistical databases Thomson Reuters, Venture Economics, Preqin, Merger Analytics on the investments made in innovations in the world practice showed that distinctive feature financing innovative projects is the distribution of funding tranches by stages of the project with the attraction at each stage of various combinations of funding sources. In accordance with accepted foreign practice, we have presented a classification of methods for financing innovative projects based on the peculiarities of attracting financial resources for the corresponding stages of the project (Fig. 1).

All sources of funding, from the perspective of a commercial firm, are usually divided into centralized (budgetary or state) and decentralized (off-budget or commercial). Centralized sources usually include funds from the federal budget, funds from the budgets of the constituent entities of the Russian Federation and local budgets.

Among the sources listed above, federal budget funds are the main instrument of the state's scientific and technical policy.

In accordance with the law of the Russian Federation "On Science and Scientific and Technical Policy", at least 4% of the expenditure side of the federal budget should be allocated to finance scientific research and experimental developments for civil purposes. In fact, the process of allocating funds is carried out not from the budget as such, but from various funds (the main state centralized monetary fund, formed and used in the process of executing the budget plan). Funds are redistributed between different trust funds, a certain part goes to financing basic science within the country and innovative projects carried out as state enterprisesand private firms.

Funding for innovative activities at the expense of budgetary funds is carried out in accordance with the goals and priorities of the state innovation policy and is intended both for solving large-scale scientific and technical problems and for supporting small and medium-sized innovative businesses.

The state is interested in supporting the innovative activity of science for the following reasons:

1. The need for fundamental research, which is practically not carried out by private enterprises due to the long duration, uncertainty, timing and results.

2. The need for large-scale expensive projects, which require significant costs, which may not be enough for a private enterprise.

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Figure: 1. Methods of phased financing of innovative projects

3. The need for R&D in industries with a high share of state ownership in priority areas for the state (ecology, medicine, social sphere etc.)

4. The need to conduct research and development projects for military purposes and in the development of space technology.

In some cases, the project can receive government support. Decisions on the implementation of state capital investments are made government bodies authorities in accordance with the legislation of the Russian Federation. Development, review and approval investment projectsfinanced from the federal budget are produced in accordance with the legislation of the Russian Federation in the manner prescribed for federal target programs. Lists of investment projects financed from the federal budget form federal investment programs.

Funds allocated from the federal budget are used to finance:

State innovation funds (RFBR - Russian Foundation for Basic Research, Fund for Assistance to Small Innovative Enterprises in Science and Technology, Federal Fund for Industrial Innovations);

Federal targeted innovation programs and highly effective innovation projects;

State support programs for innovation.

State support for effective innovative projects provides for the following forms of state participation in their financing (as a rule, on a competitive basis):

Centralized investment loans on a repayable basis;

Securing part of the shares of enterprises engaged in innovative activities in state ownership;

State guarantees for investment loans provided by Russian and foreign credit and financial institutions to innovation entities.

In accordance with the current legislation of the Russian Federation, financing of innovative projects can be carried out by Vnesheconombank and at the expense of the federal Investment Fund. At the same time, the assessment of the effectiveness and efficiency of the use of these funds is carried out on general grounds in accordance with Article 34 of the Budget Code, according to which the participants in the budget process, within the framework of the budgetary powers established by them, must proceed from the need to achieve the specified results using the least amount of funds or achieve the best result using the amount of funds determined by the budget.

Objects of direct state financial support in innovation

are:

1. R&D of defense production or defense nature, space research. The results of funded defense R&D can be used for their intended purpose. Those. for the organization and production of new equipment and weapons (supply of new types of military equipment to the active army and export of military equipment abroad) or patented and also exported abroad.

2. R&D for civil purposes: financing of fundamental and large applied research carried out by academic R&D; financing of non-production R&D (in the field of medicine, construction of treatment facilities, rendering utilities); R&D carried out at the level of government programs.

The Federal Investment Fund finances programs that are of national importance. For example, as of January 01, 2012, the fund allocated 279.56 million rubles for the creation of the first stage of the Zavolzhye industrial zone. Also, the state program of state participation in the development of the innovation system is being implemented. One of the results of the implementation of this program was the continuation of practical implementation 13 most important innovative projects of national importance at the expense of the federal budget. Currently pending more

about 40 proposals, claiming to be included in the list of the most important innovative projects, the financing of which can be provided, including through external investments ^].

These projects envisage strengthening the competitive position of domestic producers in the domestic and foreign markets by solving the key tasks of competitiveness, namely, resource conservation (primarily energy conservation), the use of technologies for a high degree of processing of raw materials, efficient use of the raw material base, and ensuring production flexibility.

They are based on world-class scientific achievements in the advanced fields of science and technology and primarily relate to critical technologies at the federal level.

It should be noted that within the framework of the above projects, a full innovation cycle is being implemented: applied scientific research - experimental design and technological development - mastering production in a period of no more than 3-4 years.

A feature of these projects is the fact that as a result of their implementation, industrial production and commercial sale of competitive products should be ensured in volumes not less than five times higher than the budgetary allocations allocated to the executor of the relevant state contract.

In addition, during the implementation of each major innovation project of state importance, along with the federal budget funds, it is envisaged to attract the necessary funds from extra-budgetary sources in a 1: 2 ratio.

One of the most important elements of the development of the innovation system in Russia is the Fund for Assistance to the Development of Small Forms of Enterprises in the Scientific and Technical Sphere, which is currently financed only from the federal budget. The Fund implements a number of programs, such as "Start", "Temp", which are aimed at financial assistance in the creation and development of small innovative enterprises.

Currently, the country is creating a state

Russian venture capital company with an authorized capital of 15 billion rubles. It is assumed that such a fund will invest a number of venture capital funds with authorized capital from 1 to 3 billion rubles. At the same time, the state's share in the created venture funds will vary from 25% to 49%.

Creation of 10 zones of industrial-production and technical-innovative types is of essential importance for the activation of innovative activity in Russia.

At present, four technology-innovation zones have already been created in St. Petersburg, Zelenograd (Moscow Region), Tomsk Region, Dubna, and two industrial-production zones in the Republic of Tatarstan and Lipetsk Region.

The sources of the enterprises' own funds directed to innovation activities are:

Part of the profit not distributed among shareholders (shareholders);

Depreciation deductions;

Share capital.

Large enterprises master

design and technological innovations at the expense of its own funds, which are concentrated in the production development fund and the depreciation fund. In general, the total amount of financing for the company's innovative project is directed to:

1. Financing the costs of technical re-equipment, modernization and increase in production capacity;

2. Financing the cost of preparing and mastering new and modernized products, instructions and materials, manufacturing prototypes, progressive technological processes;

3. Carrying out R&D (including the acquisition of licenses) to finance the cost of purchasing devices and equipment, material and technical values \u200b\u200bfor these works;

4. Compensation for increased production costs of new products during the period of their development;

5. Financing the growth of own working capital, as well as to compensate for their lack;

6. Repayment of long-term loans from banks and payment of interest on them.

On this basis, the need for capital is determined, tied to the schedule of the innovation project and the implementation

the search for the optimal financing instruments is in progress.

3. Improving innovation management

Of paramount importance for enterprises implementing innovations is the question of including the expenditures on R&D carried out by enterprises at their own expense in the cost of production. In accordance with the current regulation, the costs associated with R&D, the creation of new types of raw materials and materials, the re-equipment of production and the development of new technologies are not included in the cost of production, which does not correspond to the world practice of accounting for R&D costs and narrows the base of the own funds of enterprises used for the implementation of innovations.

Financing from retained earnings is not used in the implementation of large, medium or long-term projects, since it is associated with the withdrawal of funds from economic circulation, which can disrupt the stability of the production cycle due to a lack of working capital. At the same time, the use of the source under consideration by stably operating enterprises that have regular cash receipts from sales for the implementation of innovative activities allows them to save enterprises from long-term debt.

Investors can finance innovative activities by investing in securities (stocks, bonds, bills of exchange) issued by the subjects of innovation. Innovative enterprises often resort to additional emissions valuable papers in case of a lack of own funds to finance promising innovative projects, the development of the material and technical base, and the necessary R&D.

Currently, the MICEX Market for Innovations and Investments (RII MICEX) trades securities of 20 issuers, such as Pharmsintez, Diod, Yutinet.ru, Armada and others.

Today there are many innovative projects that require investment for development. For example, such projects as: Dom Hunter.pro (8 million rubles are required, 500 thousand rubles have already been invested, investors are offered a share in the company in the amount of 30%), “Artificial

Economics, Statistics and Informatics

leather "VIOGEL" "(the required investment is 30.5 million rubles, 7 million rubles have already been invested, the proposed share to investors in the company is 35%) and many others.

When implementing technological innovations that require the purchase of expensive equipment, vehicle, power plants, computer and telecommunications equipment, often resort to leasing to attract additional funds.

It should be noted that international leasing can be an effective form of cooperation for an innovative enterprise, because at the same time, to reorganize production and transfer it to more efficient technology and the release of new products that meet the requirements of the international market does not require the initial allocation of large funds in foreign currency. All expenses for the acquisition of the necessary fixed assets at the first stage of the introduction of the new technology are covered

there is a leasing company (lessor).

4. Conclusion

When financing innovative projects, the implementation of which is associated with a high level of financial risk and uncertainty of the commercial result, innovative enterprises can use various forms of cooperation, including the creation of venture funds. In addition, it is possible to conclude partnership agreements at all stages of development, development and implementation of innovations.

Literature

1. Investments. Ed. G.P. Binder-Lenko - M., KNORUS, 2009 - 348 p.

2. Medynsky V.G. Innovation management - M .: INFRA-M, 2008, 264 p.

3. Muravyov A.I. General theory of innovative technologies. - SPb .: IVE-SEP. Knowledge. 2007 - 510 p.

4. Huchek M. Innovation at the enterprise and their implementation. - M .: Luch, 2010 -186 p.

5. On the implementation of the most important innovative projects of national importance // http://stanislavnaumov.ru/ innovation

6. Federal portal for scientific and innovative activities http: // www.sci-innov.ru/gov_programs/fcp/

1. Investments. Pod red. Podshivalenko G.P. - M., KNORUS, 2009 - 348 p.

2. Medynskii V.G. Innovation Management .- M .: INFRA-M, 2008, 264 p.

3. Murav "ev A.I. The general theory of innovative technologies. - SPb .: IVESEP. Znanie. 2007 - 510 p.

4. Huchek M. Innovations in the enterprise and their implementation. - M .: Luch, 2010 - 186 p.

5. On the realization of major innovative projects of national importance // http://stanislavnaumov.ru/innovation

6. Federal "nyi portal po nauchnoi i innovacionnoi deyatel" nosti http: // www.sci-innov.ru/gov_programs/fcp/

A preliminary analysis of the feasibility of the project involves the selection and assessment of the investment attractiveness of the project. In the theory of project management, the methodology for selecting and assessing the investment attractiveness of innovative projects is, unfortunately, extremely poorly developed. Determination of investor priorities is based on fundamental theoretical approaches and provisions of modern management theory. In this case, they include: factorial approach; systems approach; functional concept; situational approach; market-oriented (marketing) approach. In this article, the author prefers a systematic approach, where the problem is viewed as something whole, as a system in the interaction of all its components. In accordance with systematic approach the constituent parts of the investment decision-making situation are: decision parameters, alternative solutions, target setting. In real project management practice, the target setting is multi-purpose. Therefore, it can be fully described only with the help of the so-called multipurpose criterion.

innovation

investments

innovative project

investment decision

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2. Armanshina G.R., Zakharova T.V. Innovation policy: a systematic approach // Vestnik OrelGIET. - 2011. - No. 4 (18). - S. 10-16.

3. Mazur I.I., Shapiro V.D., Olderogge N.G. Project management. - M .: Omega-L, 2004 .-- 664 p.

4. Svetunkov S.G., Arenkov I.A. The logic of marketing decisions. - SPb .: Publishing house of SPbGUEF, 2000 .-- 96 p.

5. Tsarev V.V. Assessment economic efficiency investment. - SPb .: Peter, 2004 .-- 464 p. : ill. - (Series "Academy of Finance")

The stage of development and implementation of investment decisions is of fundamental importance for a potential investor. It is more profitable for him to spend investment resources on studying the question “to be or not to be a project” and, if the answer is negative, to abandon the idea than to start a futile business.

At this stage, the investor conducts a preliminary feasibility study of the project. In particular, he must:

1) formulate the investment concept (idea) of the project;

2) define the goals and objectives of the project;

3) justify in general terms what the project will look like;

4) analyze the feasibility of the project;

5) prepare an application (declaration) of intent.

If the project idea turned out to be acceptable (technically, economically, ecologically, etc.), you can proceed to a more detailed study of it, carried out by project management methods.

Determination of investor priorities is based on fundamental theoretical approaches and provisions of modern management theory. In this case, they include: factorial approach; systems approach; functional concept; situational approach; market-oriented (marketing) approach.

The factorial approach focuses on the macroeconomic aspects of innovation problems. He considers the development of the innovation sphere as the most important factor of growth, quality improvement and effective use of the country's socio-economic development.

The systematic approach to innovation encompasses two areas. The first presupposes the creation of innovation systems, formed according to territorial and sectoral characteristics - national, regional, interregional, sectoral and inter-sectoral. The functioning of such systems can be carried out on hierarchical principles and provide the possibility of obtaining a synergistic effect through the use of level relationships. The second direction of the systematic approach in innovation management considers an enterprise as a relatively independent innovation system that has its own development goals and is subject to the influence of endogenous and exogenous factors. Such a system is focused on the constancy of the innovation process that meets the requirements of synergy. The synergistic effect is achieved through the use of: a unified material and technical base of innovative developments; aggregate human resources; fundamental innovative groundwork; the factor of organizational culture, common to all divisions of the enterprise; a unified image of an enterprise as a representative of an innovative business environment, etc.

The functional concept considers innovation management as a set of management functions and management decision-making processes. The function of managing innovation is understood as a relatively isolated areas of management activity that allow for certain impacts on innovation process... The basic category of the functional concept is the thesis about the need for a rational division of labor in the management of innovations, the specialization of management decisions. A characteristic feature of this concept is the strict regulation of the procedural aspects of innovation management based on special provisions on departments and services, job descriptions, distribution of duties and powers. When implementing the functional concept, the method of economic and mathematical modeling of decision-making processes in each of the control functions is actively used.

The situational approach to innovation management involves: the need to analyze external and internal factors that determine the effectiveness of innovation; the use of a monitoring method that forms an information base sufficient for such an analysis; systematization of possible options for innovative behavior; comparison of options and selection of the most rational management decisions in the current situations.

The implementation of the situational approach requires the creative use of a variety of scientific tools, methods and techniques adequate to the situation. A special role is given to the method of scientific intuition, which can be used by employees with high creative capabilities, extensive experience and deep professional knowledge.

In the conditions of intensive development of market relations, one of the main becomes a market-oriented or marketing approach to innovation management, involving the integration of goals, objectives, functions, methods modern management and marketing. An important feature of the approach system is the shift in management priorities and the emergence of market dominants. The main focus innovation management there is a desire to strengthen market positions, an increase in competitive advantages, an increase in the occupied share and the conquest of new markets, that is, the achievement of certain results in aggregated production and market activities. Based on the goals of the dissertation research, we will consider the market-oriented approach in more detail.

The market-oriented approach to the assessment of innovative projects is characterized by a number of features. In this regard, we can draw two fundamentally important conclusions regarding the assessment of the effectiveness of investments in innovative projects.

First, the assessment of the effectiveness of investments depends significantly on external factors and changes with their change. These external factors include:

The situation on the capital market, which determines both the conditions for obtaining a loan and the interest rate of the loan, and the profitability of alternative investments of his capital available to the investor with guaranteed and risky income;

Forecasted situation on the sales market, which characterizes the future ratio of supply and demand, the expected level of prices, sales volumes and investment returns;

The situation on the labor market and material resources, which determines both the investor's expenses for the acquisition of the object, and the current expenses for its operation;

Federal and municipal taxes and tax policies;

Competitors' policies and actions.

Secondly, in a market economy, there is always an opportunity for any potential investor to invest capital with a guaranteed income, which can be carried out in a sufficiently large volume (for example, deposits in a bank for a time deposit, the purchase of government and corporate bonds or other obligations). Such investments represent the alternative available to the investor, against which the effectiveness of any innovative project is assessed. Assessing such a project, the investor faces a dilemma: to finance it or implement another alternative project available to him with a guaranteed income, chosen as a comparison base.

Market-oriented methods for evaluating innovative projects should be based on the use of different principles. The main ones include the following.

The first principle, called the principle of return, is to assess the return on invested capital based on the indicator of cash flow, formed both from the amount of net profit and the amount of depreciation. In this case, the cash flow indicator can be taken differentiated by individual years of operation (implementation) of the investment project or as an average annual.

The second principle of assessment - the principle of reality - is the obligatory reduction to the real value of both the invested capital (with its multiple or repeated attraction) and the amount of cash flows / inflows).

The third principle of valuation - the principle of differentiation - is the choice of a differentiated interest rate (discount rate) in the process of discounting cash flow for various business projects. The fact is that the cash flow in each project is formed under the influence of four factors: the real average deposit rate; the rate of inflation over a given period (or inflation premium); risk premium; premiums for low (or insufficient) liquidity. At the same time, the numerical estimates of these factors differ for each business project.

The fourth principle of valuation - the principle of variation - is the variation of the forms of the interest rate used, used in the process for discounting, depending on the purpose of the valuation. When calculating various indicators of investment efficiency, the following can be used as the interest rate selected for discounting purposes: average deposit or lending rate; individual rate of return on investments, taking into account the real level of inflation; an alternative form of return on other possible types of investments; the rate of return for the current economic activity of a given industry or business area, etc. ...

The development and implementation of investment decisions has its own logic, determined by the essence of the concept of project management as a science and as a philosophy of entrepreneurship. This logic is the same both for decisions in the project management subsystems and for decisions made on individual project management unit processes.

The formation and implementation of an investment decision in these conditions require certain skills from project managers, following the logic of the process to achieve the set goals. Some decisions are made at the level of reflection - based on theoretical knowledge and the skill of practical decisions in similar situations. However, most of the solutions are developed on the basis of a thorough analysis of the unique variety of factors and conditions of the situation, identification of cause-and-effect relationships and their predictions. The effectiveness of such decisions is predetermined by the logic and philosophy of making investment decisions, which, therefore, are a necessary element of the system of economic knowledge of a modern project manager.

In accordance with the logic of making investment decisions, in order to comprehend the decision-making situation, it must be studied in relation to the environment; it is necessary to understand the reasons for the development of the situation and the movement of this development, and therefore, to understand the goals and ways to achieve them, to establish the resources and sources of existence of the analyzed phenomenon, which determines the decision-making situation.

The object of cognition - the decision-making situation - should therefore be considered as a system functioning in the environment and interacting with other systems. Therefore, today the methodology of any scientific knowledge, and hence of investment decisions, is a systematic approach.

The most important tasks that the systematic approach solves include: development of means for representing the objects under study as systems; construction of generalized models of the system, models of different classes and specific properties of systems; study of the structure of systems theories and various system concepts and developments.

In the systemic approach, the object of cognition is represented as a certain set of elements, the interrelation of which determines the integral properties of this set. This reveals a variety of cause-and-effect relationships and relationships that take place both within the system under study and in its interaction with the external environment. In this case, the properties of an object as an integral system are determined not mechanically, as a simple sum of the properties of its elements, but by special system-forming connections of the elements of the object. At the same time, these properties do not follow from the properties of the elements that make up the object, the system receives new properties that are not inherent in its elements.

A problem that is solved using a systems approach is viewed as something whole, as a system in the interaction of all its components. To study this system, it is necessary to determine the purpose of its functioning, the goals of its individual subsystems and many alternatives to achieve these goals, which are compared according to certain criteria. An important step in the systems approach is the construction of a generalized model or a number of models of the system under study, in which all essential variables are taken into account.

Considering the systematic approach as a methodology for solving and posing problems, eleven stages are distinguished, following which, one can consistently and systematically analyze a specific problem.

1. Formulation of the main goals and objectives.

2. Determining the boundaries of the system, separating it from the external environment.

3. Making a list of system elements (subsystems, factors, variables, etc.).

4. Revealing the essence of the integrity of the system.

5. Analysis of the interconnections of the system elements.

6. Building the structure of the system.

7. Establishing the functions of the system and its subsystems.

8. Coordination of the goals of the system and its subsystems.

9. Clarification of the boundaries of the system and each subsystem.

10. Analysis of the phenomena of emergence.

11. Construction of the system model.

The process of developing and making an investment decision from the standpoint of a systematic approach can be carried out using system analysis, that is, the sequential execution of the above steps.

The systematic approach provides, as the most important of its research tools, the use of the following methods of development and justification of investment decisions: typology method, historical method, method comparative analysis and analogies, mathematical methods and models.

In accordance with the systematic approach, the constituent parts of the investment decision-making situation are: decision parameters, alternative solutions, target setting.

The parameters of the investment decision are determined by the conditions that determine the decision-making situation. These conditions are diverse, and for their analysis it is necessary to carry out their classification into groups. The most commonly used method is to classify the solution parameters in relation to the object of research. Then they are distinguished into two fundamentally various groups - exogenous and endogenous. The exogenous parameters of decision-making include those that are external in relation to the object. The endogenous parameters of decision-making include those that are internal to the object. It is obvious that the correct definition of the range of decision-making parameters, the study and their consideration are necessary conditions for the formation and adoption of the right decision.

The availability of alternative options for making investment decisions is necessary condition decision-making situations. Indeed, if the situation is such that only one decision can be made and other options simply do not exist, then there is no need to study this situation and apply all the achievements of decision making theory to it.

An alternative option is understood as a solution to the problem, which is quite acceptable from the standpoint of the state of decision-making parameters. It is called alternative precisely because there are a lot of similar options for solving the problem. Each of these options has its own structure and metrics. Usually, the difference between the options is not very significant, at least in terms of cost-benefit items. Otherwise, there would be no problem of choice - the best result is easily determined.

The goal setting determines the goal that is pursued when making a decision. The goal can be very diverse. When making investment decisions, the goal is either economic or socio-economic in nature. The formalized goal is presented as a criterion. The criterion usually allows for an accurate calculation of the extent to which the formulated target has been achieved.

In real project management practice, the target setting is multi-purpose. Therefore, it can be fully described only with the help of the so-called multipurpose criterion. A multi-purpose criterion in this case is a function formulated from several criteria, the essence and direction of action of which may not coincide.

Thus, the results of investment decisions can only be estimated approximately. Therefore, the indicators of their economic efficiency at the time of making a decision should not be the basis for the final choice. The decision should be made on the basis of a complex criterion, and indicators of economic efficiency are its most important components.

Reviewers:

Popova L.V., Doctor of Economics, Professor, Head. the Department of Accounting and Taxation of the Federal State Budgetary Educational Institution of Higher Professional Education "State University - educational, scientific and industrial complex", Orel;

Shmanev S.V., Doctor of Economics, Professor, Head. Department of Enterprise Economics, Oryol State Institute of Economics and Trade, Orel.

Bibliographic reference

Armanshina G.R. BASIC APPROACHES TO THE MANAGEMENT OF INNOVATIVE PROJECTS AT THE STAGE OF DEVELOPMENT AND IMPLEMENTATION OF INVESTMENT SOLUTIONS // Fundamental Research. - 2015. - No. 5-2. - S. 374-378;
URL: http://fundamental-research.ru/ru/article/view?id\u003d38224 (date of access: 24.02.2020). We bring to your attention the journals published by the "Academy of Natural Sciences"

It would be a significant simplification of the problem to explain the economic difficulties of enterprises and organizations solely by the lack of innovation in their activities. Practice allows us to identify a significant number of examples when, even while carrying out innovative activities, organizations failed in trying to ensure the profitability of a business based on the results of scientific and technological development. Consequently, the problem is not the availability of innovations, but the efficient, profit-oriented management of them.

High innovation potential, increased innovation activity becomes an important factor competitive struggle and this circumstance allows us to consider any changes as a project, the implementation of which is associated with the cost of time and money. And the process of these changes according to pre-developed rules within the budget and time constraints is called project management.

The method of developing a special project is used, as a rule, in the event that the planned changes are impractical or impossible to implement in the course of normal production or business activities.

At present, conditions for widespread use are being formed in Russia more and more actively this method... These include:

elimination of the planning and distribution system and recognition of various forms of ownership

formation of a market for investment projects, real estate, securities, contract work

creation of investment, engineering and consulting organizations focused on providing services in the field of economic, management, information support for project implementation

changes in the psychology of managers

development of computer programs, networks and e-mail

creation of new market structures working with projects (various types of financial institutions)

attraction of foreign contractors and investors to the implementation of investment projects, who already widely use project management methods.

Projects are understood as the process of purposeful change in the technical or socio-economic system, implemented within a certain time frame and with a certain budget.

Projects are subdivided into:

megaprojects - targeted programs involving the implementation of interrelated projects, united by a common goal, resources and deadlines (usually carried out at the highest levels of management)

multiprojects - specific programs related to the transition of organizations to market mechanisms of functioning and the development of a concept for further development

monoprojects - projects that are characterized by staging specific purpose and achieving it within a tight time and financial framework.

Project management is the art of guiding and coordinating human and material resources throughout life cycle project, by applying a system of modern methods and management techniques, to achieve the results defined in the project in terms of the composition and scope of work, cost, time, quality and satisfaction of the project participants.

There are certain differences between production management and project management:

project management is about creating something new or improving an existing one. It is innovation or change oriented and is a one-off activity. When the research is done, new products are developed, new process mastered, this work is rarely repeated. In turn, production management deals with more predictable, well-defined tasks. The emphasis is on repetitive patterns, robust plans and procedures, and the unpredictable behavior of machines and people is totally unacceptable. Conversely, project management is about creating an environment conducive to creative change and implementation. Unlike project management, which seeks change, operational management seeks the same, repeatability.

The price or value of one-off activities is difficult to determine, while prices for repeated activities can be predicted from previous data. The approach to determining the resources required to carry out activities is different. In production, the growth of production can be ensured by proportional changes in resources. When implementing a project, the lack of people can be more effective than their excess.

The project management methodology is to concentrate the rights and responsibilities for achieving the goals of the project on one person or a small group.

These functions are performed by the project manager, mainly concentrating his efforts on the following functions:

preparation and control of cost estimates

preparation and control of work schedules

resource allocation

quality control

risk management

relationships and connections with the outside world.

Currently, there are two opposing views on the qualities that a project manager should have.

According to the first point of view, it is considered that professional qualifications and technical knowledge in a particular field are decisive for a manager. According to the second, the main factor is the combination of leadership and special skills in managing temporary creative teams.

Proponents of the second point of view assume that it is the lack of organizational and management skills that is the most common reason for project failure.

To ensure effective project management, American researchers identify a number of important elements that must be implemented during the preparation of the project: firstly, understanding the essence of project management at all levels of the organizational structure, and secondly, the interest and support of the project by the top management of the organization, third, the ability of departments and services of the organization to adapt to work in the conditions of project management, fourthly, the compliance of the project manager with the selection criteria (a clear focus on obtaining specific results by a certain date, full understanding of organizational goals, the desire to make a personal contribution to their achievement, work skills with people), and fifthly, the presence of a leader of the qualities of a true leader (authority, responsibility, the ability to establish and maintain business contacts).

Work on a project consists of three stages:

the preparatory stage includes the definition of the goals of the project and the formation of its structure

the organizational stage includes the execution of work, coordination of actions and performers

the final stage is aimed at ensuring that the results are consistent with the goals set.

Project management implies the mandatory conduct of a detailed analysis of the internal and external conditions for its implementation, risk analysis and the development of project thinking in the team that implements the project, planning of project work carried out by the project manager and persons responsible for the implementation of its individual stages.

To coordinate and oversee project implementation, a structure is required that includes a management team, a project team, and a working group.

The tasks of the management team are as follows:

defining strategic goals

development of management principles

approval of project managers

solving issues of internal and external policy of the organization

support and assistance to project managers during project implementation.

Tasks of the project teams:

implementation of approved work plans for the project

evaluation of the results achieved in the course of projects

estimation of costs and savings

prevention of conflicts and contradictions in the team

reaction to emerging difficulties.

Functions working group are in the fulfillment of tasks and goals set by the project and management teams.

Depending on the goals, objectives, scale and other parameters of the project, two main types of the project team structure can be applied.

The matrix structure of the team is used, as a rule, for small and medium-sized projects with a life cycle of up to two years.

The project team structure is a qualitative new scheme of interaction between departments and project executors and is used to manage large-scale projects over a long period (more than two years).

Building a project team usually goes through five stages:

formation - the main difficulties at this stage are due to personal feelings, relationships in the team, determining the place of the project team within the organization

the period of team members working is characterized by such problems as the difficulty of the team work (e.g., shifting powers), the manifestation of characters (e.g., the presence of an informal leader), discussion of problems (disputes on any occasion), management mistakes (weak control, sudden mood swings, mistakes in planning and resource allocation), relationships (conflicts, lack of mutual support and trust)

the period of normal functioning is the longest and most productive for the project, since each member felt his role and his place in the team with which he will work during the entire life cycle of the project

reorganization consists in a quantitative and qualitative change in the volume and types of work, attracting new specialists, redistributing job responsibilitiescaused by the internal and external environment of the project

the main task of the team disbandment period is to ensure that the team members feel satisfied with their work and are ready to work together in the future (as a rule, when starting a new project, a manager invites to the team those people with whom he successfully implemented the previous project).

In the context of increasing globalization, Russian and international companies need a significant number of high-level managers capable of managing various types of projects, programs and project portfolios aimed at ensuring accelerated development and increasing the company's competitiveness, implementing specific innovative projects and searching for investors, and attracting them for their practical embodying resources of investment markets.

Project management is an important component of the HSE Management priority area of \u200b\u200bdevelopment and one of the youngest and fastest growing areas in the world. In a short time, professional communities were formed and regularly updated international and national standards were developed. New scientific and practical journals appear, scientific schools are formed, a large number of new interesting and promising methods and management tools appear. All this is aimed at improving management efficiency, which is expressed in increasing the share of successful projects and, as a consequence, increasing the competitiveness of companies.

Objectives and acquired competencies

Our mission is development managerial competencies business community through design thinking.

The main goal of the program is to train new types of specialists who are able to manage projects at all stages of implementation, make effective decisions on their resource and organizational support, integrate innovation and investment processes, and carry out comprehensive planning of the company's project portfolio in order to achieve sustainable development.

The main objectives of the program are:

Training of professionals for Russian companies and international ones working in Russia, able to take positions in project-oriented structures, as well as for the implementation of an entrepreneurial career.
Providing graduates with the skills necessary to conduct research in the field of project management.
Formation of knowledge and competencies for a career in consulting.

Features and competitive advantages

Interdisciplinary approach

Project management involves close ties with strategic management (especially when managing programs and project portfolios), investments, finance, personnel management, etc. Moreover, the management of such special projects has a number of interesting features... Each student can specialize softly in these areas through the choice of specific courses and topics of coursework and master's thesis.

Ecosystem of the Higher School of Economics

Students have the opportunity to attend free seminars and master classes of the Graduate School of Project Management, National Research University Higher School of Economics, where they can talk with practicing professionals in the field of project management and get acquainted with their experience. In addition, there is an opportunity to attend courses at other HSE programs, as well as lectures by visiting professors.

Graduates of our program can continue their studies in postgraduate studies at the NRU HSE and defend a dissertation in the council at the Faculty of Management of the NRU HSE. Postgraduate students are involved in various practical classes and scientific seminars, acquainting students with the results of their research.

Teaching Staff

The teachers of the department are renowned specialists, researchers and well-known practitioners in the field of project management, who, in addition to the master's program, also teach in High school project management at the Higher School of Economics (including in MBA groups), thus obtaining new data on the use of project management tools and methods in Russian and international companies operating in Russia. Among the teachers there are graduates of the master's program, some have defended their master's and doctoral dissertations at the Higher School of Economics.

Involvement of students in scientific activities

Students from the first year are involved in scientific activities, and the best works are presented at international scientific conferences on management and project management, which take place in the fall and spring of every year, where you can get advice and informally communicate with famous scientists and practitioners in the field of project management. The most interesting results are published in scientific journal « Russian magazine project management ”, created on the initiative and with the support of the Higher School of Economics.

From the first year of the program, a scientific seminar begins, which allows you to acquire the competencies necessary for conducting your own research. The scientific seminar lasts two years and ends with the pre-defense of master's theses.

The teachers of the program conduct their own scientific research and involve students in such work, together with graduate students.

International integration

The program meets international and national project management standards, in particular: standards for project management, programs and project portfolios of the American PMI Institute; requirements for IPMA competencies (SOVNET); PRINCE2; P2M, etc.

Each student must have accumulated at least 6 credits of courses taught in English in order to successfully complete their studies. The program and faculty have an ever-expanding list of English-language courses.

In the second year of study, students have the opportunity to continue their studies abroad at business schools: ESCP, Paris-12, Laval, Lancaster, etc.

All courses use modern scientific articles and other materials in English.

Innovative teaching methods

Most of the courses of the program are copyright and unique in the Russian space, which is associated with the introduction into the educational process of the results of the latest research in this area, conducted by research teachers, as well as the unique personal experience of practicing teachers.

When conducting courses, modern information Technology: projector, computer classes, electronic system Learning Support (LMS). Most of the courses involve teamwork, case studies, etc.

Business connections

The program has strong ties with Russian consulting companies working in the field of project management, whose representatives regularly participate in seminars and conferences, provide students with the opportunity to do internships and are hired after graduation. PM SOFT delivers the latest versions of the Oracle Primavera project management automation system for training and certifies students' knowledge of this system. There are also connections with large companies.

Structure and curriculum

The structure of the program assumes serious knowledge of basic management disciplines at the bachelor's standard level, including project management. Therefore, the program contains advanced courses in project management aimed at providing students with the declared competencies. The core of the program is six compulsory courses and a scientific seminar (all the rest are courses of the student's choice):

Research Methodology in Management: History and Methodology of Project Management
Management Strategies: Strategic Portfolio and Program Management
Mathematical models and research methods in project management
Theory of investment analysis and project financing
Forecasting and modeling project risks
Project management systems, processes and tools

Another part of the program (variable) is concentrated on the study of problem areas in which the student will specialize. Thematic courses cover specific aspects of these areas. International aspects are introduced in each course and are thoroughly studied in the courses: "Management of an innovative project" and "Development of competencies in project management".

Sphere of professional activity of graduates

It can be argued that the graduates of the program will have high competitive qualities in the labor market and will be in demand in various sectors of the economy. It:

consulting companies involved in the implementation of project management methodology in companies;
large vertically integrated companies and holdings in the energy, oil and gas, machine-building and high-tech sectors of the national economy;
medium and small manufacturing enterprises of other industries and trade: companies of this type are forced to have complex specialists capable of simultaneously solving problems from different areas.

More specifically, we are talking about the training of managers of various levels of a wide range of projects: both for the implementation of individual design solutions and complex projects that combine the efforts of many participants using resources of various types, and projects representing the business areas of vertically integrated companies

venture capital funds and private equity funds.

For these funds, the graduates of the program are interested in the ability to assess risks and business plans, to determine sectors, regions and investment parameters, venture investment schemes and exit from projects.

innovative enterprises, including as part of technology parks, regional innovative scientific and technical zones and science cities.

There is an obvious need for graduates of the program of emerging and functioning scientific, technical and implementation zones, where they can perform various functions and occupy various positions; including heads of organizations; department directors and managers for the commercialization of inventions, project evaluation and business planning, investor relations.

MANAGEMENT OF INNOVATIVE PROJECT (IP)

The theoretical development of an innovative project, its justification, the preparation of technical, financial and other documentation, the direct development of the project and its implementation necessitate adequate management of the processes of its implementation.

The goals and objectives of managing an innovative project are schematically shown in Fig. 2.1. Among those named in Fig. 2.1 six control units, it is difficult to prioritize any one of them. All of them are inextricably linked and interact with each other. Moreover, each block reflects specific areas of project implementation, including the goals and objectives of project management.

Control occupies an important place among control units. As the final link in the management of an innovative project, it allows you to track the slightest deviations of the actual results of project implementation from technical, financial and other planned indicators.

The role of a control tool can be played by different types of budgets:

production budget;
sales budget;
budget of income and expenses;
budget business expenses;
budget for administrative expenses, etc.

Figure:

IN last years more and more often in the economic literature began to use the concept of "financial monitoring" (from the English, monitoring - control, supervision, tracking system) when considering such a management function as control. Monitoring is sometimes interpreted as the process of observing by investors the actions of management in achieving the goals associated with the buyout, for example, servicing debt and meeting its maturity.

Monitoring can be applied at all stages of the implementation of an innovative project. It deals with all aspects of project management.

Monitoring indicators are of particular importance. They should be easily measurable and serve as guidelines for company managers in their daily activities. Leaders themselves must choose from the planned quantitative indicators only those that are really priority.

Selection of specific indicators for financial, technical, technological, organizational and social monitoring depends on the sphere of production, the uniqueness of the project, the internal and external environment, the structure and intellectual potential of the firm's team. For each type of monitoring, its specific indicators must be defined, which can be measured quantitatively.

Management of innovative projects is a multifaceted process that has several important aspects:

economic;
financial;
technical;
technological;
organizational (including coordination);
marketing;
social (in terms of the dynamics of the number of jobs, employment of the population, growth in employee income, personnel structure, management level, intellectual potential of the company, etc.);
ecological (possible changes in the state of the environment from the introduction innovative idea and project development), etc.

All of the above aspects of managing the innovative activity of enterprises reflect the need to take these aspects into account when developing recommendations for increasing the efficiency of projects being implemented.

The effectiveness of financial management of any company implies accounting basic concepts financial management and is expressed in the ratio of the results of the financial and economic activities of the enterprise and the total costs. In other words, the difference between the sum of incoming cash flows and costs incurred (outgoing cash flows).

Accordingly, it becomes quite logical to consider the issue of the effectiveness of the decisions made in connection with the determination of the goals of managing innovation, money and financial relations.

Primary goalenterprise management is maximization of its shareholding and, accordingly, an increase in welfare (wealth) owners of the company.

Secondary purposemanagement is profit maximization) or capital gains. In practice, this goal setting does not always coincide with the primary goal.

If maximizing wealth (maximizing shareholder ownership) is a long-term goal of a company and shareholders, in achieving this goal, are interested not only in today's profits, but also in future ones, then maximizing profits is a one-time or short-term task.

For example, large innovation costs ( COF) initially, they will not allow getting the expected return from them, but in the long term they can contribute to the growth of the company's value and improve the quality of life of investors. In the name of extracting short-term profits, the company may postpone additional attraction of investments or carrying out, for example, repairs, even in cases where they are necessary to solve long-term financial problems.

Welfare maximization is preferable because it takes into account:

1) growth in the wealth of shareholders in the future;
2) distribution in time of receipt of profit, incoming cash flows;
3) risks and uncertainties;
4) income of shareholders.

The highlighted strategic goals of the company can be supplemented by other, smaller goals: ensuring a clear organization of labor and production; expansion of product markets; information Support production, etc.

It is generally accepted that an increase in shareholder ownership and, accordingly, shareholder income reflects, as a rule, financial stability enterprise, its high solvency and liquidity. These indicators are relatively easy to process mathematically. They will be presented in detail in Ch. 4 of this tutorial.

It is necessary to critically approach publications on the problems of management of innovative projects. It is clear that such indicators as “healthy team”, “serious innovation”, “level of innovation”, scientific and technical groundwork ”,“ organizational culture ”and other similar“ indicators ”cannot, due to their subjectivity and difficulty of assessment, serve as a basis any monitoring. At the same time, the selected indicators can serve as indicators of the development of the labor collective.

Thus, having considered the types of innovative projects, the stages of their implementation and management processes, we can proceed to the consideration of innovative strategies that make it possible to implement in practice specific ways of managing these projects.

FINDINGS

1. An innovative project is a document that reflects the production, development, financial, commercial, research activities developed by the company, aimed at the implementation of certain innovative ideas.
2. The classification of innovative projects basically coincides with the classification of investment projects. The main difference is the degree of novelty of the project.
3. The life cycle of a project includes three phases: pre-investment (this includes, among other things, the development of an innovative idea), investment and production.
4. The section "Financial plan" of an innovative business plan of an enterprise may reflect innovative risks and ways to minimize them.
5. Management of an innovative project involves its analysis, development of planned innovative activities, organization, control, assessment.

TEST QUESTIONS

1. Name the criteria and types of innovative projects, give their classification.
2. Describe the main phases of the project life cycle.
3. Give the general structure of the business plan of the company developing the innovative project.
4. What subsections are included in the financial plan of the business plan?
5. Name the main sections of the feasibility study of an innovative project.
6. What are the elements of the process of managing an innovative project?

This is considered in detail when studying the discipline "financial management." The scope of our textbook, its goals do not imply a detailed consideration of the monitoring indicators. Moreover, all of them are often of a controversial nature.