ADAPTATION OF APPROACHES TO INVESTMENT PROJECT EVALUATION UNDER MARTIAL LAW CONDITIONS
Abstract
The article analyzes approaches to evaluating the feasibility of investment projects and their applicability under wartime conditions. It explores the essence, key characteristics, and specific features of investment projects, identifying their main stages. The study highlights the importance of evaluating project feasibility in wartime due to high uncertainty, necessitating more flexible and adaptive approaches. The key components of investment project feasibility evaluation under the TELOS approach are outlined. The main advantages of this approach are identified, namely its comprehensive nature, flexibility, and structure; certain limitations are also noted, such as the lack of a unified evaluation methodology, the corresponding difficulty in comparing different projects, the need for significant resources, and the challenge of accounting for dynamic changes in the external environment. The study also explores the project evaluation approach described by the Organisation for Economic Co-operation and Development (OECD), which offers a formal framework for evaluation based on six criteria: relevance, coherence, effectiveness, efficiency, impact, and sustainability. The advantages of this approach, such as its flexibility and adaptability to the context and its potential for comprehensive analysis of a project both in the short and long term, are highlighted. The main disadvantages are identified, particularly the overly general formulation of the approach, which may complicate its practical application and require additional methodological solutions. Furthermore, the work examines the contributions of Ukrainian authors dedicated to investment project planning and the assessment of investment project feasibility, which primarily focus on projects' economic efficiency and technological feasibility. Based on the analysis of literature sources, the key factors crucial for evaluating investment projects in Ukraine under wartime conditions are summarized. As a result of the study, conclusions are formulated, outlining how to adapt existing approaches to evaluating and justifying investment projects per the conditions of martial law.
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