THEORETICAL AND METHODOLOGICAL BASES FOR MAKING INVESTMENT DECISIONS

Introduction. Prospects for the successful functioning of a business entity are largely determined by the adoption of well-founded management decisions regarding the need to implement real investment projects (RIP) — projects that include real investments as means of implementation. The implementation of RIPs that do not correspond to the company's strategy will only lead to a waste of available resources and may contribute to the emergence of costs of lost opportunities. Making an effective investment decision in the real sector of the economy is not possible without understanding the essence of the concept of “real investment project”, without applying mathematical methods and models, which is due to the following: the existence of uncertainty and risk, the presence of various project participants, the multifaceted nature of the RIP results, the presence of a number of alternatives, the need for forecasting, etc. Purpose. The purpose of the study is to determine methodological issues in the field of investment decision-making, related to the definition, essence, functions and principles of evaluating the effectiveness of real investment projects. Materials and methods. The research materials are legislative acts in the investment sphere; reports on global competitiveness of the World Economic Forum; monographs devoted to the problems of modeling the process of making an investment decision in the real sector of the economy; publications in economic magazines; materials of scientific and practical conferences. The validity and reliability of scientific statements and research results is ensured by the scientific methodology of the research, a sufficiently large volume of processed domestic and foreign sources on the research topic, a consistent approach to solving the tasks, as well as the discussion of the main issues of the research topic at international and Ukrainian scientific and practical conferences. Results. The scientific article clarified the essence of the concept of “real investment project” by distinguishing its main functions (commercial, protective, strategic and image improvement functions) and additional functions (production, social, budgetary and environmental). The principles of assessing the effectiveness of the RIP are considered, including: the principle of necessary diversity, the principle of taking into account the interests of the PMD (the person making the decision), the principle of a rational combination of mathematical methods, experience and intuition, the principle of biosphere compatibility, the ethical principle and the principle of taking into account the compliance of the RIP with the company's strategy. A new approach to the systematization of the principles of RIP efficiency assessment is proposed, which involves their grouping by RIP components. A detailed classification of methods for assessing the effectiveness of the RIP has been developed based on the following characteristics: the stage of the assessment, the calculation base, the presence of the time factor, the nature of the obtained assessments. The application of research results will influence the adoption of effective management decisions. Discussion. In further scientific research, it is proposed to focus attention on the development of a set of models for evaluating the commercial efficiency of RIP in the real sector of the economy to conduct a comparative assessment of the effectiveness of RIP during investment decision-making, which will contribute to the sustainable development of business entities.