Optimum enterprises investment project portfolio creation method the dynamic model-based
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Authors:
I.A. Korkhina, National Metallurgical Academy of Ukraine, Applicant, Project Management Department, Dnepropetrovsk, Ukraine.
Abstract:
Purpose. To select a project development portfolio which ensures maximum efficiency from its realization in the definite time period.
Methodology. We have implemented the nonlinear optimization method with mixed variables.
Findings. We have developed the mathematical model and tested it on the real task. The objective function of the model is maximal income for the portfolio realization period. Balance expressions serve as restrictions. Project portfolio has two funding source: credits and enterprise’s own funds. Boolean and continuous values are the desired variables. Projects and credit institutions selection is formalized by Boolean variables. It is provided that every bank offers a few schemes of crediting and repayment of debt to the enterprise. The values of credits and debts repayment are continu-ous variables. There is a possibility of saving cash resources at the expense of interest payment diminishing due to return credit values varying.
Originality. The model allows managing cash flows during portfolio creation and realization. It fulfils variant calculations for choice of rational relation between vol umes of crediting and self-finance. A discount factor is used for reducing the financial resources costs to the initial period costs.
Practical value. Results of this work can be used for solving of an industrial enterprise planning development tasks, particularly, for enterprises in mining industry.
References:
1. Матвеев А.А. Модели и методы управления портфелями проектов / Матвеев А.А., Новиков Д.А., Цветков А.В. – М.: ПМСОФТ, 2005. – 206 с.
Matveev, A.A., Novikov, D.A. and Tsvetkov, A.V. (2005), Modeli i metody upravleniya portfelyami proektov [Project Portfolio Management Models and Methods], PMSOFT, Moscow, Russia.
2. Бушуєв С.Д. Часова оптимізація портфеля реальних інвестиційних проектів / С.Д. Бушуєв, М.І. Гиба // Управління проектами та розвиток виробництва: Зб. наук. праць. – 2007. – № 2 (22). С 36–47.
Bushuev, S.D. and Giba, M.I. (2007), “Timing optimizations of project real investment portfolio”, Upravlinnya proektamy ta rosvytok vyrobnytstva, no 2(22), pp. 36–47.
3. Radulescu, C.Z. and Radulescu, M. “Project Portfolio Selection Models and Decision Support”, available at: http://sic.ici.ro/sic2001_4/art03.html
4. Савчук В.П. Финансовый менеджмент предприятий: прикладные вопросы с анализом деловых ситуаций / Савчук В.П. – К.: Издательский дом „Максимум“, 2001. – 600 с.
Savchuk, V.P. (2001), Finansovyy menegment predpriyatiy [Enterprise Financial Management], Maxi-mum, Kiev, Ukraine.
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