The Practice of Using Models of Real Options for Assessment the Value of Invertment Projects

The integral characteristic of each investment project is the risk and for this reason the exact assessment of economic efficiency is a responsible stage before implementation of investment projects. Now the most popular it is the method of the discounted cash flows (DCF method). However, this method does not consider the characteristic of investment projects in the conditions of uncertainty, namely administrative flexibility of decision-making, and also gives the underestimated assessment to efficiency of the investment project, considering only a negative side of risks of the project. An objective alternative is the method of real options (ROV method) which solves restrictions of the discounted methods, and also yields the most exact results of estimation of cost investment projects. The purpose of this work is increase in efficiency of an assessment of the investment project of transport branch by means of models of real options (ROV analysis). For achievement of this purpose the following tasks were carried out: theoretical aspects of applicability of the main methods of an assessment of efficiency and methods of real options are studied; the analysis of branch of the chosen investment project is carried out; approbation of methods of real options in practice for estimation of cost of the investment project is carried out. The main methods of a research are methods of the analysis and synthesis of information, methods of an assessment of efficiency of investment projects, a ROV analysis method, and also expert estimates and data are traditional. Necessary calculations were made by means of the MS Excel software product. The received results confirm theoretical conclusions about expediency of use of ROV models for increase in an economic assessment of efficiency of investment projects.