Within the framework of the cooperation agreement between the Department of "Economics in Civil Engineering" of BNTU and the Białystok Technical University open lectures on topical issues for the exchange of experience and ideas were held. For the third time, Professor Wieslaw Matwiejczuk visited us and delivered open lectures. Link to event poster
This year the topic of investment projects evaluation at all stages of the life cycle was rised. Professor spoked about the European approach and cited practical examples from Republic of Poland. Prepared by the professor presentations and speeches were held in Russian and in the format of communication with students of economic specialties BNTU. V. Matwiejczuk gladly answered the questions of future engineers-economists and shared his experience and ideas with them thereby widening their scientific horizons.
Here is what our students took from lectures:
Anna Vialkova, student gr. 112031-14:
Construction is a very sensitive sector of the economy. Studies of Polish construction organizations show that most owners always adhere to the plan for anti-crisis actions and constantly adjust their strategies. Many Polish enterprises choose the road of cooperation for the coming crisis years. They take joint participation in construction trades, provide their own funds to cooperating firms.
Pricing policy is one of the most important components of the strategy in the market. Enterprises independently determine the prices for their products and take into account, first of all, the profit in the long run, and not at the moment.
Analyzing the requirements set by the investor, each of the firms that start trading shows their proposal, relying on the existing potential for competing.
From the point of view of the customer's interest in bidding, the most advantageous offer must be chosen, reliably guaranteeing the achievement of the goal, i.e., the availability of the relevant facility for the scheduled time meeting the required criteria and not exceeding the programmed expenses.
Modern construction companies use the global communication infrastructure, which is the Internet, to conduct business activities under the new e-business formula, which opens new opportunities in the search for new, more profitable suppliers, better customer service and the development of offers through the creation of a new medium for commercial contacts. The creation of the foundations of such business in Polish construction enterprises is one of the directions for their further development.
Akulich Andrey, student gr. 112032-14:
The evaluation of investment projects is based on performance indicators. The main of which are net present value, profitability, internal rate of return, simple and dynamic payback period. It is also important to consider how the implementation of the project will affect other areas of activity and the life of society as a whole.
Evaluation is necessary in order to assess the attractiveness of the project for the investor, as well as to choose the best conditions for lending or financing.
Each investment project carries certain risks and it is very important to identify them correctly and, if possible, to warn them.
To evaluate the investment project, it is necessary to assemble a team of experienced specialists from economists and people from the area in which the project is planned to be implemented, and young specialists can be attracted to promote original ideas.
When evaluating the project, specialists should analyze all stages of the project life cycle, take into account the interests of all parties to the project, as well as risks, forecast indicators and time factor.
Taking into account all factors, a decision is made to invest in this project and the feasibility of its implementation.
Leschik Ilona, student gr. 112031-14:
Evaluation of investment projects is one of the most difficult types of assessment, since the evaluator faces the task of predicting future cash flows in conditions of limited information.
There are several criteria for assessing the effectiveness of investment projects, which are divided into discounted and undiscounted. Discounted indicators are the most correct and accurate for project evaluation. However, they are also the most difficult to calculate, because to determine them you need to build cash flows and choose a discount rate. The use of undiscounted methods often leads to a large number of inaccuracies and errors, while the application of these indicators is characterized by ease and clarity of calculations.
The main difference between the evaluation of investment projects from other types of valuation is the need for the most thorough argumentation of the cost and details of revenue forecasting, since the consumers of the investment projects evaluation report are usually institutional and private investors, creditors and financial organizations.
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For reference: Professor Wieslaw Matwiejczuk is Head of Organization and Management Departament Faculty of Management, Bialystok University of Technology from 2006. Before that he was a V-ce Dean of Science and Development of Faculty of Management, Bialystok University of Technology. He also taught at Moscow state university, Social Science Academy in Moscow, Faculty of Civil Engineering Warsaw University of Technology. Author of around 140 scientific publications published in Poland and abroad. Research encloses a wide range of scientific interests, namely organization, management, economics and investment process in construction industry, organization and management of the company, implementation of innovation and competitiveness in construction industry, human capital management, engineering, manufacturing processes. He serves as a member of many scientific boards of international conferences. The latest projects he particapated were Grant of the Ministry of Science and Higher Education 4045 / B / H03 / 2011 / 40- Human capital in competitive advantage building in construction companies, Bialystok University of Technology, 2011-2013, project manager and Grant of the Ministry of Science and Higher Education 2011/01 / N / HS4 / 05614 - Reputation management in competitive advantage building in podlaskie developers' companies, Bialystok University of Technology, 2011-2014, (contractor, promoter) |
More information on the website of the Department "Economics in Civil Engineering"
Author: Grigoryeva Nataliya, Assistant of the Civil Engineering faculty.
