Vol. 10, No 4, 2013 pp. 401 - 418
UDC 330.322.1: 519.8
MULTI-CRITERIA ANALYSIS APPLICATION IN THE INVESTMENT PROJECTS ASSESSMENT
Žarko Popović, Jelena Stanković, Ivana Veselinović
University of Niš, Faculty of Economics, Serbia
The growth and development of each economic agent is inconceivable without investment or investment activity. In this sense, the investment decision plays a very important role in the realization of the development goals. Economically correct decision is based on the application of various methods of analysis of investment projects and the choice of the most acceptable one. Since a large number of factors affect the decision about the selection, the nature of the problem is multi-criteria. The evaluations of investment projects include an appraisal of their financial and market efficiency. For this purpose, the static and dynamic models of projects are rated as relevant criteria in the multi-criteria model and the ranking of projects is based on the method of multi-criteria analysis. In this paper, specific investment projects funded by the Development Fund of the Republic of Serbia were ranked using the methods of multi-criteria analysis.
Key Words: multi-criteria analysis, ELECTRE method, investment decisions, investment projects, efficiency evaluation of investment projects
PRIMENA VIŠEKRITERIJUMSKE ANALIZE U PROCENI INVESTICIONIH PROJEKATA
Rast i razvoj svakog ekonomskog subjekta nezamisliv je bez investicija i investicionih aktivnosti. U tom smislu, za realizaciju razvojnih ciljeva veoma važnu ulogu ima investiciono odlučivanje. Ekonomski ispravna odluka zasnovana je na primeni različitih metoda analize investicionih projekata i izbora najprihvatljivijeg. Kako veliki broj faktora utiče na donošenje odluke o izboru priroda ovog problema je višekriterijumska. Evaluacija investicionih projekata podrazumeva ocenu njihove finansijske i tržišne efikasnosti. U tu svrhu koriste se statički i dinamički modeli ocene projekata kao relevantni kriterijumi u višekriterijumskom modelu, a rangiranje projekata vrši se na osnovu metode višekriterijumske analize. U ovom radu metodom višekriterijumske analize izvršeno je rangiranje konkretnih investicionih projekata koje finansira Fond za razvoj Republike Srbije.
Ključne reči: višekriterijumska analiza, metod ELECTRE, investiciono odlučivanje, investicioni projekti, ocena efikasnost investicionih projekata
