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Decision-making process in investment projects

Moutinho, Nuno
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Conferência ou Objeto de Conferência
ENG
Relevância na Pesquisa
46.13%
We present projects evaluation approaches in what decision should be based. We try to understand what we have to take into account in a project analysis, knowing that we have to consider much unmeasured aspects, like non non-financial areas. We verify how all aspects are used and analysed in the project appraisal. We also desire to understand if companies have adequate tools and methods to correctly analyse and to take decisions in a project evaluation. In this study we identify several aspects that are able to influence investment projects evaluation and decision-making process. An investment is not a mere financial activity, but involves a diversity of behavioural factors, organizational and business perception, which should be properly adjusted to invest with success. Investment decision-making should take into account non financial aspects, mainly, through some evaluation’s format and method. As non financial aspects have an intangible nature, they are difficult to estimate, and cause a subjective analysis to project evaluators, it is important to develop an objective and tangible method that incorporates and quantify all non financial aspects together in project evaluation.

The relative importance of financial and non-financial analysis in project evaluation – evidence from portuguese firms

Moutinho, Nuno; Lopes, M.D.S.
Fonte: Financial Management Association International Publicador: Financial Management Association International
Tipo: Artigo de Revista Científica
POR
Relevância na Pesquisa
46.21%
Project appraisal has traditionally put its emphasis on the financial aspects of projects, mainly the quantitative ones, underestimating other areas of analyses where factors of a qualitative nature, intangible and subjective, may also affect the implementation and value of projects. Non financial evaluation supply information about less tangible factors and is expected to identify competitive advantages and risks that financial techniques cannot capture. In general there are few empirical studies addressing these other aspects. Most surveys are addressed to the financial techniques. We have done a survey, aimed at the non financial aspects of projects, which is the base of two papers. In this first paper, we aimed to identify the importance of non financial aspects at the decision making process and the evaluation of projects, and in particular to investigate the practices of Portuguese companies in this field. The results of our study support the importance of incorporating non financial aspects into the appraisal of projects, and show how some of those aspects have greater relevance than that attributed to the financial elements. The study also points to the strategic and technical aspects of projects as the most relevant non financial factors considered by Portuguese firms. The financial analysis...

Decision-making process in investment projects

Moutinho, Nuno
Fonte: School of Engineering of University of Minho Publicador: School of Engineering of University of Minho
Tipo: Conferência ou Objeto de Conferência
ENG
Relevância na Pesquisa
46.13%
We present projects evaluation approaches in what decision should be based. We try to understand what we have to take into account in a project analysis, knowing that we have to consider much unmeasured aspects, like non non-financial areas. We verify how all aspects are used and analysed in the project appraisal. We also desire to understand if companies have adequate tools and methods to correctly analyse and to take decisions in a project evaluation. In this study we identify several aspects that are able to influence investment projects evaluation and decision-making process. An investment is not a mere financial activity, but involves a diversity of behavioural factors, organizational and business perception, which should be properly adjusted to invest with success. Investment decision-making should take into account non financial aspects, mainly, through some evaluation’s format and method. As non financial aspects have an intangible nature, they are difficult to estimate, and cause a subjective analysis to project evaluators, it is important to develop an objective and tangible method that incorporates and quantify all non financial aspects together in project evaluation.

Proposta de um modelo para avaliação de Empreendimentos Habitacionais de Interesse Social a partir da percepção de clientes finais; Proposal of a model for social housing projects evaluation from the perception of final customers

Bonatto, Fernanda Sbaraini
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
46.27%
A avaliação de empreendimentos do ponto de vista do cliente final tem grande importância no esforço de melhoria da habitação de interesse social, podendo auxiliar na avaliação de resultados, na identificação de erros e acertos frente aos objetivos e ações do projeto. Este tipo de avaliação pode criar oportunidades de aprendizagem sobre os usuários e produtos, contribuindo para aumentar a geração de valor em futuros empreendimentos. No entanto, a diversidade e dinâmica de programas habitacionais e a falta de clareza nos objetivos dos empreendimentos podem dificultar o processo de avaliação. Com freqüência, as avaliações realizadas nos empreendimentos de habitação de interesse social têm como foco os atributos do produto, sem estabelecer uma conexão com os objetivos esperados. Apenas com a clara identificação dos resultados esperados é possível avaliar o sucesso destas empreendimentos, de forma a desenvolver soluções que atendam melhor as necessidades e expectativas dos usuários. O objetivo desta pesquisa foi propor um modelo para estruturar as avaliações de empreendimentos habitacionais de interesse social a partir na percepção dos usuários e adaptável aos diferentes programas habitacionais, com foco na geração de valor. Os conceitos utilizados nesta pesquisa provém principalmente das áreas de marketing e desenvolvimento do produto. O desenvolvimento do modelo partiu da clara identificação do produto habitação de interesse social de forma ampla...

Water and Development : An Evaluation of World Bank Support, 1997-2007, Volume 1

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
46.18%
The amount of available water has been constant for millennia, but over time the planet has added 6 billion people. Water is essential to human life and enterprise, and the increasing strains on available water resources threaten the mission of institutions dedicated to economic development. The ultimate goal is to achieve a sustainable balance between the resources available and the societal requirement for water. In this evaluation the Independent Evaluation Group (IEG) examines all the water-related projects financed by the World Bank between fiscal 1997 and the end of calendar 2007. Bank activities related to water are large, growing, and integrated. They include water resources management, water supply and sanitation, and activities related to agricultural water, industrial water, energy generation, and water in the environment. Through both lending and grants, the World Bank (the International Development Association and the International Bank for Reconstruction and Development, or IBRD) has supported countries in many water-related sectors. This evaluation examines the full scope of that support over the period from fiscal 1997 to the end of calendar 2007. More than 30 background studies prepared for the evaluation have analyzed Bank lending by thematic area and by activity type. The evaluation is by definition retrospective...

Water and Development : An Evaluation of World Bank Support, 1997-2007, Volume 2. Appendixes

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
46.06%
The amount of available water has been constant for millennia, but over time the planet has added 6 billion people. Water is essential to human life and enterprise, and the increasing strains on available water resources threaten the mission of institutions dedicated to economic development. The ultimate goal is to achieve a sustainable balance between the resources available and the societal requirement for water. In this evaluation the Independent Evaluation Group (IEG) examines all the water-related projects financed by the World Bank between fiscal 1997 and the end of calendar 2007. Bank activities related to water are large, growing, and integrated. They include water resources management, water supply and sanitation, and activities related to agricultural water, industrial water, energy generation, and water in the environment. Through both lending and grants, the World Bank (the International Development Association and the International Bank for Reconstruction and Development, or IBRD) has supported countries in many water-related sectors. This evaluation examines the full scope of that support over the period from fiscal 1997 to the end of calendar 2007. More than 30 background studies prepared for the evaluation have analyzed Bank lending by thematic area and by activity type. The evaluation is by definition retrospective...

Cost-Benefit Analysis in World Bank Projects

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
46.08%
This report has been prepared in the context of a major global effort in the past eight years to better measure results in development assistance. The agenda for this effort was articulated and refined in a series of international conferences, beginning with the international conference on financing for development in Monterrey in 2002 and continuing through the Accra agenda for action in 2008. Cost-benefit analysis entails measuring results, valuing results, and comparing results with costs, and hence is highly relevant to the results agenda. Cost-benefit analysis can provide a comprehensive picture of the net impact of projects and help direct funds to where their development effectiveness is highest. This study draws two broad conclusions. First, the bank needs to revisit its policy for cost-benefit analysis in a way that recognizes the legitimate difficulties in quantifying benefits while preserving a high degree of rigor in justifying projects. Second, the bank needs to ensure that cost-benefit analysis is done with quality...

Improving Institutional Capability and Financial Viability to Sustain Transport : An Evaluation of World Bank Group Support since 2002

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
46.08%
The services provided by investments in road networks, railways and transit systems, and ports for trade by air and water are important contributors to poverty alleviation and economic growth. Sustained transport investments can support poverty reduction directly, in terms of improving access and thus economic opportunity targeted to the rural poor, and through facilitating broad-based growth. But the impact of infrastructure investments and the services that arise from them can be undermined by poor operations and maintenance. The objective of this evaluation is to assess the effectiveness of Bank group support to countries in sustaining the provision of transport infrastructure and services and to distill lessons on the factors contributing to sustained transport. In the context of this evaluation sustained provision of infrastructure and services is defined as the extent to which the policies, institutional and regulatory framework, sector management capacity, and financial arrangements are in place to ensure that transport infrastructure is operated and maintained...

World Bank Group Support to Electricity Access, FY2000-2014; An Independent Evaluation

Independent Evaluation Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Publications & Research; Publications & Research :: Working Paper
ENGLISH; EN_US
Relevância na Pesquisa
46.17%
The World Bank Group has committed to achieving universal access to electricity by 2030 under the Sustainable Energy for All (SE4All) initiative. This is a daunting challenge: more than 1 billion people do not have access, and another 1 billion have chronically inadequate or unreliable service. Most of those without access are poor, and the largest share is in Sub-Saharan Africa. Achieving universal access within 15 years for the low-access countries (those with under 50 percent coverage) requires a quantum leap from their present pace of 1.6 million connections per year to 14.6 million per year until 2030. The investment needed would be about $37 billion per year, including erasing generation deficits and meeting demand from economic growth. By comparison, in recent years, low-access countries received an average of $3.6 billion per year for their electricity sectors from public and private sources, including $1.5 billion per year from the World Bank Group. Development outcomes of the Bank Group’s assistance were generally favorable compared with other infrastructure sectors. However...

Timor-Leste Country Program Evaluation, 2000-2010; Evaluation of the World Bank Group Program

Independent Evaluation Group
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
Tipo: Book; Publications & Research; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.06%
This country program evaluation (CPE) assesses the outcomes of the World Bank Group (WBG) program in Timor-Leste during the review period (2000 to 2010). The WBG’s strategy during this period was to support the government of the nascent country in three broad areas: (a) poverty alleviation and the provision of basic social services, including health and education; (b) development of state institutions, including creating good governance and building the capacity of state institutions; and (c) promoting sustainable nonpetroleum growth, especially through the development of agriculture and the private sector. The CPE rates the overall outcome of its support to the country over the review period as moderately unsatisfactory. The Bank Group strategy was broadly congruent with the country‘s own aspirations, but its relevance and effectiveness waned through the evaluation period. To boost the WBG‘s role as an effective partner in Timor Leste’s development, independent evaluation group (IEG) recommends that the WBG: (i) set its key objective as one of supporting vigorous and sustainable non-oil growth...

The World Bank Group and Public Procurement--An Independent Evaluation : Volume 2: Achieving Development Effectiveness through Procurement in Bank Financial Assistance

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.06%
Good public procurement practices are a major determinant of the effectiveness of public expenditure. On behalf of their citizens, governments typically spend as much as 5-20 percent of their gross domestic product on procurement of goods and services, and effective procurement policies enable better use of government budgets. Good national procurement practices are therefore an essential element of the poverty reduction focus of the Bank. Good procurement in Bank projects is also associated with better development outcomes. Equally, sound public procurement in client countries is a prerequisite for the success of the Bank's newly introduced program for results lending instrument. The Bank seeks to ensure that its funds are used for the purpose intended and that they support development effectively and efficiently. Thus, the twin issues that underpin this Independent Evaluation Group (IEG) evaluation are first, how effectively has the World Bank helped build well-functioning public procurement systems in client countries and second...

The World Bank Group and Public Procurement--An Independent Evaluation : Appendixes to Volume 2

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.07%
Good public procurement practices are a major determinant of the effectiveness of public expenditure. On behalf of their citizens, governments typically spend as much as 5-20 percent of their gross domestic product on procurement of goods and services, and effective procurement policies enable better use of government budgets. Good national procurement practices are therefore an essential element of the poverty reduction focus of the Bank. Good procurement in Bank projects is also associated with better development outcomes. Equally, sound public procurement in client countries is a prerequisite for the success of the Bank's newly introduced program for results lending instrument. The Bank seeks to ensure that its funds are used for the purpose intended and that they support development effectively and efficiently. Thus, the twin issues that underpin this Independent Evaluation Group (IEG) evaluation are first, how effectively has the World Bank helped build well-functioning public procurement systems in client countries and second...

Assessing the Monitoring and Evaluation Systems of IFC and MIGA : Biennial Report on Operations Evaluation

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.09%
The International Finance Corporation (IFC) has advanced systems to gather, analyze, and apply investment and advisory project information. It has made strides in developing, aggregating, disclosing, and strategically using its development indicators. The Multilateral Investment Guarantee Agency (MIGA) has made progress in upgrading its system of assessing its development performance. There are gaps in terms of measuring private sector development for investment projects and use of relevant standard indicators in advisory services projects. Reliability of data can be enhanced by adding more independent verification. Most self-evaluation has been project focused, but there is much that could be learned by extending evaluation to cover programs and strategies. The systems could be improved in several aspects to make evaluation more effective and to get more value from evaluation lessons. This biennial report on operations evaluation is an evaluation of these systems. It takes stock of the strengths and weaknesses of the development results frameworks in place for IFC investment services...

Trust Fund Support for Development : An Evaluation of the World Bank's Trust Fund Portfolio

Independent Evaluation Group
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
Tipo: Publications & Research; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.11%
In the changing global environment of development cooperation, trust funds have emerged as a significant pillar of the global aid architecture, used to address limitations in bilateral aid and fill perceived gaps in the operations of existing multilateral institutions. They currently account for about 11 percent of official development assistance (ODA), and they finance a substantial part of the World Bank's business. The activities they fund are highly varied, ranging from huge global programs with their own governance structures to conventional development projects, debt and disaster relief operations, and technical assistance. This IEG evaluation, undertaken at the request of World Bank executive directors, assesses the value of the trust fund vehicle as a way of delivering aid and the effectiveness and efficiency of the deployment of trust fund resources. In addition, the evaluation assesses the Bank's management and accountability for the use of trust fund resources and the impact of trust funds on the Bank's development role. The evaluation finds that donors...

Improving Effectiveness and Outcomes for the Poor in Health, Nutrition, and Population : An Evaluation of World Bank Group Support since 1997

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
46.18%
This evaluation aims to inform the implementation of the most recent the World Bank and International Finance Corporation (IFC) health, nutrition, and population (HNP) strategies to enhance the effectiveness of future support. It covers the period since fiscal year 1997 and is based on desk reviews of the portfolio, background studies, and field visits. The evaluation of the HNP support of the World Bank focuses on the effectiveness of policy dialogue, analytic work, and lending at the country level, while that of IFC focuses on the performance of health investments and advisory services before and after its 2002 health strategy. The themes it covers are drawn from the two strategies and the approaches adopted by international donors in the past decade. Independent Evaluation Group (IEG) has previously evaluated several aspects of the Bank's HNP support. IFC's support for the health sector has never been fully evaluated. Many lessons have been learned over the past decade about the successes and pitfalls of support for health reform: First...

An Impact Evaluation of India's Second and Third Andhra Pradesh Irrigation Projects : A Case of Poverty Reduction with Low Economic Returns

Independent Evaluation Group
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.16%
Irrigation has made a major contribution to poverty reduction in the past decades, enabling higher yields and better nutrition. Despite these achievements, large-scale irrigation schemes have usually yielded low returns and attracted negative publicity because of their adverse environmental and social impacts. As a result, the Bank has largely switched its support for irrigation away from new construction toward rehabilitation and policy reform. This evaluation supports the need for reform but shows that there are substantial benefits from further investment in infrastructure. This study analyzes these issues through an impact evaluation of one of the last "old generation" of projects in which the Bank directly supported creation of a new irrigation scheme: India's Second and Third Andhra Pradesh Irrigation Projects (AP II and AP III). Together these projects created a new command area, the Srisailem Right Branch Canal (SRBC), and rehabilitated an existing one that had been constructed with Bank assistance...

Committing to Results : Improving the Effectiveness of HIV/AIDS Assistance, An OED Evaluation of the World Bank's Assistance for HIV/AIDS Control

Operations Evaluation Department
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.15%
This evaluation assesses the development effectiveness of the World Bank's country-level HIV/AIDS assistance defined as policy dialogue, analytic work, and lending with the explicit objective of reducing the scope or impact of the AIDS epidemic. This is the first comprehensive evaluation of the World Bank's HIV/AIDS support to countries, from the beginning of the epidemic through mid-2004. Because the Bank's assistance is for implementation of government programs by government, it provides important insights on how national AIDS programs can be made more effective. For the purposes of the evaluation, HIV/AIDS assistance includes policy dialogue, analytic work, and lending with the explicit objective of reducing the scope or impact of the AIDS epidemic. Few HIV/AIDS projects have been completed and the vast majority of projects and commitments are ongoing. With this in mind, the three substantive chapters address: 1) The evolution and phases of the Bank's institutional response and an overview of the portfolio of HIV/AIDS assistance since the start of the epidemic. 2) Findings on the efficacy of the "first generation" of completed World Bank country-level...

A Decade of Action in Transport : An Evaluation of World Bank Assistance to the Transport Sector, 1995-2005

Independent Evaluation Group
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.16%
The World Bank committed $30.6 billion in transport-related projects during the past decade, making it one of the largest sectors. The evaluation looks into the Bank's experience in the sector, and assesses the institution's interventions, the impact of rapid transport sector expansion, and its readiness to meet the challenges ahead.

Investment projects: evaluation tools and methods

Moutinho, Nuno; Mouta, Helena
Fonte: Instituto Politécnico de Bragança e Associação Portuguesa de Investigação Operacional Publicador: Instituto Politécnico de Bragança e Associação Portuguesa de Investigação Operacional
Tipo: Conferência ou Objeto de Conferência
POR
Relevância na Pesquisa
56.13%
Given the need to study di erent areas of analysis during the investment decision process, it is imperative to know which tools and methods are used by companies to assess various nancial and non- nancial aspects. As regards tools, we find that firms use checklists of analysis for non- fi nancial aspects, whereas they use their past experience in risk assessment, gathered from other projects. Records of past evaluation tend to be maintained in companies and those that use external advisors to evaluate projects tend to perform political analysis. As for the methods, companies use the identi cation of risk factors and assessment of ef fects and risk probabilities, the discussion and assessment of favorable and unfavorable factors to the project's execution, a coordinated analysis of fi nancial and non- financial aspects, and the creation of lists of risk indices, attributing a qualitative weight to each item. We have also analyzed the relationship between these tools and methods and each area of analysis in project evaluation.

Investment projects: evaluation tools and methods

Moutinho, Nuno; Mouta, Helena
Fonte: Instituto Politécnico de Bragança e Associação Portuguesa de Investigação Operacional Publicador: Instituto Politécnico de Bragança e Associação Portuguesa de Investigação Operacional
Tipo: Conferência ou Objeto de Conferência
POR
Relevância na Pesquisa
56.13%
Given the need to study di erent areas of analysis during the investment decision process, it is imperative to know which tools and methods are used by companies to assess various financial and non- financial aspects. As regards tools, we find that fi rms use checklists of analysis for non- financial aspects, whereas they use their past experience in risk assessment, gathered from other projects. Records of past evaluation tend to be maintained in companies and those that use external advisors to evaluate projects tend to perform political analysis. As for the methods, companies use the identi cation of risk factors and assessment of eff ects and risk probabilities, the discussion and assessment of favorable and unfavorable factors to the project's execution, a coordinated analysis of nancial and non- nancial aspects, and the creation of lists of risk indices, attributing a qualitative weight to each item. We have also analyzed the relationship between these tools and methods and each area of analysis in project evaluation.